Navigating the College Financial Aid Maze

For 2020-2011




























Learn the Secrets to Getting the Most in
Financial Aid and Scholarships


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Presented By: MoreThanGrades.com

Disclaimer:

The information provided about financial aid and scholarships is intended for
general guidance. If specific information is needed, the opinion of a qualified
specialist should be sought. MoreThanGrades.com has made every attempt to
provide both quality and timely information with links to reputable sites.
MoreThanGrades.com is not responsible for information provided for, or by, any
third party links, or for any omissions or errors contained in this publication either
directly or indirectly.



















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Published by:
MoreThanGrades.com
Copyright 2009 CHRios. All rights are reserved. No part of this e-book may
be reproduced or transmitted in any form without the written permission of
the author, except for the inclusion of brief quotations in a review of this
work.



































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NAVIGATING THE MAZE: Getting Started

The process of applying for financial aid is intricate and necessary. Before
starting, make sure you learn what requirements exist for the particular colleges
and universities you will be submitting information to. Keep in mind that, in
addition to information about yourself, information about your family financial
situation is required to complete the process. As such, please plan in advance
and let your guardians know what will be required of them. Applying for financial
aid is not something that can be done in the last minute, so read these helpful
tips and get familiar with the process.

FILLING OUT THE FORMS
In order to determine an applicants financial need and corresponding awards,
colleges and universities need information. This is why the financial aid
application process exists. Schools determine scholarships, grants, and both
subsidized and unsubsidized loans based on the information you provide them.
If the information is not carefully conveyed or it is incomplete, you may not be
getting the money you deserve. Please take the financial aid process very
seriously. Double check deadlines and make sure all information ready for
submission is as complete as possible.




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DETERMINING ELIGIBILITY

Anyone can apply for financial aid. In fact, it is a good idea regardless of your
current financial status. It is important to keep in mind that education is one of
the most important investments that can be made. Most people, over the course
of their lives, will recoup the cost of their education tenfold. Education is an
investment in the future.

With the economy in a constant state of flux, family circumstances can rapidly
change. This is why everyone is encouraged to apply for financial aid.
There are many factors that contribute to determining a familys financial need,
including: annual income, annual expenses, cost of living, and many other
unforeseen expenses. In order to ensure fair treatment of all financial aid
applicants, colleges and universities turn to a standardized form of obtaining
financial information. This form is known as the FAFSA, which stands for: Free
Application for Federal Student Aid.

To begin the FAFSA form, the following items will be needed:
1. Social Security number from both student and guardians
2. Drivers License numbers, if available
3. An alien registration card if the applicant is not a United States citizen
4. Most recent federal tax return information for both student and guardians
5. Values of savings, investments, and other assets
Once these documents are gathered, you are ready to begin applying.
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The FAFSA worksheet can be found at www.fafsa.ed.gov and is provided in this
e-book for reference purposes only.




DO NOT MAIL THIS WORKSHEET.
You must complete and submit a Free Application for Federal Student
Aid (FAFSA) to apply for federal student aid and to apply for most state
and college aid. Applying online with FAFSA on the Web at
www.fafsa.gov is faster and easier than using a paper FAFSA.
This worksheet has been designed to provide a preview of the
questions that you may be asked on FAFSA on the Web. Write down
notes to help you easily complete your FAFSA anytime after January 1,
2010.
See the table to the right for state deadlines. Check with your high
school counselor or your colleges nancial aid administrator about
other deadlines.
This Worksheet is optional and should only be completed if
you plan to use FAFSA on the Web.
Sections in purple are for parent information.
This Worksheet does not include all the questions from the
FAFSA. The questions that are included are ordered as they
appear on FAFSA on the Web. When you are online you may be
able to skip some questions based on your answers to earlier
questions.
Apply FasterSign your FAFSA with a Federal Student Aid PIN.
If you do not have a PIN, you can apply for one at www.pin.ed.gov.
Your PIN allows you to electronically sign when you submit your FAFSA.
If you are providing parent information, one parent must also sign your
FAFSA. To sign electronically, your parent should also apply for a PIN.
You do not have to pay to get help or submit your FAFSA.
Submit your FAFSA for free online at www.fafsa.gov.
Federal Student Aid provides free help online at
www.fafsa.gov or you can call 1-800-4-FED-AID.
TTY users (hearing impaired) may call 1-800-730-8913.
NOTES:
S
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D

