Paying for college can seem overwhelming. Please remember that we're here to help you. This helpful guide covers the following information.

• Defines financial aid
• Describes the major financial aid programs
• Explains the application process
• Describes what happens after that
• Shows you what aid is available
• Answers your questions

Financial Aid is...

Gift aid (32%):
Scholarships
Grants

Self help aid (68%):
Loans (66%)
Employment opportunities (2%)

Financial Aid Can Be...

Need based:
Eligibility is based on the family's financial situation as determined by a federal formula from information provided on the financial aid application (FAFSA).

Merit based:
Eligibility is based on a specific attribute such as grades, artistic ability, athletic ability, etc.

Definition of Need
Cost of Attendance (school determines tuition and fees) - Expected Family Contribution (use figures from financial aid application) = Financial Need

Different School = Different Need

View Graph

What is the FAFSA?
FAFSA stands for Free Application for Federal Student Aid. It is available in paper form, typically sent to high schools, or in electronic form, which is preferred by ACC. The electronic version is quicker and more accurate, and can be signed electronically by parent and student with a PIN. You can access the electronic form at www.fafsa.ed.gov.

The information you provide in the application is used to determine your Expected Family Contribution. Please be aware of the deadlines to submit the application and beware of scams. The FAFSA is always FREE.

After the FAFSA
The college or university:

• Receives the FAFSA results (Expected Family Contribution). You may be asked for additional information to complete the application process.
• Uses the Expected Family Contribution to determine eligibility
• Sends an award letter to notify the student

Sources of Aid

• Federal programs
• State programs
• College & university programs
• Private programs

Be informed:

• Financial aid office
• Admissions office
• Publications
• Web site

Private Sources

• Scholarship search - start NOW!
  • Internet: nelnet.net/collegeplanning
  • Counselors
  • Community people
• Beware of scams
• Watch deadlines!

Check List

• Scholarship search
• Complete the FAFSA
  • Supply any requested info to college
• Receive award letter
  • Respond if required
• Apply for PLUS Loan, if needed
• Sign promissory notes, if required
• Funds are disbursed by college

Other Financing Options

• Credit cards
  • Typically 9% or higher interest rate
• Home equity loans
  • 4 - 5% interest rate Possible tax deductions
• Private (alternative) loans
  • Variable interest rates (usually higher than PLUS Loan)
  • Possible tax deductions

Common or Frequently Asked Questions

Q. I know we don't qualify so why should we apply?
A. Everyone qualifies for something.

Q. My parents are divorced so whose income do I report?
A. The one you lived with the most in the preceding year.

Q. Can I exclude my stepparent's income?
A. No.

Q. What if our income changes?
A. See the financial aid office at the college.

Q. Why do I have to provide my parent's income information? Why am I considered dependent?
A. By law, you are considered a dependent until you:

• are age 24
• are a graduate/professional student
• are married
• have legal dependents other than a spouse
• are veteran of the US Armed Forces
• are an orphan or ward of the court

Contact Information
Financial Aid Office
Fax: 281.756.3840
Email: FA@alvincollege.edu