THE FINANCIAL AID PROCESS

The Financial Aid Process can change from year to year, as new laws and forms are developed. As we become aware of information, we will pass it along to you. Every November VSAC (Vermont Student Assistance Corporation) sends a representative to Hartford High School to explain the process of applying for financial aid and to go over any recent changes.

The following principles and practices, however, remain intact from year to year:

Need-based Aid

Need-based aid is determined by you r family’s overall financial picture. All students complete the FAFSA (Free Application for Federal Student Aid) in January or February of the senior year. This form uses both your family’s and your tax information and includes information about the total number in your family, including how many are in college, and personal and family savings and assets. The U.S. Department of Education oversees this program that awards all federal student aid. They calculate your annual “Expected Family Contribution,” what they consider your family can afford to pay for your college education. The difference between what a college cost and your family contribution is known as “Demonstrated Financial Need.”

Individual colleges, however, are free to interpret your financial information themselves. While your eligibility for federal loans won’t change, your financial aid packages may vary greatly from college to college (see below). Private colleges that award their own institutional financial aid generally ask you to complete an additional form, either their own or the CSS Profile. They may take home equity and other factors into account when figuring your financial need.”

Merit-based Aid

Merit-based aid is scholarship money given on the basis of some kind of merit; academic, artistic, athletic, or leadership, for example. If you receive merit-based aid from a college, you should be careful to note if there are any strings attached. Do you need to maintain a certain G.P.A.? What happens if you break your leg and can no longer play soccer?

If you are awarded financial aid, you will be given what is called a “financial aid package.” Your package may include some of the following components:

♦ student loan

♦ on-campus employment

♦ grants (need-based scholarship money) ♦ merit-based scholarships

♦ parent loans

The combination and amount of the above categories may differ for you at each college. When you receive your financial aid packages in the spring of your senior year, you will want to closely compare them. We will be happy to assist you in deciphering the figures.