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Financial Aid for College

Financial Aid for College. Filling out a FAFSA. All money spent on education is an investment…. By your government By your community By your parents and family By YOU …intended to yield a return!. Your education thus far has been an investment made by your community.

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Financial Aid for College

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  1. Financial Aid for College Filling out a FAFSA

  2. All money spent on education is an investment….. • By your government • By your community • By your parents and family • By YOU …intended to yield a return!

  3. Your education thus far has been an investment made by your community • $3500-4000 per student per year • X 12 • $42,000-50,000 What kind of a return do you represent thus far?

  4. FAFSA: Federal money • Free • Application • For Federal • Student • Aid Find the link at www.fafsa.gov Never pay anyone to file your FAFSA!

  5. You fill it out each year! • Your info will be kept on file. • Each school year, you update the information.

  6. Filing the FAFSA allows you to continue your education • You shoulder some of the responsibility for the cost • You invest in your future

  7. What kind of schools qualify for Federal dollars? • 4 year colleges and universities • Community colleges • Trade schools • Vocational training programs

  8. Types of Aid • Grants – money not repaid, given on a basis of need (income+assets+family size) Pell Grants • Work Study – employment - wages paid with federal money • Loans

  9. Federal Student Loans are different from commercial loans. • Lower interest • Longer payback period • Grace period upon completion of your education

  10. Dependency • Your will be regarded as a dependent until you are 24 • Your parent’s/guardians’ income will be considered in awarding you financial aid • Independent status: marriage, children, foster care, emancipation

  11. Special circumstances • Case by case basis • Considered through a written explanation to individual financial aid departments

  12. To file a FAFSA you need • Current financial information for you and your parents/guardians • Tax returns • W-2’s

  13. File in January • Even if you do not have current tax information – use previous year’s numbers as an estimate • Update ASAP when current taxes are completed

  14. Pin Numbers • Allow you and your parents to sign your FAFSA online • Requires a social security number • (Parents with no SS# follow directions for pin)

  15. Follow the FAFSA with the OSAC • Oregon Student Aid Commission is the state form of the FAFSA • Consideration for Oregon Opportunity Grant (similar to the Pell) is automatic when FAFSA is filed • Clearinghouse for over 300 other grants and scholarships • GearUp scholarships (Central has 5) – this is the last year.

  16. Focus on local scholarships • Think about scholarships given by employers and local businesses • They are less competitive

  17. Remember: • If you fail to plan....

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