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Federal Student Aid logo and FAFSA are service marks or registered service marks of Federal Student Aid, U.S. Department of Education.
# For priority consideration, submit application by date specied.
+ Applicants encouraged to obtain proof of mailing.
* Additional form may be required.
AK April 15, 2010 (date received)
AR Academic Challenge - June 1, 2010 (date received)
Workforce Grant - Contact the nancial aid o ce.
Higher Education Opportunity Grant
- June 1, 2010 (fall term) (date received)
- November 1, 2010 (spring term) (date received)
CA Initial awards - March 2, 2010 + *
Additional community college awards
- September 2, 2010 (date postmarked) + *
CT February 15, 2010 (date received) # *
DC June 30, 2010 (date received by state) # *
DE April 15, 2010 (date received)
FL May 15, 2010 (date processed)
IA July 1, 2010 (date received)
ID Opportunity Grant - March 1, 2010 (date received) # *
IL As soon as possible after 1/1/2010. Awards made
until funds are depleted.
IN March 10, 2010 (date received)
KS April 1, 2010 (date received) # *
KY March 15, 2010 (date received) #
LA July 1, 2010 (date received)
MA May 1, 2010 (date received) #
MD March 1, 2010 (date received)
ME May 1, 2010 (date received)
MI March 1, 2010 (date received)
MN 30 days after term starts (date received)
MO April 1, 2010 (date received) #
MS MTAG and MESG Grants - September 15, 2010 (date
received) #
HELP Scholarship - March 31, 2010 (date received) #
MT March 1, 2010 (date received) #
ND March 15, 2010 (date received)
NH May 1, 2010 (date received)
NJ 2009-2010 Tuition Aid Grant recipients - June 1, 2010
(date received)
All other applicants
- October 1, 2010, fall & spring terms (date received)
- March 1, 2011, spring term only (date received)
NY May 1, 2011 (date received) + *
OH October 1, 2010 (date received)
OK April 15, 2010 (date received) #
OR OSAC Scholarship - March 1, 2010
Oregon Opportunity Grant - Contact the nancial aid
o ce.
PA All 2009-2010 State Grant recipients & all non-
2009-2010 State Grant recipients in degree program
- May 1, 2010 (date received) *
All other applicants - August 1, 2010 (date received) *
RI March 1, 2010 (date received) #
SC Tuition Grants - June 30, 2010 (date received)
SC Commission on Higher Education - no deadline
TN State Grant - February 15, 2010 (date received) #
State Lottery - September 1, 2010 (date received) #
WV April 15, 2010 (date received) # *
Check with your nancial aid administrator for these
states and territories:
AL, AS *, AZ, CO, FM *, GA, GU *, HI *, MH *, MP *, NC,
NE, NM, NV *, PR, PW *, SD *, TX *, UT, VA *, VI *, VT *,
WA, WI and WY *.
Pay attention to the symbols that may be listed after
your state deadline.
STATE AID DEADLINES
2010-2011 FAFSA ON THE WEB WORKSHEET PAGE 1 WWW.FAFSA.GOV
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SECTION 1 - STUDENT INFORMATION
After you are online, you can add up to ten colleges on your FAFSA. The colleges will receive the information from your processed
FAFSA.
Students Last Name First Name Social Security Number
Student Marital Status (check one of the following)
!""Single !""Married or remarried ! Separated ! Divorced or widowed
You will be asked to provide information about your spouse if you are married or remarried.
Student Citizenship Status (check one of the following)
! U.S. citizen (U.S. national) ! Neither citizen nor eligible noncitizen
!""Eligible noncitizen (Enter your Alien Registration Number in the box to the right.) Your Alien Registration Number
Generally, you are an eligible noncitizen if you are:
A permanent U.S. resident with a Permanent Resident Card (I-551);
A conditional permanent resident (I-551C); or
The holder of an Arrival-Departure Record (I-94) from the Department of Homeland Security showing any of the
following designations: Refugee,Asylum Granted,Parolee (I-94 conrms paroled for a minimum of one year and
status has not expired), Victim of human tracking,T-Visa holder (T-1, T-2, T-3, etc.) or Cuban-Haitian Entrant.
A
SECTION 2 - STUDENT DEPENDENCY STATUS
If you can check ANY of the following boxes, you will not have to provide parental information. Skip to page 4.
If you check NONE of the following boxes, you will be asked to provide parental information. Go to the next page.
! I was born before
January 1, 1987
! I am serving on active duty in
the U.S. Armed Forces
! Since I turned age 13, both of
my parents were deceased
! I was a dependent or ward of
the court since turning age 13
! I am married
! I am a veteran of the U.S. Armed
Forces
! I was in foster care since turning
age 13
! I am currently or I was an
emancipated minor
! I will be working on a masters or doctorate program (e.g., MA, MBA,
MD, JD, PhD, EdD, graduate certificate)
! I have children and I provide more than half of their support
! I have dependents (other than children or my spouse) who live with
me and I provide more than half of their support
! I am homeless or I am at risk of
being homeless
! I am currently or I was in legal
guardianship
NOTES:
Highest school your father completed ! Middle school/Jr. high !" College or beyond
" " " " " " " ! High school ! Other/unknown
Highest school your mother completed ! Middle school/Jr. high !" College or beyond
" " " " " " " ! High school ! Other/unknown
Selective Service Registration
If you are male and 25 or younger, you can use the FAFSA to register with Selective Service.
Student Aid Eligibility Drug Convictions
!""I have never attended college ! I have never received federal student aid ! I have never had a drug conviction
If you did not check any of these boxes, you will be asked more questions online.
2010-2011 FAFSA ON THE WEB WORKSHEET PAGE 2 For Help - call 1-800-4-FED-AID






