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Financial Aid and Scholarships

Financial Aid and Scholarships. MINI-CAMP COLLEGE WORKSHOPS. How can I pay for college?. How much does it cost? 65% of full time undergraduates at 4 year institutions pay $9000 or less per year for tuition and fees Paying for college is a partnership

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Financial Aid and Scholarships

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  1. Financial Aid and Scholarships MINI-CAMP COLLEGE WORKSHOPS

  2. How can I pay for college? How much does it cost? • 65% of full time undergraduates at 4 year institutions pay $9000 or less per year for tuition and fees • Paying for college is a partnership • The best plan will include funding from a variety of sources—student, family, state, federal and private programs

  3. What is Financial Aid? Gift Aid • Grants and Scholarships “Free” money—you don’t have to pay it back! Self-Help Aid • Work-Study Job opportunity to earn money • Loans money borrowed that must be repaid or cancelled through service

  4. Categories of Aid • Merit Based • Need Based

  5. College Planning Calendar • Make a list of college or universities to which you may apply • Review the web sites for the schools on your list to find deadlines for submitting the application for admission, scholarship applications and financial aid applications • Keep a calendar of these deadlines with reminders for important events

  6. Sources of Financial Aid • Private • Institutional • State • Federal

  7. How to Apply for Private Aid • Ask your high school counselor • Contact your parent’s employer • Make a list of organizations you or your parents are affiliated with • Complete scholarship searches – FastWeb.com, Zinch.com, CollegeBoard.com

  8. Apply for Institutional Aid • Academic • Achievement • Work Study • Loans • Grants

  9. Completing the FAFSA • Taking it one step at a time • Hurry up! And wait…

  10. Need Based Aid Application Process • Free Application for Federal Student Aid (FAFSA) www.fafsa.ed.gov • Required for some state aid • Pell Grant • Supplemental Educational Opportunity • Work Study • Student Loans

  11. Getting Ready • Apply for student and parent PIN • Gather records you will need • Student driver’s license & social security card • W-2 forms and other records of money earned • Federal income tax returns • Records of untaxed income • Current bank statement • Business and farm records • Records of stocks, bonds and other investments

  12. Chelsea Jones 333 N. Main Street Big City, CA 92345 Federal Student Aid Programs P.O. Box 4014 Mt. Vernon, IL 62864-8614 Submitting Your Electronic Application • Print a copy for your records

  13. What Happens Next? • Student and school receive Student Aid Report (SAR) from federal processor • Schools mail award letter to student

  14. Award Letter The Award Letter Provides Important Information • Types and amounts of aid offered • Student responsibilities • Conditions governing awards • Opportunity to accept or decline awards

  15. Award Letter Award Letter Figuring it Out – Comparing Awards • Review types, amounts and renewal requirements • Compare types and amounts of self-help aid • Be sure to review the total cost of attendance for each institution-the bill and out-of-pocket expenses

  16. Additional Resources • CollegeBoard.com • Award comparison tool • Expected Family Contribution Calculator • Student Scholarship Search • Profile Application Online • Your High School Counselor • Financial Aid and admission counselors at the schools on your application list

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