1. Financial Aid 101 Some important things your need to know to pay for college! Source: www.handsonbanking.org

2. College is expensive: Tuition Fees Books Room and Board Miscellaneous costs of school (and life!) http://www.montclair.edu/financial- aid/financing/http://www.montclair.edu/financial- aid/financing/

3. http://www.bls.gov/emp/ep_chart_001.htm

4. What is Financial Aid?

5. Money you get to pay for education beyond high school ▫Combination of money you receive, earn, and borrow.

6. Kinds of Financial Aid Grants and Scholarships ▫Grant – money awarded based on either financial need or academic achievement ▫Scholarship – based on academic achievement, a specific talent you have or subject you plan to study.  Types – local, school, or national Grants and Scholarships do not need to be repaid!

7. Local and NJ Scholarships Guidance offers scholarship bulletins – check this frequently as seniors! Organizations like the Elks Lodge, 200 Club, and other local organizations offer scholarships http://www.hackettstown.org/Page/1569

8. National Scholarships http://www.fastweb.com/college-scholarships For the Animal Lover – Vegetarian Resource Group Scholarship Deadline: 2/20/16 Available to: High School Senior through College Freshman Award Amount: $10,000 The Vegetarian Resource Group Scholarship is available to graduating high school seniors. You must have been active in promoting vegetarianism in your school and / or community; and have demonstrated compassion, courage, and a strong commitment to promoting a peaceful world through a vegetarian diet/lifestyle to be considered for this award.

9. Youth Free Expression Project Film Contest Deadline: 12/14/15 Available to: Ages 19 and Under Award Amount: $1,000 Provided by the National Coalition Against Censorship, the Youth Free Expression Project Film Contest is open to filmmakers age 19 and younger who are living in the U.S. or its territories (citizenship not required). To qualify, you must submit an original film of four minutes or less about a censorship issue or event from the past 40 years or explore what you think will be the major free speech questions of the future. Entries can be videos of any kind, including documentary, animation, experimental, satire, fictional narrative, or music video. The top three winners will be awarded cash prizes and the first place winner will receive a $5000 scholarship to the New York Film Academy. Get more information on the Youth Free Expression Project Film Contest.Youth Free Expression Project Film Contest

10. Kinds of Financial Aid Federal Work study program ▫Government sponsored program ▫For students who have financial need ▫Total amount depends on  Level of need  When you apply  Funding level of your school ▫You will earn at least the current federal minimum wage. ▫Also, money that you do not repay!

11. Kinds of Financial Aid Money you borrow - Loans ▫Sources of student loans  Federal government – Perkins loans, Stafford Loans, PLUS loans  State government – depends upon state  Financial institutions – (banks) – private loan – loans are based on your credit ▫These loans need to be repaid! ▫This is a long-term commitment. Only borrow what you need (what you borrow you have to pay back!)

12. The FAFSA (Free Application for Federal Student Aid) Unified form used by the federal government to calculate and offer financial aid. ▫Used by:  almost all colleges  many technical and trade schools

13. How do I do this? Completing the FAFSA is a must! ▫Form created by the Federal government ▫Completed on paper or online (quicker option) ▫First day to apply - January 1 st of your Senior Year in high school Department of Education will use this information to determine how much your family can afford to pay for your education – called Expected Family Contribution Next, DOE will send you Student Aid Report (SAR). The DOE will also send a form to the educational institutions you selected on your FAFSA form. This your Institutional Student Information Record (ISIR)

14. What next? Each school’s Financial Aid office will review your ISIR and send you a Financial Aid Package. This may include any or all of the following: Federal Loans, grants, scholarships and work- study programs When you choose your school, you must sign the financial aid package and indicate whether you are accepting or declining each aid offer. You do not have to accept everything!

16. True cost of college not evident until after financial aid packages offered!

17. COA - Cost of Attendance.

18. Guess What….. The sooner you apply for financial aid, the sooner you can make your decision Complete the FAFSA form, even if you do not think you qualify. ▫The American Council on Education found that ½ of undergraduates enrolled in colleges and universities did not fill out the application  Probably 850,000 of those students were probably eligible for a federal grant, but they missed out You need to reapply for financial aid every year!

19. The Golden Triangle GrantsWork-StudyScholarships Every little bit counts! It is money you do not repay The more you get from these three sources, the less you need in student loans.

20. What does the FAFSA look like? http://www.fafsa.ed.gov/fotw1213/pdf/fafsa ws13c.pdfhttp://www.fafsa.ed.gov/fotw1213/pdf/fafsa ws13c.pdf