Financial Aid & Scholarships

Dowload the current scholarship list here!
(Please stop by the Counseling Office for scholarship applications.)

There is no question that college is expensive, but an open discussion with your parents about what they think they can help you pay, examination of financial aid options, and your own willingness to work and take on loans can help answer what range of financial options is right for you.

Don’t assume that a college’s stated costs are what you will end up paying, since it is often the case that the better private schools also provide the most financial aid. If you can qualify for financial aid, a private school and a public school may present similar costs. In addition, it is possible to get merit scholarships even if your family does not qualify you for much need-based financial aid. Finally, there are many options for loans, some government guaranteed (which usually have lower interest rates), as well as private (usually banks), that can help you bridge the gap between what your family can provide and what the college costs.

1. Start off by talking with your parents about the financial part of college.
2. Talk with your guidance counselor about financial aid options.
3. Find out what sorts of financial resources are available at the colleges you are most interested in attending.
4. Once you are admitted, if you also applied for financial aid, you will be given your “financial aid package.” This indicates how much direct support, loan support, and work study support the college is offering. Here’s a secret, though: if you really want to go to a specific college, and if they really want you, the financial aid package may be negotiable!
5. Don’t forget about the independent scholarships (not specific to any particular school, but awarded to you directly) that are available. The secretaries in the guidance office have a list of what is available.
6. You can also find out about independent loans, both through federal programs and various lending institutions.

Important Facts about Financial Aid

• FAFSA (Free Application for Federal Student Aid): The FAFSA is the first step in getting money for college no matter how much money you and your parents already have. Most colleges require you to fill this form out and submit it to the government to determine how much money they think you can afford for college. The FASFA should be filed as soon as possible after January 1 of your senior year – NOT BEFORE. You do not need your tax return completed before you file.

• CSS Profile This service offered by the College Board allows schools to ask questions not covered by the FASFA. This information is used to help them distribute nonfederal student aid funds or institutional funds. PROFILE is customized for you based on the information you give when you register, and then it is sent to the college you request. There is a $5 fee to register and then you are charged $18 for each school or program to which you want information sent. Fee waivers can be requested if you qualify for them. The college will let you know if they require PROFILE when you apply. A complete list of colleges, universities, and scholarship programs that use PROFILE can be found at the College Board website (www.collegeboard.com). You must register at least four weeks prior to the deadline set by the colleges.

• Expected Family Contribution Once you’ve filed your FAFSA, you will receive a report from the government that includes your Expected Family Contribution (EFC). The EFC is the amount of money that the government has determined you and your parents should be able to pay for college in the upcoming year. The government’s formula for determining this number is pretty complicated, and it includes things such as income, how many family members are attending college at the same time, and age of your parents.

• Colleges Look at the EFC Once the colleges receive your EFC, they will determine how they can help you make up the difference between the cost of attending their college and what the government expects you to be able to pay. The colleges do that by giving you a combination of loans, grants, scholarships, and work-study money.

• Contact Your Financial Aid Officer It is important to establish a relationship with one person in the financial aid office at each school you’re thinking about attending. Things that you might want to share with your financial aid officer include any unusual circumstances you and your parents face in being able to pay for college such as large medical expenses, a significant loss of income, and death or divorce after the FAFSA form is filed.

Types of Financial Aid

Scholarships are money that you don’t need to pay back and usually they are tied to some kind of talent or attribute such as academic performance, athletic ability, musical talent, and affiliation with certain organizations (for example, Rotary Club, religious groups, or employer groups).

Grants are money that you don’t need to pay back that is usually determined by need. Colleges use the information on your EFC to determine which grants to award. Often the grants are money from the government or the university you attend.

Loans are part of most student aid packages. While most student loans are at reasonable interest rates and do not have to start getting paid back until you are no longer a student, the amount of debt you take on can be quite significant. It is important to talk to your parents about this, and also consider how much debt you are willing to take on over four years so you can make a reasonable decision.

Work-study is the fourth kind of financial aid. It usually involves a part-time job while you’re in college. You’ll be limited as to how many hours you can work and what you make in work-study. However, this can be helpful taking care of expenses like books, laundry, and miscellaneous entertainment costs.

Sources of Financial Aid

The federal government provides Perkins loans and Stafford loans at low interest rates.

Pennsylvania has a grant and loan program (Pennsylvania Higher Education Assistance agency: www.pheaa.org) that is a source of funds specific to Pennsylvania students.

The colleges themselves are the biggest source of money. Many of them have large endowments to attract qualified students to their schools. (It’s important to remember that even though a college may cost a fortune to attend, it may be able to give you most of the money needed to attend.)

Private organizations such as community service clubs, religious groups or your parents’ place of employment can also be sources of scholarship money.