February Financial Aid Action Plan

Attending Events and  Reviewing Finances

If you have already submitted your FAFSA, you should be receiving your Student Aid Report this month. Your financial aid education this month will feature information on work-study programs. Don’t stop working just yet. You have almost reached your goals. Keep your focus this month, and it will surely pay off!

This month, many high schools host financial aid information nights or events to provide you and your parents the opportunity to ask any questions regarding financial aid.  Make sure you and your parents attend these events!  Ask your counselor if there are any financial aid awareness events going on at your school. You may also want to check with local colleges or the colleges you are considering attending to find out if they have any such events you can attend.

Now is the time to submit a PROFILE to the schools requiring it. Be sure to confirm the deadlines and submit as soon as possible. If you still have not filed a FAFSA, it is crucial that you do it by the end of this month! Remember, those students who file their FAFSA earlier get priority for financial aid. That means the longer you wait, the less you may receive!

Speaking of the FAFSA, you may have wondered what happens after you have completed the application. Once the FAFSA application is submitted, it is evaluated based on the financial information you provided. After your FAFSA is reviewed, you will receive your SAR (Student Aid Report). This report should be arriving between two to four weeks after your FAFSA has been submitted. The SAR contains your official Expected Family Contribution (EFC). Compare this number to what you had calculated previously. If you feel like the SAR is incorrect, or if you have not received it within the expected time period, call 1-800-4-FED-AID to discuss your concerns with a representative. For those who elected to receive the SAR electronically rather than by mail, the email will contain information and a link to follow to make corrections to the report.

We have already provided you information on grants, scholarships, and loans.  If you missed the information on these, go to www.financialaidtips.com and catch up.  Follow the links for information on grants, try the free scholarship searches then learn about loans to cover the rest by clicking on the links to student loans.  Work-study is another type of financial aid which does not have to be repaid. Universities and colleges are allotted a certain amount of money from the federal government which they distribute to students in return for services provided by students. Work-study allows a student to maintain a part-time job, often by doing community service or major-related employment. Some of the types of employment include tutoring at local schools or working at facilities on campus. Work-study students are not paid less than federal minimum wage. However, the number of hours a student is allowed to work is limited. The limited hours are due to the maximum funding a student can receive from the work-study program. This amount is determined according to financial need, and once the limit is reached, no more funds are available for the student. The earnings from work-study are to help students fund education-related expenses. If you can’t qualify for work study, call your school of choice to see about other on-campus jobs or recommended local jobs.  Not all jobs are tied to the work study program.

On the FAFSA application, you have the choice to accept work-study as part of your financial aid package. If you choose to accept a work-study program,   you will have the opportunity to choose from a number of work-study jobs at your school. Work-study programs are not only available to students who have a financial need; they are also available for qualified students. Try to find a job that will work within your class schedule.  Check with your chosen schools about available jobs.  The good ones tend to get filled quickly.

You are now halfway through your senior year, and you may be so busy you don’t know where the time is going!  Keep up your good work and preparation for college, so you don’t fall behind.

In summary, this month you need to:

o       Attend local financial aid awareness events  

o       Final call to submit your PROFILE and FAFSA

o       Look for your Student Aid Report (SAR)  which should  arrive sometime this month

o       Start finishing up grant and scholarship research and applications

Next month, you will be receiving admissions decisions focusing on how you will be accept your financial aid awards, and clarifying the details of any scholarship money you have been awarded.