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Monticello High School
College Planning NightSeptember 2014
What is Financial Aid?
The Application Process
Helpful Resources
Questions
Funds made available to students & families to help pay for postsecondary educational expenses. These include:
• Scholarships/Grants – Money that does not need to be repaid
• Work Study – The student must work to earn funds
• Loans – The student or parent must pay back what was borrowed, and possibly additional interest
College/University Scholarships
Private and Community Scholarships
Need-based money awarded by colleges and universities.
Grants
Money that has to be repaid – repayment may be deferred until after the student graduates
Work Study
• Some application requirements and deadlines will vary from school to school.
• KNOW YOUR SCHOOL’S REQUIREMENTS AND DEADLINES!
• Your file may be selected by the US Department of Education for federal verification
• Financial Aid offices are required to verify income information using either:
1. A Tax Return Transcript, or2. The IRS Data Retrieval Tool (DRT), which is integrated into the online FAFSA.
• The FAFSA and other documents are used to determine the Expected Family Contribution (EFC).
• Schools use the EFC to determine eligibility for need-based financial aid and to prepare an award package.
• Pay close attention to College/University application deadlines.
• Use the IRS Data Retrieval Tool!
• Take advantage of the school’s Net Price Calculator.
• Continue to look and apply for scholarship opportunities.
Thank Thank you!you!