WHAT is Federal Student Financial Aid (SFA)?

SFA is assistance for students enrolled at least half time in participating schools. It helps to cover school expenses, including tuition and fees, room and board, books and supplies, and transportation. Most aid is need-based, and the three types of aid are grants, loans, and work-study.

GRANTS… financial aid that does not have to be repaid. Generally, grants are for undergraduate students and the grant amount is based on need, school cost, and enrollment status. Pell Grants for the 2005-2006 school year range from $200 to $2,025. Federal Supplemental Educational Opportunity Grants range from $100 to $4,000

LOANS… borrowed money that must be repaid with interest. Both undergraduate and graduate students may borrow money. Parents may also borrow to pay education expenses for dependent undergraduate students. Maximum loan amounts increase with each year of completed study.

Federal Loans are made to students through two loan programs.

• Direct Loan Program: participating schools allow their students to borrow directly from the federal government.
   
• Federal Family Education Loan Program: private lenders provide the funds.

Perkins Loans are offered by some schools to provide the neediest students with low-interest loans. Federal Plus Loans are made to qualifying parents of dependent undergraduate students.

WORK-STUDY… money for education expenses paid by the school for on-campus or community-based work.

Note: Not all schools participate in all SFA programs. Ask the school financial aid administrator which programs are available.

WHO Gets Student Financial Aid?
Some of the requirements to receive aid from the federal SFA programs are that you must:

• Be a U.S. citizen or eligible non citizen of the United States with a valid Social Security Number;
   
• Have a high school diploma or a General Education Development (GED) certificate or pass an approved "ability to benefit" test;
   
• Enroll in an eligible program as a regular student seeking a degree or certificate; and
   
• Register (or have registered) for Selective Service if you are a male between the ages of 18 and 25.

HOW Do I Apply for Financial Aid?
Complete the FAFSA (Free Application for Federal Student Aid). The FAFSA lists deadlines for federal and state aid. Check deadlines! Schools and states may have their own deadlines for aid.

Review your Student Aid Report (SAR). One to four weeks after you submit your FAFSA, you will receive a SAR. The report confirms the information reported on your application and will tell you your Expected Family Contribution (an amount you and your family are expected to contribute toward your education. This amount may not exactly match the amount you and your family end up contributing).

Read your SAR carefully. If you have been selected for review, read about verification Then, bring required documents to the Financial Aid Office.

You may get a FAFSA from:

• a high school guidance office;
• a college financial aid office;
• a local public library;
• The Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243); or
• Applications may be filed online at www.fafsa.ed.gov.