FINANCIAL AID & SCHOLARSHIPS

It is a balancing act

Types of Financial Aid 1. Grants & Scholarships 1. Grants & Scholarships Goes on student’s bill & you never have to pay it back. Goes on student’s bill & you never have to pay it back. Granted by colleges using federal, local & state money. Granted by colleges using federal, local & state money. 2. Loans 2. Loans Stafford Loans for students (if need based no interest accrues until after graduation) Stafford Loans for students (if need based no interest accrues until after graduation) “Mass No interest” loans “Mass No interest” loans 3. Work Study 3. Work Study University and Federal money. In many cases student gets paid directly. Does not come off the bill. University and Federal money. In many cases student gets paid directly. Does not come off the bill. (MEFA 1-44) (MEFA 1-44)

Two ways to Award Aid NEED BASED FINANCIAL AID NEED BASED FINANCIAL AID Awarded based on financial need. Awarded based on financial need. All Federal State & Most college aid is awarded this way. All Federal State & Most college aid is awarded this way. MERIT BASED FINANCIAL AID MERIT BASED FINANCIAL AID Given for academics, community service, athletics or other talents Given for academics, community service, athletics or other talents May or may not be renewable, usually must meet a GPA requirement. May or may not be renewable, usually must meet a GPA requirement. (MEFA 1-44) (MEFA 1-44)

Financial Aid Applications FAFSA FORM Free Application for Federal Student Aid FAFSA FORM Free Application for Federal Student Aid Required by all colleges for federal or state aid Required by all colleges for federal or state aid Free form / Must be completed each year Free form / Must be completed each year Online recommended **Deadlines are important** Online recommended **Deadlines are important** CSS/Financial Aid Profile CSS/Financial Aid Profile Some colleges require (schools listed on form) Some colleges require (schools listed on form) Fee $ $24.00 Fee $ $24.00 On line application On line application Consideration given to individual’s expenses. Consideration given to individual’s expenses. College Financial Aid Application College Financial Aid Application Some colleges require (MWCC requires one) Some colleges require (MWCC requires one)

Important FAFSA Info NOT NOT This website will charge you to file. This website will charge you to file. Easy mistake made by many. Easy mistake made by many. You should never have to pay for fafsa. You should never have to pay for fafsa.

Important FAFSA Info con’d APPLY FOR PIN # APPLY FOR PIN # If you are working with a student or a parent at a FAFSA night have them apply for their pin # first. If you are working with a student or a parent at a FAFSA night have them apply for their pin # first. Parents have a separate pin # Parents have a separate pin # Pin # necessary for Electronic signature, loans, etc. Pin # necessary for Electronic signature, loans, etc. Pin stays with student for years Pin stays with student for years FAFSA is not available until after Jan. 2 nd. Previous year is on site now. Previous year is on site now.

How FAFSA works: FAFSA looks at Family income and assets without unfair consideration of expenses. Family 1 Family 1 Income 50,000 Mtg (ranch)500 Car loans 0 Credit cards 0 Savings 10,000 Family 2 Income 50,000 Mtg 2,000 Car loans 750 Credit cards 700 Savings 10,000 Should these have the same college contribution?

Income & Assets = EFC Expected Family Contribution Income: student & parent Income: student & parent Adjusted gross income Adjusted gross income Untaxed income Untaxed income Assets: student & parent Assets: student & parent Cash Cash Investments: Not primary home Investments: Not primary home (MEFA 1-44) (MEFA 1-44)

Federal Methodology Parent-22-44% of available income protection Parent-22-44% of available income protection (45 yr old parent approx 40,000 asset allowance that is not considered. More if older ) 3-6% of assets is considered after asset protection. (45 yr old parent approx 40,000 asset allowance that is not considered. More if older ) 3-6% of assets is considered after asset protection. Student-50% after taxes above 3,750 Student-50% after taxes above 3,750 $3,750 protected above that 20% $3,750 protected above that 20% Student’s income weighs heavily on EFC Student’s income weighs heavily on EFC (MEFA 1-44) (MEFA 1-44)

Expected Family Contribution is an estimate of how much the family is able to contribute toward educational expenses. Financial Need: Cost of AttendanceCOA Cost of AttendanceCOA - Expected Family ContributionEFC - Expected Family ContributionEFC __________________________________ __________________________________ = Financial Need (MEFA 1-44) = Financial Need (MEFA 1-44)

Award Letters WPI WPI College Cost43,000 College Cost43,000 Mass Grant10,000 Mass Grant10,000 Academic Scholarship12,000 Academic Scholarship12,000 Stafford Loan 3,500 Stafford Loan 3,500 Mass No Interest Loan 2,000 Mass No Interest Loan 2,000 Work Study 2,400 Work Study 2,400 Total29,900 Total29,900 Unmet Need13,100 Unmet Need13,100 UMass – Lowell College Cost 14,000 Mass Grant 5,000 Academic Scholarship 1,000 Stafford Loan 3,500 Mass In Interest Loan 2,000 Work Study 2,000 Total 11,500 Unmet Need 2,500 How does a student get the Unmet Need?

