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Financial Aid: Knowing the Options Taking A Closer Look At Types of Aid, Scholarships, and the Financial Aid Process.

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Presentation on theme: "Financial Aid: Knowing the Options Taking A Closer Look At Types of Aid, Scholarships, and the Financial Aid Process."— Presentation transcript:

1 Financial Aid: Knowing the Options Taking A Closer Look At Types of Aid, Scholarships, and the Financial Aid Process

2 Value and Cost of Postsecondary Education

3 The Value of Higher Education Source: Bureau of Labor Statistics, Current Population Survey 3

4 Choosing the Right School For You

5 Choosing Your School  College Navigator −www.nces.ed.gov/collegenavigator Factors to Consider Cost Location State, Region Suburban, Urban, Rural Size Degree and Major Options Religious Affiliation 5

6 Financial Aid: Types and Sources

7 Financial Aid Options  Scholarships −Local and National  Grants −Federal and State −Institutional  Work and Internships −Savings −Experience  Savings −It’s Never Too Late to Start  Federal Financial Aid  State of Indiana Financial Aid 7

8 Scholarships  Money you DON’T have to repay!  Ask around −Student’s Place of Employment, Parent’s Place of Employment, Guidance Counselor, Church Groups, Local Businesses, and Organizations  Balance −Spend a fair amount of time on small and large scholarship applications 8

9 Make a Plan  Create Scholarship Resume −Think Baby Book for your High School Student  Apply to all that you are eligible for  Target List (list of scholarships that are coming up) −Start Writing Essays (Proofread) −Find Other Scholarships asking Same Question −Apply to 10, 20, or more using one base essay −Add experiences to your resume ›Build Houses ›Feed the Poor 9

10 Grants  More $ you DON’T have to repay! −Federal or State Government ›Pell and TEACH  Your College or University −Institutional Aid 10

11 Work and Internships  Work −Generate Savings −References −Networking Opportunities  Internships −References −Networking Opportunities −Find the right career field 11

12  It is less expensive to save for college than to borrow. −When you save, the money earns interest −When you borrow, you're paying the interest  Myth: Savings will prevent families from getting financial aid. −Truth: The federal formula that calculates a families EFC does not look at around $50,000 of parental assets for the average family. Savings tips: −Investigate Savings Plan Options ›Including 529 College Savings Plans, Money Market Accounts, Regular Savings Accounts −Start a savings plan ›Parents and Students −Make savings deposits regular ›Automatic Deposits −Continue saving through college ›Parents and Students Savings 12

13 Federal Title IV Programs Federal Pell Grant Federal Pell Grant (Max: $5,645) Federal Supplemental Educational Opportunity Grant (FSEOG) Federal Supplemental Educational Opportunity Grant (FSEOG) ($1k – $4k) TEACH Grant TEACH Grant ($4,000) Federal Work Study (FWS) Federal Work Study (FWS) Federal Perkins Loan Federal Perkins Loan (5%) Federal Stafford Direct Loan Federal Stafford Direct Loan (3.86%) Federal Parent Loan for Undergraduate Students (PLUS) Federal Parent Loan for Undergraduate Students (PLUS) (6.41%) 13

14 State of Indiana Programs Division of Student Financial Aid  Frank O’Bannon Grant Program −Higher Education Award −Freedom of Choice Award  21 st Century Scholars Program  The Mitch Daniels Early Graduation Scholarship  Child of Certain Veterans and Public Safety Officer Supplemental Grant 14

15 Free Application for Federal Student Aid

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17 Other Resources  Fafsa4caster −www.fafsa4caster.ed.gov ›Using FAFSA4caster, you and your family will receive an early estimate of eligibility for federal student aid and helps you better understand the financial aid process.  ISM College Planning Team 17

18 How College Cost is Presented

19 Net Price Calculators  Provide estimates of Financial Aid Packages to help families make informed decisions Cost of Attendance – Gift Aid (Grants & Scholarships) = Net Price  Colleges are required to include a net price calculator on their website 19

20 Net Price Calculators 20

21 Next Steps

22 What do I do now?  Talk w/ Counselors  SAT or ACT  FAFSA4Caster  Scholarships  Applications (and Deadlines)  Campus Visits  College Fairs 22

23 23

24 Like us on at: 24

25 Follow us on 25

26 E-Newsletter  Tips and advice to make educated decisions about paying for higher education  News and information from the world of financial aid  Links to free resources to help students, parents, and counselors 26

27 Bill Wozniak


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