Financial Aid

1
Financial Aid

• Getting Started

2
How are you going to pay for school?

• Academic or Athletic Scholarship
• Federal Grants
• Federal Loans
• Private Loans

3
Scholarship Free or Not So Free

• Scholarships are awarded on various criteria
  usually reflecting the values and purposes of the
  donor or founder of the award.

• Partial- will pay some of tuition or fees, but
  NEVER pays total cost
• Full- will pay ALL total cost (most will even
  include out of state fees)

4
Athletic Scholarship

• Athletic Scholarships are based on student
  recruitment and are dependent on the student
  maintaining the proper performing condition.
• Competition is extremely high due a limited
  number of spaces
• Cost TIME bodily harm

5
Academic Scholarships

• Academic Scholarships are based on student merit
  as defined by their GPA, standardized test
  scores, or class ranking.
• Far more academic scholarships may be awarded as
  compared to athletic
• COST Time, consistent grades

6
Borrowing Money

• You will need to fill out a Free Application for
  Federal Student Aid to get from the
  government
• but we will talk more about the FAFSA later.

7
Federal Loans

• Federal student loans allow students and their
  parents to borrow money to help pay for college.
  They have low interest rates and offer flexible
  repayment terms, benefits, and options.
• Loan Info

8
Federal Grants

• Federal grants are available for students
  attending colleges, including career colleges and
  universities. Grants, unlike loans, do not have
  to be repaid.
• Grant Info

9
Private Loans

• A private student loan is a nonfederal loan
  issued by a lender such as a bank or credit
  union. Private student loans often have variable
  interest rates, usually require a credit check
  and do not provide the benefits of federal
  student loans.
• JUST SAY NO if you can

10
FAFSA

• EARLY is the key you dont want leftovers!!
• FAFSA Work Book

11
Abbreviations/Definitions to know

• SAR- Student Aid Report
• EFC- Expected Family Contribution
• Subsidized- Subsidized loans are loans for which
  the borrower does not pay interest.
• Unsubsidized- Unsubsidized loans charge interest
  from the time the money is first disbursed until
  it is paid in full. The interest is capitalized,
  meaning that you pay interest on any interest
  that has already accrued. One way to minimize how
  much interest accrues is to pay the interest as
  it accumulates.

12
FAFSA

• The 2009-2010 School Year (July 1st, 2009 - June
  30th, 2010)
• FAFSA on the Web applications must be submitted
  by midnight Central Daylight time, June 30, 2010.
  
• Corrections on the Web forms must be submitted by
  midnight Central Daylight time, September 15,
  2010.
• Note Your school must have your complete and
  correct information by your last day of
  enrollment in the 2009-2010 school year.