Financial+Aid+Info

[|How America Pays for College] Information on college funding trends.
Information courtesy of Sallie Mae

==[|The Student Loan Report] The Student Loan Report aims to cover all student loan news, around the nation and internationally, so borrowers can stay informed about the debt that has a substantial impact on their lives. ==

==[|Education Tax Credits] An education credit helps with the cost of higher education by reducing the amount of tax owed on your tax return. If the credit reduces your tax to less than zero, you may get a refund. There are two education credits available: the [|American opportunity tax credit] and the [|lifetime learning credit]. Don’t overlook these important credits! == Information courtesy of the IRS

=How to Apply for Financial Aid: = ===If you're planning to attend college next fall, this fall is the time to file your Free Application for Federal Student Aid, or FAFSA. Information from the FAFSA is used to determine your eligibility for the federal student aid programs mentioned above—grants, loans, and work-study. ===

=You can get the FAFSA: =
 * ==online at [|www.fafsa.ed.gov] ==
 * ===from a college financial aid office ===
 * ===from a local public library ===
 * ===from the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) ===

===WARNING! The FAFSA.com site is a scam. If a site states that there is a fee to get your financial aid info, it is a scam! ===

===Make sure you check financial aid __priority dates__ and deadlines. The FAFSA will list deadlines for federal and state aid. Also be sure to check the requirements at the colleges to which you're interested in applying, as some require additional financial aid forms. ===

=**An Earlier and Easier FAFSA **=

<span style="font-family: Tahoma,Geneva,sans-serif;">Beginning in October 2016, students will be able to submit their FAFSA earlier and easier than ever before.
===<span style="font-family: Tahoma,Geneva,sans-serif;">Previously, the FAFSA was made available January 1 of each calendar year, but this year students will be able to apply for financial aid at the same time of the year they typically apply to colleges—in the fall. This is made possible because students who complete the FAFSA in the fall of 2017 for the 2018-19 school year will be able to use 2016 tax information. === ===<span style="font-family: Tahoma,Geneva,sans-serif;">By allowing students to use information from prior-prior year (PPY) taxes and apply for aid in the same time frame they apply to colleges, colleges can in turn provide financial aid notifications to students earlier, ensuring that students and families have more time to prepare for college costs. ===

===<span style="font-family: Tahoma,Geneva,sans-serif;">In addition to private scholarships, federal financial aid is available for students attending two-year or four-year, public or private, career or trade colleges and schools. The aid is intended to cover expenses such as tuition, room and board, books, other supplies and transportation. Most students receive the aid based on the level of their financial need. === = = ===<span style="font-family: Tahoma,Geneva,sans-serif;">Students can receive federal financial aid in the form of grants, loans or work-study. Grants are financial awards that do not have to be repaid. Examples include Pell Grants and Federal Supplemental Educational Opportunity Grants. Loans, of course, must be repaid after you complete your schooling. The best loans are typically those that are subsidized by the federal or state government, as they generally carry lower interest rates. Work-study provides financial help through jobs, usually on campus, so students can help pay for education expenses. ===

===<span style="font-family: Tahoma,Geneva,sans-serif;">To find out about federal financial aid programs and your rights and responsibilities under these programs, read "Funding Your Education: The Guide to Federal Student Aid" from the U.S. Department of Education at studentaid.ed.gov/guide. You also can request a free paper copy by contacting the U.S. Department of Education at 1-800-4-FED-AID. The guide is available in both English and Spanish. ===
 * = Beware of college financial aid myths =

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College application season is in full swing. As you apply to colleges and check out their costs, don't let unnecessary fears overshadow this exciting time in your life. The key is to be aware of the myths surrounding the price of a higher education. =====

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Many students add the tuition price, textbook fees and the cost of living and say there is no way they can afford college. Don't dismiss the idea of going to college because of its "sticker price." If you have financial need, there is a good chance that you can get assistance. In fact, the majority of college students need financial help of some kind, and there are many different sources of aid. In addition to federal help, financial aid is also available from most individual colleges. You may receive a combination of grants, scholarships and/or work-study jobs to help reduce your out-of-pocket costs. =====

**//Myth #2: You have to be very poor, very smart or very talented to qualify for financial aid.//** Financial aid comes in many forms. Talented and high-achieving students may be more likely to be awarded scholarships, but financial aid is not limited to them nor to students from low-income families. A wide variety of financial aid sources are available; the federal government, the college or university itself, and even a parent's employer may all offer some form of financial assistance. Your situation does not have to be extreme for you to receive aid. Explore all the possibilities.

**//Myth #3: You can get more scholarships by paying someone to search for you.//** Scholarship scams are everywhere. Beware of any group or individual who guarantees a scholarship if you pay a fee. There are many good and FREE scholarship sources on the Internet. We suggest you check out fastweb.com or finaid.org for more information.

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For a majority of students, need-based financial aid is based on both the student's and parents' income and assets—whether or not the parents plan to help pay for college. Most schools require students to fill out complete family financial information on the FAFSA, the Free Application for Federal Student Aid, in order to qualify for need-based aid. The form, available online at www.fafsa.ed.gov, asks for information similar to what's filed for income taxes. After submitting the FAFSA, you receive a report that shows the contribution your family is expected to pay toward your education. ======

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There is competition for some financial aid, so it’s best not to wait before applying. While most colleges have their own sources of aid, there are several independent programs that award scholarship funds on a first-come, first-served basis. It’s not a lot of fun filling out the applications, but putting it off is not a good idea. ======

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**Free Application for Federal Student Aid (FAFSA)** ― The application required for students to be considered for federal student financial aid. Obtain a FAFSA form or electronic filing information from a high school or college for the appropriate school year. The FAFSA is processed free of charge and used by most state agencies and colleges. =====

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**Student Aid Report (SAR)** ― A report that summarizes all the information you provided on your FAFSA. Your SAR will usually contain your Expected Family Contribution (EFC), the number used in determining your eligibility for federal student aid. You will receive your SAR by e-mail within 3–5 days after your FAFSA has been processed, if you provided an e-mail address when you applied. This e-mail will contain a secure link so you can access your SAR online. =====

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You will receive a paper SAR by mail within 7–10 days after your FAFSA has been processed, if you do not provide an e-mail address when you apply. Whether you apply online or by paper, we will automatically send your data electronically to the schools you listed on your FAFSA.=====

//*Information provided by ACT Public Relations//
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