Class of 2019 Money for College

Students will: Learn what financial aid is Learn the types and sources of financial aid Identify terms associated with Financial Aid Receive a listing of national and local scholarships from counselor Explore other options to pay for college

What is Financial Aid? Financial aid consists of funds (scholarships, grants, loans, work- study) provided to students and families to help pay for postsecondary educational expenses.

What is Cost of Attendance (COA)? COA includes: Tuition & Fees Room & Board Books & Supplies Transportation Personal Expenses COA Varies widely from college to college

What is Expected Family Contribution (EFC)? Amount family can reasonably be expected to contribute Stays the same regardless of college Two components Parent contribution Student contribution

What is Financial Need? – Expected Family Contribution Cost of Attendance – Expected Family Contribution = Financial Need

Types of Financial Aid Loans- Must be paid back Gift Aid- Don’t have to be paid back Scholarships Grants-Pell, State, and Federal Grants Self-Help Aid Employment-Work Study Loans- Must be paid back

Scholarships Biggest Myth: Only smart students with high ACT and GPAs get scholarships (NOT so!) Scholarships are considered “gift aid” similar to grants Most have specific requirements Pay attention to Deadlines Merit or Need Based Some have restrictions on what they will pay - Must be used for Direct Costs(books, fees, tuition, etc.); No cash back - Enrollment restrictions-Part time/Full time students

NEVER PAY MONEY TO APPLY FOR SCHOLARSHIPS!!! Scholarships(Cont.) Renewable- can be awarded each year as long as requirements are met Nonrenewable- One time scholarship They come from multiple sources - Institutions - Organizations Employers There is no such thing as a complete list of scholarship Counselor list given out today. Use Google, Social Media(Twitter, Facebook, Instagram, Etc.) DON’T BE SCAMMED!!! NEVER PAY MONEY TO APPLY FOR SCHOLARSHIPS!!!

Tips to Getting Scholarships Get an active email. Check them Clean up social media accounts. Google yourself and see what comes up Set up appropriate voicemail Create a resume for references Always follow the directions on applications, essays, etc. Watch deadlines!

Grants Pell Grants – Based on EFC Automatic with eligibility Maximum annual amount is $6,095 for 2018-19(equally disbursed each semester) FSEOG Supplemental grant for the neediest of students Based on availability TEACH Grant For those planning to teach in high-need fields Agreement to Serve WIA Grant(Workforce Investment Act) - Contact Jackson Career Center or Ms. Stabler - Help pay for training in certain trades like welding, some nursing programs, etc.

Now - How Do I GET Grants, WorkStudy? FAFSA – FREE Application for Federal Student Aid www.fafsa.gov not www.fafsa.com NEVER PAY MONEY TO APPLY!!!

FAFSA 2019-20 FAFSA available October 1, 2018 Most colleges set FAFSA priority filing deadlines Some schools require all students to complete FAFSA even if they don’t qualify for grants Upcoming FAFSA events for srs: FAFSA Day: October 18th (Sign up for FSA IDs) Application Days(Parents Invited too): Oct 18th (2nd and 3rd Blocks) and Oct 31st (1st and 4th blocks) Chance to win great prizes for all seniors who complete FAFSA by Nov 13th. Must bring confirmation sheet to Ms. Stabler to be entered.

School Affiliated Employment aka Work-Study Federal Work Study Federal dollars paid in exchange for part-time employment in designated jobs Remember that School comes first

Loans Should be a last resort Choose the Right College by comparing how much your family can help you versus what it will cost to attend Federal Direct Loans Subsidized(Interest doesn’t accumulate while in school) Unsubsidized (Interest Accumulates while in school) Parent PLUS Loans

Keeping Your Financial Aid MAKE SATISFACTORY PROGRESS Time Frame Grade Point Average/Dropping Courses Pace Once you lose your federal aid/pell grant, it is hard to get it back!

Other Options National Guard ROTC Internships

Graduate College Debt Free Make It Your goal!!! Graduate College Debt Free