Financial aid for your education is available from a variety of sources, such as federal grants, Stafford loans, PLUS loans, scholarship programs, private sources, student employment opportunities, and sometimes even employer assistance programs. We encourage you to familiarize yourself with, and research all of the financing options available, so that you can determine what works best for your individual needs.

The following sections will help you gain more information about financial aid, answer your questions, provide you with resources for details about financial aid, and assist you in applying when you are ready.

There are many ways to get funding for your education; one of the most widely used resources is a federal or private loan.

Federal Stafford
The Federal Stafford Loan is the most common type of federal student financial aid loan, and it requires the completion of the Free Application for Federal Student Aid (FAFSA). There are two types of Federal Stafford Loans:

Subsidized
A subsidized Stafford Loan is awarded on the basis of need and the federal government pays interest on the loan while you are enrolled at least half-time (6 credits) and for one 6-month grace period after you graduate or fall below half-time enrollment.

Unsubsidized
An unsubsidized Stafford Loan is not based on need and allows some students to borrow additional money. Students are responsible for the interest on an unsubsidized loan. No payments are required on any Stafford Loan until 6 months after you leave school or fall below 6 credits. If possible, you may want to pay accrued interest on an unsubsidized loan while you are enrolled.

For more information on Federal Stafford Loans, visit www.studentaid.ed.gov

Federal PLUS Loan
Parents and stepparents of dependent undergraduate students attending school at least half-time may take out a Parent Loan for Undergraduate Students (PLUS). This is an unsubsidized loan that is often lower in cost than a private loan because the federal government guarantees it. Loan approval is subject to credit criteria established by the U.S. Department of Education and your lender. A PLUS loan must be repaid. It is the responsibility of parents to make these payments.

For more information on Federal Plus Loans, visit www.studentaid.ed.gov

Alternative Student Loans
Some students may need additional loan funds after maximizing their federal loan options or may not be eligible for federal loans and still need to borrow towards their education. Many lenders offer private alternative loans to help students meet the gap between financial aid and college costs.

Students must either meet the credit criteria of the loan for which they are applying or have a credit-eligible co-borrower. Many of these loans also require enrollment in six or more degree credits per semester, but there are options for students studying in non-degree classes or enrolled in less than half-time status.

A grant, unlike a loan, does not have to be repaid. The most common form is the Federal Pell Grant; it is awarded using FAFSA to determine eligibility and awarded to undergraduate students who have not earned a bachelor’s or a professional degree. Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and non federal sources might be added.

Other grants include:

• Federal Supplemental Education Opportunity Grant (FSEOG)
• Academic Competitiveness Grant
• National SMART Grant
• TEACH Grant
• Institutional Grants

For more information about federal grants, visit www.studentaid.ed.gov

Scholarships

There are many different types of public and private scholarships available to a diverse range of students. Scholarship programs can be university related or come from and outside source. They usually require applicants to meet specific academic, social, or economic requirements that are unique to each scholarship program.

Make sure to thoroughly explore all scholarship materials for detailed requirements and disbursement information.

Free Scholarship Search www.FederalStudentAid.ed.gov/funding

Your eligibility for the various forms of financial aid is dependent on several factors. The Free Application for Federal Student Aid (FAFSA) is used to determine what type of federal financial aid you qualify for, and how much federal assistance you can receive.

The FAFSA is used to calculate your Expected Family Contribution (EFC), or how much you are expected to contribute towards your education.

The Expected Family Contribution is subtracted from a school’s unique Cost of Attendance (COA) total, which includes tuition, fees, room and board, transportation, and other related costs. This will help to determine your overall financial need, and what type of financial aid you qualify for.

For more information on eligibility requirements visit www.fafsa.ed.gov/faq003.htm/funding

How to Apply for Financial Aid

Step 1: Gather the documents you will need.

• Your Social Security Number
• Your drivers license (if any)
• Your 2008 W-2 Forms and other records of money earned
• Your (and your spouse’s if you are married) 2008 Federal Income Tax Return (or your Foreign Tax Return)
• Your parents’ 2008 Federal Income Tax Return (if you are a dependent student)
• Your 2008 untaxed income records
• Veterans benefits records
• Child support received
• Worker’s compensation
• Your current band statements
• Your current business and investment mortgage information, business and farm records, stock, bond and other investment records
• Your alien registration or permanent resident card (if you are not a U.S. citizen)

For a FAFSA document checklist that can help you prepare: www.fafsa.ed.gov

Step 2: Obtain a PIN
The next step is to obtain a Personal Identification Number or PIN. You will use this pin code each year to access your Federal Student Aid records online, and apply for Financial Aid. You do not have to obtain a PIN if you plan on mailing your paperwork, but it is highly recommended to speed up the process and track your application.

Apply for a Federal Student Aid PIN
www.pin.ed.gov

IMPORTANT: Your PIN serves as your electronic signature and provides access to your personal records, so you should never give your PIN to anyone, including commercial services that offer to help you complete your FAFSA. Be sure to record and keep your PIN in a safe place.

