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Comprehensive Financial Aid Sources for College: Unlocking Opportunities

Discover various financial aid options available for college students, including federal, state, institutional, and private aid. Understand the differences between grants, scholarships, federal student loans, and work-study programs. Grants are "gift aid" that need not be repaid, while loans require repayment with interest. Explore government scholarships for merit and need-based students, and the significance of the FAFSA in qualifying for aid. Learn about institutional scholarships and the impact of private student loans as a last resort when necessary.

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Comprehensive Financial Aid Sources for College: Unlocking Opportunities

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  1. Financial Aid for College

  2. Sources of Aid • Government • Federal • State • Institutional • Varies by schools • Private

  3. Government Aid • Types of aid • Grants • Federal Student Loans • Work-Study Programs • Scholarships

  4. Grants Grants are: • “Gift aid” • Financial aid that does not have to be repaid • Often need-based

  5. Types of Grants

  6. Types of Grants

  7. Federal Student Loans

  8. Federal Student Loans

  9. Federal Perkins Loan Program • For undergraduate students • Demonstrate financial need: • Up to $5,500 • Students enrolled: at least half-time • Interest: 5% • Enrolled at least part-time • Student pays interest • Not all schools participate in the Federal Perkins Loan Program • Funds depend on student’s financial need and availability of funds at the college

  10. Federal Work-Study • Provides part-time jobs for undergraduate with financial need • Encourages community service work and work related to the student’s course of study This program is first come, first serve!

  11. Government Scholarships • Scholarships are “gift aid” • Government scholarships are available from the state • Amount of award varies • Type of award • One-time • Renewable • Eligible for the award if you meet the requirements (no need to reapply)se scholarships offer both Merit-Based and Need-Based • Types of scholarships • Academically talented students • Students from minority groups • Low-income students • students pursuing high-need fields of study (such as STEM fields)

  12. State Scholarships Find scholarships at: http://wdcrobcolp01.ed.gov/Programs/EROD/org_list.cfm?category_cd=SGT

  13. Government Aid • To qualify for this aid, you must complete the: Free Application for Federal Student Aid (FAFSA)

  14. Institutional Aid • Provides scholarships • Merit-Based • Need-Based • Varies with each institution • Featured program scholarships SHPE Foundation

  15. Scholarships • Types of Scholarships • Merit-Based • Need-Based • Available from • Corporations • Organizations • Non-profits • Businesses • Specific Scholarships • Minority groups • Leadership • Field of Study • Community Service

  16. Private Student Loans • Lenders maybe a • bank, • credit union, • state agency, or • school • Loans should be a last resort as interest payments may be high

  17. Private Student Loans • Many require payments be made during school • May require established credit score • May need a co-signer • Interest rate • Variable • Some greater than 18% • Student pays the interest

  18. Helpful Links • www.finaid.org • www.studentaid.ed.gov • studentloans.gov/myDirectLoan/index.action • www.collegescholarships.org SHPE Foundation

  19. Contact Us Stacie Freasier Program Manager Stacie.Freasier@shpe.org 703-373-7930 ext. 204 Ariadna Mahon-Santos Program Coordinator Ariadna.Mahon-Santos@shpe.org 703-373-7930 ext. 203 SHPE Foundation 1444 Duke St. Alexandria, VA 22314 Danielle Carneiro Program Coordinator Danielle.Carneiro@shpe.org 703-373-7930 ext. 202

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