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Financial Aid Options
                          for Foster Youth



   5/6/2012
www.collegenowgc.org                      www.collegenowgc.org   1
What is Financial Aid?

           Money to help students pay for
              their college education

                       (not always FREE!)




   5/6/2012
www.collegenowgc.org                        2
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)


   5/6/2012
www.collegenowgc.org                                  3
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

   5/6/2012
www.collegenowgc.org                                    4
5/6/2012
www.collegenowgc.org   5
FAFSA Dependency ?’s




   5/6/2012
www.collegenowgc.org            6
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




   5/6/2012
www.collegenowgc.org                             7
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

   5/6/2012
www.collegenowgc.org                             8
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


   5/6/2012
www.collegenowgc.org                                9
Cost of Attendance (COA)
                         Tuition & Fees
                       + Room & Board
                       + Books & Supplies
                       + Personal Expenses
                       + Transportation
                        Cost of Attendance


   5/6/2012
www.collegenowgc.org                         10
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



   5/6/2012
www.collegenowgc.org                                    11
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


   5/6/2012
www.collegenowgc.org                           12
Extra Monies Available
   • ETV
   • College Bound




   5/6/2012
www.collegenowgc.org        13
Finding
                           Scholarships
                       because they aren’t going
                                     to find you.




   5/6/2012
www.collegenowgc.org                            14
Where to start?


                       The college that you
                         want to attend.




   5/6/2012
www.collegenowgc.org                          15
Dedicated Scholarship
   • www.fc2success.org




   5/6/2012
www.collegenowgc.org       16
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!



   5/6/2012
www.collegenowgc.org                                              17
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!



   5/6/2012
www.collegenowgc.org                                            18
Strategy # 3:

                         Think Easy

         −Apply to the most obvious scholarships first.




   5/6/2012
www.collegenowgc.org                                      19
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


   5/6/2012
www.collegenowgc.org                            20
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




   5/6/2012
www.collegenowgc.org                                               21
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




   5/6/2012
www.collegenowgc.org                                             22
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



   5/6/2012
www.collegenowgc.org                                              23
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.


   5/6/2012
www.collegenowgc.org                                        24
Beware!

   • Not all scholarship providers have your
     best interest in mind!
      – Watch out for:
               • Application Fees
               • Guaranteed Winnings
               • Too-good-to-be-true offers



   5/6/2012
www.collegenowgc.org                           25
Questions?

   5/6/2012
www.collegenowgc.org           www.collegenowgc.org   26
Stacy Watts
                       Resource Center Coordinator
                          216-241-5587, ext. 140
                        swatts@collegenowgc.org
   5/6/2012
www.collegenowgc.org                         www.collegenowgc.org   27

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Financial aid for foster youth

  • 1. Financial Aid Options for Foster Youth 5/6/2012 www.collegenowgc.org www.collegenowgc.org 1
  • 2. What is Financial Aid? Money to help students pay for their college education (not always FREE!) 5/6/2012 www.collegenowgc.org 2
  • 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) 5/6/2012 www.collegenowgc.org 3
  • 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 5/6/2012 www.collegenowgc.org 4
  • 6. FAFSA Dependency ?’s 5/6/2012 www.collegenowgc.org 6
  • 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 5/6/2012 www.collegenowgc.org 7
  • 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 5/6/2012 www.collegenowgc.org 8
  • 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 5/6/2012 www.collegenowgc.org 9
  • 10. Cost of Attendance (COA) Tuition & Fees + Room & Board + Books & Supplies + Personal Expenses + Transportation Cost of Attendance 5/6/2012 www.collegenowgc.org 10
  • 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 5/6/2012 www.collegenowgc.org 11
  • 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 5/6/2012 www.collegenowgc.org 12
  • 13. Extra Monies Available • ETV • College Bound 5/6/2012 www.collegenowgc.org 13
  • 14. Finding Scholarships because they aren’t going to find you. 5/6/2012 www.collegenowgc.org 14
  • 15. Where to start? The college that you want to attend. 5/6/2012 www.collegenowgc.org 15
  • 16. Dedicated Scholarship • www.fc2success.org 5/6/2012 www.collegenowgc.org 16
  • 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! 5/6/2012 www.collegenowgc.org 17
  • 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! 5/6/2012 www.collegenowgc.org 18
  • 19. Strategy # 3: Think Easy −Apply to the most obvious scholarships first. 5/6/2012 www.collegenowgc.org 19
  • 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 5/6/2012 www.collegenowgc.org 20
  • 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 5/6/2012 www.collegenowgc.org 21
  • 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 5/6/2012 www.collegenowgc.org 22
  • 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 5/6/2012 www.collegenowgc.org 23
  • 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. 5/6/2012 www.collegenowgc.org 24
  • 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 5/6/2012 www.collegenowgc.org 25
  • 26. Questions? 5/6/2012 www.collegenowgc.org www.collegenowgc.org 26
  • 27. Stacy Watts Resource Center Coordinator 216-241-5587, ext. 140 swatts@collegenowgc.org 5/6/2012 www.collegenowgc.org www.collegenowgc.org 27