Monticello High School

College Planning NightSeptember 2014

What is Financial Aid?

The Application Process

Helpful Resources

Questions

Funds made available to students & families to help pay for postsecondary educational expenses. These include:

• Scholarships/Grants – Money that does not need to be repaid

• Work Study – The student must work to earn funds

• Loans – The student or parent must pay back what was borrowed, and possibly additional interest

College/University Scholarships

Private and Community Scholarships

Need-based money awarded by colleges and universities.

Grants

Money that has to be repaid – repayment may be deferred until after the student graduates

Work Study

• Some application requirements and deadlines will vary from school to school.

• KNOW YOUR SCHOOL’S REQUIREMENTS AND DEADLINES!

• Your file may be selected by the US Department of Education for federal verification

• Financial Aid offices are required to verify income information using either:

1. A Tax Return Transcript, or2. The IRS Data Retrieval Tool (DRT), which is integrated into the online FAFSA.

• The FAFSA and other documents are used to determine the Expected Family Contribution (EFC).

• Schools use the EFC to determine eligibility for need-based financial aid and to prepare an award package.

• Pay close attention to College/University application deadlines.

• Use the IRS Data Retrieval Tool!

• Take advantage of the school’s Net Price Calculator.

• Continue to look and apply for scholarship opportunities.

Thank Thank you!you!