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NOTES:
SECTION 3 - PARENT INFORMATION
Providing your fathers information? You will need:
Fathers/Stepfathers Social Security Number
Fathers/Stepfathers name
Fathers/Stepfathers date of birth
! Check here if your father/stepfather is a dislocated worker
Providing your mothers information? You will need:
Mothers/Stepmothers Social Security Number
Mothers/Stepmothers name
Mothers/Stepmothers date of birth
! Check here if your mother/stepmother is a dislocated worker
Did your parents le or will they le a 2009 income tax return?
!""My parents have already completed a tax return
!""My parents will file, but have not yet completed a tax return
!""My parents are not going to file an income tax return
Your parents will need their tax returns and/or W-2 forms to complete the FAFSA.
What was your parents adjusted gross income for 2009?
Skip this question if your parents did not le taxes. Adjusted gross income is on IRS Form 1040Line 37;
1040Aline 21; or 1040EZline 4.
$
The following questions ask about earnings (wages, salaries, tips, etc.) in 2009. Answer the questions whether or not a tax return was
led. This information may be on the W-2 forms, or on the IRS Form 1040Line 7 + 12 + 18 + Box 14 of IRS Schedule K-1 (Form 1065);
1040Aline 7; or 1040EZline 1
How much did your father/stepfather earn from working in 2009?
How much did your mother/stepmother earn from working in 2009?
$
$
Did your parents have any of the following items in 2009?
Check all that apply. Once online, you may be asked to report amounts paid or received by your parents.
Additional Financial Information
!""Hope and Lifetime Learning tax credits
!""Child support paid
!""Taxable earnings from work-study, assistantships
or fellowships
!""Grant and scholarship aid reported to the IRS
!""Combat pay or special combat pay
!""Cooperative education program earnings
Untaxed Income
!""Payments to tax-deferred pension and
savings plans
!""Child support received
!""IRA deductions and payments to self-
employed SEP, SIMPLE and Keogh
!""Tax exempt interest income
!""Untaxed portions of IRA distributions

!""Untaxed portions of pensions
!""Housing, food and other living allowances
paid to members of the military, clergy
and others
!""Veterans noneducation benets
!""Other untaxed income not reported, such
as workers compensation or disability
Who is considered a parent? Parent refers to a biological or adoptive parent. Grandparents, foster parents, legal guardians, older siblings,
and uncles or aunts are not considered parents on this form unless they have legally adopted you. In case of divorce or separation, give information
about the parent you lived with most in the last 12 months. If you did not live with one parent more than the other, give information about the
parent who provided you the most nancial support during the last 12 months or during the most recent year you received support. If your divorced
or widowed parent has remarried, also provide information about your stepparent.
In 2008 or 2009, did anyone in your parents household receive:
!""Supplemental Security Income !""Temporary Assistance for Needy Families (TANF)
!""Food Stamps !""Special Supplemental Nutrition Program for Women, Infants and Children (WIC)
" !""Free or Reduced Price School Lunch
Note: Food Stamps and TANF may have a dierent name in your state. Call 1-800-4-FED-AID to nd out the name of the states program.
Your parents may be asked to provide more information about their assets.
Your parents may need to report the net worth of their current businesses and/or investment farms.
2010-2011 FAFSA ON THE WEB WORKSHEET PAGE 3 WWW.FAFSA.GOV






