Saturday, October 28, 2017
9 am - 12 pm

Financial Aid and Residency Determination

Updated Information on the New FAFSA

The FAFSA Form
The Free Application for Federal Student Aid or FAFSA, is the form students fill out to apply for federal need-based financial aid. Post secondary institutions use the information to award aid to students. If a student does not qualify for any grant, it could be that they qualify for work study or a low interest loan. All students are encouraged to fill out the FAFSA. It is easier to fill out if your family has completed their taxes. However, using your family's W-2 forms and guesstimating can be done. It is important that this form be filled out and sent in so that any mistakes can be corrected by the end of March. Do not wait to send in the FAFSA around April. If a correction needs to be done, there is not enough time to send it back by the time scholarship monies are awarded. Apply online at http://www.fafsa.ed.gov

The Profile Form
In addition to the FAFSA, some colleges are now requiring students to fill out the Profile. The Profile asks questions and seeks information that is more specific than the FAFSA. It is another tool to help colleges determine where to distribute aid. Some North Carolina universities that now require the PROFILE are: Duke University, University of North Carolina at Chapel Hill, Davidson and Wake Forest. Contact your guidance counselor for an application or visit via the Internet at http://www.collegeboard.org.

There are two categories of financial aid: need-based aid and merit-based aid.

Need-based aid is the most common category of aid awarded throughout the United States. Eligibility for need-based aid is determined by an evaluation of your family's financial circumstances through completion of a need analysis application known as the Free Application for Federal Student Aid. Some scholarships request financial aid information and are awarded by particular groups, for example the Rotary Club or an area business.

Merit-based aid is usually awarded by colleges and private sources for unique talents and achievement or for meeting other donor-specified qualification. Merit scholarships include academic, leadership, athletic, music, single parent and returning adult student awards.
(1) Scholarships or grants are awarded to students and do not have to be repaid. Scholarships can be given based on a student's financial need. They are also awarded based on a student's academic achievement or talents (music or athletic ability for example).
(2) Loans can be obtained to finance an education. Keep in mind that students and parents can get a loan from the bank, a federal program (college foundation for example) or from a relative. Loans can be the responsibility of the parents, the student or both.
(3) Students can work while in college. This is not always the most ideal of situations but it can be done. Contact the financial aid office at the college for employment information. Some jobs are located on campus. Remember that the hosiery and furniture businesses do hire college students during the summer. Wages are higher than in retail.
(4) Commitment to military service is another option. Service in the National Guard may not interfere with full-time students. Also ROTC programs are available at particular public institutions. Commitment to a ROTC program will cover the cost of your education. You will then be required to spend 4-6 yrs. in the armed services depending on the branch of service and program you signed up for. If you sign up for military service immediately after high school, you should be able to allocate part of your pay towards a college education after you fulfill your military service.

College Foundation of North Carolina http://www.CFNC.org
Federal Student Financial Aid http://ed.gov/studentaid
Financial Aid Guide http://finaid.org
Free Application for Federal Student Aid http://www.fafsa.ed.gov
US Government Services and Information http://www.students.gov
Ultimate FAFSA Resource Guide http://www.smartscholar.com/fafsa-guide/