Finances should never be a deterrent in the initial consideration of your college options. Financial assistance is available to students and their families who qualify. The most common types of financial assistance are need-based financial aid and merit-based scholarships and awards. In most cases students and parents need to submit applications and financial statements in a timely manner in order to be considered. The following information should help you to navigate the financial aid process.
Need-Based Financial Assistance
Need-based financial aid is designed to provide access to higher education for qualified students who would otherwise be unable to pay for college.
There are three types of need-based aid:
Grants consist of gift aid that does not need to be repaid.
Subsidized low interest loans that are frequently interest-delayed during the period of full-time enrollment. Repayment usually begins following graduation.
Work-study programs that provide part-time on campus employment or paid community service.
Free Application for Federal Student Aid (FAFSA)
$ Every college and university requires the FAFSA from financial aid applicants.
$ Online forms will be available through the FAFSA website in December of your senior year. The filing period begins January 1. FAFSA forms cannot be submitted prior to that date. Most colleges require the FAFSA to be filed no later than March 1.
$ Four to six weeks after submitting your FAFSA form, you will receive a Student Acknowledgment Report (SAR) indicating your expected family contribution (EFC). The EFC is what the government determines your family can afford to contribute to the cost of your college education based on the information you provided on the FAFSA.
For more information, and to file your online FAFSA, please visit www.fafsa.ed.gov.
College Scholarship Service (CSS) PROFILE
$ Private colleges and universities often require the PROFILE as a supplemental financial aid form.
$ Students must pay a fee per school to register.
$ Upon receipt of your PROFILE, the CSS processor will enter all of your information into a database and it will be sent to the schools you listed. Once this is completed, you will receive a CSS Acknowledgement confirming that your PROFILE was received, processed, and sent to schools.
$ Registration should take place in October of your senior year.
$ Some schools have their own supplemental financial aid forms that need to be completed in addition to or in place of the forms mentioned above. It is your responsibility to read school-provided information to determine if an additional form is needed.
For more information, and to register with CSS PROFILE, please visit www.profileonline.collegeboard.com.
STATE AND FEDERAL PROGRAMS
Federal Pell Grant
$ Available to students with the highest levels of financial need.
$ Maximum grant allowance varies. Please visit www.ed.gov/programs/fpg/index.html for current information.
$ Apply via FAFSA.
Stafford Loan (subsidized and unsubsidized)
$ Allows students to borrow directly from a bank or another participating lender.
$ All applicants must demonstrate financial need to qualify.
$ For more information, visit your local lender or www.staffordloan.com.
Perkins Loan
$ Federal Parent Loan for Undergraduate students (PLUS).
$ For more information, visit your local lender or www.parentplusloan.com
Cal Grant (California State Scholarships)
$ State grant available to California residents planning to attend any college or university in California.
$ The Cal Grant is available to all students who meet a minimum GPA and demonstrate financial need. The GPA minimum and income ceiling vary from year to year, so please visit www.calgrants.org for current information.
$ Each year, Milken electronically transmits Cal Grant applications and GPA Verification Forms for all seniors. There is no need for students to submit any other information.
SPECIAL CIRCUMSTANCES
Financial aid offices at colleges and universities recognize that every family situation is unique. They are very open and appreciative when you make them aware of special circumstances relevant to your financial situation. Therefore, if your family is experiencing extenuating challenges, including but not limited to bankruptcy, substantial loss of income, failed business, divorce or separation, or family illness, it is important for you to let them know. Generally colleges will ask you to submit special government forms and/or a statement of special circumstance to substantiate your claim. Please be sure to keep accurate records to support your circumstances.
For answers to specific questions contact the college's financial aid office directly.
MERIT-BASED SCHOLARSHIPS
Many colleges and businesses offer merit-based scholarships to qualified applicants. Be sure to inquire about scholarships at all of the colleges to which you apply, within the community, and in the college counseling office.
$ National Merit Scholarship Program – Based on PSAT scores, you will be contacted in August before your senior year if you qualify.
$ Business/community sponsored scholarships – Generally awarded by organizations and businesses based on criteria set forth by the sponsoring agency.
$ Religious and ethnic groups – For college bound students of specific religious or ethnic groups.
$ Alumni associations – Local and national alumni chapters often sponsor scholarships to students who meet their criteria. Inquire about alumni scholarships at the colleges and universities to which you are applying.
$ Academic scholarships – Most colleges and universities, both public and private, offer merit scholarships to their top applicants. Inquire about merit scholarships wherever you apply.
$ Athletic scholarships – To promote and strengthen an institution’s athletic programs, many colleges and universities offer scholarships and other incentives to top athletes. Inquire about athletic scholarships wherever you apply by contacting the athletic office directly.
$ ROTC scholarships – These scholarships cover tuition and books and provide a monthly stipend at colleges and universities with a ROTC program.
$ Talent scholarships - To promote and strengthen an institution’s creative programs, many colleges and universities offer scholarships to applicants who exhibit demonstrated talent in the visual or performing arts. Most colleges and universities require an audition (performing arts) or a portfolio review (visual arts). Inquire about specific audition or portfolio requirements wherever you apply.
USEFUL LINKS TO FREE SCHOLARSHIP SEARCH ENGINES AND FINANCIAL AID ADVICE