START HERE --Begin Your Journey on the Winding Road to Financial Aid

The easiest way to begin is to use a Financial Aid Roadmap . By following the process detailed here, you will increase your chances of being included among the approximately 60% of students who receive financial aid for colleges/schools in USA.

Questions to Consider:

Am I eligible for financial aid programs?
What are the documents required for financial aid application?
When should I start looking for financial aid options? Who should I contact about various financial aid opportunities?
How can I find out how much aid I will need to attend a college?
How can I reduce the cost of going to college?

Am I eligible for financial aid programs?

Some of the requirements to receive aid from federal student financial aid (SFA) programs are, that you must:

• Be a citizen or eligible non citizen of the United States with a valid Social Security Number;
• Have a high school diploma or a General Education Development (GED) certificate or pass an approved "ability to benefit" test;
• Enroll in an eligible program as a regular student seeking a degree or certificate;
• Register (or have registered) for Selective Service. If you are a male between the ages of 18-25; and have a result of Eligible or Partially Eligible on Question 35 of the application.

Am I eligible for other education benefits?

There are two educational income tax credits that can reduce your or your family's federal taxes. They are based on your college tuition and fee charges. The Hope tax credit can be claimed during the first two years of college, up to a maximum of $1,500 per year. The Lifetime Learning tax credit is available for any level of postsecondary study, up to a current maximum of $1,000 per year. Note that only one type of credit (Hope or Lifetime Learning) may be claimed for a student in any given year. For more information about tax credits, you can visit the IRS web site at www.irs.gov/.

When should I start looking for financial aid options?

Plan ahead! It is in your best interests to start this process in the spring of your junior high school year. Don't wait until the last minute and then try and figure everything out at once.

SHORTLIST SCHOOLS/COLLEGES

First, select and shortlist the schools and colleges you want to attend, this is one of the most important decisions you need to make. Another is how you're going to pay for your education.

Some of the basic questions you should ask when considering a college/ school for further studies or career are:

• Does the school offer the courses and type of program you want?

• Do you meet the admissions requirements?

• Does the school offer a high quality education at a reasonable price?

• Does the school offer services you need and activities you are interested in?

• What are job placement rates for students who have recently graduated?

• What is the school's student loan default rate?

• How is the school's accreditation?

• What is the school's refund policy?

• What is the school's campus security policy?

FINANCIAL AID INFORMATION YOU NEED TO KNOW

 Some questions you should ask about financial aid availability from short listed  schools'/ colleges' are:

• Find out the counseling procedures for the school's financial aid office. Make it a point to schedule meetings with the financial aid officers there. These officers can help you get a realistic view of how you might be able to afford attending their college/school. Inform them about your family's general financial situation and get an overview of what your chances are of receiving financial assistance.

• Find out what the financial aid application process is like--what forms they require, and any supplementary materials they want from your family?

• What is the school's selection criteria for financial aid recipients?

• What financial assistance is available, including information on all federal, state, local, private, and institutional financial aid programs?

• What are the procedures and deadlines for individual financial aid program application submission?

• How does the school determine your financial need, type and amount of assistance in your financial aid package?

NOTE: In the spring of your junior  high school year it is also highly advisable to start researching local sources of scholarships. Although you typically cannot apply for scholarships until the fall of your senior year, you should be checking with your school counselor for any funding by organizations, corporations or community groups in your area.

You can also find information about federal, state, institutional, and private student aid in your local library's reference section (usually listed under "student aid" or "financial aid"). Student aid information may also be available from foundations, religious organizations, community organizations, as well as organizations such as the American Medical Association or American Bar Association.

Get a copy of a Pre-Application Worksheet for informational purposes. This will help familiarize you and your parents with the kinds of questions you will need to answer .

Who should I contact about various financial aid opportunities?

• Stay in touch with your counselor and career center specialist beginning in your junior high school year to make sure you find out about all available scholarships in your area. They will also help you obtain the forms for federal and state aid programs and update you on the same.

