College Planning & Financial Aid

Every college institution requires an application to be filed out, which usually includes an essay. Many colleges accept the "Common Application". That means that one application with basic biographical and academic information and an essay can be used for multiple colleges. You may obtain a copy of the common application from your High School guidance counselor. You may also go to www.collegequest.com to get a copy of the Common Application or even apply on online to more than 1,200 colleges using a single application. You should verify if your desired college or university accepts the Common Application.

The Free Application for Federal Student Aid (FAFSA form)is an application to apply for federal student grants, work-study money, and loans. This application is also used to apply for most state and some private aid. The required information comes from your estimated or current year's federal tax return. After you send your FAFSA form in, you should receive a student aid report (SAR) within four weeks. If you do not, call the Federal Student Aid Information Center at 800/4-FEDAID (800/433-3243), 800/730-8913 or 319/337-5665, Monday through Friday, between 8 a.m. and 8 p.m. EST to check on the status of your application. You can also check your status on the web at http://www.fafsa.ed.gov

"Early decision" is when a student declares a first-choice college and requests that the college decide on acceptance early in the application process (November - January) and the student agrees to enroll if accepted. It is a legally binding agreement between the student and the college. This is different than "Early Action" where the student if accepted has until the regular admission deadline (usually by May 1st) to decide whether or not to attend.

"Early Action" means that a student who is accepted at a university has until the regular admission deadline (usually by May 1st) to decide whether or not to attend. This is different from "Early Decision", where a student declares a first-choice college and requests that the college decide on his or her acceptance early in the application process (November - January). If accepted, the student agrees to enroll. It is a legally binding agreement between the student and the college.

As opposed to "Early Action" or "Early Decision", Regular Admission is the most common option offered to students. In this instance, a deadline is set for applications and all notifications are sent out at the same time thereafter.

The Profile Report is a need-based analysis report. Many four-year private colleges and public universities require this report to be filed in addition to the FAFSA application. This form is mainly used by private schools to differentiate need among financial aid applicants. The Profile registration is a one page form available on the WEB through the College Board at www.collegeboard.org or at your High School guidance counselor's office.

Federal Subsidized Stafford Loans are low interest loans for students who demonstrate financial need. While in school the interest is paid by the government. Repayment of interest and principal is deferred until 6 months after graduation or when the student leaves school. The repayment term is up to 10 years. Currently, undergraduates may borrow up to $3,500 for the 1st year, $4,500 the second year and up to $5,500 for each undergraduate year thereafter. Graduate and professional students can borrow up to $20,500 per year. Currently, new Stafford loans interest rates are at 3.4%. Origination fees of up to 3% may apply. Federal Unsubsidized Stafford Loans are low interest loans for students not based on financial need. While in school you may choose to make interest payments or let the interest build up and pay it with the principal upon 6 months after graduation or leaving school. The repayment terms and maximum loan amounts and

Federal PLUS loans are low interest rate loans for parents or guardians of dependent, undergraduate students. Loans are based on credit worthiness. Parents may borrow up to the cost of attending school, minus any financial aid received. Repayment of the loan begins within 60 days of receipt of full disbursement of the loan with a repayment term of up to 10 years. A 3% origination fee may apply.

Federal Perkins loans are low-interest, federally-funded loans for undergraduate and graduate students. The loans are available on a limited basis to students with very high financial need. Nine months after graduation or leaving school, the interest and principal repayment commences. The repayment term is up to ten years with a $40 minimum payment due.