1. Financial Aid

2. Any program that offers money to assist with the costs associated with being a student Approximately 85% of full-time college students receive some type of financial aid There are many different types and sources The types, sources, and amounts of aid each student receives is called their financial aid package

3. Types of Financial Aid Gift Aid Does not have to be repaid Examples – Grants Usually need-based Federal government is a major source – Scholarships Usually based on merit/achievement May be based on specific major, demographics, etc. Many different sources Self-Help Funds Must be repaid Examples – Loans Private or public sources Repaid in money, with interest Repayment schedule and options may be flexible – Employment- or Service- Based Aid Repaid with work/service e.g., Work-study

4. Sources of Financial Aid Federal or State Government Colleges/Universities Banks/Loan Companies Other Organizations – Nonprofits/Foundations – Membership Organizations/Clubs – Employers – Private Corporations – Other

5. Qualifying for Financial Aid Find out the criteria for each type/source of aid Apply for anything you may qualify for Understand the terms and conditions Maintain eligibility – “Satisfactory academic progress” – Minimum GPA and number of credit hours

6. Free Application for Federal Student Aid (FAFSA) Form required for almost any kind of financial aid Does not obligate you to accept financial aid No fee to apply Complete the FAFSA online at www.fafsa.ed.govwww.fafsa.ed.gov – You will have to enter a lot of private, sensitive data – Do not do this on an unsecured computer! – FYI – www.fafsa.com is not the correct site

7. FAFSA Activity Go to www.fafsa.ed.gov and read through the information and forms about completing the FAFSA.www.fafsa.ed.gov Reflect on the process to make a checklist of needed information for successful completion. Complete this activity at home with your parent(s)/guardian(s). Use the provided checklist and include it in your transition notebook.

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