• Visit financial aid officers at your target colleges to find out specific information about financial aid procedures at each college.

• Attend college fairs and be aware of college representative visits to your high school, they are a good source for information about financial aid programs and procedures.

• Talk with your parents about their financial status and how it may impact your chances of receiving aid. Ask for your parents' advice and help as you gather financial aid information. Be sure your parents attend any Financial Aid programs being held at your school.

• Consider consulting an independent counselor or financial aid advisor. For a fee, these professionals can help you locate sources of funding and help you through the financial aid application process.

How can I find out how much aid I will need to attend a college?

Financial need is the difference between your school's cost of attendance (including living expenses), as calculated by your school, and your Expected Family Contribution (EFC).  Calculating your EFC  can you tell how much money your family will be expected to contribute to the cost of college. This is determined by the Federal Processor from the information you provide on the FAFSA form--but you can estimate your EFC right here on the Internet.  The best thing you can do is to sit down with your parents and begin adding up the total cost of attending each of your target college(s) for one year. You can gain a clear idea of the costs by researching each school. Many colleges will provide you with information estimating a total annual cost.

• Add up fixed items such as: tuition, housing, food services, etc.

• Add in the estimated cost of books, clothes, personal expenses, supplies, travel to and from school, and entertainment.

• Try to be realistic in setting these amounts.

Now take the total estimated cost of one year at college and subtract your Expected Family Contribution amount. This gives you a general idea of what your financial aid "need" will be. This "Financial Aid Package" will hopefully consist of a combination of federal and state grants, private or college-based scholarships, grants, and loans.

What are the documents required for financial aid application?

You will need records of income earned in the year prior to when you will start school. You may also need records of your parent's income information if you are a dependent student.

For the 2002-2003 school year, you will need financial information from 2001. You will need to refer to:

• Your Social Security Number (can be found on Social Security card)
• Your driver's license (if any)
• Your W-2 Forms and other records of money earned
• Your (and your spouse's, if you are married) 2001 Federal Income Tax Return - IRS Form 1040, 1040A, 1040EZ, 1040Telefile, foreign tax return, or tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federated States of Micronesia
• Your parent's 2001 Federal Income Tax Return (if you are a dependent student)
• Your 2001 untaxed income records - Social Security, Temporary Assistance to Needy Families, welfare, or veterans benefits records
• Your 2001 bank statements
• Your 2001 business and investment mortgage information, business and farm records, stock, bond, and other investment records
• Your alien registration card (if you are not a U.S. citizen)

How can I reduce the cost of going to college?

• Consider public over private schools. Compare the costs of attending a public college to the costs of a private institution. Public schools can often offer comparable levels of academic and social possibilities.

• Plan ahead to reduce the number of years you attend college. While still in high school, taking Advanced Placement courses and taking the accompanying Advanced Placement exams can give you college level credit. You can also take community college courses to get college level credit. Look into summer programs offered by community or 4 year colleges in your area. Finally, consider taking summer session courses offered by colleges while you are actually in college! All of these options can help you substantially lessen the amount of tuition you will pay.

• Spread out the number of years to complete college. If you lessen the number of units or courses you take, you will free up more time to work to help pay your tuition and living costs. It may take you longer to graduate, but you will be able to spread the cost of attending college over a longer period of time and you will be able to afford it more easily.

• Attend a community college for the first two years of your college career. You will be able to complete most if not all of your lower division required courses at an incredible discount. Take advantage of this option if finances are really tight for your family and especially if you do not want to go into debt by taking student loans.

• Develop a reasonable budget while attending college. Many students find that they can save substantial amounts of money by simply keeping close track of expenses. Use common sense: buy used books instead of the ridiculously expensive new ones, find the cheapest living accommodations possible, ask college housing offices if there are low cost dormitory options and food service plans, and finally, you may want to consider living at home to save money too.