FAFSA
(Free Application for Federal Student Aid): The universal form to apply for financial aid from the
federal government, including both federal loans and grants. All colleges
require this form, which can be obtained in the M.S.H.S. Guidance Office or a
college financial aid office. If you are a college-bound senior applying for
financial aid, you are strongly encouraged to complete the Free
Application for Federal Student Aid (FAFSA). http://www.fafsa.ed.gov
**Note: FAFSA forms must be received
by March 1. Keep this in mind when filing. Getting your FAFSA in earlier than March 1 increases your chances of
receiving aid, as money is awarded on a first-come, first-serve basis.
Stafford
Loan (Formerly called Guaranteed Student Loans.): Stafford Loans are subsidized
by the federal government, which means that you don't have to begin paying them
back until six months after you graduate.
Pell
Grant: A
need based grant given by the federal government. You do not have to pay this
back.
Institutional
grant: A
need based grant given by the college you attend.
Merit
Scholarship: A
scholarship, most often given by the college you attend, which is awarded based
on academic or athletic qualifications, not financial need.
Work-study:
A program
subsidized by the federal government in which the government helps a college pay you to work on campus.
Financial
aid package: The
combination of grants, loans, and work-study that a college offers you to help
pay for college costs.
Family
Contribution: The
amount of money you and your family can contribute to paying for you education,
determined by analysis of the FAFSA and/or the FAF.
Demonstrated
need: The
difference between the cost of attending a college (tuition and room and board)
and the family contribution. A college that says it meets "full need"
is referring to demonstrated need.
Suggestions regarding the MSHS Guidance Department Web Pages are Welcome!