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Financial Aid

  • Student Financial Aid (SFA) is assistance for students enrolled at least half time in participating colleges. It helps to cover college expenses such as tuition, fees, housing, supplies and transportation.

    There are three types of aid: gift aid, loans, and work study.

    •  Gift Aid (grants & scholarships):  financial aid that does not have to be repaid. Some grants you may have heard of include the Pell Grant, the Cal Grant and/or the Federal Supplemental Educational Opportunity Grants. Some are GPA based, others are need based.
       

    •  Loans:  borrowed money that must be repaid with interest. Loans can be made to students and/or parents. Some loan programs you may have heard of include the Federal Stafford Loan and/or Perkins Loan Programs.
       

    •  Work-Study:  money for education expenses paid by the college for either on-campus or community based work.

    Remember, there are financial aid opportunities for everyone; from those with financial need, to those with special talents, good grades, athletic ability, certain heritages, dependents of veterans, foster youth, and students with disabilities.

     A.  Students should first look into grants, scholarships, employment opportunities, and other student aid that does not need to be paid back. Students can also borrow to help pay for college, but these loans must be repaid, with interest.

     B.  There are several different types of financial aid:

    • Federal Government
    • State Government
    • Institutions/Endowments
    • Private individuals, companies, or foundations

     C.  How Financial Aid Works:

    Cost of Attendance MINUS
    (-)    		 Expected Family Contributions EQUALS
    (=)    		 Financial Need
    Tuition & Fees, Books & Supplies, Room & Board, Transportation, Personal Expenses (1)   Based on the financial resources of a student and his or her family (2)   Students can receive up to this amount of need-based financial aid with grants and loans (3)
    (1) Each college calculates this cost. This cost is stated in the financial aid package of the Award letter.
    (2) Federal government determines this amount using information from FAFSA. It is the same amount regardless of the cost of a college.
    (3) Based on the FAFSA and other documents, each college develops a financial aid package for each student.

     D.  Types of Aid:

      Gift Aid does not need to be repaid:
       

    • Grants: Pell Grant and Cal Grants, and other institutional grants are awarded on the basis of need and often GPA minimums
       

    • Scholarships are awarded on academic merit and sometimes need

      Self-Help Aid:

    • Loans: Stafford, Perkins and Plus are special loans available to students and their parents
       

    • Work: Federal Work-Study or part-time employment

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