3 College Opportunity Fund Pays a portion of total in-state tuition per credit hour Colorado public institutions (2-year and 4-year) Participating private institutions (Regis, DU and Colorado Christian University) $68 per credit hour in 09-10 school year ($1,632/year for a full time student) 145 credit hour maximum Must apply for stipend Must be admitted to participating institution Available for undergraduates only Paid directly to the school Apply online at: www.collegeincolorado.orgwww.collegeincolorado.org
7 Federal loans 41% Institutional grants 21% Pell Grants 14% Private and employer grants 7% State grants 7% Education tax credits and deductions 6% Federal grants not Pell Grants 3% Federal work-study 1% Total: $106.7-billion NOTE: Numbers are for undergraduates. SOURCE: College Board, "Trends in Student Aid 2008"http://chronicle.com/weekly/v55/i11/tuition_table.htmhttp://chronicle.com/weekly/v55/i11/tuition_table.htm
10 Free Application for Federal Student Aid (FAFSA ) Available every January 1– apply early! Some Financial Aid is awarded on a first come first serve basis The earlier a student applies, the more financial aid they may receive Must file every year Will receive a Student Aid Report (SAR) via email and snail mail Name one type of financial aid.
11 How to Submit the FAFSA Online application is fastest Processed in 72 hours Student and one parent need to get Personal Identification Numbers to sign application electronically Parent and Student Information required: −Social security numbers, drivers license numbers −Records of money earned last year, tax returns and bank statements, etc. Complete FAFSA online at http://www.fafsa.ed.govhttp://www.fafsa.ed.gov 1-800-4FEDAID paper applications BEWARE of any service that requires you to pay a fee to submit your FREE application
14 Grants Awarded to the student based on need Does not need to be paid back Scholarships Does not need to be paid back Check out our CollegeInvest Scholarship Program Work-study Typically based on need Student Loans Federal Loans −Paid back at federally backed low interest rates with helpful terms −There are federal loans for students (Stafford loans) and parents (PLUS loans) Private Loans −Use federal first and be sure to research the rates and terms carefully if you need a private loan to fill the gap. Financial Aid – The Four Types
15 PELL Grant Eligibility determined from FAFSA 2009-2010 maximum amount $4731 Pro-rated if student is less than full time Need based grant EFC must be under $4041 When is College Goal Sunday?
16 Academic Competitiveness Grant Eligible for Pell Grant Four or two year degree program Full time student $750.00 first year of undergraduate study Successfully completed a rigorous high school program (Higher Education Admission Requirements) $1,300.00 second year of study Second year of undergraduate study have a cumulative grade point average of 3.0 No specific major required
17 The SMART Grant (National Science & Mathematics Access to Retain Talent) Available during the third and fourth years of undergraduate study Eligible for Pell Grant Enrolled in a four-year degree granting institution Full time student Up to $4,000.00 per year A cumulative 3.0 grade point average
18 The SMART Grant (National Science & Mathematics Access to Retain Talent) Must major in: Physical life, environmental, nutrition, or computer science Engineering Mathematics Technology Critical Foreign Language Food Science, Technology, and Processing Fishing and Fisheries Science Management Forest Sciences and Biology Wood Science and Wood Products/Pulp and Paper Technology Wildlife and Wildlands Science and Management Biopsychology Physiological, Pyschology/Psychbiology
19 TEACH Grant Up to $4000 in grant money per year for teaching students Undergraduates can qualify for up to four years, graduates for up to two years Must score above the 75th percentile on a college admissions test OR maintain a cumulative GPA of at least 3.25 Must be a student who intend to teach full-time in high-need subject areas for at least four years at schools that serve students from low-income families If the student does not meet the teaching requirements, the grant must be paid back as an unsubsidized loan Colorado State University-Pueblo Metropolitan State College of Denver University of Colorado Denver University of Northern Colorado Jones International University Colorado Christian University Regis University
20 Work Study Part-time hours Campus & Community offices/agencies Minimum wage & higher Earnings paid directly to students Often based on financial need Maximum earnings limit
21 Perkins Loans 5% interest rate 9 month grace period Repaid to School Attended Must Complete FAFSA Need Based Must sign Promissory Note with Institution Undergraduate annual limits $5,500, graduate annual amounts $8,000 Schools have small loan pool. May need to apply by school’s priority deadline to be considered
22 Federal Stafford Loans Payment begins 6 months after graduating or decreasing enrollments to less than half time No credit check required
23 Subsidized & Unsubsidized Subsidized Stafford: Must Demonstrate “need” Fixed interest rate of 6.8% as of July 1 st, 2008 (for undergraduates, 6.8% for graduate students) No interest accrual during in-school period Unsubsidized Stafford: Not based on need Fixed interest rate of 6.8% as of July 1 st, 2008 Interest accrues while in school
24 Federal Stafford Loans Grade Level Base Amounts* Additional Unsubsidized Total Amount Freshman$3,500$2,000$5,500 Sophomore$4,500$2,000$6,500 Junior & Senior$5,500$2,000$7,500 Preparatory coursework for enrollment in an undergraduate program $2,6250 Preparatory coursework for enrollment in an graduate program $5,5000 Teacher Certification coursework $5,5000 Aggregates$23,000$8,000$31,000 Source: CollegeAssist, 2008
26 What is a Scholarship? Financial Aid that is awarded to you based on your individual characteristics. Each Scholarship will have their own set of criteria, deadlines and application process It is up to you to find Scholarships and submit applications Scholarships do not have to be paid back
27 Components of a Scholarship Application Scholarship Application An Essay Letter of Recommendation or Nomination Letter Resume Official Transcripts Any additional information the scholarship committee requests Remember that every scholarship has different requirements, components and deadlines!
