College funds??
Answer:
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FAFSA APPLICATION DEPENDENCY REQUIREMENTS
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If you are eligible, you and your parents should complete and submit the Free Application for Federal Student Aid (FAFSA) as close to January 1 of the year you expect to graduate. To be eligible to receive federal student aid, you must:
♦ Be a U.S. citizen or eligible noncitizen
♦ Have a valid Social Security number (unless you're from the Republic of the Marshall Islands, the Federated States of Micronesia, or the Republic of Palau)
♦ Comply with Selective Service registration, if required (see www.sss.gov for more information)
♦ Have a high school diploma or a General Education Development (GED) Certificate or pass an approved ability-to-benefit (ATB) test
♦ Be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program at a school that participates in the federal student aid programs
♦ You must not owe a refund on a federal grant or be in default on a federal student loan
♦ You must have financial need (except for unsubsidized Stafford Loans)
♦ You must not have certain drug convictions
If you are a junior now, this would be January 1, 2008. Complete the FAFSA and provide the required signatures -- http://www.fafsa.ed.gov/. It will take us 3-7 days to process your FAFSA and send you a Student Aid Report (SAR) which will summarize the data you report on your FAFSA, so check carefully to make sure it is accurate, and keep a copy for your records. If the information you submitted is complete, an Expected Family Contribution (EFC), which is based on the financial information you provided, will be printed in the upper right corner, and your school will use EFC to award your financial aid. Your financial aid package is likely to include funds on or more of the several types of federal student aid programs administered by the U.S. Department of Education:
♦ Federal Pell Grants
♦ Federal Stafford Loans
♦ Federal PLUS Loans
♦ Campus-Based Programs
♦ Federal Supplemental Educational Opportunity Grants
♦ Federal Work Study
♦ Perkins Loans
There are also many state programs that will make additional resources available, so check with your High School Guidance Counselor and the Financial Aid office of the school that you plan to attend to get info on this and other loan, grant and scholarship opportunities.
CONSIDERATIONS...
Get your money in order. If you're a dependent student and you have a job, you get an exemption for the first $2,440 in income that you make. After that, your wages are assessed at a 50% rate. Assets, savings, and cash in your name carries more weight (which means that you get less aid) than assets, savings, and cash in the parents' names. You may be expected to contribute about 35% of your own resources towards your education, while your parents' contributions are assessed at not quite 6%, so make sure your assets are distributed in a way to maximixe your financial aid.
The law also created a new student aid grant program called the Academic Competitiveness Grant (ACG). Congress has provided funding and the grants are available for the 2006-2007 award year. First-year undergraduate students will be eligible to receive up to $750. Second-year undergraduate students will be eligible to receive up to $1,300. To be eligible for an ACG each academic year, a student must:
♦ Be a U.S. citizen;
♦ Be Federal Pell Grant eligible;
♦ Be enrolled full-time in a degree program;
♦ Be enrolled in the first or second academic year of his or her program of study at a two-year or four-year degree-granting institution;
♦ Have completed a rigorous high school program of study (after January 1, 2006, if a first-year student, and after January 1, 2005, if a second year student);
♦ If a first-year student, not previously enrolled in an undergraduate program; and
♦ If a second-year student, have at least a cumulative 3.0 grade point average on a 4.0 scale for the first academic year.
If you have not filed a FAFSA or Renewal FAFSA, at the time that you complete your application, FAFSA on the Web will predetermine if you are eligible to answer the ACG questions
Hope the info helps. Best of luck.
Check with the Office of Financial Aid at your college, they should be able to hellp you.
go to collegeboard.com they have a lot of info.
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