More Related Content Similar to Training presentation updated 7.13.11, part 3 Similar to Training presentation updated 7.13.11, part 3 (19) Training presentation updated 7.13.11, part 32. The CPV’s Job
To let the youth know
there are a wide range
of possible options to
fund a college education
To direct the youth and
their parents to resources
they can use to consider
these options
3. College Funding Options Section 5
Family/Personal Savings
Scholarships
Grants
College Work Study Programs
Working and Paying as You Go
Federal and State Financial Aid
State and Federal Loans
Private Loans
© 2010, Michigan Campus Compact. All rights reserved
4. Family/ Personal Savings
Savings Plans
Michigan Education Savings Plan - tax free growth
www.misaves.com
Pre-paid tuition plans
Allow the purchase of college credits at current tuition
rates
Michigan Education Trust (MET)
www.setwithmet.com
© 2010, Michigan Campus Compact. All rights reserved
5. Scholarships
Scholarships are great sources of funding
Finding and applying for them can be overwhelming–
therefore students should start early and search often
The Internet is a good, free source for scholarship information
All scholarships should have free applications
Utilize
the Michigan College Access Portal’s “Scholarship
Search” function to find available scholarships
© 2010, Michigan Campus Compact. All rights reserved
6. Scholarship Types
Scholastic achievement (grades, honor society membership, etc.)
Religious affiliation
Gender
Ethnicity
Sports students participated in
The college a student wants to attend
The field/major a student intends to pursue
Disabilities or handicaps students may have
Special talents
© 2010, Michigan Campus Compact. All rights reserved
7. Grants
Usually given by colleges, non-profit organizations, or
government agencies
Often given to individuals based on financial needs,
meeting a certain criteria, or a commitment to study a
particular field. Students often have to report
information to the donor.
© 2010, Michigan Campus Compact. All rights reserved
8. Working and Paying As You Go
Students take a limited number of classes per term
(about two), possibly live at home to keep expenses
minimal, and pay the tuition for their college classes out
of their earnings.
It does take a longer amount of time, however, students
graduate DEBT FREE!
© 2010, Michigan Campus Compact. All rights reserved
9. The FAFSA p. 36
The “Free Application for Federal Student Aid”
Needed for State and Federal
Scholarships
Grants
Work Study
Loans
Applicable for students planning to attend four-
year colleges, two-year colleges, and other career-
focused training institutions
© 2010, Michigan Campus Compact. All rights reserved
10. The FAFSA
Can be completed online or on paper, as early as January
1st by students and their parents in their senior years.
The FAFSA should be completed by the date’s posted on
the college’s website, which is typically March 1st.
© 2010, Michigan Campus Compact. All rights reserved
11. The FAFSA
To file the FAFSA, the following documents are required:
Social Security card
Driver’s license (if any)
W-2 forms and other records of money earned
Income tax return
Records of child support paid
Current bank statements
Because filing the FAFSA requires these sensitive documents, CPVs
should not help students fill out the FAFSA, unless they are trained
in filing the FAFSA or will be volunteering at an event where
trained professionals will be in attendance.
© 2010, Michigan Campus Compact. All rights reserved
12. The FAFSA
Sources of Information About the FAFSA and Financial Aid:
High school guidance counselors
College financial aid offices
The Federal Student Aid website -www.federalstudentaid.ed.gov
College Goal Sunday - www.collegegoalsundayusa.org
© 2010, Michigan Campus Compact. All rights reserved
13. State and Federal Grants
Michigan Grants – michigan.gov/mistudentaid
Children of Veterans Tuition Grant
Michigan Merit Award
Michigan Tuition Grant
Police Officer's and Fire Fighter's Survivors Tuition Program
Tuition Incentive Program
Federal Grants – studentaid.ed.gov
Federal Pell Grant
Federal Supplemental Educational Opportunity Grant (FSEOG)
Teacher Education Assistance for College and Higher Education Grant (TEACH Grant)
Iraq and Afghanistan Service Grant
Institutional Grants
© 2010, Michigan Campus Compact. All rights reserved
14. Federal Work Study Programs
College work study programs are paying jobs offered to certain
students based on their financial needs as part of federal, state
or college-based financial aid.
Students usually work on campus or locally for at least the current
minimum wage and the federal government funds up to 100% of
the student’s paycheck.
The amount of aid given is based on the student’s pay rate and
the number of hours they work.
Information about applying for Federal Work Study
© 2010, Michigan Campus Compact. All rights reserved
15. Federal Loans
Loans must be repaid. Alternatives after applying for
grants, scholarships, and before private loans
They offer lower interest rates and the variety of
repayment options compared to private loans
Offered directly to students or their parents/guardians
Stafford Loans
Subsidized (government pays interest while student is in school)
Unsubsidized (student is responsible to pay for interest)
© 2010, Michigan Campus Compact. All rights reserved
16. Private Loans
Filing the FAFSA is not necessary for these loans
Private loans should be the last option after applying for
all other forms of aid!
Provided by private lenders, such as banks, credit unions,
and other financial institutions
The least cost-effective way to finance a college
education, however sometimes the easiest to obtain
© 2010, Michigan Campus Compact. All rights reserved
17. Part 3
Please continue to the Part 3 Review Questions
below to complete this module.