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NIH Work/Life Center Resources

Explore valuable tips and debunk common myths about accessing financial aid for college education. From applying for scholarships to filling out forms, grasp essential insights to navigate the financial aid process successfully.

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NIH Work/Life Center Resources

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  1. NIH Work/Life Center Resources • Free Resource & Referral Benefit • Child Care • Adoption • Schools/Colleges • Elder Care • Legal • Financial • “Faces & Phases of Life” Seminars • Career Counseling & Workshops NIH Work/Life Center

  2. Secrets of Paying For College Brought to you by the NIH Work/Life Center February 23, 2006

  3. Objectives • Why go to college? • Financial assistance options • Requirements for eligibility • Applying for financial aid • Myths and truths about financial aid • Helpful hints along the way! NIH Work/Life Center

  4. NEED BASED FAFSA ProFile Certain grants & loans Tax treatment of loans Work/Study NON-NEED BASED Grades/Scores Affiliations/Memberships Parents’ Employer Ethnicity/Religion Talents ROTC Private scholarships Certain loans (PLUS) Service academies Certain chosen professions Types of Aid NIH Work/Life Center

  5. Alternate Sources of Funding • Federal Student Aid • State Aid • Grants • Scholarships • Loans • Veteran’s benefits • IRS - tax credits NIH Work/Life Center

  6. Scholarships • 40 % - $2,001 average – Government/Pell Grants - 750,000 scholarships earmarked for qualified students, totaling $1.2 billion (NCES, 2002) • 6 % - private scholarships average $2,051 and are awarded to both needy and non-needy students alike • Deadlines for scholarships generally don't come due until students are high school seniors; but start researching opportunities now • Use the Internet – there are several search tools NIH Work/Life Center

  7. Requirements • Financial need • Educational requirement • Legal residency • Not on loan default • Selective service registration • Not convicted of felony • Not incarcerated NIH Work/Life Center

  8. Time Is Essential • Visit Colleges During Junior Year • Select Five • Devise A Plan To Pay For College NIH Work/Life Center

  9. You Must File A Financial Aid Form • FAFSA • CSS Profile Form This is the first step toward receiving any form of aid. NIH Work/Life Center

  10. Federal Student Aid Application Process Summary NIH Work/Life Center

  11. Applying for Financial Aid • FAFSA – Free Application for Federal Student Aid • Web or paper • Only application needed • FAFSA also serves as the application for state aid • Free help available 1-800-4-FED-AID NIH Work/Life Center

  12. Timing Becomes Crucial • October: Order and complete Profile Form, if necessary. • November: Inquire about college supplemental forms. • January: Mail the FAFSA on the 2nd. • February: Have taxes prepared. The majority of colleges will require a copy by March 15th. NIH Work/Life Center

  13. Watch The Mail • January: SAR by the end of the month. • February: College’s inquiry or instructions. • March through May: Aid packages arrive. NIH Work/Life Center

  14. Factors that Influence Costs • Where assets reside • FAFSA vs. Profile schools • School’s endowment funds • FastWeb and other scholarship resources • How kids spend their time • NMSQT/Academic excellence • Loans • State scholarships • Custody NIH Work/Life Center

  15. Myths • “My parents make too much money, so I won’t qualify” • “My grades are not good enough” • “Only minorities are eligible” • “The form is too difficult to complete” NIH Work/Life Center

  16. Truths • Colleges and universities are receiving less money from the Federal and State governments • Trend towards less FREE money and more loans being given out to help fund a college education • Some schools have more flexibility when it comes to negotiating for a better financial aid package NIH Work/Life Center

  17. 5 Secrets - Randall F. Rothstein, CPA, PFS, CCPS • Start out at a state school and then transfer to a private college • Consider a college that offers cooperative education • Take the military route • Look into outside scholarships • Try borrowing from an innovative loan program (Source: http://www.rothsteinassociates.com/special_reports_twelve.asp) NIH Work/Life Center

  18. Helpful Hints • Keep copies of all paperwork • Be careful not to miss deadlines • Borrow only what is needed • Watch out for scams and identity theft • http://www.ftc.gov/bcp/conline/edcams/scholarship/ • Keep expenses low • bring your own lunch • live with roommates • look for sales, specials and coupons NIH Work/Life Center

  19. Resources • www.fastweb.com • www.salliemae.com • www.FAFSA.ed.com • www.ed.gov • www.students.gov • www.studentaid.gov NIH Work/Life Center

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