Financial Aid & Scholarships
Types of Financial Aid
You can continue your education after high school even if you and your parents can't meet the total educational cost requirements for college. Money is available on a first come first serve basis to those who apply and qualify. Always check with the financial aid office of the institution. Financial aid requires that you complete various kinds of paperwork which will vary from institution to institution.
Merit Scholarships
Merit Scholarships are the best type of financial aid that because they do not require repayment. Merit Scholarships typically require no additional application other than the general admissions application. These awards are based on your academic “merit” or your achievement in high school. This is where all your hard work can potentially pay off! To find out more about amounts of merit awarded you should check with the admission website for a particular institution. Typically students who apply Early Decision or Early Action will be notified of any merit awards at the time they are notified of the decision.
Awards/Grants
These are awarded for specific reasons (minority, contest award), based on need or merit, and do not have to be repaid. Many grants are government awarded and require the filing of the FAFSA application. (Pell Grant, SEOG Grant)
Work Study
This is an arrangement where the student combines employment and college study. The employment may be an integral part of the academic program (internships or cooperative education) or simply as a means of paying for college. The federal work-study program requires filing the FAFSA.
Educational Loans
Educational loans can be from various sources: banks, foundations, unions, etc. These loans can have a low rate of interest and must be repaid, usually after you have completed your education. Borrowing for educational expenses might sound daunting, but it may be the best investment you will ever make.
Institutional Aid (CSS/PROFILE)
Most private institutions will also require the CSS/PROFILE („²make this a link to : https://profileonline.collegeboard.com/prf/index.jsp ) along with the FAFSA. This may qualify you for institutional aid (money directly from the college). Typically this does not require repayment.
Points of Contact for Financial Aid
College Financial Aid Officer (FAO)
The FAO controls about ninety percent of all student financial aid available. Financial aid includes need-based and merit awards. Please contact the Financial Aid Office of the school you wish to attend earlier rather than later (some schools have scholarship deadlines in December, even before you are accepted). Review the financial aid website or college catalog of your school and learn what they offer.
Departmental Scholarships
Various departments at a college (Art, Engineering, History, etc.) may offer scholarships to students enrolled in specific majors. Check with the college if you have a special talent in music, art, drama, athletics, math, science or other areas. Sports are included here.
Special Programs/Grants
Some colleges have special programs or awards for specific groups of students, such as special assistance programs for minority students, church-related awards for members of their faith, or dependent of a clergyman, etc.
Local Community Scholarships
John and Abigail Adams Scholarship
The John and Abigail Adams Scholarships are awarded to students by the Commonwealth of Massachusetts based on their MCAS scores. The Department of Education notifies the students who win the scholarships directly. The scholarships entitle the winners to attend any Massachusetts state college or university tuition free for four years. The scholarships do not cover books or other fees.
Business Firms/Unions/Veterans
Various businesses or unions, especially large companies, have scholarships, grants, or awards for dependents of their employees, or in some cases, for anybody. Talk with your parents about possible scholarship opportunities through their employers or clubs to which they belong.
Foundations
Check with your local foundations. Many offer grants, scholarships and/or loans.
IB Credit
Many colleges recognize IB credit. Traditionally scores of a five or higher on HL exams will qualify for college credit. Be sure to check with your schools for clarity. This can allow you to enter college with credits under your belt and ultimately save you some time and money. PLEASE NOTE: The College Counseling Office does not recommend that students forsake their opportunity to earn an IB Diploma by taking more than four HL courses each year. Although more HL courses might help you earn a marginally higher number of credits, it might also jeopardize your admission.
Understanding FAFSA
FAFSA is a form completed by all applicants for federal student aid. Some colleges also use the FAFSA for their own financial aid programs. Forms are available online, in the public library, and in financial aid offices in colleges. They may be filed any time after January 1st of the year for which one is seeking aid (e.g. after January 1, 2011, if you will start your freshman year in college in 2011). The following is from the FAFSA web site:
Why Complete a FAFSA?
To apply for federal student financial aid, and to apply for many state student aid programs, students must complete a Free Application for Federal Student Aid (FAFSA). The information you provide on your FAFSA determines if you are eligible for financial aid.
What are the benefits of completing FAFSA online?
• FAFSA online is faster than applying for aid by paper.
• Using FAFSA online you will typically need to answer fewer questions than on the paper application.
• FAFSA online checks your answers before you submit your application, so there is less chance your application will be rejected because of missing or conflicting information.
• You can save your application so that it can be completed and submitted at a later time.
• You can access FAFSA online from anywhere, including school or home, making it more convenient to complete the application.
The FAFSA is used for the following federal programs:
Federal Pell Grants
Federal Stafford Loans
Federal PLUS Loans
Campus-Based Programs
Federal Supplemental Educational Opportunity Grants
Federal Work Study
Perkins Loans
Federal Student Aid PIN Registration
http://www.pin.ed.gov/PINWebApp/pinindex.jsp
Obtaining your PIN early before winter break will hasten the application and determination process with the FAFSA. Corrections and updates are much easier too. Once you receive your PIN, DO NOT FORGET IT!
FAFSA
http://www.fafsa.ed.gov
Students Gateway to the Government
http://www.students.gov
The Student Guide
Funding Education Beyond High School: The Guide to Federal Student Aid - A comprehensive resource on student financial aid from the U.S. Department of Education covering the three major forms of aid: grants, loans, and work-study. This document is also available in Spanish.