Most sources of student aid are administered by the financial aid offices of state colleges and universities. If you are a resident of Connecticut and wish to apply for aid, you should contact the financial aid offices of the colleges and universities of your choice.
Different Types of Student Aid
- Grants and scholarships are grants of money that don’t need to be repaid.
- Loans involve borrowing money that typically needs to be repaid with interest.
- Part time jobs provide opportunities through colleges where students can work and earn money.
Student aid often comes in a combination of these three types referred to as a “financial aid package.” The amount you receive depends on your need. Most of the assistance provided by state governments is based on financial need rather, than academic achievements. To determine your need you will have to fill out the Free Application for Federal Student Aid (FAFSA®).
If you want to know in advance whether you qualify for aid you can use the Federal Student Aid Estimator. However remember that you still need to complete the FAFSA® by accessing the FAFSA Application.
In addition to that there is a tax credit program called the Lifetime Learning Credit offered by the government. You and your family might be eligible for this credit when filing your tax return. For information visit www.irs.gov/Individuals/Students.
Important Details about Student Aid
Students receive assistance from sources. You may be eligible for support from the state government, community organizations or religious groups your parents employer or union. Even directly from colleges themselves.
The beginning of your year in school is an ideal time to start exploring financial aid options. The best resources for information are the financial aid offices at the colleges you plan on attending.
As you research colleges make sure to visit their financial aid webpages. Take note of all deadlines and any required forms, for applying for assistance.´
Understanding Your Financial Requirements
The analysis of your needs takes into consideration factors such as your parents income, your own earnings and your familys net assets (cash, bank accounts, trusts, investments) to calculate your Expected Family Contribution (EFC). However it’s important to note that the value of your home is not taken into account for state aid calculations. The college you are applying to may consider home equity when determining eligibility for aid.
Additionally the needs analysis considers certain family expenses like income taxes paid the number of family members household members attending college or vocational school and your parents retirement savings needs.
The colleges where you apply will review the results of the needs analysis to determine how much you and your family are expected to contribute towards covering costs. Your financial need is calculated by subtracting the expected EFC from the cost of education.
To fulfill this financial need colleges may offer a combination of various types of financial aid packaged together. This package could include grants, scholarships, part time employment opportunities and loans. If you receive a Federal Direct Loan as part of your award package you will be required to complete a Master Promissory Note.
Some colleges might have forms that need to be completed alongside the Free Application, for Federal Student Aid (FAFSA) some of which may have associated fees.
Typically these colleges offer financial assistance from the institution itself. They require details to gain a better understanding of your familys financial situation.
Within a fortnight of submitting your FAFSA online you will receive a Student Aid Report (SAR). This report provides insights into your eligibility for a Pell Grant. Take time to read it attentively. The college will utilize the information, from the SAR to determine if you qualify for a Pell Grant and include it in your financial aid package if applicable.
Points to Keep in Mind
Fact 1; The amount of financial aid you’re eligible, for is determined by your financial need.Your expected family contribution (EFC) typically remains consistent across colleges but your financial need may vary depending on the colleges costs.
Fact 2; You will require financial aid at a higher cost college compared to a lower cost one. However this doesn’t guarantee that either college will offer financial aid to meet your needs.
Fact 3; Different colleges have varying approaches when it comes to ” scholarships.” Some colleges won’t affect your aid package while others may adjust the loan portion or reduce the grant aid by the scholarship amount.
Fact 4; Remember to apply for aid each year and check with your college for any application deadlines.
Fact 5; Reach out to all the colleges you’re applying to in order to inquire about their financial aid deadlines.
Fact 6; College represents an investment but its also one of the most important investments you can make in your future. Take the time to explore all financial aid options before making any decisions, about which college to attend.
College financial aid advisors are available to assist you in exploring options, for financing your education.
FAFSA Facts
Some important facts about the FAFSA are as follows; all colleges require students to submit a FAFSA and most students do it online through FAFSA Application | Federal Student Aid.
To apply for state and federal aid it is mandatory to complete a FAFSA. The information provided in this application will be used to assess your eligibility.
You can start filing your FAFSA as October 1st of each year. For the 2022 23 year you will need to use either your own or your familys 2020 Federal income tax information.
After submitting your FAFSA it will go through a needs analysis process, for review.
After carefully considering this analysis you will receive an “Expected Family Contribution” (EFC). This represents the amount that you and your family are expected to contribute towards covering the costs of one year of college. The EFC will be utilized to evaluate your financial aid needs.
