What types of Financial Aid are there?

Hey Seniors! We've talked a lot about the FAFSA and the federal Pell Grant, loans and work-study programs available with FAFSA completion. But there are OTHER options too! We've talked about Institutional Aid- money that is awarded to you by your school of choice. This can be need based, merit based and/or based on your chosen major/course of study. Get in touch with your College or University's Financial Aid Office and see what they offer! You may be able to search for Scholarships via their webpage too.

When should you be applying for Scholarships?

NOW! Even if you are a Junior or underclassmen...

There are scholarships for just Freshman.
NOW is the time especially if you are a Senior. Consider it your homework. Seniors, you should be spending a few hours a week researching scholarships, deciding which ones to apply for and then ACTUALLY APPLYING! As you near adulthood, this is a great test of your preparedness. No one can do it for you! Go get that $$$! 

Remember to look carefully at your scholarship options and avoid SCAMS!

Here are links to some of the Federal Grants:

• Federal Pell Grants  
• Federal Supplemental Educational Opportunity Grants (FSEOG)  
• Teacher Education Assistance for College and Higher Education (TEACH) Grants  
• Iraq and Afghanistan Service Grants  

Here's a great resource for SEARCHING for Scholarships! 

https://www.careeronestop.org/toolkit/training/find-scholarships.aspx

Don't forget the YESS Scholarship Resources page too!
http://yesscollegeandcareercorner.blogspot.com/p/scholarship-resources.html

Here are some ideas about other places to look for/ask about scholarships:

• your library’s reference section
• foundations, religious or community organizations, local businesses, or civic groups
• organizations (including professional associations) related to your field(s) of interest
• ethnicity-based organizations
• your employer or your parents’ employers

How to compare Financial Aid Packages!

I know you've completed your FAFSA and acceptance letters are rolling in from your colleges of choice. YAY, you! 

It's time to REALLY start thinking about $$$ and your final decision on where to attend college. It can be a bit overwhelming, right?! 

I'd suggest watching and reading through this information. It lays the ground work for what you'll see from the schools where you've been accepted. You'll also learn how to compare and contrast your aid packages to make the best choice for your college experience! 

The "financial fit" of your college is a HUGE factor! You'll want to make a choice that you can afford throughout the length of your degree without causing overwhelming stress about $ or overwhelming debt. 

Once you have all of your award letters from your top schools, you can use this awesome tool to help you compare the awards. Just enter in the requested info and VOILA! 

The "Family Share of Cost" is what you'd be expected to pay for each college. Remember, just because something is less $ doesn't necessarily make it the best choice. But do consider our conversations about loans versus scholarships and other types of aid you do NOT pay back! 

The Vocabulary of Finanicial Aid: A Glossary

The Vocabulary of Financial Aid: A Glossary 

Accreditation-

The US Department of Education recognizes that the school meets basic academic standards. Schools must be accredited to be eligible to participate in federal student aid programs. Make sure the schools you are considering are accredited! 

COA- Cost of Attendance

The total amount it will cost you PER YEAR to go to school. This number includes tuition and fees; room and board; and allowances for books, supplies, transportation, loan fees, and dependent care. It will include personal expenses, such as an allowance for the rental or purchase of a personal computer; costs related to a disability; and reasonable costs for eligible study-abroad programs.

DRN- Data Release Number
A 4 digit number given to you on your SAR (top right hand corner). It can be used to grant permission for your FAFSA data to be shared with other schools.

DEFAULT-
Failure to pay your loan according to the loan agreement or promissory note. There can be serious legal consequences of defaulting. Seek help before you choose to default!

DEFERMENT-
Postponing payment during which time interest does not accrue. You have to go through a process to request deferment. You can't just decide to stop paying!

DISBURSEMENT- 
Payment of federal aid funds to the borrower (usually the student- that's you!) by the school. This usually happens twice a year.

EFC- Estimated Family Contribution
The number used to determine your federal financial aid is based on the information you provide on your FAFSA.

FAFSA- Free Application for Federal Student Aid

FEDERAL STUDENT AID- 
This is financial aid provided by the federal government. You apply for the aid by completing the FAFSA. Grants, loans, and work study are all parts of Federal Student Aid. The money is to be used for college or career school costs at eligible schools.

