Understanding Financial Aid

Welcome!

We're excited that you're taking charge of your education and figuring out smart ways to finance it. Below you'll find a list of resources to help you learn about the financial aid process, loans, scholarships, etc. There are 5 sections:

1) Federal Financial Aid Overview  2) FAFSA from F to A  3) Finding Scholarships  4) All About Loans  5) Special Circumstances

Instructions:

  1. Watch the short intro video that features one of the American Honors advisors
  2. Review the videos and worksheets listed in each section and write down any questions
  3. Answer the "quiz" questions at the end of section and check your answers 
  4. Reach out to Erika Bynon, the American Honors financial aid manager, or your school's financial aid office with your questions

 

 

Section 1: Federal Financial Aid Overview

 

Not sure if you're eligible for federal financial aid? Review the list of requirements.

Step 1: Overview of the Federal Financial Aid Process

Fafsa.gov

Step 2: Types of Federal Student Aid Overview

For detailed information check out the Federal Student Aid website.

Step 3: Important Federal Financial Aid Forms Overview (FAFSA & CSS)

 

Quiz questions
  1. What institution is the largest provider of grants, loans, and work-study funds?
  2. If you qualify for federal aid, what is your first step in accessing it?
  3. What are the forms that you need to fill out for financial aid?
  4. Why do some colleges also require the CSS profile?
  5. How do you know the amount of aid you qualify for?
  6. What are the types of federal aid that you do not have to pay back?
  7. What can federal aid be used to pay for?

View answers.

 

Section 2: FAFSA from F to A

Step 1: FAFSA Overview

Fafsa.gov

Step 2: Complete FAFSA Walkthrough

For a detailed walkthrough of how to fill out and submit your FAFSA review these eight steps from Khan Academy.

Step 3: FAFSA Worksheet

Print out this worksheet to help you fill out the FAFSA. This will also be helpful during conversations with parents and guardians. 

Quiz questions
  1. Why do I need to fill out the FAFSA?
  2. How often do I need to fill out the FAFSA?
  3. When do I need to fill out the FAFSA?
  4. What is the EFC?

View answers.

 

Section 3: Finding Scholarships

Step 1: Scholarship Search Overview

Read "How to Find and Apply for Scholarships" from the American Honors blog

Step 2: Scholarship Application Requirements

Read "7 Things You'll Need for Any Scholarships Application" from the American Honors blog

Step 3: Scholarship Search Tools

In addition to what is included in the blog posts above, College Board has a great scholarship search tool.

Quiz questions
  1. Who are scholarships for?
  2. When should you start searching for scholarships?
  3. Why is it helpful to search for very specific scholarships i.e. major-specific scholarships?
  4. Where can you look for scholarships?

View answers.

 

Section 4: All About Loans

Step 1: Types of Loans

Step 2: The Costs & Benefits of Loans

 

Step 3: Being Smart About Debt

Quiz questions
  1. What are potential loan sources?
  2. What is the Federal Perkins loan?
  3. What are subsidized Stafford loans?
  4. What is an unsubsidized Stafford loan?
  5. What is a Direct-Plus loan? 
  6. Why are private loans generall considered a "last option"? 
  7. Prior to taking out loans, what are the key elements of the loan that should you know?

View answers.

 

Section 5: Special Circumstances

This bonus section is for students who are undocumented or registered under Deferred Action. Review the resources below to get started: they include research tips, scholarships, and government policies. At American Honors, we know that lack of citizenship can present serious challenges in paying for college, but we are committed to supporting you to and through college. Please reach out to Erika Bynon or your admissions officer to learn more!

Applying for Aid while Undocumented

  1. Start with this list of FAQs on paying for college while undocumented from the College Board
  2. Read this article on financial aid & scholarships from FinAid.org
  3. Here are some state-by-state resources from the College Board

Quiz Answers: Section 1 - Federal Financial Aid Overview 

  1. What institution is the largest provider of grants, loans, and work-study funds? Answer: The Federal government.
  2. If you qualify for federal aid, what is your first step in accessing it? Answer: Filling out the FAFSA: The Free Application for Federal Student Aid form.
  3. What are the forms that you need to fill out for financial aid? Answer: The FAFSA (Free Application for Federal Student Aid) [always], the CSS Profile [if you are applying to a school that requires it], and college­specific forms [if you are applying to a school that requires it].
  4. Why do some colleges also require the CSS profile? Answer: The CSS profile is used by mostly private universities to gain a comprehensive understanding of a student’s financial situation before distributing institutional aid. It evaluates more factors than FAFSA, including home equity and both biological parents.
  5. How do you know the amount of aid you qualify for? Answer: After you fill out your FAFSA and apply to college, you will receive a financial aid award letter from the colleges you applied to. This letter will list the federal and nonfederal aid you receive.
  6. What are the types of federal aid that you do not have to pay back? Answer: Grants and work­study funds.
  7. What can federal aid be used to pay for? Answer: School expenses: this can include tuition, room/board, books, and supplies.

Back to Quiz.

Jump to: 

1) Financial Aid Overview  2) FAFSA from F to A  3) Finding Scholarships  4) All About Loans  5) Special Circumstances

 

Return to the top

Receive Updates

Submitted by on Wed, 01/29/2014 - 11:50am

Thinking about applying? Fill out the form to receive more information.

By submitting this form, I consent to be contacted by an American Honors representative via email and phone.