1. Covenant Christian School Guidance Meeting FINANCIAL AID 101

2. Scholarships/Financial Aid Many students begin their college process thinking in terms of affordability first, then admission to a particular college. It’s actually the other way around. NEVER avoid applying to a particular school because you feel that you will not be able to afford it. You will never know unless you apply, are accepted, and then see how much aid they are willing to give you. Many students begin their college process thinking in terms of affordability first, then admission to a particular college. It’s actually the other way around. NEVER avoid applying to a particular school because you feel that you will not be able to afford it. You will never know unless you apply, are accepted, and then see how much aid they are willing to give you.

3. Scholarships Scholarships are based on merit. ALL LEGITIMATE SCHOLARSHIPS ARE GIVEN AWAY. Do not ever pay anything to any company who promises scholarship opportunities. If it is legitimate, it is free. Scholarships are based on merit. ALL LEGITIMATE SCHOLARSHIPS ARE GIVEN AWAY. Do not ever pay anything to any company who promises scholarship opportunities. If it is legitimate, it is free. Apply early. The deadline for scholarships usually falls long before the deadline for admission (11/1-12/15) Apply early. The deadline for scholarships usually falls long before the deadline for admission (11/1-12/15)

4. Scholarship Sources Your best source of scholarship will be the college that you ultimately attend. It may be necessary to apply for scholarships at several different institutions before making a final decision on which school to attend. The college will always be your PRIMARY source for scholarship. Your best source of scholarship will be the college that you ultimately attend. It may be necessary to apply for scholarships at several different institutions before making a final decision on which school to attend. The college will always be your PRIMARY source for scholarship.

5. Mistakes in College Finances Spending your life savings - money you’ll need for retirement. Spending your life savings - money you’ll need for retirement. Borrowing money at unnecessarily high interest rates. Borrowing money at unnecessarily high interest rates. Asking your children to attend colleges that are not right for them, thinking you’ll save money. Asking your children to attend colleges that are not right for them, thinking you’ll save money. Applying for aid after the money runs out Applying for aid after the money runs out

6. The Certainties College cost will continue to increase at a rate faster than inflation. Grant and scholarship aid is not keeping pace. Uninformed education consumers will make costly mistakes in financing college expenses. College cost will continue to increase at a rate faster than inflation. Grant and scholarship aid is not keeping pace. Uninformed education consumers will make costly mistakes in financing college expenses.

7. FINANCIAL NEED Federal Aid State Aid Scholarships Money Management Tips

8. Financial Aid Get accepted into a college Fill out FAFSA Finish Bright Futures requirements Research & apply to all scholarships Apply to your college for scholarships

9. Bright Futures Scholarship FLORIDA ACADEMIC FLORIDA ACADEMIC 100% tuition and $600 for books 100% tuition and $600 for books 3.5 weighted GPA using the 15 academic credits 3.5 weighted GPA using the 15 academic credits 75 community service hours 75 community service hours 1270 SAT or 28 ACT 1270 SAT or 28 ACT FLORIDA MEDALLION FLORIDA MEDALLION 75% tuition and fees 75% tuition and fees 3.0 weighted GPA using the 15 academic credits 3.0 weighted GPA using the 15 academic credits 970 SAT or 20 ACT 970 SAT or 20 ACT Guidance Counselor submits all information to the Department of Education electronically. Award letter is granted within the month. Seniors may have the option of a seventh semester evaluation. Eighth semester can be an upgraded award.

