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Financial Aid
Financial aid is a term used to describe a wide variety of programs intended to help students and their families pay for college. Early qualified applicants have a greater chance of getting aid, so it is best to apply to all sources as quickly as possible
Most aid is provided to students based on their financial need. There are also merit-based funds that some students receive based on their individual academic or extracurricular achievement
Aid comes from four sources: the state, the federal government, the college and independent foundations.
The three most common types of Federal aid (government sponsored programs) are grants, loans, and work-study.
Grants are a type of financial aid that does not have to be repaid. Generally, the grant amount is based on need, cost of attendance, and enrollment status.
Loans are borrowed money that must be repaid with interest. Maximum loan amounts depend on the student's year in school. Parents may also borrow to pay education expenses for dependent undergraduate students up to their cost of attendance minus other estimated financial assistance.
Work-study lets you earn money while enrolled in school to help pay for education expenses.
Scholarships are similar to grants in that they are “free money”—you are not required to repay them. Scholarships are granted not on the basis of financial need, but rather based on achievement or talent.
Parents and students can find the estimated cost to attend a particular college on each college's website. Most college websites also offer a "Net Price Calculator" that will determine your out-of-pocket costs after deductions such as grants, scholarships, etc. For more information, go to https://collegecost.ed.gov/net-price.
How to Apply
In order to qualify for financial aid, students and parents must complete the Free Application for Federal Student Aid (FAFSA) www.fafsa.ed.gov
Please make sure you are going to the 'ed.gov' website listed above. DO NOT use the website www.fafsa.com -- this site charges a significant fee to submit on your behalf.
Deadlines for financial aid application vary from college to college and are often different from admissions deadlines. Please refer to your college's website for more information on when these are due.
FAFSA is available in October (rather than January) and will use tax information from two years prior (prior-prior year, or PPY), rather than from the previous year
Some colleges also require more information than is collected on the FAFSA. This will require students to complete the CSS Profile. The CSS Profile requires a fee (per college) to submit the profile. http://student.collegeboard.org/css-financial-aid-profile
The CSS/Financial Aid Profile will also use prior-prior year income.
NCHS School Counseling office hosts a Financial Aid Night each fall where parents and students in grades 9-12 are invited to start learning about the financial aid process. Please refer to the school calendar for date/time of this year's event.