- Naperville Central High School
- Paying for College
Paying for College
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Read the information below to learn about the different ways to pay for college as well as frequently asked questions about financial aid and filing the FAFSA.
Helpful Links
www.fafsa.ed.gov (file your FAFSA)
www.studentaid.gov (financial aid process)
FAFSA4caster (estimate eligibility for federal student aid)
Net Price Calculators (available on each college's website to determine net price based on institution's cost)
Midwest Student Exchange Program (reciprocity tuition system for midwestern schools)
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Scholarships
Scholarships are money that does not need to be paid back. It can come from the college itself or from an outside organization. Some scholarships are automatic merit scholarships from an institution and others a student may need to apply to be considered. Go to the college's website to see what scholarships they offer. Local scholarships are posted on SchooLinks for students to view under Scholarship Matching. Students can also create a profile on a free website like Fastweb, Cappex, SallieMae, or CareerOneStop to search for scholarships. Students should never pay to apply for a scholarship!
The Midwest Student Exchange Program is a multi-state tuition reciprocity program, which includes residents of Illinois. Tuition can be heavily discounted for Illinois students in other states if certain criteria are met. Click here to read more about this program and the incentives.
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FAFSA
The Free Application for Federal Student Aid (FAFSA) becomes available on October 1st of a student's senior year. Families are encouraged to complete the FAFSA in the month of October. The FAFSA is sent to all colleges where a student has applied and is often times the first step in receiving a financial aid award package from a college. The FAFSA should be completed each year a student is in college. Filing the FAFSA informs three financial pieces of information: federal and state grant money, federal student loans, and work-study. NCHS hosts a Financial Aid Application Workshop to assist families with the submission of this application each October. Families are also welcome to contact our ISAC Corps Member, Elizabeth Barrera at Elizabeth.Barrera@illinois.gov for questions. To complete the FAFSA, go to www.fafsa.ed.gov.
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Grant Money
Grant money is need-based money that does not need to be paid back. This money can come from the federal or state governments (by completing a FAFSA) and can also come from an institution's financial aid office.
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Student Loans
A student loan is money that is borrowed and needs to be paid back. By completing the FAFSA, a student can qualify for federal student loans. Federal student loans are broken down into two categories: subsidized and unsubsidized loans. Subsidized loans are available for students with financial need. The U.S. Department of Education pays the interest on a subsidized loan while the student is in school. An unsubsidized loan is available to all students regardless of financial need and the student is responsible for paying the interest on the loan. Remember, student loans are in the student's name, so it's important for the student to understand the financial responsibility and obligation. As a first-year college student, the maximum amount that can be borrowed is $5,500. As a second-year student, the amount goes up to $6,500 and a third-year student and beyond can borrow up to $7,500. For more detailed information about federal student loans, amounts borrowed, and interest rates, click here.
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Work-Study
Federal Work-Study provides part-time employment for college students with financial need and allows a student to earn money to help pay for an education. A student needs to file the FAFSA to determine work-study eligibility. A student can find work-study positions on campus and there is generally an office on most campuses to assist students in finding a work-study job. Of course, students who do not qualify for a federal work-study position can also find a part-time job on or off campus to earn money to pay for college or other related expenses.
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CSS Profile
Some highly selective institutions require submission of the CSS Profile through CollegeBoard. The CSS Profile provides a more in-depth and comprehensive look at a family's income and assets. Not all college require the CSS Profile and it should only be submitted if a college requires it as there is a fee associated with this application. For more information about the CSS Profile and the schools that require it, go to this website.
Financial Aid FAQs
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Should I file a FAFSA?
Yes, even if you do not think you will qualify for financial aid. Some merit-based scholarhips offered through colleges require completion of the FAFSA. Also, if a student is planning to take out any amount of a federal student loan, the FAFSA will need to be completed. Additionally, the FAFSA mandate this year requires all students from the Class of 2021 and beyond to complete a FAFSA to earn a high school diploma. Read more about the mandate here.
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I need help filing! Who can I ask for help?
The Illinois Student Assistance Commission (ISAC) employs Corps Members who have been trained on the ins and outs of the FAFSA. Our high school is assigned to a Corps Member who can help families with their FAFSA questions. Our NCHS Corps Member is Elizabeth Barrera. You can reach her at Elizabeth.Barrera@Illinois.gov or (630) 689-7759.
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What if I don't qualify to file the FAFSA?
If you do not meet the criteria to file the FAFSA, you may be able to submit the Alternative Application for Illinois Financial Aid. More information about this application can be found here or by contacting our ISAC CorpsMember Elizabeth Barrera at Elizabeth.Barrera@Illinois.gov.
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How do I file the FAFSA if my parents are divorced?
The parent with whom the student lived with more during the past 12 months should be reported on the FAFSA. If the student lived with parents equally, then whichever parent proivded more financial support during the past 12 months should be reported. For more information, click here.
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What items do I need to complete the FAFSA?
You will need seven items to complete the FAFSA.
1. An FSA ID
2. Your Social Security Number
3. Your Driver's License (if applicable)
4. Your 2019 Tax Records (to apply for the 2021-22 school year)
5. Records of Untaxed Income
6. Records of Your Assets
7. List of College(s) You Are Interested in AttendingFor more information about these items, click here.
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What if my family's income has changed since filing the FAFSA?
In this case, you will need to contact the finanical aid office of each college to explain the change. There are certain changes that can be made on the FAFSA, but others that you will need to directly seek assistance from a college's financial aid office. For common mistakes and how to correct them, click here.
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The FAFSA allows ten colleges to be reported. What if I'm applying to more than ten colleges?
After you report ten colleges on the FAFSA and hit submit, wait 3-5 business days and log back in to make a correction. Remove some of the colleges from your initial list and add the additional schools. Then you will need to resubmit your FAFSA for processing. This will ensure all of the colleges on your list receive your FAFSA information. Click here to read more.