1. SCHOLARSHIPS & FINANCIAL AID
PAYING FOR COLLEGE 101
SCHOLARSHIPS & FINANCIAL AID

2. More than 6 out of 10 college students receive financial aid.
Did You Know?
More than $185 billion in financial assistance is available to help students afford college.
The average student received a little over $13,200 last year to help pay for college.
Refer to slide
More than 6 out of 10 college students receive financial aid.
Source: collegeboard.org

3. Scholarships & Financial Aid 101
Source: The College Board

4. Focus on Net Price
Source: The College Board

5. Estimating Your College Costs
Five main categories of expenses
Tuition and Fees
Room and Board
Books and Supplies
Personal Expenses
Transportation
Early estimate: Net Price Calculator

6. Types of Financial Assistance
Four main types of financial assistance
Scholarships
Grants
Loans
Work-Study Programs
Scholarships and Financial Aid – usually separate departments
Each college has its own financial aid and scholarship policies and deadlines

7. Scholarships & Financial Aid 101
Maximize
Loans
Minimize

8. Types of Scholarships Internal External
Scholarships offered by the university, individual colleges and departments, National Alumni Association
External
Awarded by organizations other than the university
Businesses or corporations
Military
Civic and social clubs
Churches or other religious organizations
Individuals

9. Sources of Scholarships
Think outside the box!

10. Scholarship Resources
University guides or websites
Scholarship search sites
Scholly, Scholarships.com, Collegeboard.com, Unigo.com, Raise.me, Finaid.org, Scholarships for Students with Health Conditions, DoSomething.org plus many more!
Scholarship databases
Naviance, High school counselors and Post-grad coordinators
Community Organizations/Employers/Churches
Military Service
Common App

11. Federal Financial Aid How Much Aid Can I Get?
In general, it depends on your financial need.
Financial need is determined by Expected Family Contribution (EFC) and cost of attendance (COA)
EFC comes from what you report on FAFSA® (Free Application for Federal Student Aid)
COA is tuition, fees, room and board, transportation, etc. and is determined by the school.
COA – EFC = financial need

12. Federal Financial Aid Process
Step 1: Find deadlines and application requirements at fafsa.ed.gov
Step 2: Complete the FAFSA as soon as possible after October 1.
Step 3: Wait! Most financial aid offers will not be mailed until spring.
Step 4: Compare financial aid offers and determine out-of-pocket costs.
Step 5: Accept the aid you want. You do not have to accept the full amount offered.

13. Federal Loan Programs Stafford Loan
Low-interest loans that are provided by the federal government
Subsidized Stafford: Must demonstrate “need”
Maximum annual award: $5,500 for freshman year
Current interest rate = 5.05%
Unsubsidized Stafford: Need is not a consideration
Maximum annual award: $20,500 (less any subsidized amounts received for same period)
Current interest rate = 5.04%
Parent Loan for Undergraduate Students (PLUS)
Parents can take out a federal PLUS loan to help cover educational costs
Need is not a consideration
Maximum amount is cost of attendance minus any other financial aid received
Current interest rate = 7.6%
Interest rates are fixed for the life of the loan

14. Federal Work Study Earned Wages Students may work on or off campus
Hours are limited
Funding level is limited
Awarded on first-come, first-served basis

15. Grants
Pell Grant
Maximum = $5,920 (for 17-18)
Awarded based on EFC and enrollment
Federal Supplemental Educational Opportunity Grant (SEOG)
Maximum = $1,000
Awarded based on exceptional need and availability of funds
Awarded on a first-come, first-served basis by most universities

16. Financial Aid Resources
Collegeboard.com
University website/Financial Aid office

17. Other Considerations Student Jobs AP/IB Credits WUE
College Opportunity Fund
ASCENT – Limited to Colorado community colleges
Alternative and Private (non-federal) Education Loans

18. Reminders Know the deadlines – NOT FLEXIBLE!
Scholarship deadlines vary by college/university
FAFSA: Free Application for Federal Student Aid
The FAFSA goes online October 1st and will use PPY tax info
Use the IRS Data Retrieval Tool (IRS DRT) to update your FAFSA with IRS tax return information
Consistently check your s and set up/check your voic s
Start your research early
Read eligibility requirements carefully
Stay organized / Keep copies of everything
Watch out for SCAMS!
Manage your debt by borrowing what you need and not what you want
Do your best to save on education costs

19. And Finally…. You are not in this alone!
College admission representatives, high school counselors, administration and teachers are available to help.
Just ask….we’re here to help you navigate the college selection and application process and provide you with the information you need to make the right decision for your student’s future.

20. Q&A Session