Financial Aid

  Many families are understandably concerned about meeting rising college costs. Any candidate for admission to college should apply for financial aid if his or her family feels that they may not be able to pay the entire cost. Early in the senior year students should be sure to check the financial aid deadlines and the forms required by each college they are considering. Students should pursue all sources of financial aid; counselors and college financial aid officers can offer important suggestions and advice. The Bow High School guidance department sponsors a financial aid workshop for parents and students in early December.

There are four basic types of financial aid.  They are:

Scholarships:
Financial awards given to students under conditions such as academic excellence, unusual skills or talent (e.g. athletics, music, etc.)
 
Grants:
Most of these are from the federal government such as the Pell Grant and SEOG.  These are mostly income based and are gifts, not loans.
 
Loans:
These are both federal (such as the Stafford Loan), and local (such as ALPS and PLUS). Pay back schedules and interest rates vary.
 
College work-study:
This is a federally funded college administered campus work program. Variables here are type of work and hours per week.
 

The Process of Qualifying

Students and Parents should fill out the FAFSA form online in early January of their senior year. These forms are used by all colleges as the basis for disbursing all federal and college monies where need is the criteria. The student and his/her parents should fill out the financial aid forms according to their respective directions and deadlines. College Scholarship Service will determine a parent's contribution toward education, and they will notify any colleges that the student selects to receive this information. The college financial aid  office is then in a position (usually in February, March or April) to decide if the student is eligible for an award, and if so, for how much.

A student who plans to attend an approved post-secondary school in New Hampshire may also be eligible for funds from the New Hampshire incentive Grant Program. The New Hampshire Post-Secondary Education Commission administers this program and it represents the State of New Hampshire's commitment to its students. These incentive funds may be applied for when the financial aid forms are filed. Students are notified if they are to receive an award sometime in the late spring or summer after they have applied.

Students should check with the colleges to which they are applying to see if they require an institutional financial aid application. Check the catalog to be sure.  Deadlines for financial aid applications are quite specific (usually in January or February). These deadlines are not negotiable.

College Financial aid officers can explain to students the many kinds of moneys that they have available to students. Some funds are available to students who don't always qualify on the financial aid forms. Some students who do not qualify for financial aid as a freshman do so as a sophomore. It pays to keep in touch with this office.

Sources and Purposes of Financial Aid:

There are two types of financial aid: need-based and merit. Need-based forms of financial aid are the major portions of assistance available for post secondary education. Eligibility for need-based aid is determined by the difference between the cost-of-attendance and the family contribution. Merit-based aid is generally given to students in recognition of special skills, talent and/or academic ability.

There are two types of need-based assistance; grant aid and self-help. Grant aid does not have to be repaid and does not require a service commitment. Self-help assistance includes loans (which require repayment) and employment (a part-time job usually within the institution). There are primarily four sources of grant aid and self-help: federal, state, institutional, and private.

The federal government is the largest single source of student financial aid funds. The programs include Pell Grants, Stafford Student Loans (SSL), Parent Loans to Undergraduate Students (PLUS), and Supplemental Loans to Students (SLS). Other sources include three campus-based programs; Supplemental Educational opportunity Grants (SEOG), Perkins Loans (formerly National Direct Student Loans), and College work-study. institutions are allocated funds for each of the campus-based programs. The amount of funds for the Pell Grant and campus-based programs are determined annually by Congress.

State sources of aid are usually administered through a state agency such as NH Higher Education Assistance Foundation and include grants/scholarships, loans, and work. All New England states have scholarship or grant programs. The regulations and application procedures vary for each state. Ask your guidance counselor for information about your state's program.

Institutional sources of aid are provided and controlled by the institution. They may include grants/scholarships, loans, and campus employment.

Private sources of aid are derived from community organizations, foundations, professional associations, corporations, community lending institutions, and parents' employers. Need is usually considered, but other factors may be considered when determining your eligibility. A separate application is usually required for these programs. Check with your guidance counselor and local library for information concerning these scholarships.

Many colleges also provide a variety of payment plans and loan options for parents. Your parents should consult with the financial aid office of the school to which you are applying for details.