Financial Aid 101

What are the costs of college?

• Tuition—sitting in the classroom and getting credit.

• Room & Board—your dorm and your food• Books—for reading• Travel—getting back and forth• Expenses—pizza $ and toothpaste

How do schools help you

• Grants—FREE Money!!! You don’t have to pay back. Based on need.

• Loans—Money you have to pay back with interest.– BUT: The loans we will let you take out for college

(Called Perkins or Stafford Loans) have low interest rates

• Work Study—You work on campus

Scholarships

• FREE money!! Money for something you do—like getting good grades, playing basketball, or playing the tuba.

• Money for something you are—first-generation, left-handed, or the child of a union member

HEOP

• H(igher) E(ducation) O(pportunity) P(rogram).• You get academic support as well as financial

support.• Summer program before school starts.

FAFSA

• Free Application for Federal Student Aid• Shows your Estimated Family Contribution

EFC

• EFC is the amount that your family can afford to pay for college

Need

Total Cost of Attending School-Your EFC_____________________________Your Need

Meeting Your Need

• Colleges will meet different percentages of your need—some schools meet 100% of your need, some less.