Add Your School name or logo Here. Presents:. And. Making Sense of the Financial Aid Process and Getting S tarted. What is Financial Aid?. Financial Assistance to help families pay for the cost of attending college that exceeds their ability to pay. Includes: Gift Aid (free monies)
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Add Your School name or logo Here
Making Sense of the
Financial Aid Process and Getting Started
-- Student Loans (to be repaid)
-- Student Employment (to be earned)
Who is Eligible?
All U.S. citizens or non-citizens with permanent resident status applying for federal student aid for the first time qualify for some forms of financial assistance.
Undocumented students may be eligible for some limited non-federal aid.
(Males required to register for selective service must do so in order to receive federal student aid.)
U.S. Department of Education(www.studentaid.ed.gov)
-- Pell Grant (Up to $5,645 per year)
-- Supplemental Education Opportunity Grant-SEOG (Up to $4,000 per year-generally less because of availability of funds at the school)
-- TEACH Grant (Up to $4,000 per year)
-- Perkins Loan (Up to $4,000 per year, but usually less because of availability of funds at the school)
-- Direct Student Loans (Up to $5,500 for freshman, $6,500 for sophomores, and $7,500 for juniors & seniors, $20,500 for grad students)
-- Parent PLUS Loan (Up to full cost of attendance minus student’s financial aid. Requires credit worthy applicant.)
-- Work Study (Award amounts vary by hourly wage and number of hours worked, campus policy)
(Notice of eligibility and award amounts for U.S. Dept of Education programs are made by the financial aid offices at the schools to which you apply.)
-- Washington State Need Grant (awarded by school)
-- State Work Study Program (awarded by school)
-- Tuition & Fee Waivers (awarded at WA public colleges)
-- Washington Scholars
-- Washington Award for Vocational Excellence
-- Washington Health Professions Programs
-- College Bound Scholarship
-- Opportunity Grants
WASHINGTON STATE (continued)
-- American Indian Endowed Scholarships
-- Future Teachers Conditional Scholarship and Loan Repayment
-- GET Ready for Math and Science Conditional Scholarship
-- John R. Justice Loan Repayment Program
-- Passport for Foster Youth Promise Program
*Many state programs have been suspended due to budget cuts made during the recession.
-- Academic Merit Scholarships
-- Talent Scholarships
-- Need Based Grants/Scholarships
-- Endowed or Restricted Scholarships
-- Institutional loan or work programs
(Availability of programs and funds, as well as definition of “merit” or “talent” varies by school)
Other Federal Agencies Offer Financial Assistance
U.S. Department of Veterans Affairs (http://www.gibill.va.gov/post-911/)
(Application is made with Dept of Veterans Affairs)
U.S Department of Health and Human Services(http://www.hrsa.gov/loanscholarships/
(Application usually made with Dept of Health Resources and Services Administration) Many programs are for graduate studies.
-- High School scholarships
-- Community scholarships (e.g. Sumner-Bonney Lake Educational Foundation/Dollars For Scholars, Rotary, Elks, etc.)
-- Foundation Scholarships
-- Business Scholarships
-- Employer Scholarships (employee tuition assistance, dependent scholarships)
-- Church Scholarships
And NOT these $80 .com site!
1.On Financial Need
Requires filing the FAFSA to determine financial need. Includes:
-- student loans
“Financial Need” is the difference between the cost of the school and the amount the family is expected to contribute toward that cost.
Cost of Attendance (COA)
- Expected Family Contribution (EFC)
Tuition and fees
Room and meals
Books and supplies
Day care costs
Personal and miscellaneous
(may also include uniforms and computer at school’s discretion/policy)
Federal Methodology of Need Analysis
So What happens next?
When can we expect to see this happen?
“Thinking About College?”
Find scholarship matches on the Washington only website: www.thewashboard.org
If the FAQ’s on the WFAA.org website don’t answer all your questions, talk to the financial aid administrator at your local college or university, or at the school the student is interested in attending.