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PAYING FOR COLLEGE

PAYING FOR COLLEGE. UNIT 14_LESSON 5. Lesson Objectives. Explain various methods to pay for college, including through savings, grants, scholarships, student loans, and work-study. SAVINGS.

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PAYING FOR COLLEGE

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  1. PAYING FOR COLLEGE UNIT 14_LESSON 5

  2. Lesson Objectives • Explain various methods to pay for college, including through savings, grants, scholarships, student loans, and work-study

  3. SAVINGS • Savings is defined as keeping money for future use, or to redirect money from current spending to a savings account or another form of investment. • Saving money sounds like a great idea, but sometimes it can be challenging to do. Saving is more than just spending less; it also involves deciding what to do with the extra money. • Finding ways for money to earn additional money allows your savings to grow,

  4. Strategies for saving • Pay yourself first- Before spending money on anything else, put money in your savings account or your piggy bank • Put money in a bank – it can earn interest • Government savings bonds • Money market account • Certificates of deposit (CDs) • Things to consider when choosing a saving option: • Liquidity - how easy it is to turn an item into cash without losing any money.

  5. GRANTS AND SCHOLARSHIPS • Often called “gift aid” because they are free money—financial aid that doesn’t have to be repaid. • Grants are often need-based, while scholarships are usually merit-based.   • Need-based: Eligibility is based solely on the assets and income of the prospective student and his or her family • Merit-based: Merit includes a variety of categories: academic, artistic, athletic, and the list goes on and is based on achievement

  6. Grants and scholarships can come from the federal government, your state government, your college or career school, or a private or nonprofit organization.

  7. GRANTS • Types of Grants • Federal Pell Grants • Federal Supplemental Educational Opportunity Grants (FSEOG) • Teacher Education Assistance for College and Higher Education (TEACH) Grants • Iraq and Afghanistan Service Grants • How do I get one? • Fill out and submit a Free Application for Federal Student Aid, FAFSA

  8. SCHOLARSHIPS • Types • There are thousands of scholarships offered by schools, employers, individuals, private companies, nonprofits, communities, religious groups, and professional and social organizations. • How do I get one? • contacting the financial aid office at the school you plan to attend and checking information in a public library or online • Each scholarship has its own deadline and requirements • Be sure to avoid scams

  9. FEDERAL STUDENT LOANS

  10. WORK STUDY

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