Financial Aid - Pomfret



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APPLYING FOR FINANCIAL AID

Applying for financial aid is as important a part of the college admissions process as applying to the colleges. If you know, or even think that you will need financial aid to pay for college you need to learn about the financial aid application process.

THE PROCESS OF APPLYING FOR FINANCIAL AID

(Taken from the Website)

1. Apply Early - Don't wait until you get a college acceptance letter to apply for aid, or chances are you will have missed the college’s deadline and most grants and scholarships will be gone. If you're applying to college early, your financial aid deadlines will also be early -- usually in October or November. If you're applying regular decision, your financial aid deadlines usually fall in January or February.

2. Figure out what forms you need to complete – Virtually all colleges require you to complete the Free Application for Federal Student Aid (FAFSA) to apply for federal and state aid. Some colleges have their own institutional forms, in addition to the FAFSA, while many others require the CSS/Financial Aid PROFILE® in addition to the FAFSA to apply for non-federal aid.

3. Keep on top of deadlines and details - Missing a financial aid deadline can jeopardize your eligibility. Save time by gathering all of the financial records you'll need (from income tax returns to mortgage information) before you and your family dive into your forms.

4. Consider completing federal income tax returns first - Income information that you report on your tax returns (IRS forms 1040, 1040A, or 1040EZ) is used on financial aid applications. While you don't have to file your return before you complete your applications, it will be much easier and faster to finish if you have at least completed a rough draft of your tax return.

5. Describe any unusual circumstances that might affect your family’s ability to pay for college - If you believe that there are circumstances that aren't reflected on the financial aid forms, contact the college financial aid office directly.

6. Complete all forms accurately, completely, and legibly - Inaccurate, incorrect, or missing information can cause delays in processing your applications.

7. Provide all the information requested on the forms - For instance, if your answer is zero, enter a zero. Don't just leave the question blank. This will speed review of your application.

8. Be consistent on all forms - Use the same name on all financial aid forms. In order to complete your file and assess your eligibility, colleges and the federal government will need to match up your records from several sources. Inconsistencies will slow the process.

9. Keep copies of each form – Virtually all financial aid applications are now submitted electronically, however, you should print a copy of your completed applications as you may need to refer to a particular form if the college asks for additional information.

10. Follow through - After you submit your forms, sort carefully through any financial aid material you receive in the mail or by email, such as confirmations or requests for additional information. If additional information is needed, send it as soon as possible. If you find errors, address them quickly. When it comes to applying for aid, time is money.

 

APPLYING FOR FINANCIAL AID

|Commonly Used Terms |

|Financial Aid |Money provided to the student and the family to help them pay for the student's education. Major forms of financial |

| |aid include gift aid (grants and scholarships) and self-help aid (loans and work). |

|Grant |A type of financial aid based on financial need that the student does not have to repay. |

|Scholarship |A form of financial aid given to undergraduate students to help pay for their education. Most scholarships are |

| |restricted to paying all or part of tuition expenses, though some scholarships also cover room and board. |

| |Scholarships are a form of gift aid and do not have to be repaid. Many scholarships are restricted to students in |

| |specific courses of study or with academic, athletic or artistic talent. |

|Loans |A type of financial aid, which must be repaid, with interest. The federal student loan programs are a good method of |

| |financing the costs of your college education. These loans are better than most consumer loans because they have |

| |lower interest rates and do not require a credit check or collateral. The Stafford Loans and Perkins Loans also |

| |provide a variety of deferment options and extended repayment terms. |

|Work-Study |Program providing undergraduate and graduate students with part-time employment during the school year. The federal |

| |government pays a portion of the student's salary, making it cheaper for departments and businesses to hire the |

| |student. For this reason, work-study students often find it easier to get a part-time job. Eligibility for FWS is |

| |based on need. Money earned from a FWS job is not counted as income for the subsequent year's need analysis process. |

|Important Forms |Deadline |Where Can I Get the Form? |

|FAFSA |Form used to apply for Pell Grants and all|You may not date your FAFSA |The online version of the form is available|

|Free Application for |other need-based aid. As the name |before January 2 of the year |at fafsa.. |

|Federal Student |suggests, no fee is charged to file a |in which you are applying for |You can also get the FAFSA by calling |

|Aid |FAFSA. Everyone who applies for financial|aid. |1-800-4-FED-AID. |

| |aid needs to fill out this form. | | |

|CSS/Financial Aid |PROFILE, the financial aid application |The 2013-2014 PROFILE |In order to get the PROFILE, you must first|

|Profile |service of the College Board -- a |Registration & Application |register: |

| |national, not-for-profit membership |will be available online | |

| |association. Many of the member colleges, |beginning Oct. 1, 2011. | |

| |universities, and scholarship programs use|Register with PROFILE at least|Customer Service: 800-778-6888. |

| |the information collected on PROFILE to |two(2) weeks before the | |

| |help them award nonfederal student aid |earliest priority filing date| |

| |funds. (Some colleges have their own |specified by the colleges to | |

| |institutional forms. It is your |which you plan to apply | |

| |responsibility to find out if any of your | | |

| |colleges have specific institutional | | |

| |financial aid forms.) | | |

Some Useful Websites:

College Board and PROFILE -

FAFSA – fafsa.

EduPass – International Student Guidance –

FastWeb Student Resource Network

Federal Direct Loans DirectLoan

Resources by State otheraid/state.html

Financial Aid Information -

U.S. Dept. of Ed. -

Sallie Mae: Provides federally guaranteed student loans

State of Connecticut – Dept. of Higher Education

MEFA – Massachusetts Educational Financing Authority

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