Financial Aid

1. Financial Aid Lehman Parent Night – December 4, 2013

2. Goals • Define the term, “financial aid” as it relates to college. • Understand the process of how to get financial aid, beginning with what you and your family can do now. • Understand how College Forward can help.

3. Defining “Financial Aid”

4. Defining “Financial Aid” Scholarships • What are the 4 types of financial aid a student can receive for college? Loans Grants Work-Study

5. Defining “Financial Aid” Scholarships Loans • Let’s start with scholarships. Grants Work-Study

6. Defining “Financial Aid” Scholarships • Private • Institutional Loans • There are 2 kinds of scholarships: private & institutional. What’s the difference? Grants Work-Study

7. Defining “Financial Aid” Scholarships FREE But student must meet requirements • Private • Institutional Loans • Are scholarships free money or do you have to pay them back? Grants Work-Study

8. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need • Private • Institutional Loans • Are scholarships merit-based or need-based? Grants Work-Study

9. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! • Private • Institutional Loans • How do students get scholarships? Grants Work-Study

10. Defining “Financial Aid” Apply! Scholarships FREE But student must meet requirements Mostly Merit Sometimes need NOW! • Private • Institutional Loans • When can students begin applying for scholarships? Grants Work-Study

11. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Loans • A few things to keep in mind about scholarships… Grants Work-Study

12. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Loans • They are very competitive. CF will focus on local scholarships and those we find most lucrative. Grants Work-Study

13. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Loans • If you apply for 0 scholarships, you will get 0 money! Grants Work-Study

14. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Loans • Beware of scams! Make sure your student is using his/her CF coach as a resource for the best places to apply for scholarships. Grants Work-Study

15. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Loans • Are there any questions about scholarships before we move on? Grants Work-Study

16. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Loans Grants • Let’s move on to loans. There are 2 kinds of loans: private & those from the government. What’s the difference? Work-Study

17. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Loans • For the purpose of today, we’re going to talk about those loans that come from the government only. Grants Work-Study

18. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Loans • Subsidized • Unsubsidized • What are the 2 types of government loans students are eligible for? What’s the difference? Grants Work-Study

19. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Loans Pay Back • Subsidized • Unsubsidized Grants • Are loans free money or do you have to pay them back? Work-Study

20. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans Loans Pay Back • Subsidized • Unsubsidized Grants • Are loans merit-based or need-based? Work-Study

21. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA Loans Pay Back • Subsidized • Unsubsidized Grants • How do students get government loans? Work-Study

22. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA Loans Pay Back • Subsidized • Unsubsidized Grants • Does anyone know what FAFSA stands for? Work-Study

23. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA Loans Pay Back • Subsidized • Unsubsidized Grants • FREEApplication for Federal Student Aid. Work-Study

24. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized Grants • When can students/families begin completing the FAFSA? Work-Study

25. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized Grants • Remember, you MUST file taxes in order to complete the FAFSA. Work-Study

26. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized Grants • A few things to keep in mind about loans… Work-Study

27. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized • There are several types of government loans. CF will work with your family next year to ensure you get what you’re eligible for. Grants Work-Study

28. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized • A good rule of thumb for your student to follow is not to take out more in loans for a degree than he/she will make their 1st year out of college. Grants Work-Study

29. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized Grants • The national student debt average is currently $26,600. In Texas, the average is $22,000 Work-Study

30. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized Grants • It’s important to begin thinking about college as an investment, like a car or house. Work-Study

31. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized Grants • Are there any questions about loans before we move on? Work-Study

32. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized • Let’s move on to grants. Grants Work-Study

33. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans • Are grants free money or do you have to pay them back? Pay Back • Subsidized • Unsubsidized Grants FREE Work-Study

34. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans • Are grants merit-based or need-based? Pay Back • Subsidized • Unsubsidized Grants Need But $ will go to those who apply 1st FREE Work-Study

35. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized • How do students get grants? Grants Need But $ will go to those who apply 1st FAFSA/TASFA FREE Work-Study

36. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional • TASFA stands for Texas Application for State Financial Aid Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized Grants Need But $ will go to those who apply 1st FAFSA/TASFA FREE Work-Study

37. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional • You must file taxes in order to complete the TASFA. Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized Grants Need But $ will go to those who apply 1st FAFSA/TASFA FREE Work-Study

38. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional • And, we’ve already covered when the FAFSA/TASFA can be completed. Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized January 1st of senior year (After you complete your taxes) Grants Need But $ will go to those who apply 1st FAFSA/TASFA FREE Work-Study

39. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional • A few things to keep in mind about grants... Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized January 1st of senior year (After you complete your taxes) Grants Need But $ will go to those who apply 1st FAFSA/TASFA FREE Work-Study

40. Defining “Financial Aid” • There are several types of grants. CF will work with your family next year to ensure you get what you’re eligible for. www.collegeforalltexans.com is a good resource to learn more about the different types of grants. Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized January 1st of senior year (After you complete your taxes) Grants Need But $ will go to those who apply 1st FAFSA/TASFA FREE Work-Study

41. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional • TASFA students are only eligible for state grants, not federal grants. Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized January 1st of senior year (After you complete your taxes) Grants Need But $ will go to those who apply 1st FAFSA/TASFA FREE Work-Study

42. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans • Are there any questions about grants before we move on? FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized January 1st of senior year (After you complete your taxes) Grants Need But $ will go to those who apply 1st FAFSA/TASFA FREE Work-Study

43. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized January 1st of senior year (After you complete your taxes) Grants Need But $ will go to those who apply 1st FAFSA/TASFA FREE • Let’s move on to work-study. Work-Study

44. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized • Is work-study free money or do you have to pay it back? January 1st of senior year (After you complete your taxes) Grants Need But $ will go to those who apply 1st FAFSA/TASFA FREE Work-Study Neither, you work for it!

45. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized • Is work-study merit-based or need-based? January 1st of senior year (After you complete your taxes) Grants Need But $ will go to those who apply 1st FAFSA/TASFA FREE Work-Study Neither, you work for it! Combination

46. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized • How do students get work-study? January 1st of senior year (After you complete your taxes) Grants Need But $ will go to those who apply 1st FAFSA/TASFA FREE Work-Study Neither, you work for it! FAFSA Combination

47. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized • And we’ve already covered when the FAFSA can be completed. January 1st of senior year (After you complete your taxes) Grants Need But $ will go to those who apply 1st FAFSA/TASFA FREE January 1st of senior year (After you complete your taxes) Work-Study Neither, you work for it! FAFSA Combination

48. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized • Are there any questions about work-study before we move on? January 1st of senior year (After you complete your taxes) Grants Need But $ will go to those who apply 1st FAFSA/TASFA FREE January 1st of senior year (After you complete your taxes) Work-Study Neither, you work for it! FAFSA Combination

49. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional • We have successfully defined the term “financial aid” as it relates to college! Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized January 1st of senior year (After you complete your taxes) Grants Need But $ will go to those who apply 1st FAFSA/TASFA FREE January 1st of senior year (After you complete your taxes) Work-Study Neither, you work for it! FAFSA Combination

50. Defining “Financial Aid” Scholarships FREE But student must meet requirements Mostly Merit Sometimes need Apply! NOW! • Private • Institutional • Are there any questions before we move on to the timeline of receiving financial aid? Neither – almost anyone can get these loans FAFSA January 1st of senior year (After you complete your taxes) Loans Pay Back • Subsidized • Unsubsidized January 1st of senior year (After you complete your taxes) Grants Need But $ will go to those who apply 1st FAFSA/TASFA FREE January 1st of senior year (After you complete your taxes) Work-Study Neither, you work for it! FAFSA Combination