Whether you have already chosen a college or you are still trying to decide, this is a good time to figure out what it will cost and how you will pay for it.

Each college’s financial aid office can provide information to help you figure the expenses out. Don not be discouraged if the cost of continuing education seems too high, financial aid is available for students who qualify.

Financial aid is a general term for any financial assistance given to a student for any type of postsecondary education (four-year college, two-year college, trade and technical schools).

Generally, financial aid is divided into three groups:

• need-based financial aid

• merit-based financial aid

…and private financial aid.

There are several types of financial aid and a variety of sources of financial assistance. Remember, not all financial aid is based on financial need. Some awards are based on academic performance or selected skills.

Financial assistance to attend college comes in many forms as well.

Federal Aid Programs: Federal programs are based on financial need. They are the largest single source of financial aid for college students today.

State Aid Programs: Most states support various financial aid programs (both need based and merit). Generally, eligibility for state need based programs follows the federal guidelines.

Grants and Scholarships: Awards based on merit or merit plus need. They do not have to be repaid.

Loans: Funds loaned through a lending institution or college. Interest rates vary by program. For federal student loans, qualifying students based on need will not have to pay interest while in school. Loan programs also are available to eligible parents to help with college expenses of their qualifying children.

Military programs: The military offers several options to help you pay for college.

Work study programs: Jobs that allow students to earn money toward their education while they are enrolled in school. Students can sometimes get jobs related to their program of study and also receive credits for the job.

Working and Savings: As the cost of a college education rises, more students and parents will need to put money aside. Lots of college students have part time jobs to help make ends meet.

Most people use a combination of these forms of college financial aid to pay for school, sometimes by carefully taking out one of the credit based private student loans.

As you can see, there are many different options out there for you to look at. Research each option completely and do what works for you. Your are starting a new phase of your young adult life. Start it off right and look at all the options given you.

If you still have questions and or concerns, the internet is a great way to do research. You all know you can find anything on the internet. Take advantage of it and research. When you have chosen a school you want to attend it is also a great idea to talk to the financial aid office. They can offer and advice you on many different areas of the financial needs. Use the things that are before you. You will be glad you did.

The most important process in applying for financial aid is filing the FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) application each year. The FAFSA can be completed online at www.fafsa.ed.gov — the fastest and most accurate way to apply. The FAFSA is the only application required for Federal, State, or Institutional grants, work-study or loans for Fall and Spring term financial aid.

ELIGIBILITY:
In order to be eligible for any form of federal, state, or institutional financial aid, you must fulfill the following requirements:

1. You must be a U.S. citizen or eligible non-citizen.
2. You must have a valid social security number.
3. You must be admitted into a degree-seeking program. You may apply for aid before you are admitted but you must be admitted before aid can be awarded or disbursed to you.
4. If you are a male of at least 18 years of age, you must be registered with selective service.
5. To retain eligibility you must maintain satisfactory academic progress.
6. To receive most types of aid at FSU, you must be a full-time student.

Apply early for Financial Aid. The first day that you can submit the FAFSA for the new academic year is January 1.

You must apply for aid every year. Because some types of aid are limited in funding, we recommend that all students complete the application as early as possible each year. Estimated tax data is acceptable. Just be as accurate as possible in the estimation. Once taxes are completed, corrections to the FAFSA can be made through the online process.

Admission cannot provide you with an estimated award offer until you are admitted. You can apply for financial aid before you are admitted, but we cannot tell you what you are eligible for until you are admitted.

Apply online. The FAFSA is available online at www.fafsa.ed.gov.

Keep up with your application for aid

• Once your FAFSA is processed by the government, you will have access to a Student Aid Report (SAR), either through an online summary of the online application process, or through a printed document mailed to you if you apply using paper FAFSA. It is important that you check your SAR for accuracy, and respond to any comments or notices posted by the federal processor on the Student Aid Report. The Federal Processor sometimes needs additional data before the application can be considered complete – comments on the Student Aid Report will guide you though the process.
• The college of your choice will notify you if any additional documents are required for completion of your financial aid application. Keep copies of any documents that you submit. Make sure that the student’s name and social security number are on the top corner of all documents submitted.
• The college of your choice office of Financial Aid will provide you with online access to your financial aid file. To monitor the progress of your financial aid, you can log in to your Financial Aid Student Toolkit via Blackboard.

Financial Need/Award Of Need Based Aid

The data provided by you to the federal processor on the FAFSA form is put through a calculation established by the federal government. This calculation establishes an Expected Family Contribution (EFC). Your eligibility for need-based aid is calculated by subtracting your EFC, along with any outside resources (i.e. Veteran benefits, scholarships, tuition waivers, fellowships, etc.) from your Cost of Attendance(COA). This gives the financial aid office your financial need for the college of your choice.