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Do not mail this Worksheet. Go to www.fafsa.gov to complete and submit your application.
For more information on federal student aid, visit www.FederalStudentAid.ed.gov.
You can also talk with your colleges nancial aid oce about other types of student aid that may be available.
SECTION 4 - STUDENT INFORMATION
NOTES:
Did you le or will you le a 2009 income tax return?
D I have already completed my tax return
D I will le, but I have not completed my tax return
D Im not going to file an income tax return
You will need your tax returns and/or W-2 forms to complete the FAFSA.
What was your (and spouses) adjusted gross income for 2009?
Skip this question if you or your spouse did not le taxes. Adjusted gross income is on IRS Form 1040Line 37;
1040Aline 21; or 1040EZline 4.
$
The following questions ask about earnings (wages, salaries, tips, etc.) in 2009. Answer the questions whether or not a tax return was
led. This information may be on the W-2 forms, or on the IRS Form 1040Line 7 + 12 +18 + Box 14 of IRS Schedule K-1 (Form 1065);
1040Aline 7; or 1040EZline 1.
How much did you earn from working in 2009?
D Check here if you are a dislocated worker
How much did your spouse earn from working in 2009?
D Check here if your spouse is a dislocated worker
$
$
In 2008 or 2009, did anyone in your household receive:
D Supplemental Security Income D Temporary Assistance for Needy Families (TANF)
D Food Stamps D Special Supplemental Nutrition Program for Women, lnfants and Children (WlC)
D Free or Reduced Price School Lunch
Note: Food Stamps and TANF may have a dierent name in your state. Call 1-800-4-FED-AID to nd out the name of the states program.
Did you or your spouse have any of the following items in 2009?
Check all that apply. Once online you may be asked to report amounts paid or received.
Additional Financial Information
D Hope and Lifetime Learning tax credits
D Child support paid
D Taxable earnings from work-study, assistantships
or fellowships
D Grant and scholarship aid reported to the IRS
D Combat pay or special combat pay
D Cooperative education program earnings
Untaxed Income
D Payments to tax-deferred pension and
savings plans
D Child support received
D IRA deductions and payments to self-
employed SEP, SIMPLE and Keogh
D Tax exempt interest income
D Untaxed portions of IRA distributions
D Untaxed portions of pensions
D Housing, food and other living allowances
paid to members of the military, clergy
and others
D Veterans noneducation benets
D Other untaxed income not reported, such
as workers compensation or disability
D Money received or paid on your behalf
You may be asked to provide more information about your (and spouses) assets.
You may need to report the net worth of current businesses and/or investment farms.
2010-2011 FAFSA ON THE WEB WORKSHEET PAGE 4 For Help - call 1-800-4-FED-AID






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After the FAFSA application is processed, a Student Aid Report (SAR) is
generated determining an estimated familys contribution toward their childs
education. This report should be thoroughly reviewed. Included in this report is
the expected family contribution (EFC). From that number, financial need is
established. As soon as this information is available, it is forwarded to both state
and federal agencies. The formula used to determine aid is based on the
information included on the FAFSA form.

An asset that is not included on the FAFSA is the value of the familys home. In
addition, any money held in a 401K plan, or any other retirement fund, is also
exempt from consideration. Because of the very nature of financial aid,
circumstances can change at any time after the FAFSA form has been
submitted. If this happens, it is advisable to speak with financial aid officers at the
colleges and universities you may attend. Doing so, you can have the
opportunity to explain or correct any recent changes not included in the FAFSA.

A second form that usually must be filled out is the CSS financial aid profile. This
form is primarily used by private institutions to supplement the information in the
FAFSA form. It is much more detailed and may look at assets not considered by
FAFSA. The College Board provides and processes this form. Each student
should check with his or her respective college to determine if this form needs to
be completed.
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In some cases, institutions may provide their own financial aid form in addition to
the FAFSA. Again, check with the college or university to see the requirements.
After the university or college office of financial aid reviews the provided forms,
the applicant will be notified of his or her award as well as what federal aid he or
she qualifies for.
GOLD NUGGET: If information needed to fill out the FAFSA form is unavailable, it is better to underestimate
the value than overestimate it. In most cases, it is easier to lower an award than try and increase one.



