Financial Aid

by Tracie Voitik

Financial Aid Information

Since financial aid related information could fill up page after page, it is highly recommended to do the following to best prepare for paying for college: First, begin to explore some of the websites at the bottom of the page. All are good resources and some may meet your own needs better than others. Second, work with the financial aid office at the college you may be attending. Third, talk to people who have been through the process and/or have knowledge about it. This could be a friend, colleague, and the admission office at the university or your child's counselor. Last, but not least, begin now researching and preparing.

There are four types of financial aid assistance:

Scholarships - These are popular because they are monetary awards that don't have to be paid back. These are usually based on grades, ethnicity, community service and/or athletics. There are other types of scholarships such as those for children of a parent who works at a particular place of business.
Grants - These awards are also non-repayable and are usually based on financial need.
Loans - These are funds loaned to a student through a lending institution with reasonable interest rates. Once the student graduates, they will begin to make reasonable monthly payments towards the full loan amount.
Work-Study Program - This involves the student getting an on-campus job while enrolled in college with the money earned going towards their education.

Local scholarship information can be found in the MCHS Guidance Office. Students are also encouraged to contact the college's financial aid department to pursue any university scholarships. Finally, students may access free websites which can search and email different scholarships.

Useful Financial Aid Websites

The external websites listed below are not controlled by MCHS and are subject to change at any time. Their inclusion with the district website does not in any way reflect the policies of MCHS. These links are made on good faith that the people in control of them have only the best of intentions.

FastWEB www.fastweb.com

Contains a free scholarship search database. This site will save a student's profile and email new scholarships to their mailbox online.

Free Scholarship Search www.freschinfo.com

Contains a scholarship database.

College Zone www.collegezone.com

Website managed by the Illinois Student Assistance Program, which can divide resources into parents, students or high school personnel.

College Xpress www.collegexpress.com

Offers financial aid information. User can ask questions and get replies from experts in the field.

FAFSA on the Web www.fafsa.ed.gov

Al college bound students should apply for financial aid using this form either online or the paper format. FAFSA on the Web contains the electronic application utilized by all colleges throughout the country. Students can begin applying for federal aid the January prior to attending college in the fall.

Pin Registration on the Web www.pin.ed.gov

A pin number must be set up for both the parent and the student when applying for financial aid. This website will access the pin registration.

Student Guide to Financial Aid www.studentaid.ed.gov

Publication by the federal government detailing the financial aid process and information.

The Federal Trade Commission - http://www.ftc.gov/bcp/conline/pubs/alerts/ouchalrt.htm

The site provides information about scholarship scams.

Warning!

Be careful of websites (like www.fafsa.com) that charge for completing the FAFSA - the FAFSA is free to complete!

Scholarship Scams Tips

10 Scam Warning Signs

Fees: You shouldn't have to pay to search for or apply for scholarships.
Credit Card or bank account information needed: You should never have to give credit card or bank information to ward providers.
Scholarship guarantee: No one can guarantee that you'll win a scholarship because no one can control scholarship judges' decisions. Also, be wary of high success rate - they usually do not refer to actual award winners.
No work involved: Legitimate scholarship applications require time and energy.
No contact information: Legitimate sponsors should provide contact information upon request. If the sponsor does not supply a valid e-mail address, phone number and mailing address (not PO Box) upon request that could be a sign of a scam.
Unsolicited scholarships: If you are called to receive an award for which you never applied, be alert - It's most likely a scam.
Pressure tactics: Don't allow yourself to be pressured into applying for a scholarship, especially if the sponsor is asking you to pay.
Clams of exclusive scholarships: Legitimate sponsors won't restrict knowledge about their award to a single search service.
An official- sounding name or endorsement doesn't automatically mean legitimacy: A sponsor may use words like - national, education or federal or have an official looking seal, but might still be a scam. Also, the federal government and the US Department of Education do not endorse private businesses.
Your questions aren't answered directly: If you can't get a straight answer from a sponsor regarding their application, what can be done with your information (e.g., if it will be sent to a third party) or other questions, proceed with caution.

Suspect a Scam

Save all forms you receive from the suspected company. Keep copies of written documents about the offer and any correspondence, e-mails or other paperwork. Make sure all materials are dated.
Take notes during any seminar or phone conversations. Record the date, time, phone number and the person's name with whom you spoke. Also include a detailed account of your conversation.
Report the suspected scam to any of the following organizations:

Federal Trade commission (FTC)

Fill out an online complaint form or call toll-free:

PH: (877) FTC-HELP (877-382-4357)

www.frc.gov/scholarshipscams

National Fraud Information Center (NFIC)

800-876-7060

www.fraud.org

Better Business Bureau (BBB)

Be sure to have the address of the company about whom you are filing the complaint.

703-276-0100

www.bbb.org

United States Postal Inspection Service (USPIS)