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The HUHS Counseling Department hosted a Financial Aid Night program on Monday, November 24th, 2008.  Please click on the following attachment to view the power point presentation given at that program:

FINANCIAL AID INFORMATION

Most students who attend any type of post-secondary institution will need to research financial aid options.  The following pages will describe what financial aid is and how students may apply for it.  Students should also contact their post-secondary school of choice when they have questions about financial aid.

How does Financial Aid work?

The purpose of financial aid is to “fill the gap” between what a family can pay toward a student’s college education and the total cost of a college education.  Congress developed a formula that determines what the “estimated family contribution” is, or EFC.  Your EFC measures your family’s financial strength and is used to determine your eligibility for federal student aid.  Your “financial need” is the difference between your EFC and your school’s total cost to attend.  Cost of attendance typically includes tuition, books, supplies, transportation, and room and board.

There are four types of financial aid: grants, work-study, student loans (subsidized and unsubsidized), and scholarships.

Grants:  “Free” money that is awarded by the government and does not have to be paid back.

Work Study:  A job through your college in which you will be paid.

Student Loans:  Loans need to be repaid after graduation.  A subsidized loan is a loan for which the federal government pays the interest until you leave school.  An unsubsidized loan is a loan that accrues interest as soon as you take out the loan.  

Scholarships:  Scholarships are merit-based monetary gifts that can be used for college and do not have to be repaid. Scholarships are awarded by various bodies, including the state and federal governments, public and private organizations, and colleges and universities. 

 

How do I apply for Financial Aid?

The Free Application for Federal Student Aid (FAFSA) is a federal program that assists students in paying for their post-secondary education.  Students may apply for financial aid online, or request a paper application, by completing a FAFSA at www.fafsa.ed.gov.  Students may begin applying for financial aid any time after January 1st.  There is no cost to complete this application.  It is recommended that students apply as soon as possible after January 1st.

What happens after I file?

  • You will be sent a Student Aid Report (SAR) via email if you applied electronically, or by mail if you used the paper application.
  • Review your SAR and make any necessary corrections.
  • Results are sent electronically to each college you selected on the FAFSA form.
  • Each college you have been admitted to will prepare a financial aid package for you.

When do I get my aid?

Any financial aid you are eligible to receive will be paid to you through your college’s financial aid office.  Typically, your school will first use the aid to pay tuition, fees, and room and board.  Any remaining aid is paid to you for your other expenses. 

 

 

Financial Aid Links

 

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