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Funding your Education: Scholarships vs School Loans

Funding your Education: Scholarships vs School Loans. Funding Your Education. Student Loans (subsidized and unsubsidized) Financial Aid Package FAFSA (NEED TO COMPLETE!!). Subsidized Loans.

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Funding your Education: Scholarships vs School Loans

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  1. Funding your Education:Scholarships vsSchool Loans

  2. Funding Your Education • Student Loans (subsidized and unsubsidized) • Financial Aid Package • FAFSA (NEED TO COMPLETE!!) HIGH SCHOOL, INC. 2012-2013

  3. Subsidized Loans • A subsidized student loan is one on which the government actually pays the interest while a student remains enrolled in a qualified college or university. This means that any interest that would have been added to a subsidized loan balance is essentially erased by the government. • Subsidized loans are often confused with student loans that are in deferment. These loans still have the interest added to them throughout the student's education career, but no payments are due until after graduation or withdrawal. HIGH SCHOOL, INC. 2012-2013

  4. Unsubsidized Loans • Unlike a subsidized loan, an unsubsidized student loan has interest added to the balance even while a student is still enrolled in school. This means that a student's balance will likely be significantly more than what they initially borrowed by the time they graduate. HIGH SCHOOL, INC. 2012-2013

  5. Financial Aid • Student financial aid in the United States is funding that is intended to help students pay education-related expenses including tuition and fees, room and board, books and supplies, etc. for education at a college, university, or private school. • The United States government and all U.S. state governments provide merit- and need-based student aid including grants, work-study, and loans. As of 2010 there are nine federal and 605 state student aid programs and many of the nearly 7,000 post-secondary institutions provide merit aid. Major federal grants include the Pell Grants, Federal Supplemental Educational Opportunity Grants, Federal Work-Study Program, federal Stafford Loans (in subsidized and unsubsidized forms), state student incentive grants and Federal PLUS Loans. Federal Perkins Loans are made by participating schools per annual appropriations from the U.S. Department of Education HIGH SCHOOL, INC. 2012-2013

  6. FAFSA • The Free Application for Federal Student Aid (FAFSA) is your starting point for most student financial assistance programs. Many states and schools also use the FAFSA as part of their application process for non-federal aid. • The FAFSA is a comprehensive form. Be prepared to provide extensive information about your family's income and income taxes from the previous year, assets, family size, the number of family members attending college, and more. • To maximize your chances of getting student financial aid, submit the FAFSA as soon as possible after January 1st of the year for which you are requesting aid. • If you apply before January 1st or without a Social Security number, your application will not be processed. HIGH SCHOOL, INC. 2012-2013

  7. Things To Know When Applying For Scholarships HIGH SCHOOL, INC. 2012-2013

  8. What is a Scholarship? • A scholarship is an award of financial aid for a student to further their education. Scholarships are awarded on various criteria, which usually reflect the values and purposes of the donor or founder of the award. Scholarship money is not required to be repaid. HIGH SCHOOL, INC. 2012-2013

  9. How To Apply for Scholarships • Contact your school guidance counselor or the financial aid office of the college you plan to attend. You can obtain scholarship or grant information from either source. • Fill out the Free Application for Federal Student Aid (FAFSA). This is a time-consuming process, so start early. • Compile information about your achievements. Most scholarships will require you to fill out an application. • Gather scholarship information and forms. • Fill out the scholarship application. Be sure to submit all required paperwork, including essays and transcripts. • Wait for responses. HIGH SCHOOL, INC. 2012-2013

  10. Applying for Scholarships • The first step is sitting down and actually applying for the scholarships. If there are a hundred awards that you want to compete for, don’t worry about applying for them all in one day. Pressuring yourself will cause the quality of the applications and essays you submit to diminish and this will only encumber your chances of earning a scholarship. To avoid this dilemma, set a goal for yourself. Decide how many thoroughly completed applications you can send in a week. HIGH SCHOOL, INC. 2012-2013

  11. Pay Attention to Detail • When you are applying to several scholarships at once, it is very easy to confuse the requirements specified by each and overlook critical details. Read all of the information provided carefully. • When in doubt, make a phone call. What many students fail to realize is that scholarship providers are in the business of awarding scholarships and they enjoy helping students get the financial assistance they need. Most will be more than willing to answer your question. HIGH SCHOOL, INC. 2012-2013

  12. Presentation, Presentation, Presentation • Always type responses to essay questions. We live in a time where the computer has taken the place of the family dog — it's man’s best friend. Take the time to type any responses, even those that seem informal. It can’t hurt you but it can always help. Additionally, if the application itself must be filled out by hand, use your best penmanship. No white out, no smudges, no ketchup, no coffee stains. HIGH SCHOOL, INC. 2012-2013

  13. Get Help Reviewing your Application • Have a parent or friend review the information on your application. Plain ol’ paper isn’t yet equipped with spell check so an extra pair of eyes will help you identify any errors. HIGH SCHOOL, INC. 2012-2013

  14. Have a Teacher Give You Feedback on Your Essay • This is critical. If you can’t find a teacher to read your essay, find an adult or even a peer who will. They can tell you if it is cohesive, if the piece directly addresses and proves your thesis and if a judge will like it. • Scholarship judges are people just like your parents and teachers (sometimes students forget this), so any feedback that they can provide you with is an invaluable resource HIGH SCHOOL, INC. 2012-2013

  15. Follow the Submission Rules Precisely • Don’t eliminate yourself because you sent your application in the wrong color envelope. Scholarship providers typically outline very specific submission rules and it is important that you follow their guidelines. Find out whether your scholarship can be e-mailed or if a stamp and envelope is necessary. HIGH SCHOOL, INC. 2012-2013

  16. Helpful Scholarship Websites • http://scholarshipamerica.org/ • U promise.com • Scholarships.com • Education-portal.com • www.Edu.fastweb.com • Education connection.com • My college options.org • College prowler.com • Cappex.com • Manchester scholarship.org (Ct)Home • College grant.net • Sallie Mae.com • Fdlcu.org (Athletic scholarship information)College Athletic Scholarships. College Sports Recruiting. • CEA.org (Ethnic Scholarships) • Calahi.org/ scholarships (Latino Scholarships) • College scholarships.org • Scholarships. hispanic fund.org HIGH SCHOOL, INC. 2012-2013

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