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Glow Foundation 2011

Glow Foundation 2011. Online Version for Program Course Credit 2010-11. Financial Literacy Education Workshop IV: Intro to Financial Aid. Agenda. FAFSA Overview of Financial Aid (Scholarships, Grants, Work Study, Loans) Junior Program Review Closing/Questions. Group Agreements.

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Glow Foundation 2011

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  1. Glow Foundation 2011 Online Version for Program Course Credit 2010-11 Financial Literacy Education Workshop IV: Intro to Financial Aid

  2. Agenda • FAFSA • Overview of Financial Aid (Scholarships, Grants, Work Study, Loans) • Junior Program Review • Closing/Questions

  3. Group Agreements Commitment to Glow Foundation’s program Be prompt and prepared for all Glow sessions (including HW items) Reach out for help when needed Respond promptly to emails or phone calls Share the information learned with family and peers Be respectful (one mic)/confidentiality Accountable for myself and the group success

  4. FAFSA: Free Application for Federal Student Aid Apply EARLY in order to receive more federal and state aid (starting Jan 1st before March 2nd) The FAFSA is used to apply for: 1. 2. 3. Grants Work Study Federal Loans

  5. Materials Needed Your parents’ income tax forms Your income tax forms Driver’s License (if any) Social Security Number Current Bank Statements Permanent Resident Card

  6. www.fafsa.ed.gov

  7. Preparing for Your Senior Year Visit the FAFSA Website Complete the FAFSA on the Web Worksheet Talk to Parents About FAFSA Apply for Scholarships

  8. Intro to Financial Aid What is FINANCIAL AID? But, before you can qualify for any type of federal aid, you need to…….

  9. What is a Scholarship? • Definition: Free money that is awarded based on merit • Some Facts: • Privately Funded • More Rigorous Application Process – Often Requires Essays/Rec. Letters/ Transcripts • Varying Eligibility Requirements • No Limits to the Number YouReceive!

  10. Searching for Scholarships www.bagf.org www.glowfoundation.org www.siliconvalleycf.org/grants_studentsTeachers_SCHOL.html w.scholarships.com

  11. Scholarship Tips Be organized Be honest Follow instructions carefully Proofread your application Keep copies of everything you send Send in your application packet ASAP

  12. What is a Grant? • Definition: Free money that is awarded based on financial need • Some Facts: • Generally Federally or State Funded • Complete the FAFSA to Apply • Requires a Social Security Number and Financial Need • Multiple Grants can be Accepted

  13. What is Work Study? • Definition: A federally paid job where the money earned is used to pay for college expenses • Some Facts: • Complete the FAFSA to Apply • Based on Financial Need • You Can Only Hold One Work Study Position at a Time

  14. Benefits of Work Study Flexible schedule-employers know you are a student first Many FWS jobs are in the fields of your major or areas of interest Hourly wage can be higher than minimum wage In some cases, you can study while you work (libraries, dining commons, gyms, etc.) More job opportunities available to you

  15. What is a Federal Loan? • Definition: Borrowed money from the federal government that is to be paid back with interest • Some Facts: • Complete the FAFSA to Apply • Based on Financial Need, Not Credit • Multiple Loans Can Be Taken Out

  16. Loans When would I need a loan? Things to pay attention to How much to borrow Interest rate Fees & other costs Repayment terms Subsidized vs. Unsubsidized Loans Federal Loans vs. Private Loans

  17. Loan Tips Loan amount may depend on enrollment status Choose federal before private While in your repayment period, always pay at least the minimum balance Make payments early or on time DON’T BE INTIMIDATED!

  18. Junior Program Review Orientation FLE I - Money Management FLE II - Bank Services FLE III - Credit and Credit Cards FLE IV - Intro to Financial Aid

  19. Recap • FAFSA • Overview of Financial Aid (Grants, Work Study, Loans, Scholarships) • Junior Program Review • Closing/Questions

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