Financial Aid Options for Pursuing Post-Secondary Education

1. FAO Financial Aid Optionsfor Pursuing Post-Secondary Education Over 87% of middle school parents want their children to attend college but many must overcome large barriers to finance the cost. Researchers have consistently noted three substantial factors that negatively affect access & persistence to higher education: insufficient academic preparation, lack of financial resources & poor information. Don't let this happen to YOU! DRAFT

2. Financial Aid • Money to support a worthy person or cause • Types: • Scholarships • Grants • Loans • Work-Study programs DRAFT

3. Types of Financial Aid • Scholarship - a sum of money or other aid granted to a student, because of merit, need, etc., to pursue his or her studies • Grant - form of financial aid, based on need, which you do not have to repay • Loan - something lent or furnished on condition of being returned, especially a sum of money lent at interest • Work-study program - a program enabling high-school or college students to combine academic work with actual job experience DRAFT

4. Scholarships & Grants • >$19 billion available • Sources for college funds available by: • State • Major • Grades • Ethnicity • Family background • Athletic talent • Etc. • Students.gov • Scholarships.com • Free Money at brassmagazine.com • Teacher’s list DRAFT

5. Scholarships • Louisiana Community College • Fastweb.com • In-House - available for students at your high school only • List of Scholarships DRAFT

6. Grants, Loans & Work-Study Programs • Federal Student Aid • Offers grants, loans & work-study programs • Helps pay for everything from tuition & fees to books & housing • Fafsa4caster.ed.gov • Eligibility estimate • Other information DRAFT

7. Grants • Pell Grant • Federal Supplemental Educational Opportunity Grant (FSEOG) • Academic Competitiveness Grant (ACG) • Go Grant • Leveraging Education Assistance Partnership (LEAP) • Tuition Opportunity Program for Students (TOPS & TOPS Tech) DRAFT

8. Loans • Federal Direct Student Loans • Loan Servicers: • ACS – www.acs-education.com • Citibank – www.citigroup.com • Nelnet – www.netlnet.net • Sallie Mae – www.salliemae.com • Federal Aid First DRAFT

9. Other Sources for Loans Loan Servicers: • ACS – www.acs-education.com • Citibank – www.citigroup.com • Nelnet – www.netlnet.net • Sallie Mae – www.salliemae.com • Other Useful Internet Links • FinAid – www.finaid.com • Peterson’s – www.petersons.com • National Student Loan Clearinghouse – www.nslc.org • Louisiana Department of Labor – www.laworks.net DRAFT

10. Work-Study Programs Federal Work-Study Program (FWS) • A Federal campus-based aid program • Provides jobs for students who have documented financial need & who wish to earn part of their educational expenses while they are attending school DRAFT

11. Other Sources • Title IV Financial Aid • Louisiana Rehabilitation Services DRAFT

12. Federal Student Aid • Office of the U.S. Dept. of Education • Ensures that all eligible individuals can benefit from federally funded financial assistance for education beyond high school • Title IV programs • Employment opportunities • http://federalstudentaid.ed.gov/about/index.html DRAFT

13. Title IV Programs (Grants, Loans & Work-Study Programs) Grants • Federal Pell Grants - grant aid to low- and middle-income undergraduate students • Federal Supplemental Educational Opportunity Grants (FSEOG) - Participating schools award FSEOG to undergraduate students with exceptional financial need • Academic Competitiveness Grants (ACG) - Pell Grant eligible students who have completed a rigorous secondary school program of study may be eligible for ACG for first and second-year undergraduate studies • National Science & Mathematics Access to Retain Talent (National SMART) - for the third, fourth & fifth years of undergraduate study, to Pell-eligible students majoring in physical, life, or computer sciences, mathematics, technology, or engineering or in a foreign language determined critical to national security DRAFT

14. Title IV Programs (Grants, Loans & Work-Study Programs) Grants (continued) • Teacher Education Assistance for College & Higher Education (TEACH) - grant assistance to students who are completing or who plan to complete course work needed to begin a career in teaching; students must sign an Agreement to Serve as a full-time teacher under certain specific conditions • Leveraging Educational Assistance Partnership (LEAP) and Special LEAP (SLEAP) Grants - formula-based programs that make federal funds available to states to assist them in providing student assistance programs for individuals with substantial financial need • http://federalstudentaid.ed.gov/about/title4_programs.html DRAFT

