Key Financial Aid Terms
Scholarships are gifts of money awarded to students who meet certain qualifications often based on merit and/or activities. Sometimes scholarships require a certain GPA range, and sometimes they are for particular ethnic groups or students from a particular school district or geographical location. Scholarship qualifications are vast and varied, but there are many resources available to help you search for them.
Grants are money that the college gives to students, and sometimes outside sources offer grant dollars. Grants are usually based upon your financial need. Like scholarships, grants are money that you don't have to pay back.
Loans are money you borrow from a bank or from the government. Eventually, this money has to be paid back. Not only do you pay back the amount you borrow, but you also have to pay interest for the loan. There are several different types of loans with different interest rates and government loans like the Stafford carry very low interest rates.
Work-study is money the government gives to a college or an organization that they can use to pay students to work for them. Work-study is awarded on a need-basis. The college determines work study awards, and students can earn only the amount awarded. If a student is granted work-study money, s/he might work at the school cafeteria, bookstore, library, or even the admission office.
Family Contribution is the amount of money you are expected to pay towards the college education (EFC). The government determines this amount based upon family tax, income and expense information.
The CSS PROFILE Form is administered by the College Scholarship Services. The PROFILE is often used by private colleges and universities to determine the amount of non-government or institutional aid they can offer students. The PROFILE, unlike the FAFSA, charges a fee for processing and submission. Many colleges require both forms. Check with individual colleges to find out whether they require the PROFILE.
The FAFSA
The FAFSA (Free Application for Federal Student Aid) is a record of how much your family can contribute towards your college education and what type of government aid programs you qualify for. Complete the FAFSA and submit it before March 1, the earlier the better. The FAFSA is processed and assessed by the federal government. If you donít file on time, youíll have a hard time getting any aid to help pay for college. Almost all colleges base their financial aid contributions (grants, scholarships, work-study, etc.) on the data gathered from the FAFSA.
After you submit the FAFSA, you will get a Student Aid Report (SAR), informing you of how much your family will be expected to contribute towards your college education and whether you qualify for federal aid. Your SAR will be sent to the colleges you apply to (you can list 6 colleges when completing the FAFSA) and it will be used to calculate your financial aid package.
A helpful on-line tool for learning more about the information required is the Pre-Application Worksheet at:
http://www.fafsa.ed.gov/preappwk.htm
Use the most current tax information. The U.S. Department of Education recommends that 2003 federal income tax returns be completed before starting the FAFSA. This means that you and/or your parents may have to complete tax return information sooner than usual. This does not mean that you and/or your parents have to send in tax returns, though, before sending in your FAFSA. You just need to be able to provide the figures.
Information you will need about your parent(s):
• Education level (junior high, high school, college or beyond)
• Social security number(s)
• Age of older parent
• What income tax return will be filed in 2003
• Adjusted gross income for 2003
• Amount of 2003 income tax
• Number of exemptions claimed
• 2003 earnings
• Net worth of investments, including real estate but not the family home
• Net worth of business, if applicable
• Current balance of cash, savings and checking accounts
You will also need the above information for yourself, if applicable (except for the education level)
Mission
The mission of the Bridges Project for Education is to help place more first generation college-goers, low-income, and minority students in college. However, we work with any prospective vocational or college student in the Taos and Mora County area. To date, we have counseled nearly 800 individuals. To accomplish our mission, we do the following:
We work with underclassmen by encouraging them to enroll for the courses they must take to prepare for college and by providing sessions that develop academic skills and testing skills. We provide information about post-secondary educational opportunities. We also provide sessions that focus on positive self-development and career education.
We work with upperclassmen by helping them review and prepare for college entrance exams and by helping them develop their admission and scholarship essay and forms.
We provide one-on-one college counseling that is uniquely focused on the needs and desires of the individual.
We work collaboratively with College Summit by enrolling students from northern New Mexico in their program.
The Bridges Project's counselors can help you with any of the following:
•
Finding and selecting a college, university, or vocational school
• Applying for admission
• Developing a personal statement, essay and/or resume
• Finding and applying for scholarships
• Preparing your financial aid application (FAFSA)
• Referring you to useful websites
All career and educational counseling is free and confidential. You can schedule group or individual one-on-one counseling appointments.
We measure success one student at a time.
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