Finding Money for College

October 16, 2009

Mrs. Bradford, School Counselor

2

We will talk about:

• Federal student aid

• Student aid from colleges

• Scholarships from other sources

3

We will answer:

• What is financial aid?

• How do I apply?

• How much can I get?

• Where can I get more info?

What is financial aid?

• Money to pay for college or career school– Grants

– Loans

– Work-study

– Scholarships

4

How do I apply for federal student aid?

1. Get a PIN at www.pin.ed.gov • Your parent might need a PIN too

• Choose your own PIN or let the site choose one for you

• Don’t tell anyone your PIN!

5

6

How do I apply for federal student aid?

2. (Optional) Use FAFSA on the Web Worksheet to get ready.

• Get worksheet at www.FederalStudentAid.ed.gov/worksheet

• Use checklist to gather documents you need.

• Fill out worksheet to prepare your answers.

7

How do I apply for federal student aid?

3. Fill out your FAFSA online at www.fafsa.ed.gov

• Apply on or after Jan.1 but as early as possible to meet all deadlines.

• Need help? Use “Live Help” icon or call 1-800-4-FED-AID.

• Don’t forget to print confirmation page.

8

How do I apply for federal student aid?

4. Watch for response by e-mail, from FederalStudentAidFAFSA@cpsemail.ed.gov, or by mail

• Double-check your information online at www.fafsa.ed.gov (use your PIN to log on) or on the paper Student Aid Report mailed to you

• Correct any mistakes and update any information as necessary

9

How do I apply for federal student aid?

5. Watch for e-mails or letters from the schools you are considering

• Give the schools any additional paperwork they ask for

• Meet all deadlines or you could miss out on aid!

10

What happens next?

• Each school will tell you how much aid you can get at that school.

• Once you decide which school to attend, keep in touch with the financial aid office to find out when and how you will get your aid.

How much federal student aid can I get?

In general, depends on your financial need.• Financial need determined by Expected

Family Contribution (EFC) and cost of attendance (COA)

• EFC comes from what you report on FAFSA• COA is tuition, fees, room and board, books,

transportation, and miscellaneous expensesCOA – EFC = financial need

11

12

How much federal student aid can I get?

For early estimate, use FAFSA4caster:• Go to www.FederalStudentAid.ed.gov • Enter some financial information• Get an estimate

13

How do I apply for student aid from colleges?• Go to the college’s website and look at their

financial aid page• Some colleges will require a PROFILE; go to

https://profileonline.collegeboard.com to complete• Some colleges will require a separate scholarship

application; others will base scholarship decisions on your application for admission

• Scholarship deadlines for colleges are usually in the fall…be sure not to miss an opportunity!

What might a sample aid package look like?

14

Davidson Private #1 Private #2 Public U.

Total cost $48,000 $50,000 $35,000 $19,000

Family contribution (EFC)

$10,000 $10,000 $10,000 $10,000

Financial need $38,000 $40,000 $25,000 $9,000

Merit aid $0 $0 $10,000 $0

Need grant $35,900 $33,300 $2,800 $1,500

Student loan $0 $4,000 $5,500 $5,500

Work study $2,100 $2,700 $1,800 $1,000

Total aid $38,000 $40,000 $20,100 $8,000

Unmet need $0 $0 $4,900 $1,000

Total paid $10,000 $10,000+loan $14,900+loan $11,000+loan

15

How do I apply for scholarships from other sources?

• Look at the monthly scholarship newsletter and follow instructions for applying– Online vs. paper– Direct application vs. scholarship committee

• Check with your parent’s employer, your religious institution, civic groups, etc.

• Go to a scholarship search website for more ideas (www.fastweb.com, www.meritaid.com, www.scholarships.com, www.absolutelyscholarships.com)

16

Where can I get more info?

• GRASP Representative, Ms. Tice– Sign up on the clipboard by Mrs. Bradford’s

office for an appointment• Financial Aid Workshop for Parents

– November 16th, 6:30 pm in the South Cafeteria

• www.FederalStudentAid.ed.gov – Information about federal aid programs

17

Questions?

18

Contact Information:

Mrs. Bradford, School Counselor• Phone: (804) 228-2710•e-mail: sdbradford@henrico.k12.va.us