Financial aid for foster youth

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Financial aid for foster youth

  1. 1. Financial Aid Options for Foster Youth 5/6/2012www.collegenowgc.org www.collegenowgc.org 1
  2. 2. What is Financial Aid? Money to help students pay for their college education (not always FREE!) 5/6/2012www.collegenowgc.org 2
  3. 3. Types of Financial Aid There are three types of financial aid: 1. Gift money • Grants & scholarships 2. Earned money • Federal work study 3. Borrowed money • Education loans (federal & private) 5/6/2012www.collegenowgc.org 3
  4. 4. What is the FAFSA? • Free Application for Federal Student Aid • Why should I complete it? – Generates every type of financial aid • When should I complete it? – After January 1 of High School Senior Year • How should I complete it? – Complete the FAFSA at www.fafsa.gov 5/6/2012www.collegenowgc.org 4
  5. 5. 5/6/2012www.collegenowgc.org 5
  6. 6. FAFSA Dependency ?’s 5/6/2012www.collegenowgc.org 6
  7. 7. FAFSA • You need to complete it every year to get financial aid • File your FAFSA by your school’s priority filing deadline – February 15th is a common deadline 5/6/2012www.collegenowgc.org 7
  8. 8. Expected Family Contribution (EFC) • The EFC is what the Department of Education feels the family can contribute to the cost of the student’s education – Is it fair? Most people think “no!” • The EFC does not change from school to school 5/6/2012www.collegenowgc.org 8
  9. 9. Student Aid Report (SAR) • Summary of your FAFSA information • It is sent electronically to the schools you have listed on your FAFSA • Schools will use the information from your SAR to help determine your financial aid 5/6/2012www.collegenowgc.org 9
  10. 10. Cost of Attendance (COA) Tuition & Fees + Room & Board + Books & Supplies + Personal Expenses + Transportation Cost of Attendance 5/6/2012www.collegenowgc.org 10
  11. 11. Financial Need Cost of Attendance - Expected Family Contribution Financial Need Financial Need is used to determine what type of financial aid a student will receive 5/6/2012www.collegenowgc.org 11
  12. 12. Award Letter • Award letters sent from schools in late March or the beginning of April • Compare award letters for: – Gift Money – Earned Money – Borrowed Money – Unmet Need 5/6/2012www.collegenowgc.org 12
  13. 13. Extra Monies Available • ETV • College Bound 5/6/2012www.collegenowgc.org 13
  14. 14. Finding Scholarships because they aren’t going to find you. 5/6/2012www.collegenowgc.org 14
  15. 15. Where to start? The college that you want to attend. 5/6/2012www.collegenowgc.org 15
  16. 16. Dedicated Scholarship • www.fc2success.org 5/6/2012www.collegenowgc.org 16
  17. 17. Strategy # 1: Think Local – Local civic organizations, churches, your high school, your place of employment all might offer scholarships. – Your chance of getting a scholarship goes up the more local it is! 5/6/2012www.collegenowgc.org 17
  18. 18. Strategy # 2: Think Specific – Scholarships are available for students based on academic achievement, for certain majors, for underrepresented students, etc. – There are scholarships for specific people; as specific as YOU! 5/6/2012www.collegenowgc.org 18
  19. 19. Strategy # 3: Think Easy −Apply to the most obvious scholarships first. 5/6/2012www.collegenowgc.org 19
  20. 20. Applying for Scholarships • Be sure you meet all deadlines • Understand what is required for submission • Follow up in a timely manner if you have not heard from awarding institution 5/6/2012www.collegenowgc.org 20
  21. 21. The Essay Step 1: • Choosing a topic – Are you answering the question – Do you have enough information to support your topic – Is your topic too controversial or too boring – Is your topic unique or can you put a unique spin on it 5/6/2012www.collegenowgc.org 21
  22. 22. The Essay Step 2: • Writing your essay – Use the essay as a chance to separate yourself from other applicants – Write so people understand what you are saying – The body of your essay should support the introduction 5/6/2012www.collegenowgc.org 22
  23. 23. The Essay Step 3: • Proofing an essay – Ask at least two honest and qualified people to read over your essay – If you quoted something make sure you cited it correctly – Make sure each word counts 5/6/2012www.collegenowgc.org 23
  24. 24. Don’t do this . . . Eye halve a spelling checker It came with my pea sea, It plainly marquees four my revue Miss steaks eye kin knot sea. Eye strike a key and type a word And weight for it two say, Weather eye am wrong oar write It shows me strait a weigh. As soon as a mist ache is maid It nose bee fore two long, And eye can put the error rite Its rare lea ever wrong. 5/6/2012www.collegenowgc.org 24
  25. 25. Beware! • Not all scholarship providers have your best interest in mind! – Watch out for: • Application Fees • Guaranteed Winnings • Too-good-to-be-true offers 5/6/2012www.collegenowgc.org 25
  26. 26. Questions? 5/6/2012www.collegenowgc.org www.collegenowgc.org 26
  27. 27. Stacy Watts Resource Center Coordinator 216-241-5587, ext. 140 swatts@collegenowgc.org 5/6/2012www.collegenowgc.org www.collegenowgc.org 27

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