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AGENDA:11:30 – 11:45: Bell Ringer

11:45 – 12:25: Financial Aid Notes

12: 25 – 12:30: Break

12:30-1:00: Education Prezi Section #3

OUTCOMES:1. Describe 3 ways to get money

for college

Financial Aid

How do I afford college? Where can I get the money to pay for the tuition, room and

board?

Essential Questions

What is the FAFSA and what does it do for me?

Where can I get money to go to college?

What are loans versus grants? What are scholarships and how can I

get a scholarship?

So where are you going to get the money?

Mom & Dad? All You? Borrowing? Military? Free?

First Step to Figuring it Out Complete a FAFSA

The application is used to determine the dollar amount you or your family will be expected to contribute towards college

Should complete the spring of Senior Year Complete after taxes are done for the

previous year. Need to know▪ How much family earns▪ Expenses▪ Write-offs▪ Deductions

FAFSA

www.fafsa.ed.gov

FAFSA

All federal grant and loan awards are determined by the FAFSA

Nearly all colleges use the FAFSA as the basis for their own financial aid awards.

The FAFSA requires information in five categories: Information about the student Information about the student’s dependency status Information about the student’s parents Information about the student’s finances A list of the schools that should receive the results

of the FAFSA

FAFSA

Students can fill out the FAFSA online at the FAFSA website Can apply through the mail with a paper

form. The Office of Federal Student Aid strongly

recommends the online application because it conducts immediate error checking, and it tends to speed up the application process by a few weeks.

FAFSA

Listen to announcements LTSD Guidance Department offers a

FAFSA night. You and your parents bring all your tax

information and the guidance department walks you through completing the application and answering questions.

Sometime in February

Grants

Determined by FAFSA Grants, unlike loans, do not have to be

repaid. Many different Grants:

Federal Pell Grant Federal Supplemental Educational Opportunity Grant

(FSEOG)

The Academic Competitiveness Grant (ACG)

Federal Pell Grant

Pell Grants are awarded usually only to undergraduate students

For the 2012-13 award year, the maximum award is $5,550

The amount you get, though, will depend on: Financial need Costs to attend school Status as a full-time or part-time student Your plans to attend school for a full academic

year or less.

If I am eligible, how will I get the Pell Grant money?

There are 3 ways to receive your money: Your school can apply Pell Grant funds directly

to your school costs School can pay you directly (usually by check) Or, a combination of these methods.

The school must tell you in writing how much your award will be and how and when you'll be paid.

Schools must disburse funds at least once per term (semester, trimester, or quarter).

Stafford Loans

U.S. Department of Education administers the Federal Family Education Loan (FFEL) Program and the William D. Ford Federal Direct Loan (Direct Loan) Program. Stafford Loans (for students) PLUS Loans for parents (and graduate

and professional degree students)

How can you get a Stafford Loan?

For either type of loan, you must fill out a FAFSA. After your FAFSA is processed, your school will

review the results and will inform you about your loan eligibility.

You also will have to sign a promissory note, a binding legal document that lists: The conditions under which you're borrowing The terms under which you agree to repay

your loan.

How much can you borrow?

It depends on your year in school and whether you have a subsidized or unsubsidized Direct or FFEL Stafford Loan. A subsidized loan is awarded on the

basis of financial need. If you're eligible for a subsidized loan,

the government will pay (subsidize) the interest on your loan while you're in school, and for the first six months after you leave school

How much can you borrow?

Unsubsidized loan You are responsible for the interest

accrued from the time the loan is disbursed until it's paid in full.

You can choose to pay the interest or allow it to accrue (accumulate)

How will I get my loan money? For both the Direct Loan and FFEL

programs, you'll be paid through your school in at least two installments. Your loan money must first be applied to

pay for tuition and fees, room and board, and other school charges.

If loan money remains, you'll receive the funds by check or in cash, unless you give the school written authorization to hold the funds until later in the enrollment period.

Student Bank Loans

Private student loans Can help pay for all of your college needs—

from undergraduate through graduate/professional school.

Private student loans, also called alternative college loans, can be used to cover most qualified education expenses.

They can provide critical assistance when federal student loans, grants and scholarships are not enough to cover the full cost of your higher education.

Scholarships

A college scholarship is a monetary award based on criteria given by the awarding party. It can be given on the basis of academic

merit, athletic ability, financial needs or other criteria specific to the group giving the award.

Search for scholarships online Check out the guidance office and

bulletin board for local scholarships.

Scholarships

Many scholarships require you to provide them with some combination of the following: Transcript Standardized test scores Financial aid forms, such as the FAFSA or PROFILE Parent's financial information, including tax returns One or more essays One or more letters of recommendation Proof of eligibility (e.g. membership credentials)

How can you see yourself paying for college?

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For the Remainder of Class

1. Complete Section 3 of your Prezi Directions are on Moodle TIP: You are only completing one Prezi – I’m

just giving the required information to you in 4 different sections

If you finish, start on the last section – Section 4!