Financial Aid 101

What does "Financial Aid" mean?

Scholarships Grants Work Study Loans

SCHOLARSHIPS

MERIT BASED AIDInstitutional Scholarships (90%)Independent Scholarships (10%)

BEWARE OF SCHOLARSHIP SCAMS!THE CCC has resources if you want to apply

for scholarships.

Notable Local Private Scholarships AAUW Pohlad Scholars Program Azell Smith Scholarship Puckett Scholars Program Clean Air Choice Biodiesel Scholarship Twin Cities in Motion Scholarship Dr. Jermaine Arendt Scholarship Village Scholars Judy Lndemann Scholarship Wallin Partners Program Holly Firehammer Scholarship Washburn Scholarship Program LARC Scholarship Washburn Class of ‘59 Scholarship MASC Scholarship Minneapolis Rotary Scholarship Minnesota Masonic Charities Scholarship MnACC Student of Color Scholarship MSCA Scholarship Program Nellie Stone Johnson Scholarships Page Education Foundation Grants

GRANTS

FILL OUT A FAFSA Based on financial need Money you don’t pay back.

WORK STUDY

FILL OUT A FAFSA Given by schools Have a job on campus Owe money if you

don’t work enough.

LOANS

FILL OUT A FAFSA Federal Loans = lower interest Subsidized vs.

Unsubsidized Note if parents are

offered loans too and consider total aid provided.

FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)

1. APPLY TO COLLEGE 2. PARENTS MUST FILL OUT TAX FORMS3. STUDENTS SHOULD FILL OUT TAX FORMS

(irs.gov)4. FILL OUT FAFSA ON-LINE (Goal: March 1st)5. RECEIVE YOUR STUDENT AID REPORT (SAR)/EFC6. GOVERNMENT SENDS INFO TO YOUR COLLEGES7. COLLEGES OFFER YOU THEIR FINANCIAL AID

PACKAGE IN MARCH/APRIL8. MAKE FINAL DECISION BY MAY 1

FAFSA WEBSITE

Go To:www.fafsa.gov

Need Help? Visit the CCC

Other Financial Aid Tips

Fill out as early as possible! Be SURE you report your social security name and number as it appears on your card. Do not be alarmed if you are selected for “verification” For the FAFSA, your parents are ONLY your biological parents. You are considered a “dependent” until you are 25.

There are special circumstances in which a college may consider you independent.

Some colleges may ask you to fill out the CSS Profile Reciprocity forms available on-line in Spring

(getreadyforcollege.org)