Financial Literacy Education Workshop IV:
Intro to Financial Aid
Glow Foundation2011
Online Version for Program Course Credit 2010-11
Page 2
Agenda
FAFSA
Overview of Financial Aid
(Scholarships, Grants, Work Study,
Loans)
Junior Program Review
Closing/Questions
Page 3
Group Agreements
Commitment to Glow Foundation’s program
Be prompt and prepared for all Glow sessions
(including HW items)
Reach out for help when needed
Respond promptly to emails or phone calls
Share the information learned with family and
peers
Be respectful (one mic)/confidentiality
Accountable for myself and the group success
Page 4
FAFSA: Free Application for Federal Student Aid
Apply EARLY in order to receive more federal and state aid (starting Jan 1st before March 2nd)
The FAFSA is used to apply for:
1.
2.
3.
Grants
Work Study
Federal Loans
Page 5
Materials Needed
Your parents’ income tax formsYour income tax formsDriver’s License (if any)Social Security NumberCurrent Bank StatementsPermanent Resident Card
Page 7
Preparing for Your Senior Year
Visit the FAFSA Website
Complete the FAFSA on the Web
Worksheet
Talk to Parents About FAFSA
Apply for Scholarships
Page 8
Intro to Financial Aid
What is FINANCIAL AID?
Money you RECEIVE
(Free Money!)
Money you EARN
Money you BORROW
Grants (Federal, State, or College)
Scholarships
Work Study Program
Federal LoansPrivate Bank
Loans
But, before you can qualify for any type of federal aid, you need to…….
Page 9
What is a Scholarship?
Definition: Free money that is awarded based on merit
Some Facts:• Privately Funded• More Rigorous Application Process –
Often Requires Essays/Rec. Letters/ Transcripts
• Varying Eligibility Requirements
• No Limits to the Number You Receive!
Page 10
Searching for Scholarships
www.bagf.org
www.glowfoundation.org
www.siliconvalleycf.org/grants_studentsTeachers_SCHOL.html w.scholarships.com
Page 11
Scholarship Tips
1. Be organized
2. Be honest
3. Follow instructions carefully
4. Proofread your application
5. Keep copies of everything you send
6. Send in your application packet ASAP
Page 12
What is a Grant?
Definition: Free money that is awarded based on financial need
Some Facts:• Generally Federally or State Funded• Complete the FAFSA to Apply• Requires a Social Security Number and
Financial Need• Multiple Grants can be Accepted
Page 13
What is Work Study?
Definition: A federally paid job where the money earned is used to pay for college expenses
Some Facts:• Complete the FAFSA to Apply• Based on Financial Need• You Can Only Hold One Work Study
Position at a Time
Page 14
Benefits of Work Study
Flexible schedule-employers know you are a student first
Many FWS jobs are in the fields of your major or areas of interest
Hourly wage can be higher than minimum wage
In some cases, you can study while you work (libraries, dining commons, gyms, etc.)
More job opportunities available to you
Page 15
What is a Federal Loan?
Definition: Borrowed money from the federal government that is to be paid back with interest
Some Facts:• Complete the FAFSA to Apply• Based on Financial Need, Not Credit• Multiple Loans Can Be Taken Out
Page 16
Loans
When would I need a loan?
Things to pay attention toHow much to borrow Interest rateFees & other costsRepayment terms
Subsidized vs. Unsubsidized LoansFederal Loans vs. Private Loans
Page 17
Loan Tips
1. Loan amount may depend on enrollment status
2. Choose federal before private3. While in your repayment period, always
pay at least the minimum balance4. Make payments early or on time5. DON’T BE INTIMIDATED!
Page 18
Junior Program Review
Orientation
FLE I - Money Management
FLE II - Bank Services
FLE III - Credit and Credit Cards
FLE IV - Intro to Financial Aid
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