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Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
Financial aid for foster youth
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Financial aid for foster youth

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