Financial Aid
Know the facts
What is Financial Aid?
Learn the Lingo
Cost of Attendance: The combined expenses of tuition and fees, room and board, books and supplies, transportation and living expenses.
EFC: Expected Family Contribution. This is how much the family is expected to contribute for college based upon the FAFSA.
FAFSA: Free Application for Federal Student Aid. This is a form that all students who are considering college need to complete by March 1st. This is to be completed online at www.fafsa.ed.gov.
Grant: Monetary award that is typically need based that does not need to be paid back.Scholarship: Monetary award that can be need based and/or merit based that does not need to be paid back.
Student Loans: Loans taken out by the student that must be repaid with interest.
Work Study: When a student combines employment and college study to help pay for college. Typically this employment is through the college and the student is informed if they qualify on their award letter.
The 3 Steps to Financial Aid
Complete the FAFSA
- Completing the FAFSA allows for the student to qualify for the most financial aid available.
- Parents- The ideal way to complete the FAFSA is with your completed federal tax return, even if it has not be sent in yet.
- The FAFSA is available online on January 1st.
- The deadline is March 1st to qualify for the most aid available in Michigan.
- Check the announcements and website for upcoming FAFSA events.
Fill out Financial Aid Forms required by the college
- Some colleges offer financial aid from their own funds. Check with the college if you need to fill out separate forms to qualify for these.
- Completing these could qualify you for grants, scholarships and loan only available to students attending that college.
- The dates and deadlines for these vary by the college.
- For additional information contact the Financial Aid Office at the college.
Search for scholarships and grants
- Search for local scholarships and grants. Oceana Community Foundation Scholarships is a good place to start.
- Check out the Student Scholarships and Grants website. http://www.michigan.gov/mistudentaid.
- Scholarships help offset the amount of money you have to pay out of pocket for college, even the $100 or $500 scholarships help.
Frequently Asked Questions
- Subsidized Loans are federal loans where the entity awarding the loan pays the borrower's interest while they are enrolled in college at least half time. Awarded based upon student need. Unsubsidized loans are federal loans where the interest is accrues (accumulates) while the student is enrolled in college. The students is responsible for paying the interest at all periods of the loan. No financial need necessary to receive this type of loan.
- When you receive your award letter review what types of aid you have been provided. A good rule of thumb is to accept aid that does not need to be paid back first, such as grants and scholarships. After that review the loans and take only what you think you'll need. Remember, you have to repay any student loans that you accept.
Still feeling lost and confused?
Email: adroste@walkerville.k12.mi.us
Website: http://walkk12.org/
Phone: (231)873-4850