financial aid: knowing the options
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Financial Aid: Knowing the Options. Taking A Closer Look At Types of Aid, Scholarships, and the Financial Aid Process. Value and Cost of Postsecondary Education. The Value of Higher Education. 3. Source: Bureau of Labor Statistics, Current Population Survey. - PowerPoint PPT PresentationTRANSCRIPT
Financial Aid: Knowing the
Options
Taking A Closer Look At Types of Aid, Scholarships, and the
Financial Aid Process
Value and Cost of Postsecondary Education
The Value of Higher Education
Source: Bureau of Labor Statistics, Current Population Survey3
Choosing the Right School For You
Choosing Your School College Navigator
−www.nces.ed.gov/collegenavigator
• Factors to Consider• Cost• Location
• State, Region• Suburban, Urban, Rural
• Size• Degree and Major Options• Religious Affiliation
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Financial Aid: Types and Sources
Financial Aid Options Scholarships
− Local and National
Grants− Federal and State− Institutional
Work and Internships− Savings − Experience
Savings− It’s Never Too Late to Start
Federal Financial Aid
State of Indiana Financial Aid
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Scholarships Money you DON’T have to repay!
www.fastweb.com
www.scholarships.com
www.collegenet.com/mach25
www.collegeboard.com/scholarships
Ask around− Student’s Place of Employment, Parent’s Place of
Employment, Guidance Counselor, Church Groups, Local Businesses, and Organizations
Balance− Spend a fair amount of time on small and large scholarship
applications
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Make a Plan Create Scholarship Resume
− Think Baby Book for your High School Student
Apply to all that you are eligible for
Target List (list of scholarships that are coming up) − Start Writing Essays (Proofread)
− Find Other Scholarships asking Same Question
− Apply to 10, 20, or more using one base essay
− Add experiences to your resume› Build Houses
› Feed the Poor
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Grants More $ you DON’T have to repay!
−Federal or State Government› Pell and TEACH
Your College or University−Institutional Aid
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Work and Internships Work
−Generate Savings−References−Networking Opportunities
Internships−References−Networking Opportunities−Find the right career field
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It is less expensive to save for college than to borrow.− When you save, the money earns interest− When you borrow, you're paying the interest
Myth: Savings will prevent families from getting financial aid.− Truth: The federal formula that calculates a families EFC does not look at around
$50,000 of parental assets for the average family.
Savings tips:− Investigate Savings Plan Options
› Including 529 College Savings Plans, Money Market Accounts, Regular Savings Accounts
− Start a savings plan› Parents and Students
− Make savings deposits regular› Automatic Deposits
− Continue saving through college› Parents and Students
Savings
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Federal Title IV Programs• Federal Pell Grant (Max: $5,645)
• Federal Supplemental Educational Opportunity Grant (FSEOG) ($1k – $4k)
• TEACH Grant ($4,000)
• Federal Work Study (FWS)
• Federal Perkins Loan (5%)
• Federal Stafford Direct Loan (3.86%)
• Federal Parent Loan for Undergraduate Students (PLUS) (6.41%)
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State of Indiana ProgramsDivision of Student Financial Aid
www.in.gov/ssaci
Frank O’Bannon Grant Program− Higher Education Award− Freedom of Choice Award
21st Century Scholars Program
The Mitch Daniels Early Graduation Scholarship
Child of Certain Veterans and Public Safety Officer Supplemental Grant
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Free Application for Federal Student Aid
www.FAFSA.gov
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Other Resources Fafsa4caster
−www.fafsa4caster.ed.gov› Using FAFSA4caster, you and your family will receive
an early estimate of eligibility for federal student aid and helps you better understand the financial aid process.
ISM College Planning Team−[email protected]
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How College Cost is Presented
Net Price Calculators Provide estimates of Financial Aid
Packages to help families make informed decisions
Cost of Attendance
– Gift Aid (Grants & Scholarships)
= Net Price
Colleges are required to include a net price calculator on their website
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Net Price Calculators
http://collegecost.ed.gov/netpricecenter.aspx
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Next Steps
What do I do now? Talk w/ Counselors
SAT or ACT
FAFSA4Caster
Scholarships
Applications (and Deadlines)
Campus Visits
College Fairs
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www.ISMCollegePlanning.org
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Like us on at:
www.facebook.com/ISMCollegePlanning
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Follow us on at:
@ISM_CollegePlan
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E-Newsletter Tips and advice to make educated
decisions about paying for higher education
News and information from the world of financial aid
Links to free resources to help students, parents, and counselors
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