Paying for College 11th grade Seminar Lesson 

Introduction Students Seminar Teacher The purpose of this seminar is to help you understand the many forms of financial aid that are available to help you pay for your education. You will receive a packet with scholarship and financial aid information. The GOAL is that all juniors will  sign up for REMIND today. This will help you receive important senior year updates. This PowerPoint is narrated from slide 2-9. Please pause at anytime if students have questions. Please read slides 10-13.

Financial Aid & Scholarships SHOW ME THE MONEY!

Types and Sources of Financial Aid Gift Aid – Does not need to be paid back Loans – Need to be paid back with interest. Federal loans have low interest rates. Repayment begins 9 months after you graduate, leave school or drop below ½ time. Employment – Work Study amounts are limited depending on the school and your financial need. If you qualify for Work Study, you will work either on or off campus and be paid the amount that you qualified for. This money can be used for any purpose. Federal Financial Aid – Largest source of Financial Aid (only qualify by submitting the FAFSA). Comes in the forms of Grants and Loans. State Aid – Lots of state aid is available, some require the FAFSA, some do not. Visit the Washington Higher Education Coordinating Board website to view what’s available. www.hecb.wa.gov School Aid – Varies depending on the school. Generally based on merit (grades and test scores). Comes in the forms of Grants and Scholarships. Visit the Financial Aid webpage of the school you are interested in attending. Private Aid – Comes from private businesses or groups in the form of Grants, Scholarships and Loans. Loans will have the highest interest rates. 4

Free Application for Federal Student Aid (FAFSA) Determines eligibility for aid from the Federal Government in the form of Grants, Loans and Work Study Complete after October 1 of the senior year, and every year you are in college Priority deadline must be met to receive optimal aid Utilizes a formula that considers many factors including: student/parent income, age of student/parents, number of people in household who are in college. Determines your EFC (Estimated Family Contribution) Cost of Attendance – EFC = Financial Need

FEDERAL GRANT PROGRAMS HOW MUCH MONEY CAN I GET?? FEDERAL GRANT PROGRAMS FEDERAL PELL GRANT →→ $5,900+ ** FSEOG GRANT →→ $100 - $4,000 ** TEACH GRANT → $4,000 *** IRAQ & AFGHANISTAN SERVICE GRANT →→ $5,900+ **** WORK STUDY The amount awarded depends on your FAFSA results ** Requires exceptional Financial Need *** Must meet service requirements or reverts to a loan **** Must be ineligible for a Pell Grant, parent died in Iraq or Afghanistan Pell Grant – You can receive this for 4 years only and only when you have not yet received a bachelor’s degree FSEOG Grant – School is given a specific pot of money for this and doles it out at their discretion Teach Grant – Be very careful, most schools won’t offer it until Junior year, and will revert to a loan if you don’t complete the service agreement Iraq & Afghanistan Grant – Must be a dependent of someone who died in Iraq or Afghanistan war and have been less than 24 at the time Work Study – Schools are allotted a certain amount of money for this – it goes very quickly – It is a job you get paid that amount of money for throughout the year, so generally not used to cover direct costs

Washington State Aid Programs American Indian Endowed Scholarship College Bound Scholarship → Tuition State Need Grant → $2,823 – 9,369 (school specific) Opportunity Scholarship Program → $2,500 (incoming freshman) Passport for Foster Youth State Work Study Need based aid. Must be planning to attend school in Washington state See Washington State Achievement Council website, also ReadySetGrad.org for more info on these programs American Indian endowed: Need Based, Plan to use degree to benefit the American Indian Community in the state, Have close cultural and social ties to an American Tribe State Need Grant – First come, first serve Opportunity Scholarship – STEM careers, low and middle-income students, must be income eligible (however, family of 4 can have an income of $105,000), 3.0 GPA, over 700 of these scholarships are given Passport for Foster Youth – provides funding for college for foster youth State Work Study – specific to schools, runs out very quickly

LOANS FROM THE FEDERAL GOVERNMENT Direct Loan → $5,500/year ($9,000 if independent) (Subsidized and Unsubsidized combined) 3.76% int rate Perkins Loan → $5,500/year ** (5% int rate) Parent Plus Loan → up to COA (Costs of Attendance) 4.276% int rate ** Exceptional financial need Loan amounts increase with grade level

You will need to know your SAT/ACT scores and cumulative GPA – This calculator will determine if you are eligible for incoming freshman merit based aid

Tips for less stressful senior year... Remind will help you stay updated with important senior events and deadlines.  Now please take out your phone and take a couple of minutes to sign up for Remind.  Please follow the instruction on page 2 of your packet. 

Tips for a less stressful senior year…. Regardless of your pathway, you will need the following: Determine your top 3 programs of choice. Plan campus visits over the summer or search for online tours. Review admissions criteria. Develop a resume with specific leadership and/or volunteering experiences. Develop relationships with mentors/teachers in preparation for a letter of recommendation. Fill out your FAFSA!!!

Ferris High School FAFSA Night Event Important Dates Ferris High School FAFSA Night Event Monday, October 1,2018 & Wednesday, October 10, 2018 At 5:30 p.m. in the Library

Closing Instructions: Teachers Students Please take all handouts from your seminar folder home. Return empty folder to hanging file. Please make sure all folders are empty and recycle any extra forms. Return empty student folders and seminar box to the staff workroom.