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PAYING & SAVING FOR COLLEGE. What is financial aid? How do I get financial aid? Types of Aid Scholarships Other Savings Options. AGENDA. HOW TO GET FINANCIAL AID?. THE FAFSA. Free Application for Federal Student Aid. File online: www.fafsa.ed.gov . FAFSA on the Web worksheet.
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What is financial aid? How do I get financial aid? Types of Aid Scholarships Other Savings Options AGENDA
THE FAFSA • Free Application for Federal Student Aid. • File online: • www.fafsa.ed.gov. • FAFSA on the Web worksheet. • FAFSA required. • Federal aid. • State aid • Most institutional aid.
OTHER FINANCIAL AID FORMS • The PROFILE • Verification forms • Scholarship application forms • College-specific forms • HB 1079 Affidavit • http://www.leapwa.org/ep/ep_HB1079.asp
GIFT AID • Federal grants. • State grants. • Institutional grants and scholarships. • Scholarships. • Need-based • Merit-based
MeritSCHOLARSHIPS • Awarded with a range of focuses • Individual achievement • Volunteer work, overcoming adversity, academic achievement • Ability and talent • Athletic skill, musical aptitude, public speaking • Potential • Career aspirations, academic major • Requirements vary by scholarship
FINDING SCHOLARSHIPS • High school counselor. • College you plan to attend. • Public library. • Free online resources: • TheWashBoard: www.thewashboard.org • College Board: www.collegeboard.com. • College Answer: www.collegeanswer.com.
Know Yourself • Build your resume • Volunteer work • Hobbies • Skills • Interests • Family background
SELF-HELP AID • Federal work-study. • Federal Perkins loan. • Federal Stafford loan. • Subsidized. • Unsubsidized. • Federal PLUS loan.
FINANCING OPTIONS • Pre-paid Tuition Plans & State Sponsored Savings Accounts • Allows parents to lock in today’s tuition rates for their children’s future • www.collegesavings.org • Guaranteed Education Tuition- GET • www.get.wa.gov
FINANCING OPTIONS • Upromise • Create a college savings service that harnesses the purchasing power of parents, extended family, family, and students to make it easier to pay for college. • Members direct their spending to Upromise partners—including more than 800 online stores, 8,000+ restaurants, thousands of grocery and drugstore items—and earn money for college.
FINANCING OPTIONS • American Opportunity Tax Credit • During your first four years of at least half-time enrollment at an eligible institution, you or your parents can claim an American Opportunity Tax Credit of up to $2,500 toward federal income tax. • Lifetime Learning Credit • Available to you if you you’re taking one or more classes either in pursuit of a degree or certificate, or to improve your job skills.
FINANCING OPTIONS • Coverdell Education Accounts • Taxpayers can contribute up to $2000 annually for each beneficiary. • IRA Withdrawal • People under the age of 59 ½ can withdraw money for higher education expenses from a regular IRA or Roth IRA without paying a penalty
OTHER FINANCING OPTIONS • Working while in school. • Use existing savings. • Transferring to 4-year school. • Loan Forgiveness programs. • Tuition reimbursement. • AmeriCorps. • Military service.
WHAT YOU CAN DO NOW! • Push Yourself Academically. • Explore Your Interests. • Become a Researcher. • Get Organized. • Save.
CONTACT INFORMATION NELA Center for Student Success 206.461.5366 onlinecenter@nela.net