15. Title IV Programs (Grants, Loans & Work-Study Programs) Loans • Direct Loan Program - funds are lent directly to students for undergraduate & graduate studies, through participating postsecondary schools, with funds borrowed from the U.S. Treasury. • Federal Perkins Loans - made through participating schools to undergraduate, graduate & professional students; offered to students demonstrating the greatest financial need; based on a student's need & a school's available funding • http://federalstudentaid.ed.gov/about/title4_programs.html DRAFT

16. Title IV Programs (Grants, Loans & Work-Study Programs) Work-Study Programs • Work-Study - provides part-time employment for students while they are enrolled in school; students are paid directly for their work & schools are responsible for administering the program; Award amount varies based on the student's needs & school's funding level • http://federalstudentaid.ed.gov/about/title4_programs.html DRAFT

17. Understanding FAFSA (Free Application for Federal Student Aid ) • All students are expected to contribute towards the cost of their college education • How much you & your family will be expected to contribute depends on your financial situation referred to as your Expected Family Contribution (EFC) • FAFSA-the form used by the U.S. Department of Education to determine your Expected Family Contribution (EFC); also used by nearly all colleges & universities to determine eligibility for federal, state, and college-sponsored financial aid, including grants, educational loans, and work-study programs DRAFT

18. LOSFA (Louisiana Office of Student Financial Aid) • A state agency & the administrative arm of the Louisiana Student Financial Assistance Commission & the Louisiana Tuition Trust Authority • www.osfa.state.la.us or http://www.osfa.louisiana.gov/ • Located at 602 North Street – 6th Floor, Baton Rouge, LA • Programs administered by LOSFA: • TOPS (Taylor Opportunity Program for Students) - Louisiana’s premier merit-based scholarship program • 529 college savings plan • Student Tuition Assistance and Revenue Trust (START) program • Leveraging Educational Assistance Partnership program (LEAP) • Rockefeller State Wildlife Scholarship program DRAFT

19. LOSFA (Louisiana Office of Student Financial Aid) • Trailblazer Program • Summer camps for rising high school seniors that trains students about the availability of financial aid as a means of access to postsecondary education • START Saving Program • Louisiana’s 529 College Savings Plan; a great way to save for a child's college education • TOPS Tech Early START Award • Provides up to $600 per academic year for any eligible 11th or 12th grade student attending a Louisiana PUBLIC high school who wishes to concurrently enroll for up to six credit hours per semester at a public college in a vocational course of study leading to an industry-based certification in a Top Demand Occupation DRAFT

20. LOSFA (Louisiana Office of Student Financial Aid) • Early Start Program • Provides tuition assistance to eligible 11th & 12th grade students from public high schools that enroll in eligible college courses for dual credit at an eligible public or private college or university • TOPS • Program of state scholarships for Louisiana residents who attend either one of the Louisiana Public Colleges and Universities, schools that are a part of the Louisiana Community and Technical College System, Louisiana approved Proprietary and Cosmetology Schools or institutions that are a part of the Louisiana Association of Independent Colleges and Universities. DRAFT

21. LOSFA (Louisiana Office of Student Financial Aid) • LEAP • Need-based grant that can range from $200 to $2,000 for full-time students attending Louisiana postsecondary schools •  GO Grant • Need-based component to the state's financial aid plan to support nontraditional & low to moderate-income students who need additional aid to afford the cost of attending college; 2010-11 award year-maximum award is $900 • Chafee Educational Training Voucher • Volunteer Firemen Tuition Reimbursement • Rockefeller State Wildlife Scholarship DRAFT

22. LOSFA (Louisiana Office of Student Financial Aid) • Chafee Educational Training Voucher • awards up to $5,000 annually during the academic year to qualified students who have been in the foster care system so they can pursue an academic college education or technical & skill training in college to be prepared to enter the workforce; actual award amount is determined by the student’s financial need, which is calculated in accordance with the Higher Education Act of 1965, as amended DRAFT

