FAFSA Timeline Has Changed
- FAFSA– use tax information from two years prior
- Increase accuracy of information reported by students & parents
- More time for students to understand their financial aid options
|School Year Attending College||When Student can Submit a FAFSA||Which Year’s Tax Information is Required|
|July 1, 2017 – June 30, 2018||October 1, 2016||2015 (Class of 2017)|
- Important to Note:
- FAFSA Information and Completion Nights will be held in October at PCHS.
- Keep your tax information from year prior available for October filing.
- For more information go to StudentAid.Ed.Gov
- $83 billion – how much money the US Department of Education will distribute in student aid
- $5,800 – the average amount of a student loan
- $4,000 – the average amount of a student grant
- $154 – the average amount that students receive from mom and dad per month
Financial aid could make the difference in your life. It may mean being able to continue your education when you otherwise would not be able. Or it could mean being able to attend the school of your choice, despite higher tuition costs.
Financial aid covers the educational costs that you can’t pay for. Most finanical aid is awarded to families on the basis of eligibility or need. Need is determined by the school you attend based on information you provide about you and your family’s ability to pay for your educational costs and formulas set by law. That information will need to be presented to the federal government through completion of the Free Application for Federal Student Aid (FAFSA).
In general, there are 4 types of financial aid -
1. Scholarships are considered gift aid and do not have to be repaid. Scholarships may be based on merit or special interests and / or talents.
The next 3 types of financial aid require completion of the FAFSA -
2. Grants are also gift aid that are given to students judged to have financial need.
3. Loans – Government sponsored student loans are based on eligibility requirements and must be repaid.
4. Work Study – Students with financial need work to help pay for education expenses.
Pekin Community High School will be offering 2 programs that could benefit you and your parents when dealing with the financial aid process. Your parents will receive an invitation through the mail – please check the Counseling Office Calendar for the official dates for these meetings.
Because most financial aid is based on need, it is necessary to have an objective way to determine how much a family can afford to pay. The FAFSA (Free Application for Federal Student Aid) is the federal form that’s used to determine this amount. The FAFSA asks for information on income, assets, etc. This information is then applied to a formula, and the amount a family should be able to afford (their Estimated Family Contribution or EFC) is electronically calculated. You need to get a PIN to begin working on the FAFSA . Financial aid is generally awarded on a “first come, first serve” basis, so get your FAFSA in early. One to four weeks after you’ve submitted your FAFSA, you will receive a copy of your Student Aid Report (SAR). You will get a SAR, faster if your file electronically. Colleges will use the information from your SAR to determine your child’s eligibility for financial aid.
Financial Aid Links
These sites can lead you to specific scholarships and financial aid packages that you might not even know existed!