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Paying for College: Financial Aid 101

Learn about different types of financial aid, including grants, work study, loans, and scholarships, and how to apply for them. Find out about the College Opportunity Fund and get tips for managing loans and finding scholarships.

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Paying for College: Financial Aid 101

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  1. Paying for College: Financial Aid 101 Colorado Department of Higher Education 1600 Broadway Suite 2200, Denver CO 80202 | 303-974-2660

  2. What is financial aid?

  3. Financial Aid Is money that is lent or given to you from the federal government, the state and institutions to pay for educational expenses, including: Grants Work study Loans Scholarships

  4. Types of financial aid Work Study Grants • Federally-funded need-based program • Students get paid to work on campus • Free money that does not have to be paid back. • Pell Grant: up to $6,095 for FY 18-19. Loans • Students can borrow money from the federal government. • Subsidized: 5.05% • Unsubsidized: 5.05% • Parent PLUS loans: 6.31 % interest rate; credit check required Scholarships • Free money that does not have to be paid back • Private donors, community organizations • Apply individually

  5. How do I apply for financial aid?

  6. File your FAFSA! Free Application for Federal Student Aid. FAFSA stands for The FAFSA opens on October 1 evert year. This form is required for all students seeking federal student grants, work-study programs and loans.

  7. Applying for financial aid

  8. Applying for financial aid

  9. FAFSA: Dependency Status Independents: • Are 24 years old • Are in graduate school • Are married • Have children • Have dependents other than children • Were in foster care at any time since age 13 • Emancipated minor or under legal guardianship • Homeless or at-risk of being homeless • Are active duty in the U.S armed forces • Are veterans in the U.S armed forces • Orphan or ward of the Court Questions? Visit www.studentaid.ed.gov

  10. What happens after I submit my FAFSA? • University/college receives FAFSA (students can include up to 10 schools) • Documents may be requested by school (Award letter notification) Expected Family Contribution (EFC): a number that determines a students eligibility for federal student aid. EFC formulas use financial information from FAFSA.

  11. What is the College Opportunity Fund?

  12. College Opportunity Fund is a stipend that pays for a portion of in-state tuition for Colorado resident students. • Apply one time at cof.college-assist.org • For undergraduate students only • Paid directly to college • Apply as early as 13 years old • Students who are undocumented may still apply and receive the COF stipend

  13. Estimated cost of attendance 2016-2017

  14. Financial aid and ASSET

  15. What about loans?

  16. Tips for taking out student loans • Understand this is the money you have to eventually pay back. • Know the difference between subsidized/ unsubsidized loans. • Borrow only what you need.

  17. And scholarships?

  18. Common scholarship mistakes

  19. Search for scholarships Find more than 30,000 opportunities at CollegeInColorado.org

  20. Questions? Contact us! YOUR EMAIL ADDRESS CollegeInColorado.org CIC: 303-974-2660

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