Financial Aid
What is Financial Aid?
Financial Aid is money that the government and other organizations give you or lend you so you can pay for your higher education expenses. The programs authorized under Title IV of the Higher Education Act of 1965 are grants, loans and work-study funds from the federal government to eligible students enrolled in college or universities. To qualify for federal financial aid, you must apply every academic year using the Free Application for Federal Student Aid (FAFSA).
The U.S. Department of Education awards more than $120 billion a year in grants, work-study funds, and loans to more than 13 million students. Federal student aid covers such expenses as tuition and fees, room and board, books and supplies, and transportation.
What is the FAFSA Application?
To apply for federal student aid, such as federal Grants, Work-Study, and Loans, you need to complete the FAFSA application. Completing and submitting the FAFSA is free and easier than ever, and it gives you access to the largest source of financial aid to pay for college or university. In addition, many states and colleges use your FAFSA information to determine your eligibility for state and school aid, and some private financial aid providers may use your FAFSA information to determine whether you qualify for their aid.
Federal student aid includes:
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Grants—financial aid that doesn’t have to be repaid (unless, for example, you withdraw from school and owe a refund)
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Loans— borrowed money for college or university; you must repay your loans, with interest(Laredo College does not participate in federal , state or private students loans since fall 2012)
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Work-Study—a work program through which you earn money to help you pay for school
When do I fill out the FAFSA application?
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For the 2019–20 year, you can apply between Oct. 1, 2019, and June 30, 2020 (Using the 2017 tax information)
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For the 2020–21 year, you can apply between Oct. 1, 2020, and June 30, 2021 (Using the 2018 tax information)
There are a few federal student aid programs that have limited funds, so be sure to apply as soon as you can.
FAFSA applicants must provide income information from the “prior-prior tax year.” For example, 2019–20 applicants must report 2017 income information. As a result of using “prior-prior tax year information"more students and families will be able to complete their FAFSA using income information imported electronically from the IRS.
Steps to fill out FAFSA:
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Log in to www.fsaid.ed.gov and create an FSA ID and Password
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Complete the FAFSA by logging on to fafsa.gov (Must apply every academic year, starting October 1st.) and completing all requirements.
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Be registered for three eligible hours or more for most types of aid in the summer, or six eligible hours or more for most types of aid (except PELL) in the Fall/Spring.
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Meet all requirements before the priority deadline.
- Fall March 1
- Spring November 1
- Summer May 1
The institutional policy for packaging grants, and employment assistance for students is as follows:
Packaging for eligible flexible entry classes will be done at the end of the semester and funds for those classes will be disbursed accordingly.
Students are awarded a combination of funds from all programs for which they qualify. Students are required to apply using the FAFSA to be processed for all aid programs. The financial aid package will attempt to meet 70% of the student’s need with grant assistance and 30% with self-help (Work-Study).
Students not eligible for a Federal Pell Grant but who demonstrate financial need, as defined by the federal government, may be eligible for campus-based programs (Federal Work-Study).
Students enrolled for the summer sessions may receive, if eligible, SEOG, PELL, and Federal Work-Study.