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How to Pay for College
Transcript of How to Pay for College
Educational Opportunity Center
Paying for College
Apply for Federal & State Financial Aid
Discuss Steps to Paying for College
Review Lingo for Financial Aid
Learn Types of Financial Aid
Grants & Scholarships
Review a Real-World Scenario
A grant is an amount of money given
for a specific purpose or objective based
on an objective set of criteria, which
is not expected to be repaid.
Anyone who meets the criteria can receive
the funds; however, some grants are limited,
and they are given out on a first-come
A scholarship is an amount of money given to
complete a specific educational goal, which is
awarded based on a competition, and which is not expected to be repaid.
Some scholarships are highly competitive and may be
difficult to obtain. We encourage students to begin preparing for scholarships and grants early in high school.
3 Easy Things to do
for Scholarship Applications
1. Look for opportunities to participate in community service
2. Begin writing scholarship essays early
3. Look for leadership positions in clubs and school organizations
EFC = Expected Family Contribution
An amount calculated that your family could provide, not that they must provide
Provides descriptions of
the 4 federal grants
available to students
Caution: Just because grants and scholarships do not have to be repaid, does not mean that they are free of obligation. Both have strings attached and if you break the rules, you may have to pay the money back.
2 types of student loans
Federal Student Loans
Private Student Loans
Federal Student Loans
Federal Student Loans are not based
on credit score, and they do not have to
be paid until 6 months after college.
Federal Student Loans may also be eligible to be partially or entirely forgiven, based on years of service in specific careers like teaching, nursing, or public service.
Private student loans generally come from a bank, are based on credit, and may have higher interest rates.
Caution: Student loans are real loans, like car loans, and must be repaid. How much loan debt you should take depends on what your earning potential will be in the career you choose.
There are lots of ways to work while you are in college.
Work-study is the name of a specific campus-based programs that can be part of your financial aid award letter.
Federal Work-study is a specific program that is awarded to a student as a part of his/her financial aid package.
Limited opportunities for employment
Work is usually low-stress
Work cannot interfere with school work
Your college may also offer opportunities to work on campus.
Similar kinds of work and expectations for school work
Not included in your financial aid award
A student can also work off-campus independently of his/her college or university.
Pay rate may be higher
May offer more hours
Does not have to accommodate school schedule
Caution: Working while in college can be a good way to avoid student loan debt and may give you great job skills that can be helpful when applying for jobs after graduation. However, your first priority should always be your schoolwork.
What Can I do Now?
Review College Prep Checklist
Begin locating and applying for scholarships
Thank you for your time.
Please complete your EOC application.