Loan FACTS
It’s important to consult your college aid officer if you plan on taking out a student loan to cover your education expenses. They can provide guidance on the application process specific to your college.
The appealing educational loans are those designed for students with financial need. These loans, such as Federal Direct Loans and Perkins Loans don’t require interest payments or repayment while you’re still in school.
If you don’t qualify for need based aid there’s also an option through the federal Direct Unsubsidized Loan Program for borrowing.
Parents can explore borrowing options through the PLUS Loan Program and additional educational loan programs, which your college aid officer can provide information about.
Like any loan it’s crucial to fully understand the interest rates, repayment terms and tax implications. Find out if the interest charges are fixed or variable if there are forgiveness or deferment provisions if consolidation with loans is possible and whether prepayment penalties apply. Only borrow what you truly need since loans must be repaid even if you don’t complete college.
Steps to Take
1. Submit your FAFSA early.
Make sure you don’t miss your colleges FAFSA priority deadline as it could impact your eligibility for state or institutional financial aid. Pay attention and adhere to the given deadlines.
2. Understand the financial aid application process of your chosen college.
Ensure that you obtain all the forms and be mindful of any deadlines associated with them.
3. Be diligent in checking your mail.
Take the time to open and thoroughly review any correspondence—whether by mail or email—from the colleges you’re applying to information from their financial aid offices. Completing required forms is essential for securing an aid package.
4. Remember, you have a voice!
Conduct research stay organized with deadlines and maintain communication with your schools financial aid office. Keep in mind the phrase “The squeaky wheel gets the grease.” Stay proactive in addressing your financial aid needs.
For Further Information;
Your colleges financial aid office is your resource. Reach out to them while submitting your admission application.
A checklist can often be helpful, for both financial planning purposes.
The U.S. Department of Education has made checklists for academic and financial preparation that cater to elementary, middle and high school students as well as their parents. You can find these checklists at Checklists for Academic and Financial Preparation.
National Information Sources
Federal Student Aid on the Web – https://studentaid.gov
… information from the U.S. Department of Education on planning, preparing and paying for postsecondary education.
Financial Aid Information Page – www.FinAid.org
… click on $Scholarships to access a wide selection of search databases. Click on Calculators for tools to determine college costs, savings goals, and how much financial aid you may need.
FastWeb – www.fastweb.com
… a highly popular, customized financial aid search site.
EFC Calculator – www.finaid.org/calculators/finaidestimate.phtml
… use this tool to estimate your Expected Family Contribution.
College Board – www.collegeboard.org
… information on the SAT and other testing, college planning.
College Navigator – www.nces.ed.gov/collegenavigator
… information on the SAT and other testing, college planning.
Federal Trade Commission – www.consumer.ftc.gov/articles/0082-scholarship-and-financial-aid-scams
… information on scholarship scams and how to avoid them.
Connecticut Information Sources
CT Talent Assistance Cooperative/Educational Opportunity Center (Central Office)
(203) 634-7669, ext. 10
www.conntacinc.org
CT Higher Education Trust
(a 529 college savings program)
(888) 799-CHET (2438)
www.aboutchet.com
Connecticut Higher Education Supplemental Loan Authority (CHESLA)
(800) 252-3357
www.chesla.org
National Information Sources
Federal Student Aid on the Web – https://studentaid.gov
… information from the U.S. Department of Education on planning, preparing and paying for postsecondary education.
Financial Aid Information Page – www.FinAid.org
… click on $Scholarships to access a wide selection of search databases. Click on Calculators for tools to determine college costs, savings goals, and how much financial aid you may need.
FastWeb – www.fastweb.com
… a highly popular, customized financial aid search site.
EFC Calculator – www.finaid.org/calculators/finaidestimate.phtml
… use this tool to estimate your Expected Family Contribution.
College Board – www.collegeboard.org
… information on the SAT and other testing, college planning.
College Navigator – www.nces.ed.gov/collegenavigator
… information on the SAT and other testing, college planning.
Federal Trade Commission – www.consumer.ftc.gov/articles/0082-scholarship-and-financial-aid-scams
… information on scholarship scams and how to avoid them.
