Financial Aid Information
**************** Attention Seniors and Parents**************
Do you need help completing your Financial Aid Forms? Please consider attending Connecticut College Goal Sunday. These free financial aid workshops are being held on Sunday, January 30th from 1:30-4:30 p.m. There are 13 locations available in CT which include: Sacred Heart University, Central High School, Gateway Community College and Norwalk Community College. Participation is free. Please contact www.collegegoalsundayct.org for more information.
BUNNELL HIGH SCHOOL
Consists of grants, scholarships, work opportunities, and loans which help students
meet their college expenses.
Grants are based on need and do not have to be repaid.
Scholarships are based on need, academic achievement, talent or community service or
some combination of the four. Scholarships do not have to be repaid.
Loans are borrowed moneys at varying interest rates available to students and
generally must be repaid after a student leaves school, though a few loan
programs require principal
and/or interest payments while the student is still in school.
Work Study: Part-time employment is provided to students by the college.
Financial need is the difference between what it will cost a student to attend college and the amount the family can contribute as determined by the financial aid office.
Cost of Education
- Expected Family Contribution
= Financial Need *
* Financial need will vary from college to college. A family's ability to pay is determined largely by a formula set by the Federal government. The family's income, assets, debts, family size, and extenuating circumstances are all taken into consideration in determining financial need. Parents with special or unusual circumstances may wish to discuss their situation with the financial aid officer at the college in which their son/daughter are interested.
HOW TO APPLY FOR FINANCIAL AID
FAFSA ON THE WEB -www.fafsa.ed.gov
Use the Internet to complete an electronic Free Application for Federal Student Aid (FAFSA). Information is sent directly to the Department of Education’s Central Processing System (CPS). The CPS will determine student eligibility for financial aid within 72 hours after receiving the completed application. The FAFSA cannot be sent in until after Jan. 1, 2011. In order to electronically sign the FAFSA and speed up the results, apply for your
PIN - www.pin.ed.gov.
Helpful Financial Aid Websites:
Financial Aid Information Page - www.finaid.org
(Rich offerings on everything from scam alerts to scholarship sources)
Student Aid Publications - www.student aid.ed.gov/pubs
(Financial aid primer from the U.S. Dept. of Ed., plus FAFSA links)
Some colleges require the PROFILE. The PROFILE is a personalized financial aid application for each college you are seeking aid from. If you have narrowed down your choices and are sure where you are applying for aid or are applying Early Decision, you can register for the PROFILE at any time but at least three to four weeks before the earliest deadline. PROFILE registration brochures are available in the Guidance Office.
Register for PROFILE:
Connect to College Board Online (http://www.collegeboard.org)
$25.00 for initial application (first school report included), $16.00 for each additional report
Some schools may have you fill out their own institutional financial aid form. Fill out when applying to school.
SCHOLARSHIP AND GRANTS
Institutional Scholarships and Grants:
Financial awards based on either financial need or academic merit.
Federal Pell Grant: Pell Grants are awards to help undergraduates pay for their education after high school. Amounts are awarded up to $5,550 (2010-2011). For many students, these grants provide a "foundation" of financial aid, to which aid from other Federal and non-Federal sources may be added. Unlike loans, grants don't have to be paid back. To apply for a Pell Grant, you fill out the Free Application for Federal Student Aid (FAFSA).
To determine if you're eligible, the Department of Education uses a standard formula, revised and approved every year by Congress, to evaluate any information you report when you apply for a Pell Grant. The formula produces a Student Aid Index number. Your Student Aid Report (SAR) contains this number and will tell you whether you're eligible for a Pell Grant.
You must submit all parts of your Student Aid Report (SAR) to the college that you decide to attend. Your college will then credit your award to your account, pay you directly, or use a combination of these methods.
Academic Competitiveness Grant:
This grant will provide up to $750 for the first year of undergraduate study and up to $1300 for the second year of undergraduate study to full time students who are U.S. citizens, eligible for a Federal Pell grant, and who have successfully completed a rigorous high school program.
