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Financial Aid

 Financial Aid Night at SV

A representative of PHEAA (Pennsylvania Higher Education Assistance Agency) will present Jump Start: Financial Aid Night for 9-11th graders on Wednesday, March 6, 2024 from 6:00-7:30 pm in the SHS Auditorium.

 

 

Financial Aid Defined
 
Financial Aid is money that the government and other organizations give you or lend you so you can pay for college. To qualify for Financial Aid, you must apply. Financial aid comes from the federal government (the largest source), state governments, colleges and universities, private organizations (such as companies, clubs and religious organizations), and banks and lending companies.
 
 
 
 
There are Four Main Types of Financial Aid
 
1. Grants
 
Grants are called gift aid because they do not have to be repaid. Grants come from federal and state governments or from the college itself. Grants are need-based, which means they are usually given based on your or your family’s financial circumstances and eligibility is determined by the FAFSA. 
 
 
2. Scholarships
 
Scholarships are also gift aid. Scholarships come from governments, colleges and private organizations. They may be awarded for academic or athletic ability, interest in a certain subject, or volunteer work, for example. Some scholarships are given based on membership in an ethnic or religious group. Companies may also give scholarships to children of employees. Don't forget to contact the financial aid office of your prospective college(s) to find out what merit and/or need-based scholarships are available to you and how to apply.
 
 
3. Loans
 
Borrowing money from a bank, government, or lending company is called taking out a loan. A loan must be paid back with an extra charge called interest. The federal government offers low-interest loans to students with financial need. Other lenders charge more interest. You must demonstate financial need for some loans. To find out more about loans, visit Finaid.
 
 
4. Work-Study Programs
 
The Federal Work-Study Program is another form of need-based aid that is sometimes combined with grants or loans. The Work-Study program offers paid part-time jobs to help students pay for part of their college cost.
 
 
 
 
How and When to Apply for Financial Aid
 
Complete the Free Application for Federal Student Aid (FAFSA) to be considered for financial aid from the federal government, state governments and many colleges FAFSA WEBSITE. You can also apply for financial aid directly from the colleges you’re applying to and from private organizations. Some of these may require you to submit the CSS PROFILE/FINANCIAL AID WEBSITE or their own private forms. Remember, meeting deadlines is your responsibility. You have to submit your applications on time to qualify for financial aid. October 1 of your senior year is the first day you can file the FAFSA. College, state and private financial aid deadlines vary. Aim to file the FAFSA as close to October 1 as possible (however, for the 2023-2024 school, the revised FAFSA does not open until December 2023); many colleges are recommending the FAFSA to bbe completed as soon as it opens for submission. Financial aid dollars are limited, and in many cases are awarded on a first-come, first-served basis. 
 
This application is completely free and you may file your FAFSA with your previous year's tax information. There is nothing hurt by applying to see what is possible. In the worst case scenario your family would not qualify for any grants, but still could qualify for loans through the federal government. This works in your favor because the percentage for the loans you would get from the government is much lower than the rate from any other institution offering loans. Another reason to take out a loan is to start building good credit. Also, some colleges award merit scholarships and require the FAFSA to be filled out in order to be considered for scholarships.  
 
 What if previous tax year information does not reflect current year income situation? 
 
 Sometimes, the information on the FAFSA does not represent your current financial situation.  If you and your family have an unusual financial situation, please contact the Financial Aid Office at the schools you are considering attending.  See the Pennsylvania Higher Education Assistance Agency document PHEAA DOCUMENT for more information.    
 
 
Net Price
 
Net price is the real price that a student pays to go to a college. It’s the published price of the college minus the gift aid that the student receives. The net price of a college is often much lower than its published price. Colleges offer a tool on their websites called a net price calculator. This online tool gives an estimate of the actual price you would pay to go to a certain college, based on information you enter about your finances. Your net price will be different for every college, so it’s a good idea to use each college’s net price calculator.
 
 
 
 
Don't Rule Out Expensive Colleges
 
A college with a higher price tag might offer you generous financial aid. It might even be more affordable than colleges that charge lower tuition. So think about net price, not published price, and don’t be afraid to apply to colleges you think you can’t afford. Once you hear from the colleges you’ve applied to, compare your financial aid offers (usually offered in March or April) to see which options are best. You have until May 1 to commit to a college.
 
 
 
Helpful Financial Aid Websites
 
  • FAFSA: This is the Free Application for Federal Student Aid. If you are applying to a college/university for financial aid, you must complete this application. Even if you believe you will not qualify for Financial Aid, you should complete the forms because colleges have access to this information and could be able to award private scholarships based on being denied government funding. The first official date to file for FAFSA, is October 1 of senior year (however, for the 2023-2024 school, the revised FAFSA does not open until December 2023) . It is highly recommended to complete the FAFSA as soon as it opens for submission.

 

  • PHEAA: The Pennsylvania Higher Education Assistance Agency (PHEAA) has primary responsibility for student financial aid for PA students and their families.  

 

  

  • CSS/Financial Aid Profile: Some colleges offer the CSS profile as a means for rewarding additional grants/scholarships from their own institution. The CSS profile asks more specific questions than what is on the FAFSA as a means of understanding your family financial circumstances better. The CSS Profile can be found on the College Board website.  
     
  • College Affordability and Transparency Center: Designed by the U.S. Department of Education to provide information about how much it costs students to attend different colleges, how fast these costs are going up, and information related to why costs are going up.   
 
  • FinAid: Provides information on federal and private loans and scholarship programs sponsored by the National Association of Student Financial Aid Administrators.