Understand the College Financial Aid Process
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Transcript of Understand the College Financial Aid Process
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Understand the College Financial Aid Process
12th GradeFAFSA and Financial Aid #1
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Pre-Test
1. Name four types of financial aid2. What three types of financial aid does not
have to be paid back?3. The __________ of an education continues
to rise and is a good investment for the future.
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Objectives
• Paying for College– Financial Aid Overview
• Compare Financial Aid Awards– Know Financial Aid Specifics
• People will help you with – Grants, Scholarships, Work-Study, Loans
• Update Postsecondary Plan
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Paying for College Video
• Watch the Paying for College Overview Video–Pay special attention to• The value of a college education• Who may qualify for financial aid
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Review Key Points of the Video • Value of a college education continues to rise– It is a good investment for the future– Gain skills you will use for the rest of your life– Broadens your understanding of the work around you– College Graduate: Earns $1.2 million more
• No matter how much money your family makes– Investigate all of your financial aid options including
• Grants, scholarships, work study, loans– Families that earn up to $150,000 a year can still be eligible for
financial aid in some cases
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College Loans and Work-Study • 3 Common types of loans– Stafford Student Loan• 3.4 fixed interest rate (very low rate)
– PLUS Parent Loan• 7.9% rate (still low) used most often used by parents
– Private Loans (from banks or other lending firms)• Usually highest interest rates, can get a good deal sometimes
• Work Study: College pays students for working– Some jobs allow students to study while working• Example: Receptionist in Waiting area
– May be able to get a job related to your major• Examples: Working in a science lab, being a chef
– Good for your resume
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Financial Aid Overview Video
• Watch the Overview of the Financial Aid Process Video–Pay special attention to• U.S. Department of Education: Federal Student Aid–Why it is important to investigate studentaid.gov
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Review Key Points of the Video • U.S. Department of Education: Federal Student Aid– Largest providers of grants, work-study, loans– Visit studentaid.gov to gain valuable information
• Complete the FAFSA at the beginning of January– Grant aid based on FAFSA: Determines financial need of student
• Grants and Work-Study– Do not need to pay money back
• Loans– Only take out what you need
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Compare Financial Aid Awards Video
• Watch the Compare Financial Aid Awards Video–Pay special attention to• The value of a college education• Who may qualify for financial aid
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Know the Financial Aid Specifics • Compare award letters from different colleges– Are the scholarships renewable each year?– Understand the loan repayment obligation
• Know the interest rates of the different loans
• Set up a spreadsheet – To compare financial aid packages from your colleges of interest
• Note which colleges subtract scholarship amounts from grant money
– Know the amount of money• You do and do not have to repay
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Scholarships and Grants• Most colleges have a set amount of money for grants – Example: College X :$1 million dollars of grants for their students– When money is gone, colleges have no more grant money to offer – That is one of the reasons why it is important to send applications
and FAFSA information to colleges as soon as possible
• Some colleges will offer students grant money– But then subtract that money if students are awarded
scholarships• The student’s financial need is recalculated: Receive less grant funds
– This grant money is then distributed to other students with greater financial need
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Scholarships• Highly recommended that students apply for scholarships– It may not be taken away from your grant money
• Scholarships are a more stable form of financial aid– Many scholarships last four years– Grants can be less reliable based on funding issues
• Scholarships look great on your resume– Future employers and graduate schools look for scholarships
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Groups: Scholarships and Grants• Do you believe it is a good policy for some colleges to
subtract scholarship money from grant amounts in order to give money to other students with greater financial need? Why or Why not?
• What do you think are the biggest benefits of being awarded a college scholarship?
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People Will Help You Video
• Watch the People Will Help You video –Pay special attention to• Who can help with the financial aid process• The value of writing essays
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People Will Help You• High school students do not realize – How much financial aid there is out there – How important it is to research financial aid on websites
• Use the college financial aid office– School counselors can also help you find financial aid
• Writing essays is worth the money– Can get between $1,000 and $5,000 dollars
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Financial Aid was a Lifesaver Video
• Watch the Financial Aid was a Lifesaver Video–Pay special attention to• Types of grants awarded • Financial aid paid for what percentage of the
student’s college costs
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Applying for Aid Was Worth it Video
• Watch the Applying for Aid Was Worth It Video–Pay special attention to• Research for grants and scholarships• How the 2 scholarships helped the student
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Important Video Points• 2-year colleges cost a lot less than a 4-year college• Financial aid pays for around 80% of my expenses– Including books and tuition– Took out loans to cover the remaining balance
• Receive national Pell grant and a state grant• Did a lot of research on scholarships and grants– Fastweb.com, Naviance, College Board, Scholarships.com– 2 scholarships: took away much of the financial burden
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Sample Types of Scholarships • Academic • African-American• Asian• Art • Athletic• Best Buy• Business• Cargill• Computer• Cosmetology• College (ex: U of M)
• Fashion Design • Female• First Generation • Hispanic• Interracial• Left-handed• LGBT• Marble • Music • Native American• Nursing
• Parent’s Company
• Religious• Skateboard• State• STEM Career • Study Abroad • Teaching• Technical School• Twins• Vegan• Vocational
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Group Activity: What do you know?
• Where do you plan to investigate scholarships? • Name 3 scholarships that might be a good match
for you
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Update Postsecondary Plan
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Update Your Postsecondary Plan
• Sections– What am I doing now to prepare to pay for college?– How do families like mine typically pay for college?– What scholarships might I be eligible for in the
future?
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Pre-Test
1. Name four types of financial aid2. What three types of financial aid does not
have to be paid back?3. The __________ of an education continues
to rise and is a good investment for the future.
![Page 24: Understand the College Financial Aid Process](https://reader034.fdocuments.net/reader034/viewer/2022051401/56813351550346895d9a5e62/html5/thumbnails/24.jpg)
Review
1. Four types of financial aid– Grants, scholarships, work-study, loans
2. 3 types of financial aid that does not have to be paid back
– Grants, scholarships, work-study
3. The __________ of an education continues to rise and is a good investment for the future.
– Value