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Financial Aid 101

Financial Aid: What is it? How do I get it? How much do I need? These questions and others answered in Financial Aid 101.
by

Sara Beth Andres

on 1 February 2014

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Transcript of Financial Aid 101

If you answer YES to any of these questions, then you are officially INDEPENDENT.
1. Are you 24?
2. Are you married?
3. Do you have children?
4. Are you in the armed forces?
5. Are you an orphan, ward of the court, or in foster care?
What is it?
How do I get it?
#1
#2
#3
How will you pay for school?
Financial Aid is ...
Types of Financial Aid
Free Money
Grants
Scholarships
Money you use to financially assist you with paying for college and does not originate from your personal savings OR family savings OR friends/relatives savings ...
Loans
Student Loans
Parent Loans
Perkins Loans
Work Programs
Federal Work Study
How much do I need?
www.fafsa.gov
why does FAFSA need my private information?
Government uses this to calculate what they "expect" your family to contribute.

EFC = Expected Family Contribution
Do I have to claim my parents?
aka: Not Other People's Money
Free Money
Scholarships
Grants
Federal Pell Grant
FSEOG
University of Hawaii Opportunity Grant
Loans
Student Loans
Subsidized Loan
Unsubsidized Loan
Credit Required?
Parent Loans
PLUS Loan
Parent Loans - YES Student Loans - NO
Work Study
Works around your class schedule
Scholarships ... the best FREE Money
There are no scholarships for average people
Only athletes and geniuses get scholarships
My parents make too much money for me to get scholarships
I’m not a good writer, so I can’t get a scholarship if it requires an essay
WRONG!!
Scholarships
Tips & Tricks
National
State
Local
Institutional
National Scholarship Search Engines
Don't ... stretch the truth
Don't ... give quantity over quality
Don't ... PROCRASTINATE
Do ... be proud of your accomplishments
Do ... get editors to proof read your writing
Do ... complete the application!
What to expect ...
Colleges are required to provide a "cost of attendance" also known as COA


Example ...
UH Community Colleges' Cost of Attendance (approximate) =
$17,120 annual
Example Financial Aid Package:
$12,145 annual
Pell Grant = $5,645
Subsidized Loan = $3,500
Unsubsidized Loan = $2,000
ABC Scholarship = $1,000
Estimated Out of Pocket = $17,120 - $12,145 =
$4,975 annual
Don't Wait ... Timeline of Events
December
– Write a basic personal statement; find places to apply
January
– Complete FAFSA; apply to as many scholarships as possible
March
- Financial Aid offers will be sent out from the schools you listed on your FAFSA; complete UH System Common Scholarship Application!
June
- Don’t forget to request your final high school transcript be sent to the school of your choice
August
– Your financial aid disburses the week before classes begin
Types of Financial Aid
PIN should be requested
before
you complete your FAFSA
Takes a few days to be active
Enter "0" (zero) if it doesn't apply to you ... Don't leave anything blank.
What is COA?
Direct Costs
Tuition & Fees
Room & Board
Indirect Costs
Books
Personal Expenses
Insurance
Transportation
Complete the
Free Application for Federal Student Aid
hawaii.edu/finaid/scholarships/system
Questions??
Contact us at
scholars@hawaii.edu
or
808-933-7601
**Create a PIN. You will need this to sign your FAFSA online**
UH System Common
Scholarship Application
WHO
Any student attending any 1 of the 10 UH campuses
ONE application that will apply you to many scholarships!
WHEN
WHERE
WHY
can apply??
Hawaii CC Honolulu CC Kapiolani CC Kauai CC Leeward CC Windward CC UH Maui College UH Hilo UH Manoa UH West Oahu

WHAT
is it??
Considers you for both
SYSTEM
and
CAMPUS
scholarships
**Students wanting to attend
UH Manoa
will complete this application for
SYSTEM
scholarships
ONLY
. UH Manoa's
CAMPUS
scholarships are on the STAR site**
is the application due??
March 1, 2014
do I go to apply??
uhsys.scholarships.ngwebsolutions.com
should I apply??
"There are no scholarships for average people..."
"Only athletes and geniuses get scholarships..."
"My parents make too much money for me to get scholarships..."
"I'm not a good writer, so I can't get a scholarship if it requires an essay..."
scholarships...the best FREE money!
Allows you to find a job on campus
Where do I find them?
https://www.salliemae.com/about/news_info/research/how_america_pays_2012/
Great work experience
Hawaii Community College's Cost of Attendance =
$17,120 annual
_
Expected Family Contribution =
$3,000
___________________________________________________
Financial Need =
$14,120
Full transcript