Scholarships

SCHOLARSHIPS MERIT MERIT Financial aid awarded by the school to defray the cost. Usually driven by grades, GPA & SAT. Usually need to maintain a certain GPA to keep Financial aid awarded by the school to defray the cost. Usually driven by grades, GPA & SAT. Usually need to maintain a certain GPA to keep Sports/Athletic scholarships. Awarded by school. Sports/Athletic scholarships. Awarded by school. Part of the Award Letter Part of the Award Letter LOCAL LOCAL Local organizations who give money to local students for the purpose of defraying college costs. Local organizations who give money to local students for the purpose of defraying college costs. Most give money directly to students, others send to the schools. Most give money directly to students, others send to the schools. May be payable different semesters or with proof of enrollment. May be payable different semesters or with proof of enrollment.

Local Scholarships Resources Resources High school guidance office (posted Dec-Apr) High school guidance office (posted Dec-Apr) Libraries (books & catalogs) Libraries (books & catalogs) Employers (Comcast, Shaws) Employers (Comcast, Shaws) Civic Organizations (Knights, Elks, etc) Civic Organizations (Knights, Elks, etc) College Scholarships often go unclaimed College Scholarships often go unclaimed National Scholarship Search National Scholarship Search Do Not Pay!!!! Beware of Scholarship Scams Do Not Pay!!!! Beware of Scholarship Scams Talk about Ashley’s scholarship scam Talk about Ashley’s scholarship scam Free Scholarship searches will put student interests and match scholarship options Free Scholarship searches will put student interests and match scholarship options Scholarships.com or FastWeb.com are two I found. Scholarships.com or FastWeb.com are two I found.

Aids for Scholarship Success Apply to as many as you can Apply to as many as you can Personalize your essay Personalize your essay Typewritten or neatly printed Typewritten or neatly printed Presentation Presentation Include everything they ask for & be aware Include everything they ask for & be aware Include a resume Include a resume Letters of Recommendations Letters of Recommendations A statement of financial need if appropriate A statement of financial need if appropriate THANK YOU NOTES !!!!!!!! THANK YOU NOTES !!!!!!!!

Local Scholarships Various Scholarship’s LHS and what is expected from applicant. Various Scholarship’s LHS and what is expected from applicant. Knights of Columbus chosen by them (separate awards night) Knights of Columbus chosen by them (separate awards night) Sons Of Italy (payable to student) Sons Of Italy (payable to student) Rotary (payable 3 rd semester with proof of enrollment) Rotary (payable 3 rd semester with proof of enrollment) LHS Alumni (payable 2 nd semester with proof of enrollment) LHS Alumni (payable 2 nd semester with proof of enrollment) Loughlin chosen by the family (personal essay and family likes to meet student at awards night) Loughlin chosen by the family (personal essay and family likes to meet student at awards night)

More Local Scholarships Babe Ruth or Pop Warner (student had to participate as a child) Babe Ruth or Pop Warner (student had to participate as a child) Johnny Appleseed PTO (Student had to go to JA) Johnny Appleseed PTO (Student had to go to JA) Memorial Funds chosen by guidance. Memorial Funds chosen by guidance. Burger King/Shaws Burger King/Shaws Renaissance/Black Heritage (club at the school) Renaissance/Black Heritage (club at the school) Student Council Scholarship (leadership) Student Council Scholarship (leadership) Class Award (Outstanding student in History) Class Award (Outstanding student in History) JD Miller or Our Lady of the Lake (Church) JD Miller or Our Lady of the Lake (Church) Many Many More. Many Many More.

State & National Scholarships Sons of Italy Sons of Italy Elks Elks Students can get 3 different scholarships from the same organization. Students can get 3 different scholarships from the same organization. US JCI Senate Foundation US JCI Senate Foundation Reference Books Reference Books

FINANCIAL AID & SCHOLARSHIPS

So stretch those dollars by applying for financial aid and scholarships and FAFSA Sunday