EDUCATION

Financial aid planning

• “Develop a Plan”, “Types of Aid,” and “Financial Aid Resources.”  These articles help students find money to pay for college or vocational training.  They offer tips on how to apply, tools for organizing finances, and descriptions of the many ways to pay for education or training.  Go to www.iseek.org.  Click plan your education.  Under Explore and plan to the left of the screen, click Financial Aid.
• “Your Future, Your Education, Your Money.”  This article is a useful source for financial aid and financial education information, including goal setting, understanding financial aid options, FAFSA, and information for mentors.  Go to www.collegesummit.org/nefe/index.html.
• “African  Americans:  Top Five Financial Aid Myths and How to Conquer Them.”  This article dispels five common financial aid myths that may prevent students from accessing adequate college aid.  Go to www.princetonreview.com.  Enter the title in the search box, then click to read it.**

The process of applying for financial aid requires different applications with different deadlines.  All must be accurate and timely.  Students need to:

• Complete and submit the FAFSA (Free Application for Federal Student Aid)
• Apply for Chafee Education and Training Vouchers (ETVs)
• Submit any financial aid applications required by the school, any application for state aid and applications for private scholarships.

Completing the FAFSA is the first step in the financial aid process.  It is required for federal, state and school financial aid and even for most private scholarships to determine the amount of aid the student may qualify for.  The FAFSA must be completed accurately and timely.

Emancipated foster students are eligible to be classified as “independent students” because they receive no financial support from their parents.  This makes them eligible to receive increased aid, such as the maximum Pell grant, Chafee ETVs, state needs-based grants and some scholarships.  A renewal FAFSA is required each year they remain in school.  The FAFSA should be submitted in January or early February but no later than June 30, the final deadline.**

Students will need several documents to apply for financial aid.  They include a social security number, W-2 forms and other records of money earned, most recent tax returns, bank statements and verification of independent student status.  (A letter from the state or county child welfare agency or social worker verifying that they were in state foster care.)

After the student has submitted the FAFSA, they need to contact the school to make sure the school has all the information they need to build a financial aid package.

< Previous | Next >