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What Is  Financial  Aid?
 

What Is Financial Aid?

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A brief description of financial aid and how to get it.

A brief description of financial aid and how to get it.

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    What Is  Financial  Aid? What Is Financial Aid? Presentation Transcript

    • What is Financial Aid? Mark Tracy
    • Financial Aid
      • Refers to funding intended to help students pay for tuition, and other costs (room and board), affiliated with going to college.
      • Intended to make up the difference between what you and your family can afford and the college costs.
    • Is financial aid the same things as a scholarship?
      • No, financial aid comes in 2 forms, it is:
      • Needs-based
      • Merit-based
    • Needs Based
      • Grants
      • Loans
      • Work study
    • Merit Based
      • 1. Scholarships
      • A.) Academic Achievement
      • B.) Sports
      • C.) Community Service
      • D.) Group Membership
    • What are Grants?
      • Money you don’t have to pay back.
        • Pell Grant
        • Minnesota grant
        • Federal Supplemental Educational Opportunity Grant
    • And Loans?
      • Money you do have to pay back, but at a low interest rate and after you are done with college.
    • What is Work Study?
      • Money provided to employ students in part-time, semi-professional work.
    • How do I get Needs-based Aid?
      • Every year all employees receive what is called a W-2 from their workplace.
      • These forms tell the employee how much they made, and how much they paid in taxes.
    • How do I get Needs-based Aid?
      • Fill out the Fafsa (Free Application for Federal Student Aid) www.fafsa.ed.gov
      • In order to fill out the Fafsa you will need the information on your W-2’s (if you worked), and your parents W-2’s
      • This tells the government how much you and your parents made in a given year
    • How do I get Needs-based Aid?
      • Based on how much you and your parents made, the government calculates how much you can afford for college.
      • This is called the EFC or Estimated Family Contribution
      • The EFC, minus the the cost of your college, determines how much you are eligible to receive.
    • Example
      • Lets say in 2007, your parent(s) made $100 and you made $10. For a total of $110.
      • Based on this the government calculates that you can afford $20 to pay for college (this, of course is hypothetical, you can calculate your real EFC, at http:// www.finaid.org /calculators )
    • Example
      • Lets say that you want have applied, or are interested, in 2 colleges:
      • College A costs: $100
      • College B costs: $200
    • Example: What will my financial look like?
      • Financial Aid offered for College A ($100)
      • Grants: $50
      • Loans: $40
      • Work-study: $10
      • Financial Aid offered for College B ($200)
      • Grants: $60
      • Loans: $130
      • Work-study: $10
    • How do I get Merit-based Aid?
      • Do well in school
      • Participate in lots of activities
      • Excel in Athletics
      • Learn how to write a good essay
      • Make good connections with people who can write letters of recommendations (teachers, counselors, coaches)
      • Research scholarship opportunities
    • What should I do first?
      • Go to www.fafsa.ed.gov
      • Get a pin number
      • You need this pin to fill out your fafsa
      • Don’t forget if. If you do, you will have to apply for it again and that can take time. Time that you may not want to waste.
    • And then what?
      • Show your parents this slideshow.
      • Inform them of what financial aid is, and that you will need to use their W-2’s
      • Ask for help
      • Collect the W-2’s and fill out the form (on paper, or online)
    • Anything else I can do?
      • Do well in school
      • Take hard classes, including math and science
      • Look for scholarships
      • Don’t be shy, ask questions. No one your age knows anything about anything, so don’t feel stupid about your ignorance.
      • Take control of your life!
      • Prepare for and take the ACT
      • Keep an open-mind about careers
      • Remember, YOU ARE NOT IN A HURRY, trust me!
      • Take your time and do things right