23. LOSFA (Louisiana Office of Student Financial Aid) • Volunteer Firemen Tuition Reimbursement • The Safer Tuition Reimbursement Grant sponsored by the Louisiana State Firemen’s Association (LSFA); provides tuition reimbursement for up to $8,000 for a two year degree & up to $16,000 for a four year degree for eligible applicants who sign up to serve as volunteer firemen in the State Louisiana after graduation • Rockefeller State Wildlife Scholarship • Competitive scholarship that awards $2000 annually for an undergraduate student & $3,000 annually to a graduate student pursuing a degree in forestry, wildlife or marine science at a Louisiana Public College or University; cumulative maximum award is $12,000 for up to three years of undergraduate study & two years of graduate study DRAFT

24. LOSFA (Louisiana Office of Student Financial Aid) Loans • Health Care Educator Loan Forgiveness Program • Provides funding to individuals to pursue a master's or doctoral degree in Nursing or Allied Health; will provide forgivable loans of up to $20,000 per academic year to individuals selected to participate in the Program by the Board of Regents, up to a maximum of $40,000 for master's degree students or $60,000 for doctoral degree students DRAFT

25. LOSFA (Louisiana Office of Student Financial Aid) Loans • John R. Justice Student Loan Repayment Program • Provides for the payment of eligible educational loans (both Federal Family Education Loan Program [FFELP] & Federal Direct Loans) for state & federal public defenders & state prosecutors employed in Louisiana who agree to remain employed as public defenders and prosecutors for at least three years • Louisiana Guaranteed Student Loans • LOFSA – designated by U.S. Dept. of Education to be Guarantor of student loans that originate in Louisiana under the Federal Family Education Loan Program (FFELP) for loans disbursed prior to July 1, 2010 • New Student Loans • Perkins Loans DRAFT

26. FAFSA & LOFSA • Louisiana College Goal SundaySM-an event held at campuses around the state (usually in February) that will help students with the tedious process of filling out the FAFSA (Free Application for Federal Student Aid) in order to obtain financial aid; free on-site assistance from area college financial aid professionals will be provided • For more information including what students need to bring, visit www.osfa.la.gov/CollegeGoalSunday.shtm • Sponsored by the Louisiana Association of Student Financial Aid Administrators (LASFAA) and the Louisiana Office of Student Financial Assistance (LOFSA) with funding from a Lumina Foundation for Education grant (program created by the Indiana Student Financial Aid Association with funding from Lilly Endowment, Inc. and with supplemental support from Lumina Foundation for Education. • Sunday, February 26, 2012 DRAFT

27. LOSFA (Louisiana Office of Student Financial Aid) • College Knowledge - http://losfa.clickherepublishing.com • Over 87% of middle school parents want their children to attend college but many must overcome large barriers to finance the cost. Researchers have consistently noted three substantial factors that negatively affect access and persistence to higher education: insufficient academic preparation, lack of financial resources, and poor information. Don't let years of academic preparation go to waste because of failure to plan financially for college! √ Check out the new College Knowledge interactive website at http://losfa.clickherepublishing.com. DRAFT

28. LOSFA (Louisiana Office of Student Financial Aid) • Financial Literacy for You (FLY) • National Jumpstart maintains a database of additional personal finance resources (many are low cost or free of charge) • Provides ordering information so that teachers can contact the publisher or source of the titles • Teachers are urged to browse the clearinghouse website (www.jumpstartclearinghouse.org) DRAFT

29. Other Useful Internet Links • FinAid – www.finaid.com • Peterson’s – www.petersons.com • National Student Loan Clearinghouse – www.nslc.org • Louisiana Department of Labor – www.laworks.net DRAFT

30. Sources “Reinvent Yourself Paving the Road after Graduation.” brass|MAGAZINE. Spring 2011. • Dictionary.com • Scholarships.com • www.fafsa.com (not affiliated with the U.S. Dept. of Education) • www.fafsa.ed.gov • www.ofsa.state.la.us DRAFT