This document discusses types of financial aid for higher education including scholarships, grants, loans, and work-study. It outlines the steps to apply for need-based financial aid including completing the FAFSA and CSS Profile if required. An example eligibility formula and financial aid package are provided. Common misconceptions about financial aid are addressed such as income cutoffs, the difficulty of the FAFSA, affordability of private schools, and expectations about depleting savings.

1. Financing Higher EducationAshley BianchiDirector of Financial Aid

2. Types of Financial AidScholarships & Grants

3. funds do not have to be repaid

4. Loans

5. funds have to be repaid with interest

6. Work-Study

7. funds are earned on an hourly basis and the paycheck goes to the student2

8. Need-based Financial AidResponsibility Parents and students

9. Financing from Savings, Current Income, Borrowing

10. Determines Expected Family Contribution (EFC) as determined by the

11. Free Application for Federal Student Aid (FAFSA)

12. CSS PROFILE (for institutional grant aid at selective colleges)

13. Cost of attending college less the EFC = eligibility for grants, loan, work study3

14. Steps to applying for need-based financial aidCSS Profile Register for and complete the CSS Profile online at