FINANCIAL AID OFFER or PACKAGE-
The total amount of financial aid (federal and nonfederal) a student is offered by a college or career school. The school's financial aid staff combines various forms of aid into a “package” to help meet a student’s education costs.

FSA ID- Federal Student Aid Identification

INSTITUTIONAL AID-
Financial aid provided by the institution you are attending. This can come in the form of grants and/or scholarships for which you must submit applications.

INTEREST-
A loan expense paid to the borrower based on the interest rate and the remaining unpaid amount of the loan.

LOANS-
Money you borrow that must be repayed with interest.

PELL GRANT-
A federal grant for undergraduate students with financial need.

PERKINS LOAN-
A federal student loan, made by the recipient's school, for undergraduate and graduate students who demonstrate financial need. 

SAR- Student Aid Report
You'll receive a SAR after you've completed your FAFSA application. If you provided an email address, the link to your report will come via email. Provided there were no errors on or questions about your FAFSA, this will also include your EFC.

SCHOLARSHIPS-
Money awarded to you for your educational expenses that does not have to be repaid. Don't forget to APPLY for a pile of scholarships!

WORK STUDY-

You'll complete part-time work on campus as part of your federal student aid. The money earned will be used to pay your college expenses.

Don't forget to talk to trusted people in your life about financial aid decisions! 

What types of Financial Aid are there?

Hey Seniors! We've talked a lot about the FAFSA and the federal Pell Grant, loans and work-study programs available with FAFSA completion. But there are OTHER options too! We've talked about Institutional Aid- money that is awarded to you by your school of choice. This can be need based, merit based and/or based on your chosen major/course of study. Get in touch with your College or University's Financial Aid Office and see what they offer! You may be able to search for Scholarships via their webpage too.

When should you be applying for Scholarships?

NOW! Even if you are a Junior or underclassmen...

There are scholarships for just Freshman. Now is the time especially if you are a Senior. Consider it your homework. Seniors, you should be spending a few hours a week researching scholarships, deciding which ones to apply for and then ACTUALLY APPLYING! As you near adulthood, this is a great test of your preparedness. No one can do it for you! Go get that $$$! 

Remember to look carefully at your scholarship options and avoid SCAMS!

Here are links to some of the Federal Grants:

• Federal Pell Grants  
• Federal Supplemental Educational Opportunity Grants (FSEOG)  
• Teacher Education Assistance for College and Higher Education (TEACH) Grants  
• Iraq and Afghanistan Service Grants  

Here's a great resource for SEARCHING for Scholarships! 

https://www.careeronestop.org/toolkit/training/find-scholarships.aspx

Here are some ideas about other places to look for/ask about scholarships:

• your library’s reference section
• foundations, religious or community organizations, local businesses, or civic groups
• organizations (including professional associations) related to your field(s) of interest
• ethnicity-based organizations
• your employer or your parents’ employers

FAFSA Preparation!

Hey Seniors! Your FAFSA Nights are FAST approaching...

Are you ready?! 

Below you'll find some helpful information (click the links!) about how to prepare, what to expect and what happens AFTER you've completed your application. Make sure you've signed up for an appointment in YOUR Future Center! 

Gathering the Documents Needed to Apply
Getting Help
Starting Your FAFSA^® and Providing Your Basic Personal Information
Listing Colleges and/or Career Schools
Determining Your Dependency Status
Reporting Parents’ Information
         Automatically Filling in Your Tax Information Using the IRS Data Retrieval Tool
         Determining When Tax Information Will Be Available Via the IRS DRT
Providing Financial Information
Signing and Submitting the FAFSA^®
Taking the Next Steps

 FAFSA is a FREE Application 

The FAFSA is FREE, so if a website asks you to pay to fill it out, you’re not dealing with the official FAFSA site. Remember, the FAFSA comes from the government, so it’s on a .gov site: fafsa.gov.

Check out this video: "After the FAFSA, what happens next?"

https://youtu.be/1c1gNefSw78?list=PL23B9A23CD8DD82DD

Here's some great information about accepting aid and what kind to accept first! Be sure to talk with a trusted adult (or two) about your awards. Remember when we talked about LOANS? You'll want to be extra thoughtful when considering these! 

https://studentaid.ed.gov/sa/fafsa/next-steps/accept-aid

SEE YOU AT YOUR FAFSA NIGHT!