FINANCIAL AID
Based on Trends in Student Aid provided by The College Board, there were
$134.9 billion available to higher education students in the form of financial aid.
This total value can be broken up by the following pie chart:

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When it comes to financial aid, there are two broad categories: money that must
be paid back and money that doesnt.

Grants, scholarships, and work-study are sources of financial aid that do not
need to be paid back, which makes this money FREE! But beware: Free does
not always mean that there is no catch. For example, some scholarship money
may be dependent on maintaining a certain GPA, or for athletic scholarships,
participating in team-required events. Money that is truly grant money typically
comes with no strings attached.
GOLD NUGGET:
The process of determining need can play a role in admissions. Some schools are need-blind, some are need-aware.
Check with each prospective college to determine the process used.



Colleges notify applicants how much money they will receive through the
financial aid package. It is labeled as a package because most financial aid
packages combine several forms of assistance. These can include grants, loans,
work-study, and any federal money a student has qualified for. Additionally,
students who are academically, athletically, or artistically gifted can take another
route: scholarships. For academically gifted students, colleges and universities
will award money in the form of merit based scholarships to entice a student to
attend. This is also true for athletic and artistic scholarships. These awards may
be included along with other forms of financial assistance in the students
financial aid package.
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GOLD NUGGET:
Pay close attention to the details of merit/athletic awards. Awards can be renewable, or have other restrictions. Athletic
awards can have certain academic or other restrictions attached.



DETERMINING AWARD AMOUNT
Now that we have examined what the FAFSA form looks like, the basics of
financial need, and the types of aid, we can explore how do colleges use this
information to determine a financial award. Remember that guardians and
students are responsible for financing an education up to their ability. Here are
possible financial options you and your family may receive/consider:




FEDERAL MONEY - STATE MONEY - SAVINGS ACCOUNT- 529 - MUTAL FUNDS


Federal Aid:
Federal programs administered by the government have specific requirements
and dollar amounts.

1. Pell Grant: This grant is designed to help students with greater need (lower
family income) and is determined based on financial need as documented on the
FAFSA form. The amount of the award varies from several hundred dollars to
approximately $4000. Grant money is dispersed to the school and can be directly
deducted from the students college bill.
http://studentaid.ed.gov/PORTALSWebApp/students/english/PellGrants.jsp
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2. Federal Supplemental Educational Opportunity Grant
This federal award is reserved for students with exceptional financial need. Like
the Pell grant, these funds do not have to be repaid
http://studentaid.ed.gov/PORTALSWebApp/students/english/FSEOG.jsp

3. Americorps
Americorps is a national program that works with organizations to provide
community service in areas of need. The award is based on fulfilling a specific
number of volunteer hours in exchange for the award.
http://www.americorps.org/

4. Federal Work-Study
While not a grant, work-study is money that does not need to be repaid. Colleges
arrange student employment to cover a portion of financial need. The hours a
student is allowed to work are determined by the college or university. This
money is paid directly to the student and therefore is not deducted from the
students college bill.
http://studentaid.ed.gov/PORTALSWebApp/students/english/campusaid.jsp


State Grants:

Most states have programs in place similar to those the federal government
provides. While many states use the FAFSA, some states require additional
forms to qualify for these funds. The best way to get information about these
awards is to ask a guidance counselor. Please note, some of these awards are
only available for students attending college in their home state.
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Loans:

As the indicated by the name, this is money that needs to be paid back.

1. Federal Perkins Loans: This loan is a low interest, long-term loan subsidized
by the government. Financial need is a requirement to qualify. The maximum
value is $4000. Repayment of the loan begins nine months after graduation.
Repayment may be deferred under certain circumstances. The loan can also be
canceled for students who choose a career in certain fields, such as the Peace
Corps, law enforcement, or education.
http://studentaid.ed.gov/PORTALSWebApp/students/english/campusaid.jsp


2. Federal Stafford Loan: Like the Perkins Loan, this loan is a long-term, low
interest loan that is federally overseen and subsidized. The loan amount ranges
from two to four thousand dollars. Repayment begins six months after
graduation. The loan has a ten-year payout but can be extended longer. This
loan may also be paid back over a shorter period of time without penalty.
Although these loans are federally funded, local banks issue them.
http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp

