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Oakland Scholar Overcomes Poverty, Broken Family On Way To College

Oakland Scholar Overcomes Poverty, Broken Family On Way To College. Why College?. Seek a better life for yourself and your family. Want to increase the money you can make. Wish to meet new people, explore new interest, and experience success in a college setting.

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Oakland Scholar Overcomes Poverty, Broken Family On Way To College

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  1. Oakland Scholar Overcomes Poverty, Broken Family On Way To College

  2. Why College? • Seek a better life for yourself and your family. • Want to increase the money you can make. • Wish to meet new people, explore new interest, and experience success in a college setting.

  3. Steps Toward Applying For Student Financial Aid • 1. Complete the FAFSA • Stands for “Free Application for Federal Student Aid”. • You will need your parents assistance to complete the application. • FAFSA does not guarantee you financial aid, but it is required to obtain any amount. • 2. Talk the Financial Aid office of the school you plan to attend • Ask what type of financial aid is available. • Inquire about possible work-study programs and grants. • 3. Research your career path • Know how many semesters of education are required for you to graduate. • Is higher education required? If so, what is the cost? • Research the salary range for your chosen career AND average pay for your chosen degree.

  4. Scholarships and Grants Grants and scholarships are often called “gift aid” because they are free money—financial aid that doesn’t have to be repaid. Grants are often need-based, while scholarships are usually merit-based.   

  5. College Payment Options • Grants or Scholarships—financial aid that doesn’t have to be repaid (unless, for example, you withdraw from school and owe a refund). These may be awarded through government, private, or nonprofit sources. • Private or Government Loans—borrowed money for college or career school; you must repay your loans, with interest. • Work-Study—a work program through which you earn money to help you pay for school. • Military—both the federal government and nonprofit organizations offer money for college to veterans, future military personnel, active duty personnel, or those related to veterans or active duty personnel. • Cash—paying cash for all tuition and fees as they are due from your own savings.

  6. Types of Scholarships and Grants • Athletic or academic • Departmental awards • Corporate • Private organization • Merit-based • Student-specific • Career-specific • Degree level • College-specific • Unique grants and scholarships Common Sources of Grants and Scholarships Funding • Federal and state governments • Colleges and universities • Nonprofit organizations and associations

  7. Federal Loans: Subsidized vs. Unsubsidized

  8. Repaying Loans • If something should happen and for some reason you can’t pay, call your lender/loan servicer to make arrangements. • It’s possible you could quality for student loan deferment or forbearance of the loans. • Just whatever you do, DON’T DEFAULT.

  9. Deferment & Forbearance • Deferment is when the lender/servicer grants a temporary suspension of monthly payments. • Forbearance is a temporary suspension of monthly payments that is granted under certain circumstances by your lender/service • You’ll still be responsible for paying the interest that’s accrued, so it's always smarter to try and get a deferment first.

  10. Private Student Loans • Usually offered through a bank or financial institution. • Interest and loan amounts are based on credit, NOT need. • Usually you will have to have a parent co-sign. • Loans can be used for almost any cost, including: • Rent • Books • Food • Tuition • Typically used to cover the “gap” between what a federal loan covers and total expenses. • Typically offered at less favorable terms than federally-backed student loans.

  11. Federal Work Study • Requires eligibility for financial need as recognized in your FAFSA. • Jobs placement tends to be in community service fields and pay minimum wage or above. • Average hours of work per week range from 10 to 15 hours. • Granted for a specific amount. You will be eligible to be paid until you exhaust the funds granted per semester.

  12. Non-federal Work Study • Placement is not based on financial need and is usually in your major field of study, which requires specific skills. • Payment will be allocated as funding allows and your earnings will be considered taxable income. • Work week hours will be determined by your supervisor, with your class schedule taken into consideration.

  13. Evaluate Janet’s Choices to Solve Her Dilemma – Handout or plain paper Janet will graduate High School this spring. She plans to attend college, but does not know which schools to apply to—work to help Janet make a decision. Use the handout that lists all the facts about the schools to fill in this table. 2 2 3 2 2 1 1 3 1 3 1 3

  14. Talk About It! Ask your parents, family members/relatives and older friends: • Do they have a plan in place to save for college? Do YOU? • Do they understand the terms of their student loan payments?

  15. Any questions? The End Module 7

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