Paying for College
The FAFSA (Free Application for Federal Student Aid)
The most important step you can take to find money for college is completing the FAFSA. The FAFSA calculates your “Expected Family Contribution“, or EFC, and determines what federal grants and loans you are eligible for. Colleges also use your EFC to decide how much “need-based aid” they will give you.
You should complete the FAFSA during the winter of your senior year of high school, and every following winter while you are in college. To complete it you’ll need:
- Your Social Security Number, or Alien Registration Number if you’re not a U.S. citizen
- Your Driver’s License Number (if you have one)
- W-2 forms from the last two years
- Your 1040 Federal Tax Income Return (as well as your parents’ tax return if you are under 24 years old and are not legally independent)
- Records of Untaxed Income (i.e., TANF, Social Security, Welfare or Veterans Benefits)
The deadline for completing the FAFSA in order to qualify for Pennsylvania state grants is May 1st for 4 year colleges, and August 1st for 2 year and trade colleges. Some colleges allocate aid on a first come first serve basis, so make sure to get your FAFSA completed as soon after January 1st as possible.
To estimate how much financial aid you may be eligible for, use the FAFSA Forecaster.
If you need assistance completing the FAFSA check out our calendar to find a free workshop near you.
If you would also like help completing your taxes The Benefit Bank and The Campaign for Working Families can assist you. The Benefit Bank’s free online tax software will help you complete your taxes and if you wish will automatically transfer that information to the FAFSA. Both organizations also have walk in centers where you can receive personal assistance with your taxes and FAFSA. Please note, to qualify for Campaign for Working Family services families must earn less than $49,000/year.
PHEAA
PHEAA is the Pennsylvania state grant. To find out if you qualify for PHEAA you will have to first complete the FAFSA. If you are eligible, a link to the PHEAA form will appear at the bottom of the last page of the FAFSA. Pay attention, the link is small and easy to miss! When you click on this link you will be asked to complete additional information, and then print and mail a hard copy of a the signature page.
PHEAA may request additional information by mail or email, watch both closely for notices.
Tax Credits for College
The American Opportunity Tax Credit offers a rebate of up to $2,500 for college expenses. To qualify for this credit you must earn under $80,000 if you file as single, or under $160,000 if you file as married. The $2,500 credit can be claimed by parents for each child that is in college, or, if the student files their taxes as an independent, by students themselves. Click here to download a document with more details on how to file for this credit.
Scholarships
There are scholarships that are awarded based on a wide range of factors, not just grades. Some scholarships will look for students who excel at sports, or spend a lot of time helping out in their community. Finding scholarships that are right for you can take some time and effort, but that time can pay off! Below you will find links to scholarships for Philadelphians, lists of national scholarships, and links to scholarship search engine tools that will help you find scholarships that match your interests and skills. Before you get started, check out some tips.
Scholarships for Philadelphia Residents
CORE Scholarships offers last dollar scholarships to high school seniors of up to $2000 to cover unmet financial need for their first year of college. The only eligibility requirement is enrollment at Community College of Philadelphia or any Pennsylvania State-Related college or university. For a list of eligible institutions visit their website.
The Philadelphia City Scholarship Program gives students $1,000/year to attend a college located in the greater Philadelphia area.
Center for Student Opportunity allows students to create a profile to search for scholarships and receive relevant college information. Creating a profile also qualifies you to apply for a scholarship they offer.
The Philadelphia Foundation manages several different scholarships intended for Philadelphia students. You can view the list of scholarships and download applications on their website.
The Urban League of Philadelphia offers several scholarships including the Community Scholarship Program and the American Association of Blacks in Energy/Urban League of Philadelphia Scholarship. Call 215-985-3220, ext. 208 for more information
Scholarships to Local Colleges and Universities
The Community College of Philadelphia offers the Robert S. King Scholarship to eligible students who graduate from a high school within the city of Philadelphia. For more information contact Patti Conroy at 215.751.8214 or pconroy@ccp.edu.
Drexel Liberty Scholars provides full tuition scholarships to low-income students from Philadelphia and is renewable annually.
The Philadelphia Scholars Award offered by Harrisburg University of Science and Technology provides a full tuition scholarship renewable over four years to students from Philadelphia.
Peirce College offers the Mayor’s Scholarship to one Philadelphia resident and one employee of the city of Philadelphia each year. It consists of a full tuition scholarship, renewable yearly. Submit the application, along with the essay and other materials described here to apply.
Penn State Alumni Association Scholarship is available to current first year students from Philadelphia who attend any Penn State campus. Scholarships of $1,000 each will be awarded to two students. The completed application is due October 1st 2010.
The Mayor’s Scholarship Program through the University of Pennsylvania fully meets financial need and is renewable for four years.
Websites to Help You Find Scholarships
The School District of Philadelphia sorts scholarships into lists by application deadline. This is a good place to start if you are feeling overwhelmed by search engines that list hundreds of scholarships. You do not have to attend a School District of Philadelphia school to use the site!
CollegeBoard and FastWeb offer very detailed scholarship search engines that allow you to save a profile and enter information on everything from your grades to medical conditions. The engines use this information to find ideal scholarships for you.
United Negro College Fund has a scholarship search engine, but also allows you to browse lists of scholarships with upcoming deadlines.
ASPIRA provides a list of scholarships.
Scholarships 4 Students lists scholarships based on categories. It has a list for high school students, a list for current college students, a list by college major, etc.
Loans
Student loans can be a last resort to make up the difference between what you can afford to pay and the financial assistance you have received from the government, your college and private scholarships. Taking out loans can be scary, but most students have to borrow at least a small amount of money to pay for college. There is a federal loan program just for students that offers low interest loans that you do not have to begin paying back until you are no longer in school. If you have to borrow, federal loans should be your first choice.
There are two types of federal student loans, subsidized and unsubsidized. To find out which one you qualify for you will have to complete the FAFSA, information on the FAFSA is included at the top of this page. If your loan is subsidized, this means that the government will pay off the interest that is charged to your loan while you are in college. When you are out of college you will only be responsible for paying the exact amount that you borrowed. If your loan is unsubsidized you will be responsible for paying the interest that is charged to your loan, as well as the original amount you borrowed.
Parents may also borrow money to help pay for their student’s education through the federal Parent PLUS loan program. Like federal student loans, Parent PLUS loans offer lower interest rates than loans from a bank.
Click here to view a chart showing different types of student and parent loan options.
Loan Forgiveness
If you plan to go into public service, such as teaching or working for the government, you may be eligible for the Public Service Loan Forgiveness Program. This program offers loan forgiveness to individuals who have worked in public service positions for ten years while making payments on their loans. After ten years of payments, 120 payments, have been made the remainder of the loan will be forgiven. To count towards the 120, payments must have been made after October of 2007. Click here to download a document with details.
