Go for the Gold!: Applying for Financial Aid & ScholarshipsCon Mi MADRE College Academy #3

AGENDA

• Introduction of Facilitator• Icebreaker: “If”• The Difference in Money• Break• Determine the cost of your

colleges/universities• Search for Scholarships!

Introduction of FacilitatorWho Am I?!

Icebreaker: If??

• Sit in a circle• One person takes an index card,

reads it aloud and responds• Hand the card to the facilitator and

the next person will pull a card and answer the question

Financial AidWhat is it? How do I get ALL of it?!

Financial Aid• Financial Aid is any form of money given to college

students to complete their education• The amount of financial aid a student can receive is

determined once a student has completed the FAFSA or TASFA

• Financial Aid comes in 4 Forms– Scholarships– Grants– Loans– Work-study

FAFSA vs. TASFAWhat are these initials?!

Who Fills Out What Form?

FAFSA• Complete this

application if ANY of these apply to you:– U.S. Citizen– Permanent U.S. Resident– Conditional Permanent

U.S. resident

• Use for ANY college/university in U.S

• Completed online or by mail

TASFA• If none of the items on

the left apply to you BUT you are classified as a Texas Resident, complete the TASFA

• Use only for colleges and universities in the state of Texas

• Paper Application to be mailed in

The Difference in Money for College

Not All Money is Created Equally!

Scholarships!Free Money!

Scholarships• A payment made to support a student’s education• The most common FREE way students pay for college• There are scholarships for EVERYTHING! • It is better to apply for various amounts of

scholarships versus only the high dollar amounts• Can be rescinded if applicant does not meet ALL

requirements• Does not have to be repaid

Types of Scholarships• Merit-Based

– These scholarships are given based on your academic performance (aka your GPA)

• Need-Based– These scholarships are based on your family’s income. This

information is determined by the FAFSA/TASFA

• Talent/Special Skills– These scholarships are based on things that make you unique!

• Examples of these are juggling, athletic scholarships, being left-handed, etc.

GrantsMore FREE Money

Grants• A sum of money given by an organization/institution• A large portion of grants come from the government• Not as commonly sought out as scholarships but THEY

ARE available!• Grants DO NOT have to be repaid• Can be rescinded if applicant fails to meet ALL

requirements

Types of Grants• State Grants• Federal Grants• Institutional Grants (from a university)• All of these grants are determined by your FAFSA

Work-Study ProgramEarned Money

Work-Study Program• A Grant Program that employs students to help pay for

their education• Employees only work part-time.

– The pay is usually minimum (or higher)– Some jobs require certain skillsets so everyone isn’t eligible

for all jobs

• An option provided by most major colleges and universities

• Filing a FAFSA determines if you are eligible to participate in this program

• This money does not have to be repaid

LoansBorrowed Money

Loans• A sum of money that is expected to be paid back with

interest• Come in various amounts • Begin paying back 6 months after college graduation

OR if you fall below full-time/part-time enrollment• The MOST COMMON way students help finance their

education• There are two types of loans

– Subsidized Loans– Unsubsidized Loans

Compare the Loans

Subsidized Loans• Your school determines the

amount of money you can borrow and cannot exceed your financial need

• The US Dept of Ed pays interest– While you’re in school at

least ½ time– The first 6 months after

you leave school– During a period of

deferment– Interest rate is lower

Unsubsidized Loans• Your school determines the

amount you can borrow based on COA & other financial aid

• You are responsible for paying interest during ALL periods

• If you choose NOT to pay the interest while in school, it will be added to the original amount of the loan

• The interest rates tend to be higher and can fluctuate

Loans• You can borrow from $1,000 up to the entire cost of

attendance, depending on the loan type• You find out what loans and amounts you qualify for

after your FAFSA is processed• Students must take a loan counseling class before

entering and after completing college for ALL federal loans

• Remember: Only take out what you need when using loans– The more money you borrow, the more you have to repay and

the longer it takes repay it

Types of Loans• Perkins• Stafford• PLUS• Institutional (from the University)• Private

– Usually given out by banks

• State

The Difference in Money ReviewScholarships Grants Work-Study Loans

Have to repay NO NO NO YES

Can be rescinded

YES YES MAYBE (depends on your situation)

NO

Has Requirements

YES YES YES (you must work a certain number of hours a week)

YES (you must be enrolled, full or part-time in a college or certificate program)

Determined by FAFSA

NO NO YES YES

Questions, Comments, Concerns

A Lot to Process, Right?

Break Time!Whew!

Your Turn!• Before you start looking for scholarships, look to see

how much you perspective colleges cost• Then you can begin searching/completing scholarships• You can create scholarship accounts on the following

websites and begin applying– www.fastweb.com– www.collegeboard.com– www.collegenet.com– www.scholarships.com– www.texasscholarships.org

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