go for the gold! presentation
DESCRIPTION
A presentation to help students with the financial aid/scholarship processTRANSCRIPT
Go for the Gold!: Applying for Financial Aid & ScholarshipsCon Mi MADRE College Academy #3
AGENDA
• Introduction of Facilitator• Icebreaker: “If”• The Difference in Money• Break• Determine the cost of your
colleges/universities• Search for Scholarships!
Introduction of FacilitatorWho Am I?!
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
Financial AidWhat is it? How do I get ALL of it?!
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
FAFSA vs. TASFAWhat are these initials?!
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
The Difference in Money for College
Not All Money is Created Equally!
Scholarships!Free Money!
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scholarships versus only the high dollar amounts• Can be rescinded if applicant does not meet ALL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
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.
GrantsMore FREE Money
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
Types of Grants• State Grants• Federal Grants• Institutional Grants (from a university)• All of these grants are determined by your FAFSA
Work-Study ProgramEarned Money
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
LoansBorrowed Money
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
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
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
Types of Loans• Perkins• Stafford• PLUS• Institutional (from the University)• Private
– Usually given out by banks
• State
The Difference in Money ReviewScholarships 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
Questions, Comments, Concerns
A Lot to Process, Right?
Break Time!Whew!
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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