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Scholarships and Financial Aid Information | Summer Opportunities
College Information and Admissions:
College Vocabulary: Glossary of Terms for College Applications Candidate Reply Date Agreement: A college subscribing to this nationally-recognized agreement will not require any applicant offered admission as a first-year student to notify the college of his decision to attend or to accept an offer of financial aid (need-based or merit-based) before May 1 of the candidate's senior year. College Scholarship Service: A service of the College Board that distributes and analyzes the CSS/Financial Aid PROFILE to assist post secondary institutions, state scholarship programs, and other organizations in the equitable distribution of financial aid funds. Cost of Attendance: The expenses for attending a college or university for one year; includes tuition and fees, housing, food, transportation, books and supplies, personal expenses, and may include other costs, depending on the student's individual circumstances. CSS/Financial Aid Profile: The need analysis form published and processed by the College Scholarship Service. These forms generally arrive in late fall and are available for the college counseling office. Demonstrated Financial Need: The difference between the cost of attendance and the expected family contribution as determined by a standard formula. Early Action: In some cases you may have the option to apply "early action" to a college or university. Unlike early decision, early action is not binding. You may be admitted to a college under early action, but you do not have to commit to enrolling at the college until May 1, the National Candidate's Reply Deadline. Early Decision: Many colleges give you the option of applying early in the fall so that you may hear whether or not you have been admitted by mid-December. Keep in mind that in most cases applying early decision to a school means that you are certain that the school is your first choice college. Colleges will require that the students they admit early decision withdraw their applications to other institutions and agree to enroll, making early decision a binding agreement. In most cases, if you are not admitted, you are "deferred," which means that you are placed in the regular applicant pool and given the opportunity to submit additional information to your application and strengthen it (semester grades, additional honors and achievements). If there is any doubt in your mind, it is important to keep your options open and apply to a range of schools. Note: While early decision sometimes gives you an advantage, it does not lower the admission standards of any college or university and therefore does not open doors for you if your academic record is not where it needs to be for a particular institution. Endowment: Funds that have been donated to tax-exempt organizations so that the earnings on the principal can be used in perpetuity to support the organization's mission. Because the principal is not spent, endowments generate earnings year after year, subsidizing an organization's programs and enabling the organization to provide a higher level of service at a lower price than would otherwise be possible. Always find out the endowment of the schools you are considering. It is an important statistic which is often ignored by prospective students. Expected Family Contribution: The dollar amount that the student and his family is expected to pay toward the cost of attendance, determined by a formula which analyzes the family's financial information. Federal Methodology: The formula required by the federal government that must be used to calculate a student's eligibility for federal funds. Federal Pell Grant Program: A federally funded and administered government that provides grants to undergraduate students with exceptional need. The amount of a student's grant is based on his federal eligibility for financial aid and on the cost of education at the institution the student attends. Federal Perkins Loan Program: A federally funded loan program that is administered by individual institutions; funds are awarded based on financial need. Interest is not charged while the student is in school; interest at the rate of 5% begins to accrue when repayment begins nine months after graduation or withdrawal from school. The amount the student can borrow per year is limited. Federal Plus Loans: These loans are made to credit-worthy parents of undergraduate students. Not based on need, PLUS Loans may equal the total cost of the student's education minus other financial aid. PLUS Loans have a variable interest rate that will not exceed 9%; repayment begins 60 days after the loan is disbursed. Federal Stafford Loan Program: These low-interest loans are provided by private lenders. The interest rate is variable and will not exceed 8.25%. The maximum loan for a first year student is $2625; for a student's second year, $3500; and for the third and fourth years, $5500. If the loan is made on the basis of financial need, the federal government pays the interest while a student is enrolled in college (subsidized Stafford Loan). Students without financial need will be expected to make interest payments while enrolled in school (unsubsidized Stafford Loan). Federal Work Study Program: A federally funded employment program that is