3. PLUS Loans: The Parent Loan for Undergraduate Students is a loan that
parents can qualify for to meet additional need a child may face. Unlike other
loans, repayment of principle begins shortly after the loan is dispersed.
http://studentaid.ed.gov/PORTALSWebApp/students/english/parentloans.jsp
15

4. Private Loans: These loans are arranged by the borrower and are not subject
to the rules governing the federally overseen loans. Borrowers can take any
amount they deem necessary. One way to secure funds of this nature is to take
out a second mortgage or home equity loan.
https://studentaid2.ed.gov/getmoney/pay_for_college/loans_plus_vs_equity.html


Danger! Danger! Danger! Taking out private loans can be very expensive and potentially dangerous. Since the
loan may be secured by the families home, failure to repay this loan could lead to foreclosure.



Other Forms of Funding:

1. State Savings Plans: 529
Essentially, this is a savings account that is sheltered from taxes. This plan
allows money to be saved as earmarked for college. The plan exists in two basic
forms: prepaid and savings. Prepaid plans allow the depositor to lock into todays
rate of tuition at mostly public institutions in a particular state. The savings plans,
on the other hand, can be funded through mutual funds or stocks and can be
used for any institution. The down side to these plans is the reduction of financial
aid dollars because they are considered assets under FAFSA.
http://www.sec.gov/investor/pubs/intro529.htm


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2. Roth IRA
A family qualifies for a Roth IRA if they meet certain income requirements:
Currently numbers are $95,000 to $150,000 for singles, and higher for couples.
These funds can be withdrawn free of tax for education. The current amount of
this deposit is $4000. Since the inception of the 529 plan, the Roth IRA is not as
valuable of a savings tool as it once was.

3. Borrowing From a 401k Plan
Borrowing from a 401k plan should be considered a last resort option. Since
education funding is usually matched with lower interest rates, these funds are
not ideal for funding a college education. These funds are also not tax exempt.
https://studentaid2.ed.gov/getmoney/pay_for_college/loans_plus_vs_401k.html

4. ROTC
The Air Force, Army, and Navy all offer scholarship programs to help students
offset the cost of college. ROTC scholarships also provide monthly living
allowances during each school year. Dollar amounts vary with each specific
case.
http://www.goarmy.com/rotc/scholarships.jsp

5. Company and Corporate Funding
Many companies will provide full or partial funding for the higher education of
their employees. Likewise, many colleges offer free tuition for the children of
their employees.
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SCHOLARSHIPS
Scholarships are funds that do not need to be repaid and are usually competitive.
Scholarships include but are not limited to: athletic, academic, college based,
and privately funded.

Athletic Scholarships:
The most common athletic scholarships are offered through Division I and
Division II schools. These schools usually have competitive sports programs with
athletic departments that recruit students directly.

The rules and regulations pertaining to athletic scholarships and recruitment are
extensive and often confusing. In short, the requirements for each division vary
based on several factors. These factors include the number of teams the school
sponsors, the number of core courses the students must take, SAT and ACT test
scores, and grade point average. For a complete list of eligibility requirements
for NCAA scholarships, please see the link below.
http://www.ncaa.org/wps/ncaa?ContentID=9

Another venue for athletic scholarships is through the National Association of
Intercollegiate Athletics. This organization is similar to the NCAA. The NAIA
offers 23 championships in 13 sports and more than 90% of NAIA schools offer
athletic scholarships.
http://naia.cstv.com/member-services/attend.htm

18
Golden Nugget: While athletic scholarships are a great way to finance an education, special attention should
be paid to the amount of aid awarded and specific conditions surrounding the award. Among other requirements, specific
grade point averages are often required to maintain athletic scholarships. Parents should also be aware of the graduation
rates from a particular college or university for a student-athlete. This information is readily available on the NCAA
website.








Merit Scholarships:
Merit scholarships are awarded based on academic performance and
standardized test scores. Each institution has its own polices and requirements
regarding these awards. Some colleges and universities will match students with
awards based on the information contained in their application. Other institutions
require separate applications for their merit scholarships. Similar to athletic
scholarships, restrictions or special conditions can be associated with awards.
For many families, merit scholarships provide the means for a student to attend a
*Graduationratesasreportedbythe
NCAA.Forfurtherinformation,pleasesee
theNCAAwebsite:
http://www.ncaa.org/wps/ncaa?ContentI
D=38485

19
private college for less than the cost of a non-private college. Many times, merit
scholarships are specific to certain majors or departments within a school.
In addition to regular merit aid, some colleges and universities have alumni-
funded scholarships. While many of these scholarships are not full scholarships,
combining them with financial aid could significantly reduce the out-of-pocket
cost to the student and his or her family.
One main advantage of institutional scholarships is that the number of applicants
is usually much lower than the applicant pool for national scholarships. In
addition, many of these scholarships can still be pursued as a sophomore if not
awarded as a freshman.

