Funding Your College Education

Funding Your College EducationPaying for School

What is Financial Aid? Money you may qualify for to help you pay for school and school-related expensesFree MoneyScholarshipsGrantsWork-studyNeed based on- or off-campus employmentStudent loansMust be repaid with interest.Other types of aidVeterans benefitsTuition assistanceVocational rehabilitationOther state and federal programs

ScholarshipsInstitutional scholarshipsAwarded by a school, alumni organization, etc. to you if you decide to attend that school

Outside scholarshipsAwarded by an agency, club, foundation, group, company, church, etc. for you to attend any school

How do I find scholarships?Institutional ScholarshipsApply for these scholarships directly through the school(s) you plan to attend.Many scholarship deadlines for large schools are in December of the year before you plan to go to school.Check with the school(s) you plan to attend for scholarship deadlines.This information will be on either the ADMISSIONS website or the FINANCIAL AID website.

Finding ScholarshipsOne example of a scholarship web enginewww.fastweb.comFREE, excellent, customized, comprehensive source of outside scholarshipsDont limit your options by being too specific.Your high school counselorNewspaperWord of mouthSDMyLife

Scholarship Search SitesSD Scholarshipshttps://www.mycollegeoptions.org/SD/0/South-Dakota/search-results-scholarship-search-by-location.aspxSD College Prowlerhttp://collegeprowler.com/scholarships/state/south-dakota/Collegeboardhttps://bigfuture.collegeboard.org/scholarship-search

How do scholarships work?Some scholarships are one-time awardsMost of these awards are to entering freshmen and some transfer studentsSome scholarships are renewable if you meet certain criteria Most criteria are tied to maintaining a certain grade point averageSome may require that you complete a certain number of credit hoursSome scholarships are to be used for specific costs such as tuition, books, or housing

Scholarships cont.How do I get the money?Institutional scholarships are awarded by the school and money is applied directly to your institutional charges (tuition and other charges on your student account).Outside scholarships may come directly to you or your school in the form of a check. These checks are usually co-payable to you and the school you are attending. Money is applied to your student account to cover your institutional charges.What if money is left over after all of my institutional charges have been paid?Most schools will refund money to you for other school-related expenses (living expenses, books, etc.)

FAFSATo be considered for federal and state aid (grants, work-study, student loans, need-based scholarships, etc.), you must complete the Free Application for Federal Student Aid each year.Complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.govIt is a FREE application. It doesnt cost anything to fill it out.Your high school guidance counselor or colleges financial aid office can help you complete it.

FAFSAIf you are entering school in the Fall of 2014, try to complete your FAFSA as soon as you can after January 1, 2014.What youll need in order to complete the 2014-2015 FAFSAA copy of your W-2(s) and federal tax return from 2013A copy of your parents W-2(s) and federal tax return from 2013

FAFSAHow it works:You complete the FAFSA and indicate which schools should receive your information.The information you provide on the FAFSA is sent to those schools.Your Expected Family Contribution (EFC) is calculated based on the financial information you supply on the FAFSA.Your EFC determines your eligibility for a Pell grant.Your EFC is also used by your school to determine what other types of aid for which you may qualify.

FAFSASchools will notify you of your financial aid award.You may receive a paper award letter or you may receive an electronic award notification.Total award amounts are broken down into fall and spring amounts.Consider your final cost when comparing award letters.

Types of AidGrantsFree moneyDoesnt have to be re-paidNeed-basedWork-StudyWork on or off campus and receive a paycheckNeed-basedLoansFederal Perkins Federal StaffordSubsidizedUnsubsidizedFederal Parent PLUSFederal Grad PLUS

GrantsPell GrantsFederal grant.School funding is not limited. (Eligible students are awarded even if they apply late.)Eligibility determined by financial information provided on FAFSAExpected Family Contribution will determine amount.2014-2015 annual award amounts range from $1,176 to $5,500. Award amounts are prorated for time, time, and less than time enrollment.NEW this year! Pell eligible students can now receive Pell grants year-round.Students are limited to 18 semesters of Pell grant.

GrantsTeacher Education Assistance for College and Higher Education (TEACH) Grant ProgramFederal award.School funding is not limited, but not all schools are participating. Check with your school.Not based on financial need, but students must complete the FAFSA.Provides grants of up to $4,000 per year to students agree to serve as a full-time teacher in a high-need field in a public or private elementary or secondary school that serves low-income students.Students must maintain a cumulative GPA of at least 3.25.

Work Study Federal Work-Study (FWS) provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. Work on- or off-campus.Receive a regular paycheck.Earn at least minimum wage.

Stafford LoansMust complete the FAFSASubsidized Stafford LoansNeed-based.The government pays the interest on this loan while you are in-school and deferment.Unsubsidized Stafford LoansNon-need based.Student is responsible for the interest that accrues from the time the loan is disbursed.

Stafford LoansStafford loans enter repayment six months after you drop below half-time enrollment. For many borrowers, this is at graduation. For others, it is when they drop out of school.This period of time is called a grace period.You must repay your loan even if you dont complete your program of study.You must repay your loan even if you cant find a job in your field of study.You must repay your loan even if you decide you just dont want to school anymore.

How much can I afford?Student loans are a huge responsibility.Your ability to repay depends on your future earning potential.If you MUST borrow, borrow conservatively!Graduate on-time.

Tuition Payment PlansTypically offered by your school.Require monthly payment for charges on your student account.May require enrollment fee.Excellent alternative to writing one lump sum tuition check to the school.

Save NOW!!!Start a savings plan.Invest in a tax-advantaged college savings program (529).Get a part-time job.Reduce or eliminate your expenses.

Funding Your Education

ScholarshipsFinancial AidFree Money1.2.

Grants Work Study Student Loans Loan Type:1.1. Definition_________________________________________________________________________________________________________________________________________________________________________________________________________________________2.

FAFSA Info:Website: www.fafsa.gov

ResourcesSD Scholarships https://www.mycollegeoptions.org/SD/0/South-Dakota/search-results-scholarship-search-by-location.aspxSD College Prowler http://collegeprowler.com/scholarships/state/south-dakota/Collegeboard https://bigfuture.collegeboard.org/scholarship-searchSayStudent http://saystudent.com/SDMyLife http://www.sdmylife.com/students/financial-resources/

Scholarship Search Scholarship NameAddress/Contact InfoPotential Award AmountAward Qualifications(GPA, Tests, grade level)Award Requirements(essay, reference letters, transcripts)Filing Deadline Date Submitted

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