Tuition and fees charged by colleges help fund staff, facilities, libraries and more. Financial aid like grants and scholarships can help pay for education costs. The most common types of grants are Pell Grants and TAP provided by the federal and state governments. Student loans including subsidized and unsubsidized Stafford loans can also help cover expenses, but must be paid back with interest. The FAFSA application is required to qualify for financial aid.

1. Paying for College

2. The “Lo Down”

3.  To help cover the cost of
tuition:
 A yearly fee charged by the
academic institution
 Tuition assists in
funding:
 Staffing (Secretaries, Admin.
Assistants, etc.)
 Faculty (Teachers, Counselors,
Social Workers, etc.)
 Facilities (Custodial Staff)
 Libraries
 Computer Labs
 Residence Halls
 And more

4.  Scholarships
 Private sources
including corporations,
foundations, and
community based
organizations
 Financial Aid
 Grants
 The Federal Government
& State (PELL & TAP)
 Student Loan
 Federal & Private

5.  Is defined as - “funding
intended to help
students pay education
expenses, to include:
 Tuition and fees,
 Room and board
 Books and supplies, etc.,
for education at a College
or University (public or
private).”

6.  To apply for Financial
Aid:
 Complete the free
application for federal
student aid (FAFSA) at
www.fafsa.ed.gov
 All students must apply
for a PIN at
www.pin.ed.gov
 This acts as your digital
signature

7. DO THIS… …NOT THIS!

8. The Breakdown

9.  Are defined as “funds awarded
by the State and Federal
Government”
 There are four types of Federal
Grants:
1) Federal Pell Grants
2) New York State Tuition
Assistance Program (TAP)
3) Federal Supplemental
Education Opportunity
Grants (FSEOG)
4) Teacher Education
Assistance for College
and Higher Education
(TEACH) Grant

10.  Designed to help students
who demonstrate the greatest
financial need
 Range from $1,176 - $5,550 per
year for full-time students
 Based solely on financial
need
 Once FAFSA is filled out,
students are eligible for Pell
 No need to check an extra
box or fill out another form
 For undergraduate students
only and may not exceed four
years of study

11. • TAP awards range from
$500 - $5,000 per year

12.  Campus-based aid
 Given to students who
show the greatest need
 Funding is awarded to the
Pell Grant students who
have the lowest EFC’s
 Expected Family
Contribution
 Once Pell-eligible students
receive FSEOG, all those
ineligible Pell students may
be eligible to receive grants

13.  Up to $4,000 per year in grant assistance
 Student serves at least 4 years as a full-time teacher in a public or
private elementary or secondary school serving low-income
families
To Apply:
 Complete FAFSA
 Students do not need to demonstrate financial need
 Be a U.S. citizen or eligible non-citizen
 Enrolled in an institution participating in the TEACH Grant
Program
 Be enrolled in courses to become a teacher
 Must maintain a certain GPA
 Many require a 3.0 GPA
 Sign a TEACH Grant to serve
 Have eight calendar years to complete their 4 years of service

14.  Are defined as “a fund
that is borrowed from a
financial institution that
is expected to be paid off
6 months after receiving
your undergraduate
diploma or your post-
graduate endeavors”
 There are three types of
Federal education loans:
 Stafford Loans
 Plus Loans
 Perkins Loan

15. 1) Subsidized -
a) Available for students with financial need
b) Interest is charged while the student is in school, being paid
by the Government, until graduation and repayment begins
2) Unsubsidized –
a) For students who do not qualify for subsidized loans
b) Typically need assistance beyond they maximum
subsidized loans offered
c) Begins accruing interest immediately
3) Private –
a) Similar to unsubsidized Federal loans
i. Should be a last resort
ii. Higher interest rates and shorter repayment periods than Federal
loans

16. • Federal Perkins Loans – low-interest (5%) loans for both
undergraduate and graduate students with exceptional financial
need.
• Subsidized Stafford Loans – awarded based on financial
need. A student will not be charged interest before beginning
repayment or during periods of deferment. The Federal
Government “subsidizes” the interest during these times.
• Unsubsidized Stafford Loan – are not awarded based on
financial need. Any eligible students can take out unsubsidized
Stafford Loans. A student will be charged interest from the
time the loan is distributed to the time the loan is repaid in full.
• Federal PLUS Loan – a loan borrowed by a parent on behalf
of a child to help pay for tuition and school related expenses at
an eligible college/university.

17.  Are defined as “an award
of money for school
tuition, given by either a
public or private
corporation,
organization, or college”
 There are 5 types of
scholarships:
 Merit-Based
 Need-Based
 Ethnicity-Based
 Institutional-Based
 General

18.  Merit-Based – financial need for which financial need is not used
to determine the recipient. The recipient may be determined by
students’ athletic, academic, artistic, or other abilities.
 Need-Based – financial aid for which the student and family’s
financial situation is a primary factor in determining the recipient.
In most cases the scholarship will cover all or part of the tuition
and may even cover living expenses.
 Ethnicity-Based – financial aid where applicants must initially
qualify by race, religion, or national origin. After filtering the
applicants based on their ethnicity, additional factors are taken
into consideration to determine the final recipients.
 Institutional-Based – scholarships awarded by a specific
college/university to students planning to attend that institution.
 General – other scholarships which are awarded for a variety of
reasons which do not fall into one of the above categories

19.  The Internet
 Reference Books
 Contacting the
colleges/universities a
student plans to attend
 State Education
Organizations
 www.fastweb.com
 This website allows
students to create a profile.
The website will then send
emails to the student that
applies to their profile

21.  College seniors who
graduated last year owed an
average of $24,000 in student
loan debt, up 6% from the
year before.
 At the same time,
unemployment for recent
college graduates jumped
from 5.8% in 2008 to 8.7% in
2009 - the highest annual rate
on record.
 Student loan debt levels
throughout the 50 states
ranged from $13,000 to
$30,000 last year. The highest
amounts of debt were found
mainly in the Northeast, with
the lowest levels in the West.