COLLEGE FINANCIAL OPTIONS

College financial assistance can come from many sources and for many reasons. One form regularly requested for many different types of financial assistance is the FAFSA (Free Application for Federal Student Aid). As a result, it helps to have the FAFSA completed and submitted. There is more on the FAFSA below.

Financial assistance can be:

Financial Assistance may be awarded based on:

Sources of financial assistance include:


FAFSA (Free Application for Federal Student Aid)
FAFSA is the form used by virtually all 2 and 4-year colleges, universities, and career schools for the awarding of federal student aid and most state and college aid. The need for aid is determined by a formula established by the U.S Department of Education and takes into account the cost of attendance, expected family contribution, and the financial need. The form is not difficult to fill out, but you will need a completed tax form from the previous year available. You can fill out the form as a paper document (processing time 4-6 weeks) or on the website at www.fafsa.ed.gov. If you are interested in applying for a work study program or for federal grants, you do so by submitting the FAFSA.

How Financial Aid Is Determined

There is a formula established by U.S. Department of Education:
Cost of Attendance (COA) - Expected Family Contribution (EFC) = Financial Need

Example:

COLLEGE A
COLLEGE B
COLLEGE C
COST OF ATTENDANCE
$3,000
$12,000
$27,000
MINUS EXPECTED FAMILY CONTRIBUTION
$2,500
$2,500
$2,500
EQUALS FINANCIAL NEED
$500
$9,500
$24,500

Cost of Attendance includes:

Family Contribution includes:

Filling out the Fafsa

Submitting the FAFSA - Two Options

  1. Paper Document
    Approximate processing time: 4-6 weeks
  2. FAFSA on the web (www.fafsa.ed.gov)
    Approximate processing time: 24-48 hour

Award Notification

TAX BENEFITS

There are claims you may make on your annual tax return for children that are in college:

SCHOLARSHIPS

Homeschool students are eligible for a wide range of scholarships. Some of these are based on PSAT, ACT, or SAT scores. Many are not. Sources of scholarship include:

Requirements and amounts of these scholarships may vary year by year, so you need to be sure that you review them thoroughly. You can also register for free online services which will notify you of financial aid opportunities (for instance, see www.fastweb.com.)


ARKANSAS SCHOLARSHIPS (www.arkansashighered.com)

    1. Achieve at least a 32 ACT (1410 SAT) - prior to 12/31
      3.5 high school GPA
      - OR -
    2. Selected as a National Merit Finalist or a National Achievement Finalist

GRANTS

WORK STUDY