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THE ESSENTIALS OF FINANCIAL AID

THE ESSENTIALS OF FINANCIAL AID. Average Yearly College Costs. Public Four-Year Colleges (in-state) Tuition and Fees = $3,500- $5,000 Books and Supplies= $700-$800 Room and Board= $5,000-$6,500 Total= $9,000-$12,300. Average Yearly College Costs. Private Four-Year Colleges

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THE ESSENTIALS OF FINANCIAL AID

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  1. THE ESSENTIALS OF FINANCIAL AID

  2. Average Yearly College Costs Public Four-Year Colleges (in-state) • Tuition and Fees = $3,500- $5,000 • Books and Supplies= $700-$800 • Room and Board= $5,000-$6,500 • Total= $9,000-$12,300 Ben Lowe and Derek Morrison

  3. Average Yearly College Costs Private Four-Year Colleges • Tuition and Fees=$17,000- $20,000 • Books and Supplies= $750-$850 • Room and Board= $6,000-$7,500 • Total= $23,750-$28,500 Ben Lowe and Derek Morrison

  4. Average Yearly College Costs Community College • Tuition and Fees= $1,700-$1,900 • Books and Supplies= $650-$800 • Total= $2,350-$2,700 Ben Lowe and Derek Morrison

  5. Financial Aid Overview • Financial Aid is money that is given, earned, or lent to help students help pay for their education. Most financial aid is provided by the government and by the colleges themselves. Ben Lowe and Derek Morrison

  6. The Four Forms of Financial Aid • Financial aid comes in one of the following four forms: grants, scholarships, work-study, and loans. • Grants and scholarships are considered “gift help” because they represent money that is given to students. Work-study and loans are considered “self-help” because they provide money that must be earned (work-study) or repaid (loans). -Grant -Work-study -Scholarship - Loan Ben Lowe and Derek Morrison

  7. Financial Aid • Need-Based Financial Aid is awarded to students whose families do not have sufficient financial resources to pay for college. • Merit-Based Financial Aid is given to students who have outstanding abilities, talents, and/or achievements. • Need and Merit-Based Financial Aid some financial aid awards take both need and merit into consideration. Ben Lowe and Derek Morrison

  8. Grants • A grant is money that is given to a student to help him/her pay for college. This money does not have to be repaid. Grants are often awarded to students who live and go to college in their home states. • Pell Grant- federally funded grant that provides money each year for lower income families. • Supplemental Educational Opportunity Grant- federally funded grant designed to provide additional funds to families with exceptional need. • State Grants- state governments have a variety of programs to help students pay for college. Ben Lowe and Derek Morrison

  9. Grants Continued • Institutional Grants- Colleges often use their own funds to award institutional grants.A private college for example may award an institutional grant as a way to encourage a qualified student to attend their college. Ben Lowe and Derek Morrison

  10. Scholarships • Scholarships are the most publicized and talked about form of financial aid. While there are a great number of scholarships available, scholarships can be difficult to get. • Athletic Scholarships- to ensure that all athletes are prepared for college, the NCAA and NAIA have strict eligibility requirements that athletes must meet before the y can receive a scholarship or play a sport in college. Ben Lowe and Derek Morrison

  11. Scholarships Cont. • Talent Scholarships- most talent scholarships are awarded in music, art, theater, and dance. They are also awarded in a variety of other areas. • Local Scholarships- provide numerous scholarships for the students in a community. These scholarships are generally for smaller amounts. Ben Lowe and Derek Morrison

  12. Local Scholarships • Local scholarships include but are not limited to: the Agiguae Women’s Club, Rotary Club, Civitans, Oneonta Athletic Boosters, Jaycees Scholarship, SGA Scholarship, Ira B Patton Scholarship, And several memorial scholarships. Ben Lowe and Derek Morrison

  13. Searching for Scholarships • With the availability of information on the internet, there is little reason to use a scholarship search service that charges a fee. The scholarship services listed below are free and they provide excellent information. • www.collegenet.com. • www.fastweb.com. • www.scholarships.com. • www.finaid.com. • www.students.gov. • www.nacac.com. Ben Lowe and Derek Morrison

  14. Work-study programs give students the opportunity to earn money while they are attending college. Loans when grants, scholarships, and work-study do not provide enough money to cover a families financial need, you/your parents can take out a loan to cover remaining costs, and repayment doesn’t begin until 6 months after the student is out of college. Check This Out Ben Lowe and Derek Morrison

  15. Stafford Loan • The Stafford loan is by far the most popular collage loan program. Stafford Loans are made to students, and repayment doesn’t begin until six months after the student is out of college. Ben Lowe and Derek Morrison

  16. Perkins Loan • An undergraduate student with exceptional need may be awarded a federal Perkins loan for up to $4,000 a year. Perkins loans have a five percent fixed interest rate. Repayment begins 9 months after the student is out of college. Ben Lowe and Derek Morrison

  17. Plus Loans • (Parent Loan for Undergraduate Students) • These loans are offered to the parents of college students. The interest rate is not to exceed 9% and repayment begins in 60 days. Ben Lowe and Derek Morrison

  18. The Military • Offers a number of excellent programs to help young men and women pay for college. Visit these sites. • www.armedforcescareers.com • www.military.com • www.todaysmilitary.com Ben Lowe and Derek Morrison

  19. Other Military Sites • ARMY 1-800-USA-ARMY www.goarmy.com • NAVY 1-800-USA-NAVY www.navy.com • AIR FORCE 1-800-423-USAF www.airforce.com • MARINES 1-800-MARIENS www.marines.com Ben Lowe and Derek Morrison

  20. AmeriCorps • AmeriCorps is a service program. AmeriCorps workers help communities with their education, public safety, human services, and environmental needs. For more information visit www.americorps.org or call 1-800-942-2677. Ben Lowe and Derek Morrison

  21. The End! • Make Good Choices. Ben Lowe and Derek Morrison

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