1. Class of 2015: Senior Lunch & Learn Funding Sources for College

2. What you will learn…  Terminology  Different funding sources and how to obtain them.  Helpful hints  Web resources  Question/Answer Session

3. Terminology you need to know:  What is FAFSA?  Free Application for Federal Student Aid.  Gives you access to the largest source of financial aid.  Many states and colleges use FAFSA to determine your eligibility for state & school aid. Private funding sources may use it also.

4. Terminology you need to know:  What is “Need-Based” Aid?  Refers to a financial situation of the student’s family.  One’s family’s income, family size, expenses, and assets are examined to determine your Expected Family Contribution (EFC).

5. Terminology you need to know:  What is “Merit-Based” Aid?  Funding based on achievement in a specific category, such as Academics, Art, Athletics, etc….  Although scholarships are the most common type of “merit- based” aid, some grants may be also.

6. Grants  What is a Grant?  Free money that you don’t have to repay.  Most are need-based; some are merit based.  Amount awarded depends on the your financial need, the cost of attendance, status (full time or part-time) and more.  How to Obtain:  Complete the FAFSA to see if you qualify. If so, you’ll get an award letter from your school and the school will distribute it to you.

7. Types of Federal Grants  Federal Pell Grant (up to $5730/yr.)  For undergraduates that have not earned a degree.  Can receive the Federal Pell Grant for no more than 12 semesters.  Federal Supplemental Educational Opportunity Grant (from $100 - $4000/yr. )  For undergraduate students with exceptional financial need.  Students receiving Pell Grants and have the most need will receive FSEOG’s first.

8. Types of Federal Grants  Teacher Education Assistance for College and Higher Education (TEACH)(up to $4000/yr):  For students aspiring to be teachers.  Must agree to work in a high-need field for four academic years.  Contract agreement must be signed in order to receive. If broken, grant is converted to a loan.  Iraq and Afghanistan Service Grants (up to $5,730)  For students who’s parents died as a result of military service in these areas (after 9/11).

9. Scholarships  What is a scholarship?  Funding that you don’t have to repay.  Usually awarded based on merit, financial need, or student specific (e.g. – gender, race, major, etc….)  Variety of sources so you will have to search for them.  Be sure to complete all of the information requested, as that may help match you to more scholarships.  To maximize your chances, apply for every scholarship you qualify for (it’s a number’s game).

10. Scholarships  How to Obtain Scholarships:  Check with the college/university you are applying to for the scholarships they offer.  Information will be listed in their Financial Aid Section.  Use various resources to research outside scholarships.  Research Early and Apply on time!  Once awarded, the gift may go directly to the school or given directly to you.

11. Student Loans  What is a student loan?  Funding that you borrow and have to repay, with interest, after college.  May be Public loans (from the Federal Government) or Private (Banking institutions).  How to Obtain:  Complete the FAFSA  Submit your FAFS early; Government aid is on a first-come first served basis.

12. Types of Student Loans  Perkins Loan:  Based on Financial Need. Amount determined by the college’s financial aid office.  No interest accrues while in school. Start repaying 9 months after graduation.  Stafford:  Direct Subsidized: The government pays interest on the loan while you’re in school.  Direct Unsubsidized: You pay the interest on the loan, but can defer payments until graduation  Will need to show financial need for subsidized loan; not for unsubsidized loan

13. Types of Student Loans  Parent “PLUS” Loan :  Loans your parents can take out to help you pay for school.  Direct Consolidation Loan:  Allows you to combine all of your eligible federal loans into one single loan with one service provider.  Goal is to simplify your parents, but may result in a loss of benefits.  Private Loans:  Loans borrowed for a banking institution.  Often the most expensive option due to the terms and conditions. Remember - with all loans, make sure you understand the terms and conditions!!

14. Work Study or Co-Op  What is it?  Part-time employment for enrolled students to help them earn money to meet their college expenses.  Positions may be Tutoring, Clerical, Research Assistant, etc….  Available through schools that participate in the Federal Work Study program.  How to Obtain:  Fill out the FAFSA to determine your eligibility for federal work study. After you qualify, find work-study jobs through the college’s online job search or their Financial Aid office.

15. Helpful Hints  If you have to borrow money, borrow smart and only borrow what is necessary to cover your education expenses.  Check the “net cost” of attending (what’s left once all aid has been awarded), not the “sticker price” (the full cost).  Don’t put off applying for essays because you don’t like writing essays. Ask for help.  Visit Mrs. Morris in the CCC for up to date information on scholarships.  Check with your parent’s employer or your church for scholarship opportunities.

16. Web Resources:  Visit https://studentaid.ed.gov for more information on Types of Aid.https://studentaid.ed.gov  Use FAFSA4caster to estimate your federal student aid (you can do this before Jan. 1)FAFSA4caster to estimate your federal student aid  www.fastweb.com www.fastweb.com  www.atlantascholarships.com www.atlantascholarships.com  www.collegeboard.com www.collegeboard.com  www.collegenet.com www.collegenet.com  www.scholarships.com www.scholarships.com

17. Questions?