10. FAFSAFAFSA FAFSA is filed after Jan. 1. Student Aid Report sent with EFC stated. Needed for all colleges to determine financial aid package. A family whose EFC is $9,000 considers two colleges: Privy IvyState U Tuition $20,000$9,000 Tuition $20,000$9,000 Qualifies for aid -$11,000$0 Qualifies for aid -$11,000$0 Cost of attendance $9,000$9,000 Cost of attendance $9,000$9,000

11. Steps to Finding College Cash Start early Start early Search Everywhere Search Everywhere Be Diligent Be Diligent Save Your Money Save Your Money Trust God: Psalm 50:10 Trust God: Psalm 50:10 Start early Start early Search Everywhere Search Everywhere Be Diligent Be Diligent Save Your Money Save Your Money Trust God: Psalm 50:10 Trust God: Psalm 50:10

12. Zero Debt Strategies Stretch out our school experience - go 5 or 6 years. Stretch out our school experience - go 5 or 6 years. Take off hour courses - tuition reduction for classes taken during off peak hours Take off hour courses - tuition reduction for classes taken during off peak hours Consider AP or credits from a less expensive college. Dual enrollment and CLEP Consider AP or credits from a less expensive college. Dual enrollment and CLEP Shop for tuition Shop for tuition Seek school discounts - employees, military, siblings Seek school discounts - employees, military, siblings Continue to live at home while attending school Continue to live at home while attending school Create a college savings plan in advance Create a college savings plan in advance Buy textbooks overseas or directly through B & N Buy textbooks overseas or directly through B & N

13. Federal Aid Student’s Cost of Attendance – Expected Family Contribution = Financial Need Student’s Cost of Attendance – Expected Family Contribution = Financial Need Federal Pell Grant - is not repaid. Up to $3,125 Federal Pell Grant - is not repaid. Up to $3,125 FSEOG (Federal Supplemental Education Opportunity Grants) FSEOG (Federal Supplemental Education Opportunity Grants) Federal Work Study - on or off campus Federal Work Study - on or off campus Perkins Loan - 5% loan. Pay back when you graduate. Perkins Loan - 5% loan. Pay back when you graduate. Stafford Loan - low interest loan from a lender. Stafford Loan - low interest loan from a lender.

14. What About College Loans? Seek God’s direction. Only borrow what you need. Know the interest rate and the payment schedule. Seek God’s direction. Only borrow what you need. Know the interest rate and the payment schedule. Federal Perkins Loan Federal Perkins Loan Federal Stafford Loan Federal Stafford Loan Subsidized Unsubsidized Federal PLUS Loans - interest rate does not exceed 9%. Not based on financial need. Good credit history required. Private loans (i.e. Bank of America, Educaid, Salliemae)

15. Scholarship Search www.fastweb.com www.fastweb.comwww.fastweb.com www.coca- colascholars.org www.coca- colascholars.org www.coca- colascholars.org www.coca- colascholars.org www.walmartfoundation.o rg www.walmartfoundation.o rg www.walmartfoundation.o rg www.walmartfoundation.o rg www.scholastic.com/arta ndwriting Art & Writing www.scholastic.com/arta ndwriting www.scholastic.com/arta ndwriting Art & Writing www.scholastic.com/arta ndwriting Essay - www.aynrand.org/contest s Essay - www.aynrand.org/contest s Essay - www.aynrand.org/contest s Essay - www.aynrand.org/contest s - www.legion.org and www.vfw.org Public speaking - www.legion.org and www.vfw.org - www.legion.org Public speaking - www.legion.org Community service - www.prudential.com www.prudential.com Hispanic - www.hispanicheritage awards.org www.hispanicheritage awards.org

16. Managing Your Money in College Establish a budget Get a part-time job after freshmen year Work summers 14 meal plan Used books Pay off balance of credit card monthly Establish a budget Get a part-time job after freshmen year Work summers 14 meal plan Used books Pay off balance of credit card monthly

17. Smith Family College Tips Children’s portion of college costs: their own income, work study, scholarships Parent’s portion of college costs: tuition payments, direct costs of college living, grants Parent portion does not exceed an established agreed upon amount (total dollar amount of cash, grants, tuition payments, etc.). Excess of grant portion of parent allowance goes to tuition costs. Excess of children’s portion (scholarships) after all tuition costs and other college related costs have been paid goes to child for living expenses.