Go for the gold! presentation
- 1. Go for the Gold!: Applying for Financial Aid & Scholarships Con Mi MADRE College Academy #3
- 2. AGENDA • Introduction of Facilitator • Icebreaker: “If” • The Difference in Money • Break • Determine the cost of your colleges/universities • Search for Scholarships!
- 3. Introduction of Facilitator Who Am I?!
- 4. Icebreaker: If?? • Sit in a circle • One person takes an index card, reads it aloud and responds • Hand the card to the facilitator and the next person will pull a card and answer the question
- 5. Financial Aid What is it? How do I get ALL of it?!
- 6. Financial Aid • Financial Aid is any form of money given to college students to complete their education • The amount of financial aid a student can receive is determined once a student has completed the FAFSA or TASFA • Financial Aid comes in 4 Forms – Scholarships – Grants – Loans – Work-study
- 7. FAFSA vs. TASFA What are these initials?!
- 8. Who Fills Out What Form? FAFSA • Complete this application if ANY of these apply to you: – U.S. Citizen – Permanent U.S. Resident – Conditional Permanent U.S. resident • Use for ANY college/university in U.S • Completed online or by mail TASFA • If none of the items on the left apply to you BUT you are classified as a Texas Resident, complete the TASFA • Use only for colleges and universities in the state of Texas • Paper Application to be mailed in
- 9. The Difference in Money for College Not All Money is Created Equally!
- 11. Scholarships • A payment made to support a student’s education • The most common FREE way students pay for college • There are scholarships for EVERYTHING! • It is better to apply for various amounts of scholarships versus only the high dollar amounts • Can be rescinded if applicant does not meet ALL requirements • Does not have to be repaid
- 12. Types of Scholarships • Merit-Based – These scholarships are given based on your academic performance (aka your GPA) • Need-Based – These scholarships are based on your family’s income. This information is determined by the FAFSA/TASFA • Talent/Special Skills – These scholarships are based on things that make you unique! • Examples of these are juggling, athletic scholarships, being left- handed, etc.
- 14. Grants • A sum of money given by an organization/institution • A large portion of grants come from the government • Not as commonly sought out as scholarships but THEY ARE available! • Grants DO NOT have to be repaid • Can be rescinded if applicant fails to meet ALL requirements
- 15. Types of Grants • State Grants • Federal Grants • Institutional Grants (from a university) • All of these grants are determined by your FAFSA
- 17. Work-Study Program • A Grant Program that employs students to help pay for their education • Employees only work part-time. – The pay is usually minimum (or higher) – Some jobs require certain skillsets so everyone isn’t eligible for all jobs • An option provided by most major colleges and universities • Filing a FAFSA determines if you are eligible to participate in this program • This money does not have to be repaid
- 19. Loans • A sum of money that is expected to be paid back with interest • Come in various amounts • Begin paying back 6 months after college graduation OR if you fall below full-time/part-time enrollment • The MOST COMMON way students help finance their education • There are two types of loans – Subsidized Loans – Unsubsidized Loans
- 20. Compare the Loans Subsidized Loans • Your school determines the amount of money you can borrow and cannot exceed your financial need • The US Dept of Ed pays interest – While you’re in school at least ½ time – The first 6 months after you leave school – During a period of deferment – Interest rate is lower Unsubsidized Loans • Your school determines the amount you can borrow based on COA & other financial aid • You are responsible for paying interest during ALL periods • If you choose NOT to pay the interest while in school, it will be added to the original amount of the loan • The interest rates tend to be higher and can fluctuate
- 21. Loans • You can borrow from $1,000 up to the entire cost of attendance, depending on the loan type • You find out what loans and amounts you qualify for after your FAFSA is processed • Students must take a loan counseling class before entering and after completing college for ALL federal loans • Remember: Only take out what you need when using loans – The more money you borrow, the more you have to repay and the longer it takes repay it
- 22. Types of Loans • Perkins • Stafford • PLUS • Institutional (from the University) • Private – Usually given out by banks • State
- 23. The Difference in Money Review Scholarships Grants Work-Study Loans Have to repay NO NO NO YES Can be rescinded YES YES MAYBE (depends on your situation) NO Has Requirements YES YES YES (you must work a certain number of hours a week) YES (you must be enrolled, full or part-time in a college or certificate program) Determined by FAFSA NO NO YES YES
- 24. Questions, Comments, Concerns A Lot to Process, Right?
- 26. Your Turn! • Before you start looking for scholarships, look to see how much you perspective colleges cost • Then you can begin searching/completing scholarships • You can create scholarship accounts on the following websites and begin applying – www.fastweb.com – www.collegeboard.com – www.collegenet.com – www.scholarships.com – www.texasscholarships.org
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