financial aid & scholarships senior checklist. authorize cof
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College Opportunity Fund
Pays a portion of total in-state tuition per credit hour• Colorado public institutions (2-year and 4-year)• Participating private institutions (Regis, DU and Colorado
Christian University)
$68 per credit hour in 09-10 school year ($1,632/year for a full time student)
145 credit hour maximum Must apply for stipend Must be admitted to participating institution Available for undergraduates only Paid directly to the school Apply online at: www.collegeincolorado.org
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Federal loans 41% Institutional grants 21% Pell Grants 14% Private and employer grants 7% State grants 7% Education tax credits and deductions 6% Federal grants not Pell Grants 3% Federal work-study 1% Total: $106.7-billion
NOTE: Numbers are for undergraduates.
SOURCE: College Board, "Trends in Student Aid 2008"http://chronicle.com/weekly/v55/i11/tuition_table.htm
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Free Application for Federal Student Aid (FAFSA)
Available every January 1– apply early!• Some Financial Aid is awarded on a first come
first serve basis• The earlier a student applies, the more financial
aid they may receive• Must file every year• Will receive a Student Aid Report (SAR) via email
and snail mailName one type of
financial aid.
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How to Submit the FAFSA
Online application is fastest• Processed in 72 hours• Student and one parent need to get Personal Identification
Numbers to sign application electronically• Parent and Student Information required:
− Social security numbers, drivers license numbers− Records of money earned last year, tax returns and bank
statements, etc.
• Complete FAFSA online at http://www.fafsa.ed.gov• 1-800-4FEDAID paper applications
BEWARE of any service that requires you to pay a fee to submit your FREE application
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Grants• Awarded to the student based on need• Does not need to be paid back
Scholarships • Does not need to be paid back• Check out our CollegeInvest Scholarship Program
Work-study• Typically based on need
Student Loans • Federal Loans
− Paid back at federally backed low interest rates with helpful terms
− There are federal loans for students (Stafford loans) and parents (PLUS loans)
• Private Loans− Use federal first and be sure to research the rates and terms
carefully if you need a private loan to fill the gap.
Financial Aid – The Four Types
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PELL Grant
Eligibility determined from FAFSA 2009-2010 maximum amount $4731 Pro-rated if student is less than full time Need based grant EFC must be under $4041
When is College Goal Sunday?
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Academic Competitiveness Grant
Eligible for Pell Grant Four or two year degree program Full time student $750.00 first year of undergraduate study
• Successfully completed a rigorous high school program (Higher Education Admission Requirements)
$1,300.00 second year of study• Second year of undergraduate study have a cumulative
grade point average of 3.0
No specific major required
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The SMART Grant (National Science & Mathematics Access to Retain Talent)
Available during the third and fourth years of undergraduate study
Eligible for Pell Grant Enrolled in a four-year degree granting institution Full time student Up to $4,000.00 per year A cumulative 3.0 grade point average
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The SMART Grant (National Science & Mathematics Access to Retain Talent)
Must major in: • Physical life, environmental, nutrition, or computer science
• Engineering
• Mathematics
• Technology
• Critical Foreign Language
• Food Science, Technology, and Processing
• Fishing and Fisheries Science Management
• Forest Sciences and Biology
• Wood Science and Wood Products/Pulp and Paper Technology
• Wildlife and Wildlands Science and Management
• Biopsychology
• Physiological, Pyschology/Psychbiology
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TEACH Grant
Up to $4000 in grant money per year for teaching students Undergraduates can qualify for up to four years, graduates for up
to two years Must score above the 75th percentile on a college admissions
test OR maintain a cumulative GPA of at least 3.25 Must be a student who intend to teach full-time in high-need
subject areas for at least four years at schools that serve students from low-income families
If the student does not meet the teaching requirements, the grant must be paid back as an unsubsidized loan
• Colorado State University-Pueblo• Metropolitan State College of Denver• University of Colorado Denver• University of Northern Colorado• Jones International University • Colorado Christian University• Regis University
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Work Study
Part-time hours Campus & Community offices/agencies Minimum wage & higher Earnings paid directly to students Often based on financial need Maximum earnings limit
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Perkins Loans
5% interest rate 9 month grace period Repaid to School Attended Must Complete FAFSA Need Based Must sign Promissory Note with Institution Undergraduate annual limits $5,500, graduate annual
amounts $8,000 Schools have small loan pool. May need to apply by
school’s priority deadline to be considered
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Federal Stafford Loans
Payment begins 6 months after graduating or decreasing enrollments to less than half time
No credit check required
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Subsidized & Unsubsidized
Subsidized Stafford: Must Demonstrate “need” Fixed interest rate of 6.8%
as of July 1st, 2008 (for undergraduates, 6.8% for graduate students)
No interest accrual during in-school period
Unsubsidized Stafford: Not based on need Fixed interest rate of 6.8% as
of July 1st, 2008 Interest accrues while in
school
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Federal Stafford LoansGrade Level Base
Amounts*Additional
UnsubsidizedTotal Amount
Freshman $3,500 $2,000 $5,500
Sophomore $4,500 $2,000 $6,500
Junior & Senior $5,500 $2,000 $7,500
Preparatory coursework for enrollment in an undergraduate program
$2,625 0 $2,625
Preparatory coursework for enrollment in an graduate program
$5,500 0 $5,500
Teacher Certification coursework
$5,500 0 $5,500
Aggregates $23,000 $8,000 $31,000
Source: CollegeAssist, 2008
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What is a Scholarship?
