There are many different kinds of postsecondary education institutions to choose from-community colleges, vocational and technical schools, public or private universities near home or far away. Costs can differ greatly from one institution to another, so you should make an estimate of expenses for each college you are considering. You can see from the examples below the types of expenses you will need to consider. There are direct educational costs-tuition, fees, books, and supplies; and living costs-such as room, board, "If you are planning to live on campus, you should estimate the cost of the round trips you will make to your home Colleges usually estimate that a student makes two or three round trips during the year Students living at home should figure the costs of daily transportation to the college. To meet your need, you may receive aid from several sources such as the major programs described here. INSTITUTIONAL FUNDS Most colleges have institutional scholarships or grants as well as loan and work programs. In addition, nearly all colleges administer the following federal programs. Andrea Beth Carlos Your family $217 $45 $1,180 $ 675 500 1,400 $892 $545 $2,580 Andrea $2.515 Beth Carlos FEDERAL FUNDS college of your choice. You can apply The Supplemental Educational Opportunity Grant Program (SEOG) is a program providing grants up to $1,500 a year. The amount may not exceed 50 percent of the student's demonstrated financial need. The National Direct Student Loan Program (NDSL) is a program that provides loans for students with need. No interest is paid while the student is enrolled in college. When the student leaves college, repayment at 3 percent interest begins. The College Work-Study Program (CWS) is a program providing jobs for students with demonstrated need. for a Basic Grant just by filling out the appropriate box on your FAF-no other application is required. GUARANTEED STUDENT LOANS The Guaranteed Student Loan Program (GSL) is a very important source of loan funds. These loans are primarily made by banks, savings and loan associa tions, and credit unions, but some colleges are also lenders. The federal government pays the full 7 percent interest on loans for students while they are enrolled. All states have scholarship or grant programs to help students attend the college of their choice. Ask your counselor for details. COMMUNITY FUNDS AND OTHER SOURCES Financial aid is also provided by community agencies, foundations and corporations, unions, religious organi. zations, clubs, and civic and cultural groups. Need is usually considered, but other factors may be taken into account. MEETING YOUR Whether you will need a lot of aid or just a little, institutions will do their best to help you find the combination of resources you need to attend. The box below shows how our three examples were able to meet college expenses. How do I apply for financial aid? Remember, applying for admission to a college is not enough. If you think you will need financial aid, you must apply for it! When should I apply for financial Check the deadlines for each You will be asked questions about age of your older parent, number Detailed step-by-step instructions What happens to my FAF after I The CSS analyzes the information If you indicated on the FAF that you also wanted to receive consideration for a Basic Educational Opportunity Grant (BEOG), the CSS would send a copy of your application to this federal program at no extra charge to you. And at about the same time, the CSS will send an FAF Acknowledgment back to you. You should review this Acknowledgment to make sure that all the institutions and agencies you're applying to have received a copy of your FAF and FAFNAR. You can also use this Acknowledgment to add other institutions or agencies, including the Basic Grant program, to your original list. You will eventually receive communications from the colleges, state agency, and Basic Grant program. Review all your award notices and other communications carefully, and supply additional information as requested. What does it cost to use the FAF? The CSS processing fee is $5 for the first institution or program that you list and $2.75 for each additional one. This fee covers the cost of analyzing the FAF and of sending a copy of the FAF and the Need Analysis Report to all institutions and programs listed. For an additional $1 fee, you may receive from the CSS a preliminary estimate of your expected family contribution at the same time as the estimate is sent to colleges and other programs. There is no charge for using the FAF to apply for a Basic Grant. |