Information about scholarship applications:
Most scholarship applications require a personal statement or a declaration why
an applicant is applying for a given scholarship. Because scholarships are highly
competitive nature, students should make sure all requirements are met and plan
responses carefully. Like the college essay, be yourself! The individuals who
read scholarship applications are adept at knowing when a student is genuine
and when a student is being pretentious. In addition, grammar and punctuation
are extremely important. It is advisable to have any scholarship application
proofread to correct errors and to ensure that the thoughts expressed in the
application flow well.


20
Company and Corporate Scholarships
Many companies offer scholarships both for employees children and employees
themselves. The same holds true for many service organizations. The best way
to find these scholarships is to ask human resources or, if applicable, union
leaders. These scholarships are generally less competitive than national
scholarships simply because of the limited number of individuals who apply for
them.
Golden Nugget: Do your homework! If you applying for a scholarship from a specific group or organization,
make sure you do your research and learn about the organization. If possible, it may be helpful to contact previous
winners of the award. Remember, scholarship providers are more likely to give an award to a person whose words match
what the organization is looking for.










21
The Internet: So many web pages, so little time.
With the advent of the Internet, scholarship searching has become easyand
difficult. First, a word of warning: Do not pay anyone for scholarship
information. There is no need to pay someone for something that is
available for free. Most scholarship search sites require students to register and
provide personal information to match the student with specific awards. This
information often includes geographic location, race, grade point average, or any
special talents or skills. As soon as a scholarship has been selected, the student
is directed to a web site with further information about the specific scholarship.
Most scholarship web sites update their database as new scholarships become
available.
Willie Sutton, a notorious bank robber, was once asked: Why do you rob
banks? He simply replied: Because that's where the money is. The same logic
applies to scholarships. Most students know about generic scholarship web sites
resulting in stiff competition. Another downside to these sites is that the user is
overwhelmed with ads or other useless information prior to getting to real
scholarship information. What can you do about this? Look elsewhere.




22


One alternative site is http://www.MoreThanGrades.com
Here, with one click, scholarships hidden on the Internet instantaneously appear.
Unique to the MoreThanGrades web site is the ability to find scholarship money
at universities and colleges by using its unique search feature. By entering the
word scholarships in the general information area, any college or university that
has an institutional scholarship available will appear following the search query.
By using the other available check off boxes, the search can be narrowed to a
specific geographic location or to schools with specific majors.
23




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24
Another unique and interesting way to see up to the minute scholarships posts is
through MoreThanGrades University. Like the scholarship search on
MoreThanGrades, students can find scholarships not posted elsewhere by
looking at the scholarship information provided on the MoreThanGrades
University profile page. (This page can be viewed by entering the term
MoreThanGrades in the college search bar.) What you will see are scholarships
from around the web that are brand new scrolling by. See one that you are
interested in? Simply click on the join the conversation text and you will
immediately get a list of scholarships that scrolled.

Other web sites, such as college.gov, and ed.gov, contain a wide range of
information on the college application process and can also assist with finding
money.
One of the more commercial sites with scholarship information is
scholarships.com. This site, like many of the other scholarship search sites,
requires the user to register, enter personal information, and then allows users to
search based on specific criteria. One feature on this site, unavailable on other
sites, is its one application for many scholarships format. Students can fill out
one application, which can then be used to apply for several scholarships
simultaneously. For further information, please visit http://www.scholarships.com
Golden Nugget: One of the least used tools for finding little know scholarship money is Google alerts. By using
specific words, like college + scholarship, Google will send an alert whenever these words appear anywhere on the
Internet. If the geographic location is added to the search criteria, a second alert will be created to find local scholarship
money. Best of all, its free.
25

THOUGHTS AND TIPS
There are many factors involved in the awarding of aid that may result in very
different financial aid packages from different schools.
Understand Award Letters.
The best deal is not always the best fit!
Consider all types of aid.
Loans are a fact of life.
Look at all financing options start with those offered by the college at which
the student enrolls.
Consider a financial aid safety school.
Financing plans should cover 4 years.
Appeal your award if circumstances change










