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Paying for College: Find the Money You Need
Transcript of Paying for College: Find the Money You Need
Types of Financial Aid
Free money for college is money you receive that you won’t have to pay back, as opposed to a loan. Typically, this free money comes in the form of either a scholarship, fellowship, or grant.
Scholarships and Fellowships
To qualify for federal student aid you must submit the...
Fulfill any requirements (grades,community service, meetings with advisors)
Keep up on documents that may be needed
Get a part-time job or paid internship
Don't spend money frivolously
Continue your scholarship search
Need-based means that your family's financial resources-as measured by a formula established by the federal government-are not sufficient to cover your educational costs.
Merit-based includes a variety of categories: academic, artistic, athletic, etc.
A student with extensive assets and income is just as entitled to a merit-based award as a student with limited assets and income.
Often requires an application, essay, etc.
Comes from private organizations and schools
Usually comes from the government but can come from the state or university
What You Need
FSAID (each student and one parent)
Social Security Number
Drivers License Number
Federal tax returns
Records of untaxed income like child support
Information on cash, savings, and checking account balances
Investments including stock,bonds, and real estate
Before you Begin
Oct 1 to June 30
Apply as soon as possible
Takes about 45 minutes to complete
College Goal FAFSA (hosted at your school!)
FAFSA nights throughout October-December hosted by NACRC
Ask your counselor!
1. Create your FSAID at fsaid.ed.gov
2. Student demographic Info
3. Student background and schools
4. Dependent vs. Independent
5. Parent personal info
6. Parent income taxes and additional finances
7. Student income taxes and additional finances
8. Sign with FSAID and submit
What Happens Next?
You will receive an estimated Expected Family Contribution (EFC)
72 hours later you will receive a Student Aid Report (SAR)
SAR is sent to colleges and state
Follow-up on any additional material schools or state may need
Financial Aid Packages
Schools send out Financial Aid Packages which include:
Financial Aid Packages do not include:
Private and State scholarships
Save in Parents' Names
Pay Off Debt
Maximize your 401(k) and IRA
Other Sources of Money
Teach for America
University financial aid office
Department of study financial aid
Completing the FAFSA allows you to be considered for the greatest amount of financial aid from federal, state and college sources — and it’s free to fill out!
Where to Go First
Free Money for College
check with universities you are applying to
Not Free Money: Loans
Loans typically are not free money. In most cases they will need to be repaid within 10 years of graduation, unless you qualify for loan forgiveness.
Direct Subsidized (does not accrue interest while student is in school)
Direct Unsubsidized Loan (accrues interest as soon as loan is taken out)
Private Loans (Banks and Credit Unions)
The FWS Program provides jobs to undergraduate and graduate students with financial need, allowing them to earn money to help them pay for education-related expenses.
You MUST complete a FAFSA to see if you are eligible!
529 savings plan
Your employer/parent's employer
Organizations and professional associations
The federal government will expect students to contribute a higher percentage of their income to college expenses than their parents. So keep that 529 plan and any other investments in your parents’ names to maximize your federal aid opportunities.
The federal government is going to consider what you have, not what you owe, when they determine your financial aid award. Liquidate some of your assets to pay off debt, and you may see a boost in aid.
Funds in accounts set aside for retirement will not be counted by the federal government when they determine your aid package. Move any extra funds into these accounts at least two years prior to filling out the FAFSA.
While in High School
Keep a high
Get the best
while in high school
in school and community
Apply to a number of colleges to see what kinds of aid you are offered!
Right Before College
Make a budget with your family
Save graduation gift money
The FAFSA is key to being considered for financial aid including:
helps make college possible for students & families
Here is what you need to know to get the most funding for college...
High School Counselor
University's Financial Aid Office.
Schedule an appointment and they will help you find the money you need.
Be prepared to do work on your own, as well
* Earns Interest
*Portable from State to State
*10% withdraw fee if not used for college
Why Should I Complete the FAFSA?
INFORMED DECISIONS- This is NOT a loan application! It is your first step to your financial aid process
INCREASED LIKELIHOOD OF ATTENDING AND COMPLETING- 90% of high school senors who complete FAFSA attend a college directly from high school (National Center for Education Statistics)
PLAN B- You never know what can happen
SCHOLARSHIPS- some scholarships require a FAFSA on file to be eligible.
ADMISSIONS EDGE- Admissions officers know that students hoping for aid who don't submit FAFSA to the college are less likely to enroll.