With our current
economic crisis and college costs rising much faster than ever before, most
families must consider finances when planning for college. These families often count on financial aid
in their planning, so it is a good idea to understand the types of aid that are
available to college students and their families.
Most college
financial aid is need-based aid. This is money awarded to help meet the
difference between total college expenses and the expected family contribution
(EFC). The EFC is a dollar amount
calculated when families complete the Free Application for Federal Student Aid
(FAFSA) each year. This number is based
on family and student assets and income, and it is the same for every college
regardless of cost. Colleges award
need-based aid to bridge the gap between costs and family contribution, but
many colleges cannot afford to meet 100% of need. Students can supplement their financial aid
package by outside loans, through employment, and with other need or
merit-based scholarships.
Merit-based awards often are given to encourage a student to choose
a specific institution. Students may
qualify for merit awards in athletics, music, art, or academics.
To apply for
financial aid, families may file the FAFSA as soon as January 1st
for the next academic year. Applications
and information are available online at www.fafsa.ed.gov Early application is advised.
Please plan on
attending the financial aid workshop that will be held Wednesday, January 9, 2013 at
7:00pm in the LRHS cafeteria. Tammy
Velasquez, Financial Aid Counselor from California Lutheran University, will be
the speaker. She will explain the Cal
Grant program and take you step by step through the FAFSA (Free Application
for Federal Student Aid) form for the 2013/2014 school year.
All parents of seniors and/or senior students to attend this financial aid
workshop. If you have any questions, please don’t hesitate to contact Nancy La
Belle at lrhscollege@lareina.com
or (805) 495-6494 x 325.
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