Financial Aid
Heartland Community College
What we will discuss
What is Financial Aid?
Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses
Types of Financial Aid
Gift Aid: Free money!
-Scholarship
-Grants
Self Help Aid: Not free money.
-Loans
-Work Study Employment
Loans
Interest: Money paid regularly at a particular rate for the use of money lent.
The student loan debt crisis is currently at over $1.7 trillion and affects over 43 million Americans
Loans
Direct Subsidized: No interest while you are in school. You get 6 months before you have to start making payments with interest. Borrower must have financial need to qualify.
Direct Unsubsidized: Payments start as soon as you take the loan out. Interest is higher than subsidized. No financial need to qualify.
Direct PLUS Loans: (Includes Parent PLUS Loans) Payments start as soon as you take the loan out. Has the highest interest rate of 8.05%. No financial need to qualify but borrower must have good credit.
FAFSA
Free Application for Federal Student Aid
Components of Financial Need
COA: Cost of Attendance
This consists of tuition and fees, housing and food, books and supplies, transportation, and other miscellaneous and personal expenses
The aid you receive will not exceed this amount.
SAI: Student Aid Index
Number resulting from the student’s (and family’s) approximate financial resources for a student’s postsecondary education
Essentially the financial support you already have
(Not your family’s willingness to pay, but their ability to pay)
How Financial Need is Calculated
Scholarships
Scholarships are available within the institutions you may be applying to
Foundations Scholarship at Heartland
External scholarships are available through your job, your parents jobs, your clubs and activities, and online:
Questions?
Bailey Nickerson | Financial Aid Coordinator
bailey.nickerson@heartland.edu
CCB 1108