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Financing Your Education

Financing Your Education. Financial Aid (Grants and Loans) FAFSA Scholarships. What is financial aid?. The term "financial aid" can be confusing as people generally only associate free money as financial aid.

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Financing Your Education

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  1. Financing Your Education Financial Aid (Grants and Loans) FAFSA Scholarships

  2. What is financial aid? • The term "financial aid" can be confusing as people generally only associate free money as financial aid. In fact, financial aid refers to any funds that come from the government or the college.

  3. What “exactly” is Federal Financial Aid? • Grant Programs- DO NOT pay back • Pell Grant (COMMON) • Loan Programs-pay back • Perkins Loan • Stafford Loan subsidized- Based on need, Govt. pay interest while in school. unsubsidized- Not based on need, available to all students. Interest is not paid while in school, accrues until you graduate.

  4. Step to apply for aid… 1. Apply and be admitted to a college, university or post secondary institution. 2. Complete the Free Application for Federal Student Aid (FAFSA) *Key word here is FREE, never pay to complete the FAFSA • Very complex detailed form that is submitted to the Federal Government by 3-1-08 • Financial information from parent and student • Assets, income, and identity • Fastest, easiest way to complete the FAFSA is online. You must apply for a PIN number first, www.pin.ed.gov • Online provides a 7-10 day turn around. Paper is 4-6 weeks.

  5. Step to apply for aid… 3. Receive Student Aid Report (SAR) from Government (this is also sent to the schools of your choice) • Among other things, the SAR uses several formulas to determine the student's Expected Family Contribution (EFC) • The Expected Family Contribution (EFC) is the amount that the government believes your family should be able to contribute to your education for one year. EFCs can range from zero to over $50,000. • Your EFC may or may not accurately reflect the amount you believe your family can contribute to your education. This is the government's way of implementing an equitable process to determine one student's need compared to another.

  6. Step to apply for aid… 4. Receive Financial Aid Award Letter from college, university, or other institution • Based upon the SAR and EFC • Grants, Loans, Scholarships, Work StudyReview letter, contact financial aid office at college/university with any questions. They may also require more information from you and your family.

  7. LOCAL SCHOLARSHIPS • Look on bulletin boards in both office and classroom, check Centerpoint and read announcements for posting of scholarships • Start paying close attention in February, this is when I start to receive the majority of the applications.

  8. Local Scholarships…. • Scholarships will be awarded May 21th at Senior Honors Convocation. • Pay close attention to detail… • Due date • Is there an essay? • Do I need letters of recommendation? • Do I need to supply a transcript? • Is there an interview I should be preparing for? • Where do I submit, Mrs. R or specific location? • Type if possible, use pen otherwise

  9. Other Scholarships… • MI Promise Award, if you are eligible you will receive a letter from the state detailing the process. • Searching online (see handout for helpful sites) • Specific college/university scholarships • You may be awarded with out applying (based upon your merit), or you may need to apply (look on website for further detail or it may be provided in award letter)

  10. Other stuff…. • “Community Financial Aid Night” @ NCMC, January 17th, 7-8:30 pm. • Take home booklets and handouts to your parents. • Please see me with any information you may not understand. • Always contact the financial aid office at college/university if you have any questions or concerns. • Complete FAFSA as soon as possible, definitely before March 1, 2008

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