Presentation on theme: "Understanding Your Aid 1 High School Financial Literacy #2."— Presentation transcript:
Understanding Your Aid 1 High School Financial Literacy #2
Pre-Test 1.What do some private colleges to offset the amount of their tuition? 2.If you are in top academic ______ percent at a college, you will probably get more financial aid. 3.What are two types of federal grants to help cover postsecondary costs?
Objectives Review Last Week’s Lesson Paying Colleges Directly Financial Aid Tips Types of Grants
Review Last Week’s Lesson Two main factors of financial success – Increase income and reduce expenses Major 10 th grade expense categories – Entertainment, Clothes, Car/Transportation – Technology, Savings Main key to keeping a good budget – Follow through
Paying Colleges Directly 1. Savings Many students save money by Working jobs during the school year and summer Putting money gifts in the bank 529 Savings Plan Can start saving now and get tax benefits 2. Family Contribution Family pays a set amount per year to help their child Families often save money for college
Financial Aid Game Video Watch the Game of College Financial Aid videoGame of College Financial Aid – Pay special attention to Expenses whether you go to college or not How to get financial aid
Main Video Points Costs of College – Many people do not consider that the cost includes expenses whether you are in college or not Housing, Food, and Entertainment Private colleges may cost more than public – But some private colleges provide excellent financial aid packages to offset these differences
Video: Importance of the FAFSA You will not qualify for many types of financial aid unless you complete the FAFSA Go to http://www.fafsa.ed.gov/http://www.fafsa.ed.gov/ – Free Application for Federal Student Aid Complete the FAFSA soon after January 1 st of 12 th grade – Some aid only lasts until it runs out – Parents need to complete their taxes soon after Jan. 1 st Not all students get the same financial aid – Based parents’ income, academic performance, amount of financial aid offered at your college
Financial Aid Tips Videos Watch the Tips For Financial Aid videoTips For Financial Aid – Pay special attention to Students that qualify for financial aid Differences in financial aid at different colleges
Video: Tips for Financial Aid Apply for financial aid early – Some money comes in the first come first serve basis Assume that you can qualify for financial aid – Some parents that make up to $150,000 still receive aid – Everybody should apply for financial aid: Complete FAFSA Many different types of scholarships Pay attention to average GPA and ACT scores – If you are in top 25%, you will probably get more financial aid – Balance this fact with the benefits of going to a higher rated college Know that colleges offer different amounts of financial aid
Interview a Partner What are you doing academically in high school to help you get more college financial aid? What types of college financial aid do you hope to receive?
It Was Worth It Video Watch the It Was Worth It videoIt Was Worth It – Pay special attention to the Grants and scholarships that this student received Note: Click on the link above and then the arrow on the picture when you reach the web page
Grants Money does not have to be repaid Filling out the FAFSA will result in a report of your financial aid – From the state and federal government – Awards are based on family income level Some colleges offer grants based on the FAFSA – Private colleges with high tuition often offer grants
Federal Grants FSEOG: Money awarded to students with the biggest financial need Pell Grant: Many students qualify for this grant
Classroom Discussion What type of college financial aid does not need to be repaid? What form needs to be filled out before you receive financial aid? What is your college financial aid plan? – 2 or 4-year college, what grants and scholarships, etc.
Post-Test 1.What do some private colleges to offset the amount of their tuition? 2.If you are in top academic ______ percent at a college, you will probably get more financial aid. 3.What are two types of federal grants to help cover postsecondary costs?
Review 1.What do some private colleges to offset the amount of their tuition? – Offer excellent financial aid packages 2.If you are in top academic ______ percent at a college, you will probably get more financial aid. – 25% 3.What are two types of federal grants to help cover postsecondary costs? – Pell and FSEOG