Financial Aid for College. Sources of Aid. Government Federal State Institutional Varies by schools Private. Government Aid. Types of aid Grants Federal Student Loans Work-Study Programs Scholarships. Grants. Grants are: “Gift aid”
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Sources of Aid • Government • Federal • State • Institutional • Varies by schools • Private
Government Aid • Types of aid • Grants • Federal Student Loans • Work-Study Programs • Scholarships
Grants Grants are: • “Gift aid” • Financial aid that does not have to be repaid • Often need-based
Federal Perkins Loan Program • For undergraduate students • Demonstrate financial need: • Up to $5,500 • Students enrolled: at least half-time • Interest: 5% • Enrolled at least part-time • Student pays interest • Not all schools participate in the Federal Perkins Loan Program • Funds depend on student’s financial need and availability of funds at the college
Federal Work-Study • Provides part-time jobs for undergraduate with financial need • Encourages community service work and work related to the student’s course of study This program is first come, first serve!
Government Scholarships • Scholarships are “gift aid” • Government scholarships are available from the state • Amount of award varies • Type of award • One-time • Renewable • Eligible for the award if you meet the requirements (no need to reapply)se scholarships offer both Merit-Based and Need-Based • Types of scholarships • Academically talented students • Students from minority groups • Low-income students • students pursuing high-need fields of study (such as STEM fields)
State Scholarships Find scholarships at: http://wdcrobcolp01.ed.gov/Programs/EROD/org_list.cfm?category_cd=SGT
Government Aid • To qualify for this aid, you must complete the: Free Application for Federal Student Aid (FAFSA)
Institutional Aid • Provides scholarships • Merit-Based • Need-Based • Varies with each institution • Featured program scholarships SHPE Foundation
Scholarships • Types of Scholarships • Merit-Based • Need-Based • Available from • Corporations • Organizations • Non-profits • Businesses • Specific Scholarships • Minority groups • Leadership • Field of Study • Community Service
Private Student Loans • Lenders maybe a • bank, • credit union, • state agency, or • school • Loans should be a last resort as interest payments may be high
Private Student Loans • Many require payments be made during school • May require established credit score • May need a co-signer • Interest rate • Variable • Some greater than 18% • Student pays the interest
Helpful Links • www.finaid.org • www.studentaid.ed.gov • studentloans.gov/myDirectLoan/index.action • www.collegescholarships.org SHPE Foundation
Contact Us Stacie Freasier Program Manager Stacie.Freasier@shpe.org 703-373-7930 ext. 204 Ariadna Mahon-Santos Program Coordinator Ariadna.Mahon-Santos@shpe.org 703-373-7930 ext. 203 SHPE Foundation 1444 Duke St. Alexandria, VA 22314 Danielle Carneiro Program Coordinator Danielle.Carneiro@shpe.org 703-373-7930 ext. 202