In order to be considered for any type of aid you will need to complete the 2011-2012 Free Application for Federal Student Aid (FAFSA) that is now available for at www.fafsa.ed.gov. Along with the FAFSA, your intended school may require their own financial aid application and/or the CSS Financial Aid Profile. Be sure to check with your school for their requirements (look at their financial aid office webpage).

Financial aid consists of Federal grants and loans, State grants, Federal Work-Study and possibly institutional grants and loans. The grants are the free money (that we all want!) and the loans are the money you have to repay. Federal Work-Study is a work program that you could be awarded, based on need, in which you would work the agreed upon hours and receive a check for those hours worked. It is not money that is deducted from your billing account.

Your Expected Family Contribution (EFC) that has been generated by your FAFSA will determine if you qualify for any of the federal grants. The different grants available are….

Federal Pell Grant - this grant assists undergraduate students with exceptional need. The range currently is $555-$5,550. The amount that a student receives depends on many factors including: the cost of attendance, the family’s financial situation, the family size and whether the student is attending full-time or half-time.

Federal Supplemental Education Opportunity Grant (FSEOG)- this grant assists students who receive a federal Pell Grant yet still need additional funds for educational expenses. Your school will determine the amount of the award. FSEOG awards range from $100 to $4000 depending upon the annual amount of funds your school receives from the U.S. Department of Education and the number of Pell eligible students. This federal grant is awarded to eligible full-time and half-time undergraduate students. FSEOG may be used for any college related expenses.

This grant does require you to file a FAFSA but is not based on need…

Teacher Education Assistance for College and Higher Education Grant (TEACH)- this grant assists students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. There are strict requirements for this grant and a condition to serve as a teacher in a high-need field for a specific period of time. Teach Grant awards are up to $4000 per year. Note: not all colleges offer the Teach Grant so please check with your financial aid office.

By filing the FAFSA you may also qualify for a State Grant depending if your school is an eligible institution. The deadline to file the 2011-2012 FAFSA and be considered for a state grant is May 1st. Awards are determined by individual state agencies. If you are a NH resident you can check out the New Hampshire Postsecondary Education Commission for eligibility information and FAQs. If you are a non NH resident, The US Department of Education has published a list of State Higher Education Agencies where you can find your state’s requirements.

So, as you can see, filing the FAFSA may qualify you for some free grant money. Who doesn’t want free money!

See you next month,
Lisa