FINANCIAL AID
All students and their families are aware of the increasing cost of college education and the corresponding tightening of college financial aid budgets. Many schools are no longer able to accept students on a 'need-blind' criterion and must temper their admissions decision with their ability to meet a student’s financial needs. Some institutions follow a policy called "gapping." The college will provide as much aid as it can, but will leave a "gap"-- an amount that the family must pay even if the calculated need is greater than the aid award.
Public colleges and universities tend to be less expensive than private institutions, but some state universities charge a much higher tuition for out of state students. Also remember that in addition to tuition and board expenses, students must pay for meal plans, books, travel and daily incidentals. These can vary from school to school.
Students who are applying for financial aid should contact each institution to which they are applying. There are two forms that are generally required to be considered for financial aid -- the Free Application for Federal Student Aid (FAFSA) and the CSS/Financial Aid PROFILE. Some schools have an institutional financial aid application, but many use the PROFILE form as their institutional form. These forms are available in the College Counseling Office or at http://www.fafsa.ed.gov/
FAFSA: This form qualifies students for federal loans and work-study programs. The form cannot be filed before January 1 and is processed with no charge.
PROFILE: A supplemental aid application used by many institutions in lieu of their own forms. This form supplies information tailored to individual institutions' requirements and must be completed before financial aid is awarded. The PROFILE form may be filed as early as October 1. There is a charge for the processing of this form.
Both the FAFSA and PROFILE may be filed electronically.
Most financial aid is awarded as a three-part "package".
Grant - a credit on your tuition bill and does not have to be repaid.
Loan - an institutional or government loan which will have a repayment plan.
Work- study - an on-campus job for which the student is generally paid directly.
Families should compare financial aid offers carefully. Schools may have similar tuition and room and board, but there may be miscellaneous fees and charges that are included in one school’s tuition and not included at another school. If the accumulation of debt is an issue, the ratio of grant to loan money included in the award is an important consideration.
There are numerous community and corporate scholarships available. Military Students should begin to research this information early in the application process.
The College Counseling Office has scholarship information and there are books available in your local library. There is also information available on the Internet.
Organizations that offer to find scholarship money for a fee should be avoided.
SUPPLEMENTARY FUNDS
Merit Scholarships - Money given to a student that does not have to be repaid. These may be based on academic or athletic achievement or for a special talent such as musical ability and are awarded by colleges and universities without regard to financial need. Many organizations and corporations sponsor scholarships for college students.
Co-op Programs - Some colleges, particularly engineering schools, have programs that allow a student to work for one or more semesters away from school in a job usually related to the student’s major. These programs not only give students valuable work experience directly related to their college major but also help to pay college expenses. This work experience may also result in a job offer at graduation.
On campus employment - Most financial aid packages include College Work-Study that is a program funded by the government and the institution. Students can earn spending money and also have jobs that are beneficial to their educational experience. Also jobs are available off campus for students in businesses in the towns and cities where colleges are located.
RSP - The New England Board of Higher Education’s Regional Student Program (RSP) provides New England residents with a tuition break when they pursue certain majors at public colleges and universities in other New England states. The college counseling office can provide students with more information on this program.
