Types of financial aid available to students: There are basically four categories of financial aid.
- Grants: money that is given to a student as a result of financial need.
- Scholarships: money that is awarded based on academic achievement, an outstanding talent or skill, and/or financial need.
- College Work-Study: money a student earns by working a campus job 10-15 hours per week.
- Loans: borrowed money that must be paid back.
Free Application for Federal Student Aid (FAFSA)
How to fill out the FAFSA: https://www.nitrocollege.com/fafsa-application
2020-2021 FAFSA Walk-Through Video – watch this video to see how to fill out the FAFSA
FAFSA Overview – Click here to view a video about FAFSA
Understanding Federal Aid – https://edubirdie.com/blog/understanding-fafsa
SLCC FAFSA and financial aid PowerPoint Presentation – FA & Scholarship Info Presentation
You must submit a FAFSA in order to be considered for all federal financial aid and for most of the aid offered by individual schools. Regardless of the number of schools you apply to, you only need to fill out one FAFSA. The FAFSA is a federal form that asks for information on income and assets. Approximately 3-10 weeks after you complete the application, you will receive a SAR (Student Aid Report). A copy of your SAR is also sent to the colleges you designated on your FAFSA. Your SAR will tell you if you are eligible for a Pell Grant, and it will also inform you of your EGC (Estimated Family Contribution). Your EFC is the amount they have determined that you and your parents can afford to pay for your education the following year. If the cost of the college is more than your EFC, you have a financial need and should be eligible for financial aid.
- Obtain a FSA ID for both student and one parent. www.fsaid.ed.gov (This username and password will be necessary to sign your FAFSA electronically.
- Seniors may apply beginning October 1st for upcoming fall semester. You do not want there to be any delay in processing your application. Even if you feel you will not qualify for aid because of your family income, you and your parents should complete the FAFSA.
- To be eligible for federal financial aid, eighteen-year-old males must be registered with the selective service.
- After the college’s financial aid office has reviewed the information from your FAFSA, it will determine your eligibility for financial aid and send you a financial aid award letter.
- Students and parents often find that they do not get as much money through grants and scholarships as they need. If you find yourself in this situation, you may want to consider taking out a loan. Lending institutions provide Stafford Loans to students and PLUS loans to parents. Repayment of a Stafford Loan begins after the student is out of school. The Subsidized Stafford Loan is for students who have shown a financial need based on a federal formula. The Unsubsidized Stafford Loan is for students without financial need. (The government pays the interest on Subsidized loans). PLUS loans are not based on financial need and repayment begins within 60 days. Interest accrues immediately.
If you do not want to take out a loan, there are other options to consider. The military branches offer a variety of programs to help students with college costs. Co-op programs provide students with the opportunity to earn money while gaining valuable work experience. Students who are concerned about college costs can also save money by attending a community college and then transferring to a four-year college after a year or two.
A Message from the UHEAA Outreach Team Regarding FAFSA
If a student’s parent(s) have experienced job loss or income decrease
- Unfortunately, many families are experiencing unemployment or a decrease in pay at this time. Form Swift is a site that will guide you through appealing your current situation when your FAFSA reflects an outdated financial status.
If a student needs help completing the FAFSA
- UHEAA Outreach is available for FAFSA assistance M-F, 8am-5pm: email@example.com.
- UHEAA’s FAFSA walk-through video demonstrates an entire FAFSA step-by-step for those attempting to complete the FAFSA at home
- UHEAA Outreach will host a Twitter Chat through the @UtahFutures account Friday, April 24 from 1pm-2pm. This is a chance for your students to submit their own questions about the FAFSA and see responses to other commonly-asked FAFSA inquiries.
Utah Higher Education Assistance Authority (UHEAA) Community Outreach Team