Step 3: Fill out the FAFSA
In order to determine your eligibility your must fill out the Free Application for Federal Student Aid (FAFSA). Eligibility is determined by your financial situation. Almost every student is eligible for some form of financial aid regardless of income or circumstances, provided that you:

• are a U.S. citizen, a U.S. national or an eligible non-citizen;
• have a valid Social Security Number;
• have a high school diploma or GED
• are registered with the U.S. Selective Service (if you are a male aged 18-25);
• complete a FAFSA promising to use any federal aid for educational purposes;
• do not owe refunds on any federal student grants;
• are not in default on any student loans; and
• have not been found guilty of the sale or possession of illegal drugs during a period in which federal aid was being received.

Free Application for Federal Student Aid www.fafsa.ed.gov

IMPORTANT: All students should check with their school’s financial aid office to determine their exact FAFSA deadlines and requirements.

Step 4: Sign Your Student Aid Report
A Student Aid Report (SAR) is a document you will receive after your FAFSA is processed. It will list all of your provided answers, which you should review for correctness. Make any necessary corrections. If you’ve used a PIN, you should electronically sign and submit the signature page. If you are mailing your Student Aid Report, sign it and follow the attached directions.

The SAR will contain your Expected Family Contribution, which is used to determine your eligibility for financial aid during one school year. Your school will receive an electronic copy of the SAR and use this information to decide how much financial aid you are eligible to receive.

Step 5: Determine Your Options
Congratulations, you have made it through the Financial Aid Application process. You will now know how much assistance in federal loans and/or grants you are eligible for. It is at this point in the process where you can choose how much money you would like to accept and/or explore other funding options.

IMPORTANT: Keep track of all deadlines and required paperwork. If you have any questions contact your at financial aid advisor.

Disbursement

Financial Aid will be disbursed to you no sooner than the beginning of each school term. Aid will be only be disbursed if you have fulfilled all requirements, including paperwork and promissory notes.

To insure timely disbursement it is essential to keep track of all correspondence from your lender and financial aid office. Make sure to reply in a timely manner when applicable.

Borrow only what you need. Remember that loans must be repaid even if you do not finish school. Your education is a substantial investment. It’s one of the most important decisions you can make for your future. Take time to learn all of your financial aid options before you make any decision.

Repayment

When taking out a financial aid loan it is important to remember that it must eventually be repaid. After graduating or dropping below half-time enrollment, repayment will usually be deferred for 6 months. There are several different types of repayment plans, and choosing the one that best fits your financial situation is important.

Standard Repayment Plan
Fixed annual repayment amount paid over fixed period of time not to exceed 10 years.

Graduated Repayment Plan
Payments start at a lower amount and increase generally every 2 years. Payments are make over a fixed period not to exceed 10 years.

Extended Repayment Plan
Fixed annual or graduated repayment amount to be paid over a period not to exceed 25 years. Must have more than $30,000 in loan debt.

Income-Sensitive Plan
Monthly payment is based on annual income with maximum repayment period of 10 years.

For more information on repayment, click here: www.studentaid.ed.gov

Deferment

Deferment is a period of time when no payments are required, however your interest will continue to accrue on unsubsidized loans.

To qualify for deferment you must be enrolled in school at least half-time, or prove an inability to find full-time employment and/or economic hardship.

Forbearance

Forbearance is a period of time during which payments are temporarily reduced or postponed. During forbearance interest will continue to accrue on both subsidized and unsubsidized loans.

IMPORTANT: Borrowers must contact their lender to apply for deferment or forbearance.

Default

Default is the worst-case scenario in financial aid loan repayment. Default occurs when an installment payment is missed, or if the borrower fails to comply with the terms of the promissory note.

Loans will go into default if you become 270 days delinquent (for monthly payments) or 330 days delinquent (on longer term payment plans).

If you default:

• The entire loan balance can become immediately due
• You can lose deferment options
• You can lose eligibility for additional Federal Student Aid
• Your account may be turned over to a collection agency and incur additional fees
• Your account will be reported to national credit bureaus and damage your credit rating
• Your income tax refunds may be withheld
• Your wages can be garnished
• You may be unable to obtain a professional license

IMPORTANT: If you are at risk of default contact your lender immediately to discuss your options.

Note for international students: Generally, lenders do not allow international students to apply online, and instead require that you mail them a paper application.

International Student Resources

eduPass Guide to Studying in the USA
www.edupass.org/finaid

International Education Financial Aid
www.iefa.org

Federal Student Aid Official FAQs
http://www.fafsa.ed.gov/fotw0708/help/fotwfaq00.htm

FAFSA4caster
www.fafsa4caster.ed.gov

Student Gateway to the US Government
www.students.gov

Federal Student Aid Gateway
1-800-4-FED-AID
www.federalstudentaid.ed.gov

A Guide to Funding Education Beyond High School
http://studentaid.ed.gov/students/publications/student_guide/index.html

Student Jobs
www.studentjobs.gov

Campus Based Aid
www.studentaid.ed.gov/faq003.htm/funding

U.S. Department of Education
www.ed.gov/faq003.htm/funding

Student Financial Aid Services Inc. (Paid service to assist with financial aid process)
www.fasfa.com