Paying for CollegeSavings
You and your parents
or guardians can make contributions to a regular savings account or to a
College Savings Plan. Putting away as little as $20 a month throughout
high school will result in having $1,200 in savings by the time you
graduate! Section 529 plans, or Qualified Tuition Plans (QTP), are named
after an IRS Code that specifies these plans to be free from federal
income tax. For more information, go to www.finaid.org/savings
. Scholarships, Grants & Tuition Waivers
including grants or tuition waivers, are gifts from the federal
government, organizations and/or schools that do not need to be repaid.
There are generally two types of scholarships:
Merit Scholarships are
for students with special qualifications, such as academic, artistic or
athletic talent; or for those interested in a particular field of
study; or for students from specified backgrounds such as
Italian-Americans, students in agricultural communities, etc.
Scholarships are reserved for students who are underrepresented or who
can demonstrate financial need. Sometimes, scholarship programs measure
both merit and need.
There are thousands of scholarships available from a range of organizations and colleges for nearly every type of student. See www.finaid.org
for scholarship resources such as: Scholarships for Average Students,
Less Competitive Scholarships, Community Service Scholarships or
Hispanic/Latino Scholarships. You can also check out free websites like www.fastweb.com
for more information. Local Scholarships
year seniors have the opportunity to apply for many scholarships given
by local service and special interest organizations. There are two
Scholarship Nights held at the SVHS where students can receive
information to apply; dates and times are on the SVHS website. For a
complete list of the SVHS Scholarships
available and submission deadlines, visit the Counseling office, look
on the College & Career Center bulletin board or look on the SVHS
website. The new list for this year will be posted in the spring
Beware of Scholarship Scams
there are companies who try to take advantage of students and families
seeking financial aid. A general rule is, if you have to pay money to
get money, it's probably a scam. For more info, go to www.finaid.org Loans
type of financial aid must be repaid with interest. There are three
major loan categories: student loans (e.g., Stafford and Perkins loans),
parent loans (e.g., PLUS loans) and private student loans (also called
alternative student loans). A fourth type of education loan, the
consolidation loan, allows the borrower to lump all of his/her loans
into one loan for simplified payment. Federal education loans are
available in either the Direct Loan or federally-guaranteed student loan
programs. For more information, see www.finaid.org/loans
.Applying for Financial Aid
should apply for aid every year, even if you think you don't qualify,
as there are many factors that affect eligibility, such as a change in
your family's financial circumstances or a sibling enrolled in college.
It is important to note that schools will have differing requirements
and deadlines or financial aid applications. Some schools even have
separate applications for financial aid. Please look at each school
carefully for requirements and deadlines.
Free Application for Federal Student Aid (FAFSA)
apply for student financial aid from the federal government, including
the Pell Grant, TEACH Grant, Perkins Loan, Stafford Loan and work-study,
you will need to submit a FAFSA. The FAFSA is also required by all
state and many school student assistance programs. Some private colleges
and universities will require one or more supplemental forms to obtain
information not included on the FAFSA.
The FAFSA can be completed on paper, but is easy to complete online by students and/or their parents/guardians. Go to www.fafsa.ed.gov
earn more about the information required and view helpful tutorials.
The FAFSA4caster allows you to estimate your eligibility for financial
aid and get a jump start on your FAFSA. Though the form cannot be
submitted until after January 1, you should visit the website beforehand
so you are prepared to apply as early as possible. SVHS offers a
Financial Aid Night and FAFSA workshops in January.
College Scholarship Service (CCS) Profile
by many private colleges and universities to determine your eligibility
for non-government financial aid, such as the institution's own grants,
loans and scholarships, the CCS Profile can be found at profileonline.collegeboard.com
This form is very long and extremely detailed but will expand your
scholarship options for those schools that utilize the forms.