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KCP Summer College Boot Camp: Navigating the Financial Aid & Scholarship Path

How and where to find funding for college

Steve Hairston

on 4 September 2013

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Transcript of KCP Summer College Boot Camp: Navigating the Financial Aid & Scholarship Path

How and where to find funding for college
Navigating the Financial Aid & Scholarship Path
Your college counselor and college counseling office
They have lists of scholarships for you to search through
College admission and financial aid offices
The local library
Websites like: fastweb.com, finaid.org, collegeboard.com, etc.
Where do I go for information?
Avoid scams that just want to take your money!
Beware of the BIG-BAD Wolf!
Don't ever pay for a scholarship!!
If it's too good to be true...it probably is!
Scholarships cost time -- not money. Don't be scammed into paying an application fee.
No one can guarantee you a scholarship.
Don't ever give your credit card or bank information for scholarship information.
Getting Started!
This is aid is based on individual and family need (FAFSA, CSS, college aid forms)
Grants = Free Money!
Institution or University Grants
Federal and State Grants
Need-based Aid
This award aid is given to students based on individual achievements
Academic superiority
Creative talents
Athletic skill
Leadership ability
Commitment to service
Diversity and Culture
Specific interests you have
Merit Award
What’s Merit and what's Need-based?
Financial Aid Terms - Grants
Money you'll have to pay back - Loans
What makes up a financial aid package?
Work Study
What’s the application process like for scholarships?
Some scholarships require a separate application.
You may have to submit a written essay.
Personal interviews or interview competitions may be part of winning an award.
Make sure your resume is polished and ready to go!
KNOW your deadlines – the time to apply for scholarships is during the fall of your senior year…sometimes earlier!
Get yourself in the game -- even YOU can receive a scholarship.

Answer the optional questions on a scholarship matching service/website for twice as many matches.

Winning scholarships is easier than repaying student loans. Every dollar you win in scholarships is a dollar less you will need to borrow. Every dollar you borrow will cost you about two dollars by the time you repay the debt.

Apply for every scholarship for which you are eligible to increase your chances of winning a scholarship. It's a numbers game. Even among talented students, winning sometimes involves a bit of luck, not just skill.

Small scholarships also add up and add lines to your resume to make it easier to win bigger awards.

Don’t apply if you are not qualified. You might be a wonderful student, but if you don’t qualify for the scholarship, it is a waste of your time to apply. Scholarship sponsors receive far more qualified applicants than they have funds available. They use the selection criteria to narrow the number of applications they have to review.
Other helpful tips along the way…
What does an financial aid package look like?
The Award
Award Samples -- Per Year Aid
Liberal Arts College
Public University
Private University
Work study: $2,100
Work study: $1,500
Work study: $2,200
Loan: $5,500
Loan: $5,500
Merit Scholarship: $4,000
Liberal Arts
Public U.
Private U.
Work Study
Total Aid
Unmet Need
Total Paid
$10,000 + interest
$15,500 + interest
From your worksheet do you still have any questions?
Meet with your counselor to discuss your plan.
(tuition, room, board, & fees)
(Perkins Loan & Subsidized Loan)
This is need-based money given by the federal government – especially to low-income students – that contributes to your education. The largest pell grant that is awarded is $5550 for the year.
This is additional federal money offered by the school to students with exceptional financial need.
The DC Tuition Assistance Grant provides District students with up to $10,000/ year for up to five years to cover the difference between the in state and out of state tuition rates at ANY PUBLIC College or university in the U.S. It will also provide $2500/ year to be used towards the cost of tuition for students attending any PRIVATE university in the DC Metro Area or ANY Private Historically Black College or University (HBCU) or ANY community college in the US.
The DC-CAP Last Dollar Award provides students with up to $2000/ year for up to five years to be used towards the overall cost of attendance. The award amount is based upon the student's "un-met" need after all other forms of financial aid (i.e.: grants, scholarships, loans, etc.) have been applied.
This is free money that's given to students from the institutions they're accepted to and it's purely based on the student's family need.
A Federal Perkins Loan is a low-interest (5 percent) loan for students with exceptional financial need.
A federally guaranteed loan utilized by parents of dependent students to cover college education cost.
SUBSIDIZED loans are awarded based on need. You will not be charged interest while you are in school. UNSUBSIDIZED loans are not awarded on basis of need. You WILL be charged interest while you are in school.
These loans are non-federal loans, made by a lender such as a bank, credit union, state agency, or a school. Usually these loans have higher interest rates, you may have to make payments while in school, they may not offer forbearance or deferment, and they most likely cannot be part of a loan forgiveness program.
Full transcript