Financial Aid Information

~~~Attention MVB Seniors~~~

Financial Aid Information

Please review the necessary steps for financial aid:

The first step to expedite the financial aid process is to fill out the

FAFSA Form

(FREE Application for Federal Student Aid).

This form is used to apply for all types of

financial aid such as grants, loans and work-study.
                                            

Students are encouraged to apply as soon as possible.

There are   three ways to complete the FAFSA:

  1. Apply online for free at WWW.FAFSA.ED.GOV 

NOTE*****not (www.fafsa.com)

This is the fastest way to apply for financial aid. Also, your info is edited before you

submit it. So if you made any errors or left out any information, it will be called to

your attention immediately before you submit your application. This reduces the

chance of your data being rejected and makes it less likely that you will have to

correct your information later. All of your information is kept confidential and can

only be accessed through your unique pin number.

2.  Download, complete and mail in a PDF version of the FAFSA at

www.federalstudentaid.ed.gov
. You will find the link on the left side of the homepage

under the announcement setting, “Filing options”

3.  You can request a paper FAFSA by calling the Federal Student Aid Information

Center at 1-800-4-FED-AID (1-800-433-3243) or 1-319-337-5665.

You need a PIN number to access the FAFSA form online – WWW.PIN.ED.GOV 

You can apply for your PIN number at WWW.PIN.ED.GOV  prior to beginning

FAFSA on the web.  Your parent will also need to file for a pin number as well. You

will receive your PIN within a few days. 

Then you can electronically sign your FAFSA ***

Once you have filled out the FAFSA form and it has been submitted to the Federal

Government, you will receive an SAR (Student Aid Report).

·         This form will estimate your financial eligibility.

·        The Expected Family Contribution (EFC) is one of the factors used to determine

your aid.

·  The EFC calculates how much your families can contribute/afford toward your

college education. If you would like to find out your estimated EFC go to

www.finaid.org.

·      The EFC is determined by the cost of attendance. The cost of attendance includes tuition

 and fees, room and board, books and supplies, transportation and personal expenses. 


Meet your needs:

·
     Your NEED is based on the EFC and the COA calculated by the college.

·    There are three different ways to meet this NEED:

1. Scholarships and Grants (all gifts) you do not have to pay back this money.

·     Federal Pell Grant - awards range from $400 to $4,310 and can be used at any

college institution

·   TAP- awards range from $500-$5000 and can only be used if you are attending a

college within NYS.

-federal aid such as scholarships.

2. Loans:

 ·  There are two types of loans: subsidized and unsubsidized.

 Subsidized loans – this is the best type of loan.  You are not responsible to pay         

  back the interest.  The government pays it for you.

Unsubsidized loans - you have to pay the interest on the loan.

· Federal Perkins Loan - maximum amount is $4000

·  Stafford Loans - maximum amount $3500 for first year undergraduates, $4500 for second year, $5500 for third and fourth year.

·   PLUS Loans - your parents can take out a loan, which they would have to pay back. 

3. Work Study:

·     Work-study gives you an opportunity to work on campus and receive aid in the

form of a pay check each week based upon the hours worked.

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