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Financial Aid & Types of Colleges - Student Lesson

Learn about the FAFSA and the 7 ways to pay for college
by

Jessica Larson

on 4 February 2014

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Transcript of Financial Aid & Types of Colleges - Student Lesson

Paying for College
Learn about the FAFSA and
the 7 ways to pay for college
Savings
Family Support or Current Income
Grants
Scholarships
Work Study
Loans
Community or Military Service
7 Ways to Pay for College

Open a savings account (ie: MN College Savings Plan)
Find a job
Set aside birthday money or allowance
Make sure you visit us at MN State Fair!!
Savings
Money you borrow
Money you have to pay back
Government loans tend to have lower interest rates
Loans
Parents or other family members help pay for college
Work while you are a student in college
Family Support or Current Income
Grants
FREE money from the government
No interest fee, no repayment
Ranges from a few hundred to thousands of dollars
Federal and State money
Must fill out FAFSA
Free money you have to find and apply for
Like grants, you don't have to repay
Unlike grants, scholarships are not guaranteed
Have to meet certain requirements
Applications are competitive
Scholarships can be granted for almost anything!
Scholarships
www.fastweb.com
Work Study
An award which provides you with a student job
First come, first served
Must have financial need (need-based)
Must fill out FAFSA and check box for Work Study

**A work study award does NOT guarantee you a job**
Community or Military Service
AmeriCorps
http://www.americorps.gov/for_individuals/why/index.asp

Military
National Guard, Navy, Army...
Test Your Knowledge!
Stephanie is a junior in high school and is already thinking about how she is going to pay for college. She remembers that she received some money from her grandma for her birthday and decides to set it aside.
Khadija doesn't want to take out any loans for college. However, she filled out her FAFSA and found out that she qualifies for this type of financial aid which she doesn't have to repay.
In order to help pay her tuition while attending college, Mai Lee waits tables at the local pizza joint. Her she puts a portion of the tips she makes each shift toward paying for her classes.
Markus has been playing the trombone in school for a few years now. He has also been a part of his school's wrestling team and gets good grades. Because of these things, Markus might be eligible for this type of financial aid which he won't have to pay back.
Peter just started his first week of college and realizes that he’s already made a mistake. Instead of just hanging out with his friend over the summer, he really should have been looking for an on campus job. Now, this type of financial aid award is in jeopardy of not being used and it’s money he needs.
Lee is months away from graduating from college, so she is already looking for a job. She wants to find a job ASAP so that she can pay back money she borrowed for school.
Karen just finished college. She has been offered a position with an organization who will give her a living stipend and reimburse some of the cost of her education in exchange for one year of committed service, helping find tutors for middle school students in an urban community.
Choosing a College
What are the different types of colleges??
2-Year Colleges
Technical Colleges
Offer programs that emphasize hands on skills
Students often go right into careers in technical or industrial fields
Work with local employers to make sure students get the skills they need
Instructors are also often professionals in their field
Students can earn - Certificates, Diplomas, Associates Degrees
Community and Tribal Colleges
Provide first 2 years of a 4-year degree
Students often transfer to a 4-year institution to complete a bachelor's degree
Also offer career specific training for professionals
Students can receive - Certificates, Diplomas, Associates Degrees
4-Year Colleges and Universities
Can be Public or Private
Usually have on-campus housing
Offer a wide range of majors
Offer a wide range of athletic programs as well as programs in the arts such as music and theater
Students must meet certain requirements to be accepted
Degrees take 4 years to complete
Students can receive - Bachelors Degree, Masters Degree and Professional or Doctoral Degrees
Test Your Knowledge!
Stephanie has learned so much from her welding instructor. She feels that he really knows what he is talking about especially because he is able to apply his real world experience from also working as a welder.
Khadija will be so relieved to be finished with her rigorous Masters program.
Mai Lee was amazed that she was able to save so much money in her first two years of college before transferring her credits to a 4-year college.
Markus is already a working professional, but he has been able to go back to school to brush up on his nursing skills and to learn new and useful techniques that will make him eligible for more advanced positions in his field.
After only a year and a half, Peter is so excited that he has finished his electrical engineering program now he is fully qualified to enter the workforce.
Lee was really unsure of what she wanted to do for a career. She was very glad she was able to experiment with different options and explore her interests before choosing a major in this type of institution.
Karen loves living on campus and has really enjoyed being involved with several productions put on by the theater department.
Questions??
Thank you!!

For More Information:
www.ohe.state.mn.us

Financial Aid & Types of Colleges
Full transcript