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Financial Aid and Scholarships

Financial Aid and Scholarships. Planning for College. Apply for Financial Aid. Select a University. Apply for Admission. Apply for Scholarships. Prepare Yourself. Financial Aid is Money for College. Loans. Financial Aid Package. Scholarships. Grants. Work-Study.

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Financial Aid and Scholarships

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  1. Financial Aid andScholarships

  2. Planning for College Apply for Financial Aid Select a University Apply for Admission Apply forScholarships Prepare Yourself

  3. Financial Aid is Money for College Loans Financial Aid Package Scholarships Grants Work-Study

  4. How Can I Get Financial Aid? Complete a FAFSA (Free Application for Federal Student Aid) online at www.fafsa.ed.gov Paper applications available from college financial aid offices or high school counselors CSS/Financial Aid Profile - Can be filed earlier than FAFSA, making it easier to get financial aid - Works for Early Decision as well as Regular Decision - www.Collegeboard.com

  5. Who Is Eligible to Apply for Federal Aid Those students who: Have a high school diploma or a General Education Development (GED) certificate Are working toward a degree or certificate in an eligible program  Are a U.S. citizen, U.S. Permanent Resident with an Alien Registration Card, or an eligible non-citizen (refugee, asylum granted - visit www.ed.gov to learn more) Have a valid Social Security Number  

  6. Federal Financial Aid: Grants What is a grant? Funds given by the government, based on financial need, that do not require any form of repayment. • What grants are available? • Federal Pell Grant: foundation for federal financial aid. Federal or nonfederal aid can be added to this grant. Usually only granted to undergraduate applicants (with exceptions for those in teaching programs). • Federal Supplemental Educational Opportunity (FSEOG): Awarded to students with greatest financial need, lowest Expected Family Contribution. Apply early because there are limited funds.

  7. What Grants Are Available? (continued) • (ACG) Academic Competitiveness Grant Program: You must have already won the Pell Grant in the same year, have a rigorous academic program of study and be a first or second year student in college/university. • SMART National Science and Mathematics Access to Retain Talent Grant Program: for full-time undergraduate students who are enrolled in the third or fourth year of undergraduate study. Award is up to $4,000 per year. Must be a winner of Pell Grant in same year, and major in specific fields.

  8. Work-Study and Loan Programs What is Federal Work-Study? Allows students to work as a means of paying for college, while they are enrolled. What is a Federal Loan? Money borrowed through federal programs. Loans are legal agreements: you cannot cancel a loan, and you must pay it back. What Loans are available? Federal Stafford Loan – for students enrolled at least part time. Financial need is required for the subsidized Stafford Loan. Need is not required for the unsubsidized loan. Federal PLUS Loan - for parents to help absorb the cost of college. Federal Perkins Loan – awarded based on financial need. Repaid to your school. Schools get different allocations of federal dollars to spend. (Your chances of being given some of this money increase by applying early.)

  9. Types of Loans Subsidized Loans: Loans based on financial need that do not require you to pay interest until you have graduated school and your grace period (usually 6 months) has ended. The federal government subsidizes, or pays the interest on your loan, while you are enrolled and during your grace period. Subsidized Loans Unsubsidized Loans - Federally guaranteed loans that are not based on financial need. - Interest will accumulate from the time the loan is given to the school. - You do not have to make interest or principal payments until six months after graduation, or six months after you drop below a half time status.

  10. Types of Loans Both subsidized and unsubsidized loans have borrowing limits. The borrowing cap for subsidized loans is smaller than unsubsidized loans limits. It is common for students who take out loans to end up with a combination of both subsidized and unsubsidized loans upon graduation. • On average a student can borrow 4,000 to 5,000 more in unsubsidized loans per school year when conditions are met and approved. • - First/second year, if a parent is denied the PLUS (parent loan) then the student can request the extended unsubsidized Stafford loan 4,000 maximum and for Junior/Senior year 5,000 maximum.

  11. How Much Will I Be Awarded? Amount of award depends on the cost of education, your EFC, and available funds at your school. EFC (Expected Family Contribution) is a measure of your family’s ability to pay for one year of college based on the FAFSA. The EFC is calculated based on - student dependency and assets, - parental incomes, assets, and information, family questions, - tax information, - student information and - school costs To calculate your EFC, go to: www.Finaid.org or www.collegeboard.com Even if you don’t think you are eligible for aid, fill out a FAFSA. By filling it out, you are automatically applying for all the federal scholarships.

  12. Merit-Based Aid Factors Academics Test scores Community activities and volunteerism Ethnic or nationality factors Field of study Special talents, such as music, sports, or leadership skills Random: (left handedness, etc) Sources - College you are applying to - Community-based organizations - Corporate foundations - Your/Your parents’ employer - Your high school - Contests through your local TV station, radio, or newspaper Some of the best sources for merit-based aid and the most common factors looked for in granting aid:

  13. Comparison of Aid Packages Source: www.SallieMae.com

  14. Get Organized Research scholarships for which you match the criteria Websites Library School counselor Keep a calendar of scholarship deadlines that includes contact information, requirements and instructions for each. Check out http://institute.hispanicyouth.org/helpful-sites/college/ for great resources for getting into college, starting a career and giving back to your community.

  15. Apply Wisely choose who will write your recommendation letters Start writing an essay about yourself, your accomplishments, your strengths, your goals and how you will achieve them Request official transcripts with ample time to make the deadline Get a good picture of yourself that shows your maturity and professionalism Follow up with a phone call, email to make sure your information was correct and was received.

  16. Warning Signs of Scholarship Scams “The scholarship is guaranteed or your money back.” “The scholarship service will do all the work.” “The scholarship will cost some money.” “The scholarship service needs your credit card or checking account number in advance.” “You are a ‘finalist’ in a contest you entered, or you have been selected by a ‘national foundation’ to receive a scholarship.” “You are invited to a free seminar with a trained financial aid consultant who will unlock the secrets on how to make yourself eligible for more financial aid.” “You can’t get this information anywhere else.” Never pay for a scholarship service!

  17. From your own pocket… Scholarships will most likely not cover these items, so keep them in mind when making plans for college. Transcript fees College admission application fees Postage and mailing Books School supplies Lab fees Meals Traveling to and from home Computer Tutoring

  18. Good luck! Do you have ideas or questions to share? Visit the discussion boards at www.hispanicyouth.org/institute

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