National Science and Mathematics Access to Retain Talent Grant or National Smart Grant:
This grant will provide up to $4,000 for each of the third and fourth years of undergraduate study to full time students who are U.S. citizens, eligible for a Pell Grant, and majoring in physical, life, or computer sciences, mathematics, technology, or engineering or in a foreign language.
Supplemental Education Opportunity Grants (SEOG):
The SEOG program is federally funded to help those students in exceptional financial need (with priority given to Pell Grant recipients.) The amounts are $100 to $4,000 per year and the funds are controlled by the college. The Department of Education guarantees that each participating school will receive enough money for SEOG's and when that money is gone, there are no more SEOG's for that year. That's why it is important to meet the school's financial aid application deadlines.
Capital Scholarship Program:
The school counselors distribute applications to eligible students. (Top 20% of class or 1800 on SAT), or ACT score of at least 27. Awards are from $500 to $3,000, dependent upon need, location and type of school. Deadline: 2/15/11.
Robert C. Byrd Honors Scholarship:
This is a one time $1,500 award per academic year for students in the top 2% of the class with SAT's of 2100 or above at one sitting. Ten awards are available for each congressional district. Program awards available pending funds.
Local Scholarships and Awards:
In April a list of scholarships and awards will be
distributed. Select those for which you are eligible. Determination will be made by the donating organization and/or the Bunnell Scholarship and Awards Committee.
Specialized Scholarships: Information is obtained by looking in school catalogs, newspapers, professional and trade journals, daily announcements, school counseling office books and bulletins, and the computer in the School Counseling Office. Some churches, parent employers, ethnic organizations, and foundations offer aid. Athletes, nurses, academically talented, needy, Native Americans, minorities, handicapped, etc, can seek specialized aid.
Search for scholarships exclusively for service members, veterans and dependents at:
$400 Grants are available to the children of deceased or disabled veterans, and for children of veterans missing in action. Applications are available by calling 1-860-947-1855
Vocational Rehabilitation Grants:
Grants are awarded to physically or emotionally handicapped individuals through the State Department of Vocational Rehabilitation Services to attend any qualified college, trade or technical school. See your high school counselor to contact the counselor serving your school.
There are many loan programs. Some have cancellation provisions and may have low interest rates. Payments usually begin after graduation.
Perkins Loan (formerly NDSL):
This loan is $5,500 a year. Graduate student can borrow up to $8,000 a year. Apply through the Financial Aid Office at your chosen school. Preference is given to students with exceptional need.
The amount you can borrow is based on your grade level and your status as a student. Stafford Loans enable freshmen to borrow up to $3,500. Money can be borrowed directly from a bank, credit union, savings and loan association, etc. Interest is 4.5% fixed. A FAFSA must be filed. Stafford Loans may be subsidized or unsubsidized. Subsidized: Interest paid by government while borrower is in school. Unsubsidized: Interest paid by borrower while borrower in school.
PLUS Auxilary Loan Program:
Parents borrow up to the cost of their child’s education minus the amount of financial aid he/she may receive. The interest rate is variable and varies each year, not to exceed 9%. First payment is due within 60 days after the final loan disbursement.
The Connecticut Higher Education Supplemental Loan Authority offers loans of up to full cost of education less other aid at a low fixed rate (6.80% or APR between 7.16% - 7.33%). The FELP loan terms allow for payment of interest only while a student is in school. Upon completion of college, the load is paid off over 140 months. Apply online at: www.chesla.org
College Work/Study Program:
The College Work-Study (CWS) Program provides jobs for undergraduate students who need financial aid. CWS gives you a chance to earn money to help pay your educational expenses.
Students work for up to half their college time on a job related to their major. A degree may take five years.
R.O.T.C. programs offer two, three, or four year scholarships. These scholarships pay 100% tuition and the cost of books, plus a stipend of $300 - $500 per month.
Connecticut National Guard members have free tuition at state colleges plus $300-$600 per month while attending college.
