The financial aid process is an important part of many students’ college planning. College costs include a number of things: tuition, room, board, fees, transportation, books, and incidentals such as clothing, telephone, and social life. Many students need help in meeting these costs.

Need is the basic consideration in awarding financial aid. To determine the need of a candidate, colleges rely on the CSS or Federal Needs Analysis, determined from information submitted by the students and parents on the PROFILE and FAFSA forms. Many colleges require an institutional financial aid form as well. The resulting formula determines the amount that the student and parent can be expected to pay toward college costs (Expected Family Contribution). The difference (Demonstrated Need), or amount of money needed to meet the total college cost, may then be awarded by the college in the form of grants, loans, and work/study programs (Financial Aid Package).

The financial aid process begins with the PROFILE and FAFSA; PROFILE is available in the counseling office in mid-September and FAFSA usually arrives early in December. The PROFILE registration form may be mailed as early as the end of September; the process is expected to take four weeks from start to finish. The FAFSA forms should be submitted as soon after January 1 as possible. PROFILE must be done online and most families choose to do FAFSA online. Institutional forms must be requested from each individual institution; they often are included in the application. Many families prefer to complete these forms online.

The Academy sponsors a financial aid workshop each fall and encourages parents of upper school students to attend. A financial aid officer from a Maine college is the featured presenter.

The financial aid office at each college is a good resource for questions, both general and specific, applicable to each applicant’s specific needs. Also, the Finance Authority of Maine (FAME) has a toll-free number (800-228-3734). This agency is extremely knowledgeable and willing to answer questions.

Note: To be eligible for financial aid, male students must register with Selective Service when they turn eighteen. It is possible to complete the registration on your FAFSA form.

FINANCIAL AID TERMINOLOGY

CSS: The College Scholarship Service administers PROFILE and provides financial aid information to colleges.

FAFSA: Free Application for Student Aid is the form used to file for federal funds. Some colleges require only this form, and it should be filed as soon after January 1 as possible.

FAME: Finance Authority of Maine has a hotline for questions about financial aid. This agency is well informed and extremely helpful. (Hotline: 800-228-3734).

FINANCIAL AID PACKAGE: This term is used to refer to the total financial aid awarded to the student by the college. It generally includes grants (do not need to be repaid), loans (must be repaid), and a work/study program.

PROFILE: An application for private student aid funds, it replaces the Financial Aid Form (FAF). At the very latest, you should begin your PROFILE registration four to six weeks before the earliest school or scholarship program application deadline. There is a fee for each college to which the student is applying.

STAFFORD: This student loan is available through local banks or other financial institutions. Eligibility depends on family income. This loan must be renewed annually.

PLUS/SLS: Parent Loans for Undergraduate Students and Supplemental Loans for Students are loans through local banks or other financial institutions. Borrowers do not need to show financial need