What is Financial Aid?

Financial aid is money from federal, state and private institutions that's used to pay educational costs. The two most prominent sources of aid are:

• The Government (Federal and State)• Colleges and Universities

Additionally don’t overlook: • Community groups, including religious and civic

organizations, professional associations and corporations

Billions of dollars in outside scholarships go unclaimed because students don’t apply for them.

Show Me the Money!• Need-Based Grants (FREE MONEY!)

– FAFSA & CSS PROFILE

• Merit-Based Scholarshipso Academic Achievement/Test Scoreso Athleticso Talent and Service

• Loans– Subsidized and Unsubsidized

• Savings• Work

– Become a Resident Advisor!– Work Study (Financial Aid)

Financial Aid Worksheet Lingo

COA: Cost of Attendance (Includes Tuition, Room & Board, Books and Fees, Transportation)

Gap: The difference between how much you and your family can afford to pay and how much the college costs.

EFC: Expected Family Contribution. This is determined based on the FAFSA (Free Application for Federal Student Aid)

Local and National Scholarships

• Do well academically

• Pursue your passions

• Become civic-minded

• Maintain your resume

• Research! Research!

Where to Look!

• Aspen High School Counseling Site

• Individual College Financial Aid Offices

• Local Businesses• Clubs and Churches• The Web in General

Helpful Web Sites

• College in Colorado: www.collegeincolorado.com• Scholarships360: www.scholarships360.org• Scholarship Search: www.fastweb.com• FAFSA: www.fafsa.ed.gov• CSS Profile: https://

student.collegeboard.org/css-financial-aid-profile• PIN: www.pin.ed.gov• MPN: www.studentloans.gov• U.S. Department of Education: www.studentaid.ed.gov• General financial aid information: www.finaid.org

FAFSA

The application and correction portions of the live FAFSA on the Web site will be available for applicants to use on Jan. 1st.

www.fafsa.ed.gov

Free Application

for Federal Student Aid

Federal Student Aid Pin

Financial Aid Timeline Summer Months

• Research scholarships and work on rough draft essays

September-December• Complete FAFSA www.fafsa.ed.gov• Complete scholarship applications• If attending college in Colorado,

complete COF at https://cof.college-assist.org/

January• Complete and submit FAFSA

Cost of Attendance                 

  Billed Expenses     College A   College B  

    Tuition     $7,500   $38,500  

    Fees     668   1,200  

    Room     5,194   6,500  

    Board     3,450   3,450  

      Total Billed   $16,812   $49,650  

                 

  Unbilled Expenses            

    Books & Supplies     $1,698   $1,698  

    Transportation     1,200   1,200  

    Personal Expenses     1,942   1,942  

           

                 

  Total Cost of Attendance   $21,652   $54,490  

                 

Student Debt Is Real

• So smart, so successful – so broke?

• Don’t become a statistic!• For students ages 18-24, one-third of their

income is spent on debt• Average student loan debt is $29,000• Average student credit card debt is $5,400 at

graduation• More 21-to-24-year-olds are declaring

bankruptcy than graduating from college

Remember!

• Prepare• Look• Apply• Never Give Up

Have a PLAN to move that mountain!