May 15, 2010
Financial Aid | Applying For Financial Aid
According to the College Board, nearly 60 percent of the students currently enrolled in colleges and universities are receiving some financial aid. Many people assume that their income is too high to qualify for financial aid, and in many cases that may be correct. However, even if it appears intuitively that a family’s income is too high to qualify for financial aid, application for financial aid should still be submitted due to the methodology used in evaluating other asserts and liabilities and the total number of children attending college.
Many years ago it was recognized by the federal government that a college education is too expensive for many families and that the federal government had a special role in financing education, to make it available to all, regardless of resources. As a result, over the years, a number of programs have been developed to provide general assistance. Financial assistance is now well entrenched in the nation’s college funding system. While some feel reluctant to apply for financial aid, it should be remembered that it is funded by income taxes paid by many of those same persons.
All applicants for federal student aid must complete the Free Application for Federal Student Aid (FAFSA) and file it with the College Scholarship Service (CSS). Depending upon the college or colleges at which application for admission is begin made, the FAFSA may be the only form that needs to be completed. However, in order to apply for state scholarship or grant programs and for aid at many other colleges and most private scholarship programs, other forms may have to be filed. Many colleges and universities, for purposes of awarding their own private funds, require the CSS/Financial Aid PROFILE.
Within a few weeks of filing a FAFSA, the applicant will receive a Student Aid Report (SAR). This form should be carefully reviewed and corrections made as necessary in order to obtain a revised SAR. If a PROFILE form is filed, the applicant will receive an Acknowledgement and a Data Confirmation Report. As with the SAR, the applicant should carefully review the information and make corrections as required.
How Financial Aid is Determined
The presumption made in determining a family’s need for financial aid is that the family is considered the primary source of funds for college and is expected to pay its fair share of the cost of a college education. How, then, is a family’s college education financial need determined? First, there are three factors:
• The amount that the family is judged capable of contributing to the student’s college education costs
• The cost of attending a particular college or university
• The resulting difference, if any, or the amount of need
To determine the extent of the assistance required, financial aid administrators use a formula determined by the federal government, better known as the Federal Methodology. It takes into consideration earned income, unearned income, assets, expenses, family size, age, and other factors. It does not consider the value of the family’s home in arriving at a family’s total assets nor does it consider the income of a divorced, noncustodial parent in determining total income.
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15 Comments on Financial Aid | Applying For Financial Aid »
April 22, 2011
Summer Associate Hiring Down Dramatically, with Little Indication of Prospects for Next Summer: What Does It Mean for Law School Students? « www.AdviseIn.com @ 5:13 pm:
[...] –target your law school applications carefully and strategically, understanding what post-graduation opportunities they are likely to yield (including any recent changes to how those law schools operate or are perceived, such as changes to grading systems) and financial aid packages they are likely to offer, and calibrate the value of any financial aid with those post-graduation opportunities; [...]
April 25, 2011
Parent of Three @ 10:41 am:
I found this interview very helpful. Thank you CNN. No one at our school is really talking about financial aid yet and no one told me that I should start that planning now. I thought that you had to wait until april or may to apply for financial aid.
So we will get the ball rolling with our eldest! I think it was a real blessing to see this interview. It really helped us “get a clue.” Thank you Kiran Chetry for doing this important story.
April 27, 2011
Helene @ 11:44 pm:
Joe-
Actually, Emily is not in the wrong. Yes, SHHS “participates” in the Archidiocese's financial aid program- however, I have never heard of anyone receiving any substantial “financial aid” if any. However, if you read through the entire Financial Aid webpage, it also states:
Financial Aid
Sacred Heart High School, as a private, independent school is funded by tuition payments. There is no government or Church support. As education costs continue to rise student financial assistance becomes increasingly more important. The school relies on the contributed services of a dedicated staff of religious, on parent and alumni contributions and on fund-raising efforts. The generosity of those involved in these efforts has made it possible for Sacred Heart to offer limited financial aid.
Yes, Sacred Heart is a Catholic school, but lets be clear- it's the Diocese's dime. Financial aid and funding are two different things.
May 3, 2011
Owen D. @ 4:33 am:
Financial aid is money you recieve to help pay for school. This includes loans, grants, and scholarships. Loans you have to pay back, usually after you get out of school. Grants and scholarships are free money you don't have to pay back. You should go to and apply for financial aid. FAFSA stands for Free Application for Federal Student Aid. This may give you a Pell grant (free money you don't have to pay back) or a Stafford loan.
I hope this clears things up for you!
May 4, 2011
NewsROOM @ 1:21 pm:
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June 14, 2011
babybeeksta @ 2:12 am:
oh but they do exist. believe you me, i have spoken to the legendary oompa loompa. but before that was possible, i had to journey through the forest of fuhreekinassredtape. and then i had a spell put on me that made me sleep for 3 hours. and then i finally woke up to the voice of the oompa loompa. …the financial aid office is terribly understaffed, and there are millions of students who want to talk to them regarding their financial aid. there's a line at the financial aid office everyday. that's just life. waiting waiting waiting.
ideQ @ 9:49 pm:
What financial aid can I receive for summer courses?
June 21, 2011
Helen Schwartz @ 1:16 am:
I work for Children's Administration in the U.S., providing financial aid for college to former foster youth. Two of the youth on my caseload had mental health breakdowns and had to be hospitalized last quarter. They had to withdraw from school, lose their financial aid and find someone to live with while they recovered. There are no breaks for those with mental health issues.
June 30, 2011
Link Directory - Web Directory @ 8:13 am:
What if my family income changes after filing for financial aid?
July 25, 2011
David D @ 5:43 pm:
correct, go to it !
August 7, 2011
†±JômS±† @ 5:46 am:
Hello
I would recommend you to post this question again it in the psychology section in the social science caregory of Yahoo answers. They would answer it there better there. You've posted it here, on the computers and internet category of Yahoo answers…
But for me, asking them won't be a problem. Have a sincere talk with them, just like an open forum..
August 14, 2011
USMC_Inspired @ 9:08 pm:
Dr. Laura listeners need to realize that "unpaid whore" is an oxymoron.
October 1, 2011
Twitter @ 12:24 am:
blah blah blah financial aid blah blah more problems blah blah blah no one knows what’s wrong blah blah super stressed out
October 4, 2011
Education Government Grants | Federal Grants for Education @ 2:53 am:
Financial Aid
UG: St. Catherine University EducationUSA Undergraduate Scholarship:
http://twitter.com/EdUSAIr…
October 31, 2011
tonalc1 @ 9:50 am:
Find out which one of the reasons you were not in compliance with. Speak with your FA counselor.
Maybe they don't count your "cumulative" GPA, but note if *any* of your individual classes fell below a certain grade.