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PAYING FOR COLLEGE - PowerPoint PPT Presentation

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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


lesson objectives
Lesson Objectives
  • Explain various methods to pay for college, including through savings, grants, scholarships, student loans, and work-study
  • 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
  • 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 and scholarships can come from the federal 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
  • 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