Ask the Experts and Financial Aid Help
The Experts
If you want the best financial aid advice, ask a financial aid administrator at the college or university you are interested in attending. Mrs. Herouix can give you quite a bit of information but policies, financial aid packages, and the monies are awarded vary from institution to institution.
WHAT EVERYONE SHOULD KNOW:
Federal Student Aid
MI Student Aid
FAFSA ID
The student and parent each need one in order to fill out and submit their FAFSA.
After the FAFSA compare financial aid offers using a worksheet like the one on the NASFAA or College Board website
FINANCIAL AID TERMS
FAFSA(Free Application for Federal Student Aid)- The universal form to apply for financial aid from the federal government, including both federal loans and grants. All colleges require this, which can be obtained online. If you are a college-bound senior applying for financial aid, you are strongly encouraged to complete the FAFSA.
Stafford Loan: Stafford loans are subsidized by the federal government, which means that you don’t have to begin paying them back until six months after you graduate.
Pell Grant: A need based grant given by the federal government. You do not have to pay this back.
Institutional Grant: A need based grant given by the college you attend.
Merit Scholarship: A scholarship, most often given by the college you attend, which is awarded based on academic or athletic qualifications, not financial need.
Work-study: A program subsidized by the federal government in which the government helps a college pay you to work on campus.
Financial aid package: The combination of grants, loans, and work-study that a college offers you to help pay for college costs.
Family Contribution: The amount of money you and your family can contribute to paying for your education, determined by analysis of the FAFSA.
Demonstrated Need: The difference between the cost of attending a college and the family contribution.