Financial aid for foster youth

4/25/2012 1www.collegenowgc.org

Financial Aid Options for Foster Youth

www.collegenowgc.org


What is Financial Aid?

Money to help students pay for their college education

(not always FREE!)


Types of Financial Aid

There are three types of financial aid:

1. Gift money• Grants & scholarships

2. Earned money• Federal work study

3. Borrowed money• Education loans (federal & private)


What is the FAFSA?

• Free Application for Federal Student Aid

• Why should I complete it?– Generates every type of financial aid

• When should I complete it?– After January 1 of High School Senior Year

• How should I complete it?– Complete the FAFSA at www.fafsa.gov


FAFSA Dependency ?’s


FAFSA• You need to complete it every year to get

financial aid

• File your FAFSA by your school’s priority filing deadline– February 15th is a common deadline


Expected Family Contribution (EFC)

• The EFC is what the Department of Education feels the family can contribute to the cost of the student’s education– Is it fair? Most people think “no!”

• The EFC does not change from school to school


Student Aid Report (SAR)

• Summary of your FAFSA information

• It is sent electronically to the schools you have listed on your FAFSA

• Schools will use the information from your SAR to help determine your financial aid


Cost of Attendance (COA)

Tuition & Fees

+ Room & Board

+ Books & Supplies

+ Personal Expenses

+ Transportation

Cost of Attendance


Financial Need

Cost of Attendance

- Expected Family Contribution

Financial Need

Financial Need is used to determine what type of financial aid a student will receive


Award Letter

• Award letters sent from schools in late March or the beginning of April

• Compare award letters for:– Gift Money – Earned Money– Borrowed Money– Unmet Need


Extra Monies Available

• ETV• College Bound


Finding Scholarships

because they aren’t going to find you.


Where to start?

The college that you

want to attend.


Dedicated Scholarship

• www.fc2success.org


Strategy # 1:

Think Local– Local civic organizations, churches, your high school,

your place of employment all might offer scholarships.

– Your chance of getting a scholarship goes up the more local it is!


Strategy # 2:

Think Specific– Scholarships are available for students based on

academic achievement, for certain majors, for underrepresented students, etc.

– There are scholarships for specific people; as specific as YOU!


Strategy # 3:

Think Easy

−Apply to the most obvious scholarships first.


Applying for Scholarships

• Be sure you meet all deadlines

• Understand what is required for submission

• Follow up in a timely manner if you have not heard from awarding institution


The Essay Step 1:

• Choosing a topic– Are you answering the question– Do you have enough information to support your topic– Is your topic too controversial or too boring– Is your topic unique or can you put a unique spin on it


The Essay Step 2:

• Writing your essay– Use the essay as a chance to separate yourself from

other applicants– Write so people understand what you are saying– The body of your essay should support the

introduction


The Essay Step 3:

• Proofing an essay– Ask at least two honest and qualified people to read

over your essay

– If you quoted something make sure you cited it correctly

– Make sure each word counts


Don’t do this . . . Eye halve a spelling checker

It came with my pea sea,It plainly marquees four my revue

Miss steaks eye kin knot sea.

Eye strike a key and type a wordAnd weight for it two say,

Weather eye am wrong oar writeIt shows me strait a weigh.

As soon as a mist ache is maidIt nose bee fore two long,

And eye can put the error riteIts rare lea ever wrong.


Beware!

• Not all scholarship providers have your best interest in mind!– Watch out for:

• Application Fees• Guaranteed Winnings• Too-good-to-be-true offers

4/25/2012 26www.collegenowgc.org www.collegenowgc.org

Questions?

4/25/2012 27www.collegenowgc.org www.collegenowgc.org

Stacy WattsResource Center Coordinator

216-241-5587, ext. [email protected]

mailto:[email protected]

Financial aid for foster youth

Education

Transcript of Financial aid for foster youth