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PAYING FOR COLLEGE. UNIT 14_LESSON 5. Lesson Objectives. Explain various methods to pay for college, including through savings, grants, scholarships, student loans, and work-study. SAVINGS.

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Paying for college
PAYING FOR COLLEGE

UNIT 14_LESSON 5


Lesson objectives
Lesson Objectives

  • Explain various methods to pay for college, including through savings, grants, scholarships, student loans, and work-study


Savings
SAVINGS

  • Savings is defined as keeping money for future use, or to redirect money from current spending to a savings account or another form of investment.

  • Saving money sounds like a great idea, but sometimes it can be challenging to do. Saving is more than just spending less; it also involves deciding what to do with the extra money.

  • Finding ways for money to earn additional money allows your savings to grow,


  • Strategies for saving

    • Pay yourself first- Before spending money on anything else, put money in your savings account or your piggy bank

    • Put money in a bank – it can earn interest

    • Government savings bonds

    • Money market account

    • Certificates of deposit (CDs)

  • Things to consider when choosing a saving option:

    • Liquidity - how easy it is to turn an item into cash without losing any money.


Grants and scholarships
GRANTS AND SCHOLARSHIPS

  • Often called “gift aid” because they are free money—financial aid that doesn’t have to be repaid.

  • Grants are often need-based, while scholarships are usually merit-based.  

    • Need-based: Eligibility is based solely on the assets and income of the prospective student and his or her family

    • Merit-based: Merit includes a variety of categories: academic, artistic, athletic, and the list goes on and is based on achievement



Grants
GRANTS government, your state government, your college or career school, or a private or nonprofit organization.

  • Types of Grants

    • Federal Pell Grants

    • Federal Supplemental Educational Opportunity Grants (FSEOG)

    • Teacher Education Assistance for College and Higher Education (TEACH) Grants

    • Iraq and Afghanistan Service Grants

  • How do I get one?

    • Fill out and submit a Free Application for Federal Student Aid, FAFSA


Scholarships
SCHOLARSHIPS government, your state government, your college or career school, or a private or nonprofit organization.

  • Types

    • There are thousands of scholarships offered by schools, employers, individuals, private companies, nonprofits, communities, religious groups, and professional and social organizations.

  • How do I get one?

    • contacting the financial aid office at the school you plan to attend and checking information in a public library or online

    • Each scholarship has its own deadline and requirements

    • Be sure to avoid scams


Federal student loans
FEDERAL STUDENT LOANS government, your state government, your college or career school, or a private or nonprofit organization.


Work study
WORK STUDY government, your state government, your college or career school, or a private or nonprofit organization.


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