Financial Aid

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Financial Aid
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What is Financial Aid?

• Grant money given to a student, usually based
  on need.
• Scholarship money awarded based on academic
  achievement, outstanding talent or skill, and/or
  financial need.
• Work-Study money a student earns usually
  working at a job.
• Loan borrowed money that must be repaid.

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Need-Based vs. Merit-Based Financial Aid

• Need-Based for students who need help paying
  for college. Need is determined solely on the
  familys financial situation.
• Types of Need-Based
• Gift Aid Grants and Scholarships
• Self Help Aid Loans and Employment
• (a.k.a. Work-Study)

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Need-Based vs. Merit-Based

• Merit-Based based entirely on the students
  merit either academically or a talent in a
  specialty area.
• Both Need and Merit
• Example Michigan Competitive Scholarship
• Qualifying ACT score
• Financial need based on family income.

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What is NEED?

• Cost of Attendance
• Expected Family Contribution
• __________________________
• Financial Need

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How is Need Determined?

• FAFSA
• Free Application for Federal Student Aid
• The form the federal government uses to
  determine your eligibility for aid. This can
  include scholarships, grants, work study, and
  loans.
• All students need to FAFSA!!!
• This information is sent to the colleges you are
  applying to.

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SAR Student Aid Report

• After completing your FAFSA, you will receive a
  document called your SAR, or
• Student Aid Report
• A summary of the information you entered on the
  FAFSA.
• Goes to college and university financial aid
  offices.
• Tells you, and the colleges, what your EFC is!
• Check your SAR for errors and your EFC
  immediately upon receiving it!

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FAFSA Information Requested

• Student demographic information
• Student financial information
• Dependency status questions
• Parent financial information
• Independent student household information
• List of schools to receive results
• Signatures and certifications

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2 Ways to Apply for FAFSA

• Paper copy pick up a copy of the FAFSA from the
  counseling center.
• Online FAFSA On The Web Worksheet
• Complete online application, print it out, sign
  it, and mail it in.
• Complete application online and submit online
• Need a PIN number this is your electronic
  signature
• Submitting FAFSA online is the preferred method.
  88 of all FAFSA applications are completed
  online.

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How to get a PIN Number

• Go to WWW.FAFSA.ED.GOV
• Click on PIN SITE and register for a PIN number.
• Both you and your parents need to register
  separately. You need a pin number and one of
  your parents need a pin number.
• You must have a pin number to submit your FAFSA
  application online.

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Help with FAFSA

• Cousinos Financial Aid Night January 15th at
  700 P.M. in the cafetorium.
• College Goal Sunday Macomb Community College
  University Center.
• Private Financial Institutions - usually costs
  money.

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FAFSA REVIEW

• Go to www.fafsa.ed.gov and register for a PIN
  number. Both you and one of your parents need to
  have a PIN number to apply online.
• Pick up a FAFSA On The Web Worksheet in the
  counseling center.
• January 1st is the first day you can submit the
  FAFSA.
• Submit your FAFSA before March 1st!

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Grant Information

• Federal and State Grants
• Must complete FAFSA on time to be eligible for
  grants before March 1st
• Need based
• Need and Academic excellence Academic
  Competitiveness Grant
• Tip Tuition Incentive Program
• Must have been Medicaid eligible for
  a given
• period of time
• Should have received an eligibility
  letter

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Scholarship Knowledge

• Colleges award most of the scholarships.
• Private colleges generally award more
  scholarships than public colleges.
• A one-year scholarship is for 1 year only a
  renewable scholarship can become a 4-year
  scholarship.
• Outside scholarships must be reported to the
  college or university financial aid office.
• Most financial aid in not in the form of a
  scholarship.
• Smaller, local scholarships are much easier to
  get than those sponsored by large organizations
  or businesses.

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Scholarships

• Minority Scholarships - Ask the colleges you are
  considering for information on minority
  scholarships.
• Academic Scholarships Most awarded by the
  colleges to the top applicants. Usually the top
  25 of the students applying. Most start at 3.4
  GPA and 26 ACT or 1250 SAT. Community service,
  school activities, and leadership are important.

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Scholarships

• Athletic Scholarships NCAA and NAIA have strict
  eligibility requirements that athletes must meet
  before they can receive a scholarship or play
  sports in college. See Mr. Setlak or Mr. Facione
  on details regarding the academic requirements
  for eligibility.
• Talent Scholarship Very competitive, must be
  outstanding in music, art, theatre, and dance.
  These scholarships are also available in for
  leadership, public speaking, etc

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Scholarships

• Local Scholarships Smaller monetary award but
  easier to get than large scholarships. Local
  organizations such as churches, parent employer,
  professional associations, etc
• Joe Schulte Memorial Scholarship
• Booster Club
• Margaret Black Endowed Scholarship WCS alum,
  education major, and acceptance to Western
  University
• Parent Workplace

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Scholarship Tips

• Apply early
• Be honest
• Be selective
• Seek advice
• Carefully follow instructions
• Proofread your applications
• Keep copies of everything you send
• Send your application packet by registered mail

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Top 10 Reasons an Applicant will not Win a
Scholarship

• Mailed the envelope without the application
  enclosed
• Submitted an incomplete application
• Forgot to include his/her name and/or address
• Submitted an illegible or unintelligible
  application
• Sent the application with insufficient postage-

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Top 10 Reasons an Applicant will not Win a
Scholarship

• Submitted irrelevant or inappropriate supporting
  documentations
• Submitted a dirty or stained application
• Applied for an award when falling short of the
  minimum requirements
• Made a number of spelling errors
• Was rude or abusive to judges

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Beware of Scholarship Scams

• Watch for fees you shouldnt have to pay to
  search for or apply for scholarships.
• Credit card or bank account information should
  never be given out.
• Guarantees there are NO guarantees that you can
  win a particular scholarship.
• No work involved no such thing as money for
  nothing. Legitimate scholarships require time and
  energy.
• No contact information there must be a valid
  email address, phone number, or mailing address.
  No P.O. boxes.

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Scholarship Scams

• Unsolicited scholarships awarded a scholarship
  you never applied for, with the exception of
  offers from universities
• Pressure tactics
• Claims on exclusive scholarships Legitimate
  sponsors wont restrict knowledge about their
  award to a single search service
• An official sounding name or endorsement doesnt
  automatically mean legitimacy
• Your questions should be answered directly what
  will the sponsor do with your personal information

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Begin on the Web

• Free scholarship searches at
• www.fastweb.com
• www.college-scholarships.com
• www.finaid.org
• www.scholarshiphelp.org
• www.scholarshiphunter.com
• www.srnexpress.com
• www.collegeboard.com
• www.mapping-your-future.org

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Scholarship Search

• Cousinos Scholarship Bulletin updated monthly
• Bulletin Board outside of Counseling Center
• Scholarship Books library, bookstores
• Every college and university has a Scholarship
  and Financial Aid page on their website.

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Final Notes

• Pay attention to the details
• Pay attention to the deadlines
• Be diligent
• There is no such thing as free money!! You must
  be willing to put in the time to search for,
  write the essay for, jump the hoops for the !