Financial Aid that is awarded to you based on your individual characteristics.
Each Scholarship will have their own set of criteria, deadlines and application process
It is up to you to find Scholarships and submit applications
Scholarships do not have to be paid back
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Components of a Scholarship Application
Scholarship Application An Essay Letter of Recommendation or Nomination Letter Resume Official Transcripts Any additional information the scholarship
committee requests
Remember that every scholarship
has different requirements, components and deadlines!
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Before You Get Started…
Create a professional email account Begin checking your email regularly
Get to know your SS # Update your voicemail
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Scholarship Portfolio
Recent tax return(s) for you and your parents
Your resume Academic transcripts Financial aid award
notices Student Aid Report
(Documentation of the FAFSA application)
Your Personal Profile
Copy of scholarship checklist
Copy of all applications you have gathered
Timeline for your scholarship search
A great general scholarship essay
Copies of your recommendation and/or nomination letters
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Create A Resume
Important Information To Include On Your Resume
Name, phone number, email address Employment history with dates and accomplishments Honors, awards, or recognitions you have received Volunteer, leadership, and extracurricular activities Specialized skills or abilities Interests and hobbies
Talk to friends, mentors, employers and
parents to also edit and make corrections
on the resume
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If you are unsure as to what to include
in your Resume this website will help
you along the wayAll you need to do if fill in the
information that applies to you.
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Aside from Personal Information
you will also be asked to add any
Work Experience, Honors, Awards
or any other Activities that you are
involved in…Simple as that!!
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Letter of Recommendation and/or Nomination Letter
Letter of Recommendation: A letter written by someone who admires you and can testify to your scholarship worthiness.
Nomination Form: A document completed by someone who has the power and authority to recommend you for a scholarship. This may or may not accompany letters of recommendation.
Teachers Employers
People whom you have volunteered for• Formal
• Informal
Member/leader in club/organization you are involved in Instructors for activities outside of school
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The Scholarship Search
Inquire about scholarships through:• High School• College(s) student is interested in attending• Local businesses• Religious organizations• Places of employment• Internet
− www.collegeincolorado.org
− www.fastweb.com
• CollegeInvest− www.collegeinvest.org
− Get a free copy of our scholarship workbook
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Other Scholarships
American Association of Candy Technologists Scholarship http://www.aactcandy.org/aactscholarship.asp
Patrick Kerr Skateboard Scholarship http://www.skateboardscholarship.org/
Vegetarian Resource Group Scholarship http://www.vrg.org/student/scholar.htm
Ball State University's David Letterman Scholarship http://cms.bsu.edu/
Tall Clubs International Scholarship http://www.tall.org/
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The CollegeInvest Opportunity Scholarship
Thirty-Eight (38) randomly drawn $1,000 scholarships will be awarded to Colorado students who:• Attend a Colorado two or four-year college, or vocational
college, or university• Will be full time, undergraduate students in the 2008-09
school year• Complete the Free Application For Federal Student Aid and
have an EFC of $15,000 or less (FAFSA does not have to be completed prior to registering)
• NO GPA or Essay requirements• Apply online at www.collegeinvest.org
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The CollegeInvest Service Scholarship
Twenty seven (27) randomly drawn $6,000 scholarships (award amount will be divided over a two-year period, $3,000 each year) will be awarded to Colorado students who • Attend a Colorado two or four-year college, or vocational
college, or university• Will be full time, undergraduate students in the 2008-09
school year• Complete the Free Application For Federal Student Aid and
have an EFC of $15,000 or less (FAFSA does not have to be completed prior to registering)
• Commit to 40 hours each year, for two years, in a service-to-children volunteer program
• NO GPA or Essay requirements• Apply online at www.collegeinvest.org Deadline: April 1st
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Frequently Asked Questions
My parents are divorced. Whose information do I put on the FAFSA?
I have a stepparent. Do I need to include his/her information?
I am making less money in the current year than the last year. How can I reflect this?
How can I be considered independent even if I have answered ‘no’ to all the required questions?
My grandmother lives with us, can she be included in our household size?
My parents do not have a social security number, can I file a FAFSA?
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Time Line - Senior Year
FallFall Apply for collegesApply for colleges
Apply for scholarshipsApply for scholarships
Early Early springspring
Complete and submit the FAFSA onlineComplete and submit the FAFSA online
The government processes the form and The government processes the form and determines your EFCdetermines your EFC
Receive and review the Student Aid Report (SAR)Receive and review the Student Aid Report (SAR)
The information goes to collegesThe information goes to colleges
Late Late springspring
The colleges create an “Award Letter”The colleges create an “Award Letter”
Compare offers; make decisionsCompare offers; make decisions
*Must be accepted to a college to receive an award letter*Must be accepted to a college to receive an award letter
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Helpful Tools
FAFSA 4Caster • http://www.fafsa4caster.ed.gov • See what your EFC might look like
College In Colorado• http://www.collegeincolorado.org • “Pay” tab then “Available Tools”• Financial Aid Award Estimator• Slope Calculator
CollegeInvest • http://www.collegeinvest.org • For information on student loans and college savings
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