Financial Aid & FAFSA/WASFA

Financial aid is funding/money that is available to students to help cover the costs of attending a college/university/technical or trade school. The price of tuition can be high, but financial aid can make it affordable!

• Tuition and fees
• Books
• Room and board
• Supplies
• Transportation (getting to and from school)

Financial aid comes in any of the following forms:

• Grants
• Scholarships
• Work-study
• Student loan

A grant is federal money that does not have to be repaid. The two most well-known federal grants are the Pell Grant and the Washington College Grant.  Eligibility for both these grants is based on a family’s Student Aid Index (SAI) which is calculated on the FAFSA. To get an estimate of potential awards, you can use the Financial Aid Calculator. 

*Colleges can also provide grants and scholarships to students.

A scholarship is a gift of money that does not have to be repaid. They are typically awarded for a specific reason, which could be any of the following: based on merit (good grades and GPA), community service, leadership experience, sports, special talents, cultural or religious background, personal interests, regardless of financial need or for any reason. There are thousands of scholarships awarded every year! Scholarships can be found through high school (check out the Scholarships webpage), through the college/technical school you are applying to, employers (yours and your parents/guardians), individuals, private companies, religious groups and organizations. Scholarship search engines like Washboard.org and GearUp Washington are another way to find scholarships! Seniors, also be checking the SHS bulletin and the SHS College & Career Center Canvas page for scholarship opportunities!

Work-study is a federal program that provides part-time work on the campus you are going to attend, to help you cover college-related expenses… a pay check for you…..for working on a campus job for a few or more hours a week. The jobs can be anything from office work to providing entertainment at sporting events and halftime shows! Students need to check the box on the FAFSA that asks, “are you interested in work-study opportunities?”.

A student loan is money that you borrow and must pay back with interest. Student loans can come from the federal government, banks, financial institutions or from other organizations. With federal student loans, the interest rate is fixed and usually lower than private loans and they offer flexible repayment plans. Three common student loans are:

• Direct Subsidized Loans are loans made to eligible students who demonstrate financial need. Interest does not accrue on the loan while you are in school, attending at least half the time. The federal government "subsidizes" (or pays) the interest during these times. Additionally, there are maximum amounts you can receive per school year.

• Unsubsidized Loans are loans made to eligible students not based on financial need.  Interest does accrue from the time the loan is disbursed to the school.  Additionally, there are maximum amounts you can receive per school year.

• Direct PLUS Loans are loans made to parents of students to help pay for education expenses not covered by other financial aid. A credit check is required.

Those are the four types of student financial aid.

In Washington, there are two different applications for financial aid, but you only file one. Determine which application you are eligible for:

1. File the FAFSA (Free Application for Federal Student Aid) if you are a U.S. citizen or eligible non-citizen (permanent resident)

2. File the WASFA(Washington Application for State Financial Aid) if you are not eligible to complete the FAFSA due to immigration status or other reasons.

How do I file the FAFSA application?
How to Fill Out the FAFSA Form video. The FAFSA is a free application with a series of questions used to determine your ability to pay for college. The result is called the Student Aid Index (SAI). This SAI will determine how much federal aid you will receive. A lot of states and colleges also use the FAFSA to determine which students get financial aid—and how much they’ll get. You need to fill out a new FAFSA before each college year in which you want to get aid. Make sure you use a permanent email address, not your school account.

The FAFSA has an opening and closing date! It opens on October 1 and depending on the college you are attending, there is a FAFSA application due date.

The FAFSA asks for information about you and your family’s finances, including tax returns, so you’ll need your parents’ help to complete it.

Most colleges send out financial aid award letters around the same time as admission offer letters are sent. Also, it depends on when you completed your FAFSA. So, file your FAFSA now!

I am not going to fill out the FAFSA, because I won’t be eligible for financial aid... this may be true regarding receiving aid from the Federal Government, but the FAFSA is used by colleges to determine Merit/need-based/other scholarships, as well as, work study opportunities and student loans. Please fill out the FAFSA/WASFA….what do you have to lose, except a possible scholarship or grant from the school you will be attending!

Financial Aid Calculator

This tool calculates potential awards from the Washington College Grant and Pell Grant programs that you might get from filling out the FAFSA. There may be more aid available to you from other state and federal programs, from private colleges or directly from the college you plan on attending. All undergraduate colleges are required to have a net price calculator on their website. Here is a link for students to estimate their costs:  http://netpricecalculator.collegeboard.org/