Connecticut Information Sources
CT Talent Assistance Cooperative/Educational Opportunity Center (Central Office)
(203) 634-7669, ext. 10
www.conntacinc.org
CT Higher Education Trust
(a 529 college savings program)
(888) 799-CHET (2438)
www.aboutchet.com
Connecticut Higher Education Supplemental Loan Authority (CHESLA)
(800) 252-3357
www.chesla.org
Major Sources of Financial Aid for Connecticut Students*
| Grants & Scholarships | ||||
| Program | Eligibility Criteria | Amounts (may vary) | Selection Criteria | Application Procedure |
| Federal: Pell Grant | Open to U.S. citizens or permanent resident aliens enrolled as college undergraduates. | For 2021-22, awards go up to $6,495 annually. | Based on financial need. | Complete the Free Application for Federal Student Aid (FAFSA) and get in touch with the college’s financial aid office. More information is accessible at Studentaid.gov. |
| Federal: Supplemental Educational Opportunity Grant (FSEOG) | Eligible for U.S. citizens or permanent resident aliens enrolled as college undergraduates. | Possible funding of up to $4,000 annually. | Selection based on financial need. | Complete the FAFSA and contact the college’s financial aid office. More details can be found at StudentAid.gov. |
| Iraq and Afghanistan Service Grant | Applicable to students whose parent or guardian was a U.S. Armed Forces member and died due to post-9/11/01 service in Iraq or Afghanistan. Eligibility requires being ineligible for a Pell Grant solely due to less financial need. The student must be under 24 or enrolled at least part-time in college at the time of the parent’s or guardian’s death. | Amount equals maximum Pell Grant for the award year, not exceeding the cost of attendance for that year. | Selection based on financial need. | Complete the FAFSA and reach out to the college’s financial aid office. More details can be found at StudentAid.gov. |
| Federal: TEACH Grant | Open to U.S. citizens or permanent resident aliens enrolled as undergraduates or graduates planning a teaching career. Requires a score above the 75th percentile on a college admissions test or a cumulative GPA of at least 3.25. | Potential funding of up to $4,000 annually. Grant converts to an unsubsidized Stafford Loan if teaching requirements are not met. | Selection based on intent to teach and academic merit. | Complete the FAFSA and contact the college’s financial aid office. More details can be found at StudentAid.gov. |
| State: Roberta B. Willis Need-Merit Scholarship Program | Available to Connecticut residents who are high school seniors or graduates with a junior year class rank in the top 20% and/or SAT scores of at least 1200 or an ACT score of at least 25. Recipients must attend a Connecticut public or nonprofit private college. | Possible funding of up to $5,250 annually for a 4-year program, and up to $4,650 annually for a 2-year program. | Selection based on allowable federal EFC and academic merit. | Complete a Roberta B. Willis Scholarship application through high school guidance offices by February 15, and submit a FAFSA by February 15. |
| State: Roberta B. Willis Need-Based Grant Program | For Connecticut residents attending a Connecticut public or nonprofit private college. Requires a federal Expected Family Contribution (EFC) within the allowable range. | Possible funding of up to $4,500 for full-time study in a 2- or 4-year program. | Selection based on allowable federal EFC. | Submit a FAFSA. Check with your college’s financial aid office regarding institutional filing deadlines. |
| Undergraduate Loan Programs | ||||
| Program | Eligibility Requirements | Funding Amounts (subject to variation) | Selection Criteria | Application Process |
| Federal: Perkins Loan | Open to U.S. citizens or permanent resident aliens enrolled in eligible postsecondary institutions. | Undergraduates can borrow up to $4,000 annually; total limit of $20,000 at a fixed 5% interest rate. | Allocation of federal funds and financial need | Complete the FAFSA and get in touch with the college’s financial aid office. Further details are accessible at StudentAid.gov. |
| Federal: Direct Subsidized Loan (government covers interest during school enrollment) | Available to U.S. citizens or permanent resident aliens enrolled in eligible postsecondary institutions. | Up to $5,500 per year for 1st-year students, $6,500 per year for 2nd-year students, $7,500 per year for 3rd-year students and beyond. Total cap for undergraduate study: $23,000. Fixed interest rate of 3.73% for loans initiated since 7/1/21. |
Based on financial need | Complete the FAFSA and contact the college’s financial aid office. More details are available at StudentAid.gov. |
