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Understand the College Financial Aid Process

Understand the College Financial Aid Process. 12 th Grade FAFSA and Financial Aid #1. Pre-Test. N ame four types of financial aid What three types of financial aid does not have to be paid back? The __________ of an education continues to rise and is a good investment for the future.

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Understand the College Financial Aid Process

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  1. Understand the College Financial Aid Process 12th Grade FAFSA and Financial Aid #1

  2. Pre-Test • Name four types of financial aid • What three types of financial aid does not have to be paid back? • The __________ of an education continues to rise and is a good investment for the future.

  3. Objectives • Paying for College • Financial Aid Overview • Compare Financial Aid Awards • Know Financial Aid Specifics • People will help you with • Grants, Scholarships, Work-Study, Loans • Update Postsecondary Plan

  4. Paying for College Video • Watch the Paying for College Overview Video • Pay special attention to • The value of a college education • Who may qualify for financial aid

  5. Review Key Points of the Video • Value of a college education continues to rise • It is a good investment for the future • Gain skills you will use for the rest of your life • Broadens your understanding of the work around you • College Graduate: Earns $1.2 million more • No matter how much money your family makes • Investigate all of your financial aid options including • Grants, scholarships, work study, loans • Families that earn up to $150,000 a year can still be eligible for financial aid in some cases

  6. College Loans and Work-Study • 3 Common types of loans • Stafford Student Loan • 3.4 fixed interest rate (very low rate) • PLUS Parent Loan • 7.9% rate (still low) used most often used by parents • Private Loans (from banks or other lending firms) • Usually highest interest rates, can get a good deal sometimes • Work Study: College pays students for working • Some jobs allow students to study while working • Example: Receptionist in Waiting area • May be able to get a job related to your major • Examples: Working in a science lab, being a chef • Good for your resume

  7. Financial Aid Overview Video • Watch the Overview of the Financial Aid Process Video • Pay special attention to • U.S. Department of Education: Federal Student Aid • Why it is important to investigate studentaid.gov

  8. Review Key Points of the Video • U.S. Department of Education: Federal Student Aid • Largest providers of grants, work-study, loans • Visit studentaid.gov to gain valuable information • Complete the FAFSA at the beginning of January • Grant aid based on FAFSA: Determines financial need of student • Grants and Work-Study • Do not need to pay money back • Loans • Only take out what you need

  9. Compare Financial Aid Awards Video • Watch the Compare Financial Aid Awards Video • Pay special attention to • The value of a college education • Who may qualify for financial aid

  10. Know the Financial Aid Specifics • Compare award letters from different colleges • Are the scholarships renewable each year? • Understand the loan repayment obligation • Know the interest rates of the different loans • Set up a spreadsheet • To compare financial aid packages from your colleges of interest • Note which colleges subtract scholarship amounts from grant money • Know the amount of money • You do and do not have to repay

  11. Scholarships and Grants • Most colleges have a set amount of money for grants • Example: College X :$1 million dollars of grants for their students • When money is gone, colleges have no more grant money to offer • That is one of the reasons why it is important to send applications and FAFSA information to colleges as soon as possible • Some colleges will offer students grant money • But then subtract that money if students are awarded scholarships • The student’s financial need is recalculated: Receive less grant funds • This grant money is then distributed to other students with greater financial need

  12. Scholarships • Highly recommended that students apply for scholarships • It may not be taken away from your grant money • Scholarships are a more stable form of financial aid • Many scholarships last four years • Grants can be less reliable based on funding issues • Scholarships look great on your resume • Future employers and graduate schools look for scholarships

  13. Groups: Scholarships and Grants • Do you believe it is a good policy for some colleges to subtract scholarship money from grant amounts in order to give money to other students with greater financial need? Why or Why not? • What do you think are the biggest benefits of being awarded a college scholarship?

  14. People Will Help You Video • Watch the People Will Help You video • Pay special attention to • Who can help with the financial aid process • The value of writing essays

  15. People Will Help You • High school students do not realize • How much financial aid there is out there • How important it is to research financial aid on websites • Use the college financial aid office • School counselors can also help you find financial aid • Writing essays is worth the money • Can get between $1,000 and $5,000 dollars

  16. Financial Aid was a Lifesaver Video • Watch the Financial Aid was a Lifesaver Video • Pay special attention to • Types of grants awarded • Financial aid paid for what percentage of the student’s college costs

  17. Applying for Aid Was Worth it Video • Watch the Applying for Aid Was Worth It Video • Pay special attention to • Research for grants and scholarships • How the 2 scholarships helped the student

  18. Important Video Points • 2-year colleges cost a lot less than a 4-year college • Financial aid pays for around 80% of my expenses • Including books and tuition • Took out loans to cover the remaining balance • Receive national Pell grant and a state grant • Did a lot of research on scholarships and grants • Fastweb.com, Naviance, College Board, Scholarships.com • 2 scholarships: took away much of the financial burden

  19. Sample Types of Scholarships • Fashion Design • Female • First Generation • Hispanic • Interracial • Left-handed • LGBT • Marble • Music • Native American • Nursing • Parent’s Company • Religious • Skateboard • State • STEM Career • Study Abroad • Teaching • Technical School • Twins • Vegan • Vocational • Academic • African-American • Asian • Art • Athletic • Best Buy • Business • Cargill • Computer • Cosmetology • College (ex: U of M)

  20. Group Activity: What do you know? • Where do you plan to investigate scholarships? • Name 3 scholarships that might be a good match for you

  21. Update Postsecondary Plan

  22. Update Your Postsecondary Plan • Sections • What am I doing now to prepare to pay for college? • How do families like mine typically pay for college? • What scholarships might I be eligible for in the future?

  23. Pre-Test • Name four types of financial aid • What three types of financial aid does not have to be paid back? • The __________ of an education continues to rise and is a good investment for the future.

  24. Review • Four types of financial aid • Grants, scholarships, work-study, loans • 3 types of financial aid that does not have to be paid back • Grants, scholarships, work-study • The __________ of an education continues to rise and is a good investment for the future. • Value

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