Seniors, it’s time to begin your college budget.  If scholarships or work study does not cover all of your college expenses, student loans may help pay the remaining expenses.  You may combine any of the forms listed below showing types of financial aid that meets the costs of college expenses.

Grants - Repayment is not required.  Grants are given for athletics, academics, special talent, need based, etc.

Scholarships - Repayment is not required.  They are rewarded based on athletics, special talent, or academic excellence.

Loans

• Federal Loans - Guaranteed by the US government
• Alternative Loans - Guaranteed by private guarantee agencies

College Work Study - This allows colleges to hire students for employment to pay their own way as they go to college.  You do not repay money earned.

From detailed financial information reported in the FAFSA, formulas produce the expected family contribution, or EFC.  This sum is considered an amount that the family can be reasonably expected to pay over time, not just currently from income and assets.  Each spring, high school counseling departments invite a guest speaker to explain line by line the process of filling out the FAFSA.