administered by colleges and universities. Participating colleges provide employment opportunities for students with demonstrated financial need. Financial Aid Award Letter: A notice from a college or other financial aid funding agency that tells a student how much and what kind if aid is being offered. The award letter also usually explains how a student's financial need was determined, describes the contents of the financial aid package, and outlines any conditions attached to the award. Financial Aid Package: The total amount of financial aid a student receives; usually includes scholarships and/or grants: long-term, low-interest loans; and student employment on campus. Free Application For Federal Student Aid (FAFSA): The form completed by all applicants for federal student aid. Application forms are available in Mrs. Roosa's office in the late fall but may not be filed until after January 1 of the year for which you are applying for aid. Gift Aid: Financial assistance which requires neither repayment nor that work be performed; typically includes grants and scholarships. Institutional Methodology: A modified version of the federal formula of need analysis; used by some schools to award need-based institutional funds. It comes with the application. Merit-based Aid: Student assistance awarded because of a student's achievement, talent, and/or potential in a particular area (i.e., academics, music, athletics, art, etc.). Need Analysis: The process used to evaluate a family's situation and estimate a student's need for financial assistance to help meet educational expenses. Need Analysis Form: The starting point in applying for need-based financial aid. All students should file the Free Application for Federal Student Aid (FAFSA) to apply for federal financial aid programs. For some colleges, this may be the only need analysis form a student will be required to file. Other colleges, particularly private colleges, may require other forms (i.e., an institutional aid application, the CSS PROFILE, a business/farm supplement, and/or a divorced/separated parent's statement). Need-based Aid: Student assistance awarded because a student's family financial circumstances are not sufficient to cover the cost of post-secondary education. Need-blind Admission: The policy of making a decision about a student's application for admission without regard to the student's financial circumstances. Non-need-based Aid: Student assistance awarded because of a student's achievement, talent, and/or potential in a particular area (i.e., academics, music, athletics, art, etc.); synonymous with merit-based aid. Outside Scholarships: Scholarships funded and administered by sources other than colleges or universities, federal or state governments. Many civic clubs and organizations, churches, foundations, service clubs and employers sponsor scholarship programs for college students. Some require nomination form the college counselor, others do not. Note scholarship announcements at this site throughout the year. Regular Admission: Schools that use regular admission will notify all applicants on one day, in late March or early April. Technically speaking, it does not matter when they receive your application long as they receive it before the deadline. However, earlier is better and some schools can reach their limit before the deadline. Rolling Admission: Some schools, mostly large state universities, will admit students on a "rolling basis," which means as applications are received, admission decisions will be made. Schools read applications in the order in which they receive them and will send a decision letter within a set period of time. When the desired size of a class is reached, admission closes. With schools that work on a rolling basis it is very important to submit applications as early as possible. Student Aid Report (SAR): A report produced by the U.S. Department of Education and sent to students who have completed the Free Application for Federal Student Aid (FAFSA). The SAR must be submitted to the college that the student attends to certify his eligibility for Federal Pell Grants and other federal financial aid programs. Tuition Payment Plans: Plans which allow families to make monthly payments for direct college costs rather than two or three payments which correspond with the school's academic calendar. Unmet Need: The difference between resources sufficient to meet the measured needs of students at an institution and the total available resources. Scholarships and Financial Aid Information: Scholarship Scams
Remember the following:
Check with Dr. Baer or at www.finaid.org for more information. Scholarship Opportunities Scholarship information for individual colleges is attainable in the College Room in the Upper School. Check the table under the window. Other scholarships available are as follows:
A meaningful summer activity can enhance college resumes and build valuable life experience. The hotlink below will take you to a listing of several academic and volunteer opportunities to consider. In addition, there are National Youth Leadership Forums and similar programs for which Dr. Baer can nominate students. All information pertinent to these summer activities will be posted to the list as it becomes available. See Mrs. Jonakin in the Counseling Center if you have any questions.
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