FINANCIAL AID FACT SHEET
What is Financial aid?
     It's MONEY! $$$$   ... But not just any money ... it's money your family can get for educational expenses for college, vocational schools, etc.   There are four types:
GRANTS:   based on financial NEED (must submit FAFSA).   You must qualify by your previous year's federal income tax income tax return, number of people in your family, etc.   You DON'T have to repay a GRANT
SCHOLARSHIPS:   based on special ability (academic, achievement, leadership, religion, ethnic background, community service, athletics, random drawings, etc).   Usually requires application form, transcripts, resume, letters of recommendations, etc.   You DON'T have to repay a SCHOLARSHIP.
WORK STUDY:   is a federal program offering part-time jobs, usually on campus.   Apply by submitting FAFSA.   You DON'T have to repay WORK STUDY. Work-study earnings will not affect future Financial Aid eligibility.

LOANS:   are borrowed from a financial institution or federal government (i.e. Federal Perkins (student), Federal Stafford (student), Federal PLUS (parent), banks (parent).   You can qualify for low interest loans based on income (by submitting FAFSA).   You DO have to repay a LOAN ... so investigate all alternatives before applying.

INSTITUTIONAL AID:   money from the college you attend.   Most schools automatically consider you for these awards when you apply for admission, BUT it's always a good idea to check to see if you have to fill out a separate application for Financial Aid/Scholarships (i.e. UNL).   You DON'T have to repay INSTITUTIONAL AID (unless it's a loan ). You need to meet the college's application and financial aid deadlines.

What you need to complete your FAFSA
•  Student's and parent's most recent W-2's and tax returns
•  Current bank statements
•  Student's driver's license and Social Security number
•  Records of untaxed income
•  Value of business and farm (exclude family farm)
•  Value of investments (exclude retirement plans and home equity)
                            Source:   Education Quest

Here's how financial aid is calculated:
Cost of Attendance* (includes tuition, fees, books & supplies, transportation & living expenses)
-  Your Family's Contribution (based on
the results of your FAFSA Needs Analysis)
= FINANCIAL NEED (which will vary depending on the costs of each college you are considering)
Examples:       2 yr.            4 yr.                  4 yr
                         public         public             private
Cost                  $10,367     $11,976             $26,070
Family Cont.    $3,000        $3,000               $3,000
Need               $7,367         $8,976               $23,070
* Source:   The College Board

Helpful Websites
http://lne.lps.org
www.fafsa.ed.gov
www.pin.ed.gov
www.educationquest.org
www.fastweb.com
www.mapping-your-future.org
www.finaid.org
IMPORTANT DATES
Dec. 11 - Education Quest's Financial Aid Night
               @ LNE 6 pm
Jan. 15 - Scholarship/Application deadline
              for many area schools
Mar. 1 - Suggested priority date to submit FAFSA
May 31 - Graduation!!!

Here are some helpful tips ...
...Get your pin # (which serves as your signature) for your FAFSA at www.pin.ed.gov
...Call your school's financial aid office for their application deadlines
...Have your personal resume prepared for school applications
...Request your letters of recommendation early.   Give teachers & employers, 2 weeks notice
...Fill out forms NEATLY and CORRECTLY and meet deadlines.   Errors mean delays.
...Keep copies of all your applications
...Keep a Scholarship Log
...Request a transcript at least 24 hours in advance
...Get an "issued to student" transcript (free) for your personal file and to help you fill out scholarship applications
...Call Education Quest 475-5222 in early January to schedule a FAFSA appointment.
...Check out websites, places of employment, civic organizations, resource books in LNE Counseling Center, etc for scholarships
     (It takes a Detective)

Definition of Financial Aid Terms:
Needs analysis - A formula, established by Congress that is applied to the information you provide on your FAFSA to determine your financial need.
Expected Family Contribution (EFC) - The amount of money you and your parents are expected to contribute towards the Cost of Education over the course of one school year.  
Student Aid Report (SAR) - The results of the formula (your Expected Family Contribution and notification of Federal Pell Grant Eligibility) that will be sent to you and your school.

Did you know ...
... you can print out the Pre-Application Worksheet of the FAFSA, fill in the blanks, and then complete the FAFSA      and submit it online?
... some Healthcare facilities will assist in paying back your school loans IF you agree to work for them after college?
... you have to re-apply for financial aid and scholarships every year?
... that if you don't apply for scholarships ... someone else will?
... one of the best investments in yourself that you can make is a post secondary education?