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Financial Aid Process
How Financial Aid Works
Financial aid programs help many students pursue different courses of study.
If you are seeking a degree or a certificate and are considering part-time or
full-time attendance, check with your college or school to find out what financial
aid may be available to you. Aid isn't limited only to "traditional" students just out of high school.
What is financial aid?
Financial aid refers to money used to cover the cost of attendance at a
postsecondary school. Financial aid consists of grants, scholarship, work-study,
and student loans. Financial aid is determined as: Need-based aid that is awarded
to students who demonstrate financial aid. Merit-based aid that is awarded based on
academic achievement, special talent, or criteria that awarded by schools and private
organizations. Most of this funding is awarded as scholarships that do not need to be
paid back as long as the client meets the requirements specified by the donor of the
scholarship. Credit-based aid consists of student loans that must be repaid.
Cost of attendance refers to the amount of money to attend a postsecondary
institution for one school year. Items included are tuition and fees, room and
board, books, supplies, transportation, and personal expenses. Expected Family Contribution (EFC)
refers to the amount of money a student and family members are expected to
contribute to the cost of attendance. The EFC amount is based on the income and
assets of the student and family. (Need is determined by subtracting the family or
student's resources available for education from the cost of attendance). The EFC is
determined after a student submits a Free Application for Federal Student Aid (FAFSA).
- Grants and scholarships (also known as "gift" aid). These do not have to be repaid. Scholarships may be based on need or on a student's academic performance or special talents.
- Loans (also know as "self-help" aid). Students and/or parents borrow low-interest loans that must be repaid.
- Work-Study (another form of "self-help" aid). Students earn wages that may be applied to the college bill or used for personal expenses.
Where does aid come from?
- The federal government
- The college a student is attending
- Outside sources
Who can apply for aid?
To apply for federal financial aid, you must be a U.S. citizen or
eligible non-citizen. College aid is obtained from the college, while
scholarships from outside sources usually require separate applications
and often have specific eligibility requirements. In all cases, to receive
aid you must be admitted to an approved postsecondary school.
How do I apply?
Financial aid application materials are available from KCAC, high
schools, and from some public libraries. The following applications must be completed:
- Free Application for Federal Student Aid (FAFSA). This application
is used as a basis for determining eligibility for federal Pell Grants,
aid from the college you are attending, and student loans. Students can
complete a traditional paper FAFSA application, or come to our offices
(KCAC) in Louisville or Indiana and we will file it for you electronically on the Web for a faster response.
It is very important to apply for financial aid on time and to meet all the
deadlines set by the relevant agencies and college. Consult with a KCAC counselor
for help, or a financial aid counselor at the school you plan to attend. College
catalogs and guidebooks generally list the various deadlines that must be met.
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