26
WHAT IF?
Since there are always what ifs, we have included a list of topics and situations
that might impact on a students financial aid.
1. What if I dont get enough financial aid?
Unfortunately, this is one of the most frustrating parts of the college admission
process. Hard decisions need to be made. The first step is to contact the
financial aid officer at the school and see what can be done. Financial aid
awards are not written in stone and can be appealed. Keep in mind that most
awards based on FAFSA should be fairly close in amount. One thing that will
not work is using the award from one school to justify increasing an award
from a second school. Its Okay to ask for a second look at an award, but
financial aid is not like buying a car. The price is the price.


2. What if my parents are divorced or separated?

If one parent is out of the picture, inform the financial aid officer at each
college about this situation sooner rather than later. This is a perfect example
of how information of how information not fully explained in the FAFSA can
impact a financial package. It will greatly benefit the student to have this
information corroborated by an outside person such as a guidance counselor.

3. What if I want to go to a private school but can only afford a state
school?

Not so fast. Before deciding that an education at a private school is out of
reach, consider that private schools offer far more aid than state schools. In
fact, after all the financial aid has been awarded, private school tuition can
oftentimes be lower than that of a state school. The moral of the story: Dont
make any decisions about financial aid until all the financial aid packages
have been evaluated.

4. Are there any costs not considered in my financial aid package?

Yes and No. Most packages take into account the usual costs: Tuition, room
and board, fees, books, computer, and travel. Some of the other costs not
included, sometimes referred to as hidden costs, include: Fees on loans, cell
phone, personal hygiene products, fraternity membership, dining out,
concerts, and other non-school related activities. Depending on the school,
study abroad may be included with the cost of tuition if it is done during the
academic year. Summer school courses are typically not included in financial
aid packages.
27

5. How often is my financial aid package evaluated?

Typically, each year a new FASFA application must be filed. When
scholarships are reviewed varies depending on the award. Before enrolling in
any institution, the length of an award should be known since this can
significantly impact the ability of a student to stay at a particular college or
university.

6. How does my college bill get paid if I am receiving financial aid?

Most loan and grant checks go directly to the college. Any remaining monies
will be deposited into the students account. Private loans go directly to the
person who took out the loan.

7. Can an out-of-state student get the in-state rate of tuition?

Sometimes. Some colleges and universities will offer in-state tuition for
students who live in the same area of the country. Students should inquire if
this option is available during the college application process.


8. What is the difference between subsidized and unsubsidized loans?

Subsidized loans are loans that do not accrue interest for the student while he
or she is enrolled in college full time. Upon graduation, the student then
becomes responsible for the principle and interest.

Unsubsidized loans accrue interest upon disbursement of the loan. At the
time of graduation, loan repayment begins which includes all interest accrued
during the four years of college. This interest will be added to the principle to
determine the monthly student loan repayment.














28
ADDITIONAL QUESTIONS TO ASK:

How do outside awards affect the aid package?

What is the schools policy on non-custodial parents?

What is the average student debt level?

Are the scholarships/grants renewable each year?

Does the college have a need-blind or need-sensitive admissions policy?

How might awards change in future years?

What happens if financial circumstances change


























29

Acknowledgments and Resources:

FAFSA www.fafsa.ed.gov

Student Loan and Grant Information
http://studentaid.ed.gov/PORTALSWebApp/students/english/PellGrants.jsp

Americorps http://www.americorps.org/
529 Plan http://www.sec.gov/investor/pubs/intro529.htm
ROTC http://www.goarmy.com/rotc/scholarships.jsp
NCAA http://www.ncaa.org/wps/ncaa?ContentID=9
NAIA http://naia.cstv.com/member-services/attend.htm
Scholarship Search http://www.scholarships.com
MoreThanGrades.com would like to acknowledge the help of Karen
Guastelle, Dean of Undergraduate Admissions at Sacred Heart University,
Fairfield, CT for her help in preparing this e-book and for the use of her
PowerPoint presentation on financial aid.
Also providing guidance and expert opinion on student loans and financial aid:
Roy A Abramowitz CPA, Roy A Abramowitz & Co., 230 West 41st Street - 15th
Floor
New York, New York 10036. Phone #: 212-398-8100