| Federal: Direct Unsubsidized Loan (borrower covers or accumulates interest during enrollment) | Available to U.S. citizens or permanent resident aliens enrolled in eligible postsecondary institutions. | For dependent undergraduates, annual and aggregate limits match the Stafford Loan (as mentioned above); for independent undergraduates, up to $9,500 per year for 1st-year students (with no more than $3,500 in subsidized loans), $10,500 per year for 2nd-year students (with no more than $4,500 in subsidized loans), $12,500 per year for 3rd-year students and beyond (with no more than $5,500 in subsidized loans). Fixed interest rate of 3.73%. |
Based on the cost of attendance | Complete the FAFSA and contact the college’s financial aid office. More details are available at StudentAid.gov. |
| Graduate Student Loan Programs | ||||
| Program | Eligibility Criteria | Loan Amounts (may vary) | Selection Criteria | Application Process |
| Federal: Direct Unsubsidized Loan | Open to U.S. citizens or permanent resident aliens enrolled at eligible postsecondary institutions. | Annual maximum loan amount is $20,500. Up to $8,500 of this amount may be subsidized. Cumulative loan limit of $65,500 for combined undergraduate and graduate borrowing. (Certain medical school students may be eligible for up to $40,500 per year with a cumulative limit of $189,125.) Fixed interest rate of 5.28%. | Based on financial need and cost of attendance | Complete the FAFSA and contact the college’s financial aid office. For more information, visit StudentAid.gov. |
| Graduate PLUS Loan | Available to graduate or first-professional students who are U.S. citizens or permanent resident aliens enrolled at eligible postsecondary institutions. | Annual maximum is determined by the Cost of Attendance (COA) minus any financial aid received, including Federal Stafford loan eligibility. Fixed interest rate of 6.28%. | Based on credit history | Complete the FAFSA and contact the college’s financial aid office. For more information, visit StudentAid.gov. |
| Loan Forgiveness | ||||
| Program | Eligibility Criteria | Forgiveness Amounts (subject to variation) | Selection Basis | Application Process |
| Federal: Perkins Loan | Available to Perkins Loan borrowers who have served full-time in a public or nonprofit elementary or secondary school as a teacher in a school serving low-income students, a special-education teacher, or a teacher in the fields of mathematics, science, foreign languages, bilingual education, or other state-designated teacher shortage fields. | Possible cancellation of up to 100% of the loan balance; 15% canceled for the 1st and 2nd years of teaching, 20% canceled for the 3rd and 4th years of service, and 30% canceled for the 5th year of service. | Not Applicable | Discuss with a counselor at your college’s financial aid office. |
| Federal: William D. Ford Direct Loan Program Public Service Loan Forgiveness | Open to borrowers who are in full-time public service jobs and have completed 120 payments on any of the following non-defaulted loan types: Federal Direct Stafford Loans (subsidized and unsubsidized), Federal Direct Graduate PLUS Loans, Federal Direct Parent PLUS Loans, and Federal Direct Consolidation Loans. | Forgiveness of any remaining balances after making 120 consecutive, on-time payments on eligible loans. | Not Applicable | Apply online. |
| Program | Eligibility Criteria | Forgiveness Amounts (subject to variation) | Selection Basis | Application Process |
| Federal: Perkins Loan | Applicable to Perkins Loan borrowers who have served full-time in a public or nonprofit elementary or secondary school as a teacher in a school serving low-income students, or as a special-education teacher, or a teacher in fields like mathematics, science, foreign languages, bilingual education, or other state-designated teacher shortage areas. | Cancellation of up to 100% of the loan balance; 15% canceled for the 1st and 2nd years of teaching, 20% canceled for the 3rd and 4th years of service, and 30% canceled for the 5th year of service. | Not Applicable | Consult with a counselor at your college’s financial aid office. |
| Federal: William D. Ford Direct Loan Program Public Service Loan Forgiveness | Available to borrowers in full-time public service jobs who have made 120 payments on non-defaulted loan types, including Federal Direct Stafford Loans (subsidized and unsubsidized), Federal Direct Graduate PLUS Loans, Federal Direct Parent PLUS Loans, and Federal Direct Consolidation Loans. | Forgiveness of any remaining balances after the borrower has made 120 consecutive, on-time payments on their eligible loans. | Not Applicable | Apply online. |
| Work Opportunities for Students | ||||
| Program | Eligibility Criteria | Compensation Amounts (subject to variation) | Selection Basis | Application Process |
| Federal: Work-Study | Open to U.S. citizens or permanent resident aliens enrolled as undergraduate or graduate students. | Varies depending on wages and hours worked. | Based on financial need | Complete the FAFSA and contact the college’s financial aid office. For more details, visit StudentAid.gov. |