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Finding Money for College October 16, 2009 Mrs. Bradford, School Counselor

Finding Money for College October 16, 2009 Mrs. Bradford, School Counselor

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Page 1: Finding Money for College October 16, 2009 Mrs. Bradford, School Counselor

Finding Money for College

October 16, 2009

Mrs. Bradford, School Counselor

Page 2: Finding Money for College October 16, 2009 Mrs. Bradford, School Counselor

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We will talk about:

• Federal student aid

• Student aid from colleges

• Scholarships from other sources

Page 3: Finding Money for College October 16, 2009 Mrs. Bradford, School Counselor

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We will answer:

• What is financial aid?

• How do I apply?

• How much can I get?

• Where can I get more info?

Page 4: Finding Money for College October 16, 2009 Mrs. Bradford, School Counselor

What is financial aid?

• Money to pay for college or career school– Grants

– Loans

– Work-study

– Scholarships

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Page 5: Finding Money for College October 16, 2009 Mrs. Bradford, School Counselor

How do I apply for federal student aid?

1. Get a PIN at www.pin.ed.gov • Your parent might need a PIN too

• Choose your own PIN or let the site choose one for you

• Don’t tell anyone your PIN!

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Page 6: Finding Money for College October 16, 2009 Mrs. Bradford, School Counselor

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How do I apply for federal student aid?

2. (Optional) Use FAFSA on the Web Worksheet to get ready.

• Get worksheet at www.FederalStudentAid.ed.gov/worksheet

• Use checklist to gather documents you need.

• Fill out worksheet to prepare your answers.

Page 7: Finding Money for College October 16, 2009 Mrs. Bradford, School Counselor

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How do I apply for federal student aid?

3. Fill out your FAFSA online at www.fafsa.ed.gov

• Apply on or after Jan.1 but as early as possible to meet all deadlines.

• Need help? Use “Live Help” icon or call 1-800-4-FED-AID.

• Don’t forget to print confirmation page.

Page 8: Finding Money for College October 16, 2009 Mrs. Bradford, School Counselor

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How do I apply for federal student aid?

4. Watch for response by e-mail, from [email protected], or by mail

• Double-check your information online at www.fafsa.ed.gov (use your PIN to log on) or on the paper Student Aid Report mailed to you

• Correct any mistakes and update any information as necessary

Page 9: Finding Money for College October 16, 2009 Mrs. Bradford, School Counselor

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How do I apply for federal student aid?

5. Watch for e-mails or letters from the schools you are considering

• Give the schools any additional paperwork they ask for

• Meet all deadlines or you could miss out on aid!

Page 10: Finding Money for College October 16, 2009 Mrs. Bradford, School Counselor

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What happens next?

• Each school will tell you how much aid you can get at that school.

• Once you decide which school to attend, keep in touch with the financial aid office to find out when and how you will get your aid.

Page 11: Finding Money for College October 16, 2009 Mrs. Bradford, School Counselor

How much federal student aid can I get?

In general, depends on your financial need.• Financial need determined by Expected

Family Contribution (EFC) and cost of attendance (COA)

• EFC comes from what you report on FAFSA• COA is tuition, fees, room and board, books,

transportation, and miscellaneous expensesCOA – EFC = financial need

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Page 12: Finding Money for College October 16, 2009 Mrs. Bradford, School Counselor

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How much federal student aid can I get?

For early estimate, use FAFSA4caster:• Go to www.FederalStudentAid.ed.gov • Enter some financial information• Get an estimate

Page 13: Finding Money for College October 16, 2009 Mrs. Bradford, School Counselor

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How do I apply for student aid from colleges?• Go to the college’s website and look at their

financial aid page• Some colleges will require a PROFILE; go to

https://profileonline.collegeboard.com to complete• Some colleges will require a separate scholarship

application; others will base scholarship decisions on your application for admission

• Scholarship deadlines for colleges are usually in the fall…be sure not to miss an opportunity!

Page 14: Finding Money for College October 16, 2009 Mrs. Bradford, School Counselor

What might a sample aid package look like?

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Davidson Private #1 Private #2 Public U.

Total cost $48,000 $50,000 $35,000 $19,000

Family contribution (EFC)

$10,000 $10,000 $10,000 $10,000

Financial need $38,000 $40,000 $25,000 $9,000

Merit aid $0 $0 $10,000 $0

Need grant $35,900 $33,300 $2,800 $1,500

Student loan $0 $4,000 $5,500 $5,500

Work study $2,100 $2,700 $1,800 $1,000

Total aid $38,000 $40,000 $20,100 $8,000

Unmet need $0 $0 $4,900 $1,000

Total paid $10,000 $10,000+loan $14,900+loan $11,000+loan

Page 15: Finding Money for College October 16, 2009 Mrs. Bradford, School Counselor

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How do I apply for scholarships from other sources?

• Look at the monthly scholarship newsletter and follow instructions for applying– Online vs. paper– Direct application vs. scholarship committee

• Check with your parent’s employer, your religious institution, civic groups, etc.

• Go to a scholarship search website for more ideas (www.fastweb.com, www.meritaid.com, www.scholarships.com, www.absolutelyscholarships.com)

Page 16: Finding Money for College October 16, 2009 Mrs. Bradford, School Counselor

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Where can I get more info?

• GRASP Representative, Ms. Tice– Sign up on the clipboard by Mrs. Bradford’s

office for an appointment• Financial Aid Workshop for Parents

– November 16th, 6:30 pm in the South Cafeteria

• www.FederalStudentAid.ed.gov – Information about federal aid programs

Page 17: Finding Money for College October 16, 2009 Mrs. Bradford, School Counselor

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Questions?

Page 18: Finding Money for College October 16, 2009 Mrs. Bradford, School Counselor

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Contact Information:

Mrs. Bradford, School Counselor• Phone: (804) 228-2710•e-mail: [email protected]