Myth - My parents make too much money to qualify for aid.
Truth - The truth is that income is only one of many factors considered when calculating your financial aid award package. The Office of Student Financial Assistance also considers household size, number of children in college, and age of the older parent; alongside a multitude of other factors that help to make a determination about your Expected Family Contribution (EFC).

Myth - My folks will have to sell their home in order to pay for my college expenses.
Truth - Colleges only take a percentage of your home equity into account when determining how much your family should contribute to the cost of your education. You can rest assured that no college will ever expect your family to sell their home in order to pay for your education.

Myth - Loans are not financial aid.
Truth - Neither the government nor any college has enough financial backing to award free money to the number of students who may need it. As a result, most financial aid packages are a mixture of grants and loans. If you receive a government-subsidized loan, you have received a form of financial aid.

Myth - I can do everything at the last minute.
Truth - Deadlines are very important in the financial aid process. For some forms of aid, there is only a certain amount allotted per academic year that the Office of Student Financial Assistance can distribute to students. As a result, these special funds are distributed on a first-come, first-served basis. The earlier you submit your FAFSA and all of the necessary documentation, the sooner you will be awarded. Thus, it is very important to pay attention to the priority deadlines.

SAR (Student Aid Report)
Summarizes the information you report on your FAFSA. The schools you list on your application can request electronic copies of your SAR and use this information to determine if you are eligible for federal financial aid.
AWARD LETTER
A letter sent by the college/university that notifies the student of the amount and type of financial aid they are eligible to receive.
PELL GRANT
Money awarded to those students who demonstrate the greatest financial need. Pell grants do not need to be repaid.
WORK STUDY
A federally funded program established to make part-time jobs available to students who express financial need.
SUBSIDIZED LOAN
A loan for which the borrower is not responsible for any of the interest payments. The government pays all interest accrued to the lender on behalf of the borrower while the student is in college and during approved grace periods.
UNSUBSIDIZED LOAN
A loan for which the government does not pay the interest for on behalf of the borrower. The borrower is responsible for all interest accrued from the moment of disbursement, including the time the student is in school.
PLUS LOAN
The Parent Loan for Undergraduate Students (PLUS) is a loan taken out by the parent(s) on behalf of the student. The parent(s) of a student may borrow up to the difference between educational costs and other financial aid each year from a bank or other lending institution through this program. This loan begins with the parent(s) filling out a credit application.

The FAFSA has been new and improved for 2010-2011. ifap.ed.gov/eannouncements/attachments/111909FAFSAWebPrePresentation1011.ppsx

FAFSA training opportunities to you from USA Funds. Register for additional FAFSA Webcasts through USA Funds Connections or www.usafunds.org. Next sessions are:
·12/16/2009 at 11am ET
·1/6/2010 at 3pm ET
·1/13/2010 at 11am ET
·1/20/2010 at 3pm ET
·1/27/2010 at 11am ET.
To download links to video recordings of each of the sessions held at the 2009 Federal Student Aid Conference: client.blueskybroadcast.com/fsa/2009/index.html.