Financial aid high school

The Financial Aid process varies student to student. It depends on, whether the student is of high school or graduation. So many Variables determines the financial eligibility process. Financial Aid process starts with filling the application form of Free Application for Federal Student Aid (FAFSA).

Below are the essentials to submit the Free Application for Federal Student Aid (FAFSA) form online.

Your Social Security card and driver's license

Your W-2 Forms or other records of earned-income federal income tax return.

Your parent's federal income tax return (unless you are filing as independent)

Records of other untaxed income you received, including welfare benefits, social security benefits, TANF, veteran's benefits, and military or clergy allowances

Your current bank statements and records of stocks, bonds, and other investments

Your business or farm records, if applicable

Your alien registration card (if you are not a U.S. citizen)

Apart from the FAFSA the applicant need to file the below documents:

CSS Profile

Institutional Aid Applications

Financial Aid Eligibility for High school students:

Generally colleges determine the eligibility criteria based on the information provided at the submission time of Free Application for Federal Student Aid (FAFSA) and/or the CSS Profile to determine your eligibility for financial aid. Based on the Expected Family Contribution (EFC) determined by your household, demographic and financial data of the applicant the financial aid award will be determined.

Financial need of a student is calculated by subtracting the Expected Family Contribution from the Cost of Attendance which is: COA - EFC = Financial Need.

There are various types of Financial Aid facilities are available to assist the student's educational costs.

Federal Student Aid

There are three types of Federal Financial Aid:

Grant programs

These grant programmes are two types first one is Federal Pell Grant and second one is Federal Supplemental Education Opportunity Grant. These are available to most needy students and graduates.

Work study

Federal Work Study program designed to the needy students whose Net Federal Work Study Earnings may not exceed financial need. And award amount reaches them in the form of pay check.

Loans

Loans are of 4 types. They are:

Federal Stafford Loan (FFELP/Direct)

It is a subsidized loan process by the government with a fixed interest rate of 6.8% for Unsubsidized or 6% for Subsidized within 25 years repayable.

Federal Perkins Loan

These loans charges 6.8% fixed interest rate up to 25 years to repayment duration.

Federal Grad PLUS Loan

These loans are available to graduate students with fixed interest rate of 8.5%

Federal PLUS Loan

These loans are available to parents of undergraduate students with a fixed interest rate of 8.5%.

State Aid

The Financial Aid provided by the states to their student in the form of scholarships, grants and/or loans is considered as state aid.

Institutional Assistance (money supplied by the school you attend)

Institutional Assistance can come in the form of scholarships, grants, loans and/or work.

Scholarships

Thousands of scholarships, based on need and/or achievement, are awarded each semester.

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