Financial Aid

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A college education is expensive, but don’t rule out a college based on cost alone. There are many sources of financial assistance available. Financial aid helps to pay the education-related expenses of tuition, books and living expenses (food, housing and transportation). There are many sources of aid, including the federal and state governments, the colleges to which you apply offer awards, private organizations (local women’s clubs), parent’s and student’s employers and scholarship competitions. There are two basic types of financial aid: merit-based and need-based.


Merit-Based Aid: Scholarships
Scholarships are awarded on the basis of some sort of merit, meaning the student possesses some desirable talent or characteristic that is demonstrated to the college or organization. It may be for academic or athletic achievement; it may be because you have won a competition; it may be because you have some sort of legacy-status with the school or organization offering the scholarship; or it may be a combination of several of these factors. The major advantage of a scholarship is that it is a financial award that does NOT have to be repaid. There are many different types of merit-scholarships.
 

  • Academic scholarships are based on your GPA and/or your class rank, and ACT/SAT scores. Many of these scholarships are awarded by the college itself. To be eligible, you must first apply to the school, and there is usually some sort of application form to be completed in order to be considered. Usually, the college determines from your transcript if you fit eligibility requirements for any of its numerous scholarships. These requirements are usually listed on the college’s website.
     
  • Athletic scholarships are offered at many colleges and universities. If you are applying to a Division I or Division II school, you must file the NCAA Clearinghouse form at the end of your junior year. For more information on this, visit the “Student Athlete” link.
     
  • Music, art, dance, theater and writing scholarships are usually determined through an audition or portfolio. Please talk with your counselor for tips on assembling your portfolio.
     
  • School and community service and leadership scholarships are usually determined through the college resume and recommendations.
     
  • Private organizations will often offer scholarships. These awards are usually determined through an essay written on a specific subject matter, usually related to the organization.
     
  • Private companies, like Procter & Gamble, General Electric and the Cincinnati Enquirer, often have scholarship money available for employees or children of employees. Applications for these scholarships are usually only available at the company itself, and deadlines should be checked very carefully.
     
  • Other Opportunities:
    • The State of Ohio offers the Ohio War Orphans’ Scholarship. If your parent served 90 days in active duty and is disabled or has died (the death does not have to be war-related), you are eligible to receive this scholarship.
       
    • Areas of Residence – local organizations (Montgomery Women’s Club) or school districts (Kings Local Schools) often have scholarship opportunities for students residing in their area.
       
    • Heritage
       
    • Career Goals
       
    • Banks
       

How do I find out about scholarship opportunities?
 

  • Senior Newsletter - This is the best way to stay on top of opportunities. You receive a copy in your homeroom, and it is posted on the MND website. This newsletter will tell you about any opportunities that have been received in the Guidance Office.
     
  • Morning Announcements – Occasionally, the Guidance Office will receive a scholarship opportunity which has a deadline too soon to wait for the next Senior Newsletter. In that case, someone will make an announcement about the opportunity during the morning announcements.
     
  • Places of Employment – Check where you work and where your parents work for scholarship opportunities offered through the company.
     
  • Internet
  • Books

All scholarships have deadlines for which you must be responsible. If the application needs a transcript (and most do), your counselor needs to know at least one week prior to the deadline. Many applications also need recommendations. Be sure to give the person writing the recommendation at least a two-week notice so she/he is able to write a thoughtful recommendation.


Need-Based Financial Aid

The most common form of financial assistance for college is need-based financial aid. This type of aid is primarily funded by the federal and state governments. To qualify for this kind of aid, financial need must be determined. It will be important and necessary to be open. Families will have to divulge sensitive, financial aid information to those making the award decisions.

There are three different ways in which funds are awarded. Colleges usually award monies combining all three ways.

  • Grants are awards that do NOT have to be repaid. For information on grant opportunities, go to www.ed.gov/studentaid and http://regents.ohio.gov. 
     
  • Loans are funds that must be repaid. In general, the greater the financial need, the lower the interest rate; and a more lenient repayment plan applies.

There are loans that are NOT need-based.


Stafford Loans are unsubsidized loans where the interest rate varies. The student can pay the interest while in school, or defer the interest until after she graduates. Repayment begins six months after you leave school. It is important to note this applies to leaving school for ANY reason – even if you take a year off and plan to go back.

PLUS Loans are taken out in the parents’ names. Repayment begins within 60 days of receiving the loan.

For more information, go to www.studentloanfunding.com or www.estudentloan.com.
 

  • Work Study allows students to earn money toward their educational costs through a job on campus. The student is given a pay check and is responsible for using the money the way the family has decided.

 
How Do You Apply for Need-Based Aid?

  • Apply for admission to college(s) of your choice.
  • Fill out each college’s own financial aid form.
  • As soon as possible AFTER JANUARY 1st of the senior year, submit the Free Application for Federal Student Aid (FAFSA) form. The FAFSA is an analysis of your family’s income and expenses for the entire year (January 1st – December 31st). For this reason, you cannot file before January 1st. You can file on paper forms available in the Guidance Office or online at www.fafsa.ed.gov. Applying online is much faster. In order to do so, you and your parents each must get a PIN number. Go to the previous web page link to see how. You can get your pin numbers now, but DON’T LOSE them! For assistance in filing out the FAFSA form, go to www.studentaid.ed.gov/students/publications/completing_fafsa/index.html.

    All students applying for any federal financial aid MUST file this form. Some important things to keep in mind:

    • There is no charge, and you can list up to six different colleges to which to send your information.
    • Money is given out on a first-come, first-served basis until the money runs out so it is important to get your application in as close to January 1st as possible.
    • If your parents are divorced or separated, you should provide the financial information for the parent with whom you lived for the greater period of time during the past year.
       
  • Some colleges (mainly private, competitive schools) insist that you also file the PROFILE. The PROFILE is available in the Guidance Office and should be sent as soon as you are aware of the requirement. You can apply online at  https://profileonline.collegeboard.com.
  • To estimate your eligibility for aid, you may visit www.fafsa4caster.ed.gov anytime.


Notification of Aid

Four to six weeks after you submit the FAFSA by paper or within days (or even hours) if you apply online, you will receive a Student Aid Report (SAR). Make sure all the numbers are correct, especially the social security numbers. The SAR will report your “Expected Family Contribution” – the amount determined by a mathematical formula your family is expected to pay toward college costs. This number remains consistent, regardless of the cost of the individual college. Therefore, because college costs differ, you would be eligible for different amounts of aid at different colleges.

After receiving your SAR from the federal government, your college(s) will compute a financial aid package. The package will probably combine various forms of aid (grant, loan, etc.) from a variety of sources (government, college, etc.). Note the reply date by which you must accept or decline the aid. You may accept all or part of any package. If you need additional time or you want to explain some special circumstances, you should deal directly with the financial aid officer of your college. (There is no place on the FAFSA for any explanations. It is purely a number cruncher.)

You may still have many questions, and the best source of information is at the specific college’s website. If you still can’t find the answers you are looking for, don’t hesitate to call a financial aid officer at the school.
 

Generally, it is not necessary to apply for financial aid before the start of the student’s senior year. The one exception is the United States Service Academies. It’s also important to keep careful note of the deadlines and make copies of everything you mail.