F$NANC$AL A$D AND BEYOND $. WORKSHOP AGENDA Scholarships Grants Federal Loans Private Loans The Financial Aid equation How is eligibility determined?

F$NANC$AL A$DAND

BEYOND$$

WORKSHOP AGENDA

Ways to Finance an Education

Scholarships- Awarded for academics, athletic ability, ethnicity, religion, special talents, and extra curricular activity. Generally require letters of recommendation.

Grants - Awarded on the basis of financial need, academic achievement may also be considered.

Loans- Federal or private money borrowed which must be repaid with interest, but with typically low interest rates.

Work Study- Colleges help arrange a job for you as part of your financial aid package. Earnings may be used to pay for college tuition.

Tips for Applying for Scholarships

Apply for as Many Scholarships as Possible.

Smaller awards add up and increase chances.Applying for only large awards decrease chances.Smaller awards provide additional information when applying for larger awards.

Develop a Collection of Reusable Information.

Saves time and energy.Helps you focus more customizing information.

Participate in Community Service Many organizations require involvement.

Financial Aid Websiteswww.scholarships4students.com hundreds of

scholarships many categories

www.fastweb.com for the latest up to date

information on scholarship awards.

www.collegeanswer.com for more than 2.4 million

scholarships worth over 15 billion dollars.

www.collegeboard.com for scholarship options and

awards.

www.finaid.org for a listing of scholarship search

engines.

www.fafsa.ed.gov for financial options and

information.

www.csac.ca.gov provides information on various

grants.

Scholarship ResourcesGV counseling website college infowww.scholarships4students.comGV TV and Daily BulletinScholarship Bulletin Board (counseling office).College’s website for information for financial aid and scholarship programs.Talk Parent’s employer may offer scholarshipsLocal organizations, churches, clubs, or synagogues.to your coach about club sport scholarships

Letters of Recommendations for Scholarships

Request a “Senior Brag Sheet Recommendation” form from the counseling office or complete through the Naviance website (not available in all school districts)

Read and follow instructions carefully.

Give your teachers or counselors at least 10 days to write recommendation.

Save or make copies for future use.

FAFSA www.fafsa.ed.gov (Free Application for Federal

Student Aid)

MUST be completed for financial aid from the state or federal level.Application to apply of various grants.Apply online for convenience and accuracyValid social security number required.Application based on parent’s earnings from previous year.Application dates: January 1st -March 2nd of senior year.

Cal Grants and Pell GrantsCal Grants

State funded awards given to students to help pay for college, and are not paid back.Can be awarded up to $12,192 (UC) $5,472 (CSU) A FAFSA form must be completed between January1-March 2 Counselor must complete a GPA verification form.

Pell GrantsA federal funded award to help students pay for college and are not paid back.FAFSA form must be submitted between January 1- March 2 Must apply online at www.fasfa.ed.gov

*Note: Both grants are based on student’s financial need.

Community College Cal Grant A & B

Cal Grant A & BTwo filing dates: March 2, and Sept. 2Must complete a FAFSA and GPA verification form by March 2. awarded to students who will be attending community college.

Cal Grant ACan reserve award up to 3 yrs. until transferring to 4-yr. college (must remain eligible).Can be activated anytime within the time frame.

Cal Grant BLiving allowance/tuition fee assistance for low-income students.First year students also provided funds for books and supplies.

Types of Federal LoansStafford Loan (unsubsidized)

Must submit FAFSA applicationMust be enrolled or plan to enroll at least part time

Perkins Loan (subsidized)Must submit FAFSA application.Must be enrolled part time in a degree program

Parent Plus LoanCredit Check requiredParents of independent students not eligible

Sallie Mae LoanOffers federal and private loansMay require FAFSA applicationLow interest rates

*Subsidized -not required to pay back interest while in school.

Federal Work StudyProvides jobs for undergraduate and graduate students to help pay for college with financial need.

Encourages community service work .Work related to student’s major.

Earn the current federal minimum wage. Can be higher depending on the job.

Money must be used for educational purposesWork Study Program can be on campus or off campus.Off campus jobs are usually for non-profit organizations.

Work hours cannot exceed the federal award amount

A FEW IMPORTANT REMINDERS

QUESTIONS?????