The Montgomery G.I. Bill and the College Army Fund can help you accumulate money towards your education in four years of Army duty. Rates vary depending on amount of time served. For additional information visit: www.gibill.va.gov
National Service Trust Program (Americorps): This community service initiative provides high school graduates with opportunity to serve full or part time over a 10 -12 month period. Upon successful completion of their service, members receive an AmeriCorps Education Award of up to $5,350 to pay for college or graduate school or to pay back qualified student loans. About half of the members also receive a modest living allowance. For additional information www.americorps.gov
??????? QUESTIONS ??????? QUESTIONS ???????
If you have questions, do not hesitate to call the financial aid office of the college to
you are applying or any local college's financial aid office or see your school counselor
WAYS TO SAVE
1.) Attend a state supported school.
2.) Commute to a local school.
3.) Attend a college branch program.
4.) Participate in the New England Regional Program:
New England residents may enroll
in out-of-state public colleges and universities in the six-state region (Connecticut, Maine,
Hampshire, Rhode Island, and Vermont) at reduced tuition rates
percent above in-state tuition, rather than full out-of-state tuition for certain degree
that are not offered by their home state public institutions.
5.) Attend school part-time.
6.) Gain a skill level training and work in the field for an employer who will pay for continued
7.) If student is particularly bright, exceptionally talented in some field or above average in
athletic ability explore the possibility of increased aid. Admissions, certain departments, or
coaches might ask that the student be given preferential treatment if he/she can make
contribution to the school.
8.) Parents' employment: Many companies offer scholarships to employee's children. Parents
should inquire if their place of employment has any available financial assistance.
9.) Student's interests, hobbies, religion, or career plans may be other potential opportunities for
10.) Modified Payments: Many colleges have specialized programs such as: monthly tuition
payments, discount for multiple students tuition reimbursement, minority tuition waivers, etc.
11.) Trim cash assets by paying off credit-card debt, car and home equity loans.
12.) Pay yourself first. Schools don’t count 401(k) or IRA’s when calculating aid.
13.) Coverdell Education Savings Account (ESA): A maximum of $2,000 per year may be
contributed to an Education Savings Account until a child reaches 18. All amounts withdrawn
from an ESA to pay qualified higher education expenses will be exempt from taxes.
eligible to make a $2,000 contribution per year to an ESA if your current adjusted gross
is less than $220,000, on a joint return. If parents’ income do not qualify to make
grandparents, aunts, uncles can contribute to a child’s account if they
14.) 529 Plans:–
State-run College Savings Plans. This investment plan allows anyone, regardless
of income, to invest in stocks and bond funds. (more than $200,000 in many states.)
can be used at any school in the country, and parents keep control until the child
goes to college. The earnings become tax-free if used for qualified education expenses.
Connecticut Higher Education Trust (CHET) is Connecticut’s 529 College savings program. For
further information call: 1-888-799-CHET (2438) or www.aboutchet.com.
15.) “HOPE Scholarship” tax credit - Students will receive a 100% tax credit for the first $1,200 of
tuition and required fees and a 50% credit on the second $1,200. A high school senior going
into his or her freshman year of college in September, 2010, for example, could be eligible for
as much as a $1,800 HOPE tax credit. For additional information: www.irs.gov
16.) The Lifetime Learning tax credit: You may be able to claim a lifetime learning credit up to
$2,000 for qualified tuition and related expenses paid for all students enrolled in eligible
educational institutions. There is no limit on the number of years for which the lifetime
learning credit can be claimed for each student. For additional information: www.irs.gov
Comparison of Education Credits
|Hope Scholarship Credit
||Lifetime Learning Credit
|Up to $1,800 credit per eligible student
|| Up to $2,000 credit per return
|Available ONLY for the first two years of post-secondary education
||Available for all years of post-secondary education
|Available ONLY for 2 years per eligible student
||Available for an unlimited number of years
|Student must be pursuing a degree or other recognized educational credential
||Student does not need to be pursuing a degree or other recognized educational credential
|Student must be enrolled at least half time for at least one academic period beginning during the year
||Available for one or more courses
|No felony drug conviction on student’s record
||Felony drug conviction rule does not apply
Finally, if you are NOT satisfied with your financial aid package, arrange for a personal interview
with the financial aid administrator to see how your package was determined.