Hey seniors! There's not a lot of time for you to apply for financial aid. Have you thought about what it will cost you in one semester of college? What about in 4 years? If you attend a 4-year Pennsylvania State University, you will pay between 40,000 and 60,000 dollars just on tuition. An additional 1,000-5,000 dollars will be needed in order for books, fees, housing, meal plans, and transportation each year. By the time you graduate, you will spend at least $60,000 total. How are you going to pay this tremendous amount of money? Will you use loans, grants, financial aid, or scholarships? Do you know how much you can receive in financial aid? The Federal PELL Grant will give you between 400 and 4,000 dollars annually, while the Federal Perkins Loan will allow you to borrow up to $4,000 if you pay a 5 percent interest and pay it off in the 10 years. As there are many types of financial aid, most of them you need to pay back, with interest. If you attend a community college, you will be paying between 8,000 and 20,000 dollars. Community Colleges are cheaper than PA State Universities because they have more state and federal taxes pouring into their bank accounts and because you do not have to live on campus. If you have already began filling out FAFSA forms, they are to be completed no later than May 1, 2009.
Story by: Katelyn Koschoff
Below is a brief guide on how to fill out your FAFSA. Remember, the most imporant thing you can do for preparing for college is to fill out your FAFSA.1.The first step that needs to be completed is getting your "PIN"; which is your form of electronic identification needed to complete the FAFSA:
2. Collect all paperwork that will be needed. The official list of needed paperwork can be found here: Required Paperwork
3. Optional: Complete a "FAFSA on the Web" worksheet. "FAFSA On the Web" Worksheet (Completing this will make completing the real FAFSA much easier, becuase you will only have to copy your work from the paper.
4. Fill out your FAFSA for 2009-2010 FAFSA 2009-2010. (Make sure to use an active email account)
5. After you have completed your FAFSA check the email you supplied for a follow-up email that will give you further instructions.
6. Check online and fill out scholarships. One great site is FastWeb Remember! Every dollar counts!
7. Repeat the entire process January of your freshman year of college