28 Before You Get Started… Create a professional email account Begin checking your email regularly Get to know your SS # Update your voicemail
29 Scholarship Portfolio Recent tax return(s) for you and your parents Your resume Academic transcripts Financial aid award notices Student Aid Report (Documentation of the FAFSA application) Your Personal Profile Copy of scholarship checklist Copy of all applications you have gathered Timeline for your scholarship search A great general scholarship essay Copies of your recommendation and/or nomination letters
30 Create A Resume Important Information To Include On Your Resume Name, phone number, email address Employment history with dates and accomplishments Honors, awards, or recognitions you have received Volunteer, leadership, and extracurricular activities Specialized skills or abilities Interests and hobbies Talk to friends, mentors, employers and parents to also edit and make corrections on the resume
33 If you are unsure as to what to include in your Resume this website will help you along the way All you need to do if fill in the information that applies to you.
34 Aside from Personal Information you will also be asked to add any Work Experience, Honors, Awards or any other Activities that you are involved in…Simple as that!!
35 Here it is!! Your Resume!! You can save the document as well as print copies
36 Letter of Recommendation and/or Nomination Letter Letter of Recommendation: A letter written by someone who admires you and can testify to your scholarship worthiness. Nomination Form: A document completed by someone who has the power and authority to recommend you for a scholarship. This may or may not accompany letters of recommendation. Teachers Employers People whom you have volunteered for Formal Informal Member/leader in club/organization you are involved in Instructors for activities outside of school
37 The Scholarship Search Inquire about scholarships through: High School College(s) student is interested in attending Local businesses Religious organizations Places of employment Internet −www.collegeincolorado.orgwww.collegeincolorado.org −www.fastweb.comwww.fastweb.com CollegeInvest −www.collegeinvest.orgwww.collegeinvest.org −Get a free copy of our scholarship workbook
44 Other Scholarships American Association of Candy Technologists Scholarship http://www.aactcandy.org/aactscholarship.asp http://www.aactcandy.org/aactscholarship.asp Patrick Kerr Skateboard Scholarship http://www.skateboardscholarship.org/ http://www.skateboardscholarship.org/ Vegetarian Resource Group Scholarship http://www.vrg.org/student/scholar.htm http://www.vrg.org/student/scholar.htm Ball State University's David Letterman Scholarship http://cms.bsu.edu/http://cms.bsu.edu/ Tall Clubs International Scholarship http://www.tall.org/ http://www.tall.org/
45 The CollegeInvest Opportunity Scholarship Thirty-Eight (38) randomly drawn $1,000 scholarships will be awarded to Colorado students who : Attend a Colorado two or four-year college, or vocational college, or university Will be full time, undergraduate students in the 2008-09 school year Complete the Free Application For Federal Student Aid and have an EFC of $15,000 or less (FAFSA does not have to be completed prior to registering) NO GPA or Essay requirements Apply online at www.collegeinvest.org
46 The CollegeInvest Service Scholarship Twenty seven (27) randomly drawn $6,000 scholarships (award amount will be divided over a two-year period, $3,000 each year) will be awarded to Colorado students who Attend a Colorado two or four-year college, or vocational college, or university Will be full time, undergraduate students in the 2008-09 school year Complete the Free Application For Federal Student Aid and have an EFC of $15,000 or less (FAFSA does not have to be completed prior to registering) Commit to 40 hours each year, for two years, in a service- to-children volunteer program NO GPA or Essay requirements Apply online at www.collegeinvest.org Deadline: April 1stwww.collegeinvest.org
49 Frequently Asked Questions My parents are divorced. Whose information do I put on the FAFSA? I have a stepparent. Do I need to include his/her information? I am making less money in the current year than the last year. How can I reflect this? How can I be considered independent even if I have answered ‘no’ to all the required questions? My grandmother lives with us, can she be included in our household size? My parents do not have a social security number, can I file a FAFSA?
51 Time Line - Senior Year Fall Apply for colleges Apply for scholarships Early spring Complete and submit the FAFSA online The government processes the form and determines your EFC Receive and review the Student Aid Report (SAR) The information goes to colleges Late spring The colleges create an “Award Letter” Compare offers; make decisions *Must be accepted to a college to receive an award letter
52 Helpful Tools FAFSA 4Caster http://www.fafsa4caster.ed.gov See what your EFC might look like College In Colorado http://www.collegeincolorado.org “Pay” tab then “Available Tools” Financial Aid Award Estimator Slope Calculator CollegeInvest http://www.collegeinvest.org For information on student loans and college savings