NOTIFICATION PROCESS
Once the students have submitted their application for admissions, the school’s financial aid application, and a need analysis application to the college, the school will respond to you telling you the type and amount of financial aid they can offer. Most colleges will adhere to the following formula in making financial aid awards:
TOTAL COLLEGE COSTS - FAMILY CONTRIBUTION = TOTAL FINANCIAL NEED
College Costs are tuition, room , meals, books and other fees.
The Family Contribution figure is constant for all schools and is determined by your income, assets, family size and expenses. It is determined when you complete the need analysis form.
Total Financial Need is the amount of money the colleges can offer to you. It may include scholarship, grants, loans, or work study funds.
SUMMARY
The financial aid process often appears confusing and time-consuming. I would encourage you, however, to give the “process a chance”. Studies have shown that many students and families would have qualified for assistance if they had only made the necessary applications. One of the most important duties of the Guidance Department is to help students and families with the financial aid process. I will be happy to meet with parents and students on an individual basis to help complete any forms and obtain answers to any questions.
There are several specific things that parents and students can do to help themselves with the financial aid process.
If possible try to have your tax information prepared as soon as possible after January 1, 2003. You will need this tax information to complete the needs analysis forms.
Submit the Free Application for Federal Student Aid AS SOON AS POSSIBLE. (February 15 should be considered as the last deadline, unless your college indicates a later date). Late filing of the FAFSA is the biggest error I have seen in families seeking financial aid.
Keep a photocopy of your tax return. If a college awards aid, the school may request a copy of your tax return sometime in the spring of the year.
Communicate with the financial aid office at the college or colleges at which you have applied. You should be aware of specific deadline dates at the school and any special forms or procedures that it requires.
The Lake Campus of Wright State, Edison Community College, Sinclair Community College, or Rhodes State College (Lima Tech) may be considered as a “back-up” option if the money is not there from other schools. A student can generally obtain the first year or two of most college programs. These community college programs are designed to transfer credit to four-year institutions.