Financial Aid, Loan, and FAFSA

Kennett's Financial Aid Night is Weds. October 19th 6-7pm

 

How Do You Get Financial Aid?

All schools require the FAFSA, some schools also require the CSS PROFILE.

KNOW ALL DEADLINES, AND DO NOT MISS THEM. Financial aid is first come first serve, don't miss out on aid because you missed a deadline.

Did you miss Financial Aid Night? Here is the PowerPoint.

The FAFSA
FAFSA is the Free Application for Federal Student Aid. This form is used by the federal government to determine whether you are eligible for Federal Student Aid.

You can complete the FAFSA online.

File as soon as you can after October 1st. (You can estimate your information based on last year's tax information.) Complete a FAFSA even if you think you will NOT qualify for any Federal AID.

To sign your FAFSA online, you will need a . Request a PIN

Expected Family Contribution (EFC)
Your EFC represents what a college will expect you to pay at a minimum for one year of a child's college. The EFC, which is expressed as a dollar figure, is calculated based on such factors as family income, certain investment assets, number of people in the household and, in some cases, home equity

To find out your EFC there are several online calculators:

529 Plans
A 529 Plan is a college savings account that's exempt from federal taxes. Be sure to read this information on report as investments.

Financial Aid Terms to Know

  • Financial Aid Office (FAO): The college or university office that is responsible for the determination of financial need and the awarding of financial aid.
  • Student Aid Report (SAR): Report that summarizes the information included in the FAFSA and must be provided to your school's FAO. The SAR will also indicate the amount of Pell Grant eligibility, if any, and the Expected Family Contribution (EFC). You should receive a copy of your SAR four to six weeks after you file your FAFSA. Review your SAR and correct any errors on part 2 of the SAR. Keep a photocopy of the SAR for your records.
  • Cost of Attendance (COA): The total amount it should cost the student to go to school, including tuition and fees, room and board, allowances for books and supplies, transportation, and personal and incidental expenses.
  • Merit Based: Financial aid that is merit-based depends on your academic, artistic or athletic merit or some other criteria, and does not depend on the existence of financial need.
  • Need Based: The difference between the COA and the EFC is the student's financial need -- the gap between the cost of attending the school and the student's resources. The financial aid package is based on the amount of financial need. Financial aid that is need-based depends on your financial situation. Most government sources of financial aid are need-based.
  • Gift Aid: Financial aid, such as grants and scholarships, which does not need to be repaid.
  • Self Aid: Financial aid in the form of loans and student employment. If every financial aid package is required to include a minimum amount of self-help aid before any gift aid is granted, that level is known as the self-help level.
  • Gap: In an ideal world, the FAO would be able to provide each student with the full difference between their ability to pay and the cost of education. Due to budget constraints the FAO may provide the student with less than the student's need (as determined by the FAO). This gap is known as the unmet need.

The Tuition Break Program

NEBHE’s Tuition Break program, the New England Regional Student Program (RSP), enables thousands of New England residents to enroll at out-of-state New England public colleges and universities at a discount. Students are eligible for the RSP Tuition Break when they enroll in an approved major that is not offered by the public colleges and universities in their home-state. 

Useful Financial Aid Links