Class of 2019 Money for College
Students will: • Learn what financial aid is • Learn the types and sources of financial aid • Identify terms associated with Financial Aid • Receive a listing of national and local scholarships from counselor • Explore other options to pay for college
What is Financial Aid? • Financial aid consists offunds (scholarships, grants, loans, work-study) provided to students and families to help pay for postsecondary educational expenses.
What is Cost of Attendance (COA)? • COA includes: • Tuition & Fees • Room & Board • Books & Supplies • Transportation • Personal Expenses • COA Varies widely from college to college
What is Expected Family Contribution (EFC)? • Amount family can reasonably be expected to contribute • Stays the same regardless of college • Two components • Parent contribution • Student contribution
What is Financial Need? Cost of Attendance –Expected Family Contribution = Financial Need
Types of Financial Aid Gift Aid- Don’t have to be paid back • Scholarships • Grants-Pell, State, and Federal Grants Self-Help Aid • Employment-Work Study Loans- Must be paid back
Scholarships • Biggest Myth: Only smart students with high ACT and GPAs get scholarships (NOT so!) • Scholarships are considered “gift aid” similar to grants • Most have specific requirements • Pay attention to Deadlines • Merit or Need Based • Some have restrictions on what they will pay - Must be used for Direct Costs(books, fees, tuition, etc.); No cash back - Enrollment restrictions-Part time/Full time students
Scholarships(Cont.) • Renewable- can be awarded each year as long as requirements are met • Nonrenewable- One time scholarship • They come from multiple sources - Institutions - Organizations • Employers • There is no such thing as a complete list of scholarship • Counselor list given out today. • Use Google, Social Media(Twitter, Facebook, Instagram, Etc.) DON’T BE SCAMMED!!! NEVER PAY MONEY TO APPLY FOR SCHOLARSHIPS!!!
Tips to Getting Scholarships • Get an active email. Check them • Clean up social media accounts. Google yourself and see what comes up • Set up appropriate voicemail • Create a resume for references • Always follow the directions on applications, essays, etc. • Watch deadlines!
Grants • Pell Grants – Based on EFC • Automatic with eligibility • Maximum annual amount is $6,095 for 2018-19(equally disbursed each semester) • FSEOG • Supplemental grant for the neediest of students • Based on availability • TEACH Grant • For those planning to teach in high-need fields • Agreement to Serve • WIA Grant(Workforce Investment Act) - Contact Jackson Career Center or Ms. Stabler - Help pay for training in certain trades like welding, some nursing programs, etc.
Now - How Do I GET Grants, WorkStudy? • FAFSA – FREE Application for Federal Student Aid www.fafsa.govnotwww.fafsa.com NEVER PAY MONEY TO APPLY!!!
FAFSA • 2019-20 FAFSA available October 1, 2018 • Most colleges set FAFSA priority filing deadlines • Some schools require all students to complete FAFSA even if they don’t qualify for grants • Upcoming FAFSA events for srs: FAFSA Day: October 18th (Sign up for FSA IDs) Application Days(Parents Invited too): Oct 18th (2nd and 3rd Blocks) and Oct 31st (1stand 4th blocks) • Chance to win great prizes for all seniors who complete FAFSA by Nov 13th. Must bring confirmation sheet to Ms. Stabler to be entered.
School Affiliated Employment aka Work-Study Federal Work Study • Federal dollars paid in exchange for part-time employment in designated jobs • Remember that School comes first
Loans • Should be a last resort • Choose the Right College by comparing how much your family can help you versus what it will cost to attend • Federal Direct Loans • Subsidized(Interest doesn’t accumulate while in school) • Unsubsidized (Interest Accumulates while in school) • Parent PLUS Loans
Keeping Your Financial Aid MAKE SATISFACTORY PROGRESS • Time Frame • Grade Point Average/Dropping Courses • Pace Once you lose your federal aid/pell grant, it is hard to get it back!
Other Options • National Guard • ROTC • Internships
Make It Your goal!!! Graduate College Debt Free