financial aid Careers Unit 3 Ms. Gorski

Paying for College Where does financial aid come from? US Federal Government State Government College You Attend Nonprofit or Private Organizations For federal & state aid: No age limits Must maintain good GPA No drug/criminal offenses Males must register with Selective Service Have valid Social Security Card Fill out the FAFSA Be a US Citizen, have a green card, Battered Immigrant Status, Arrival-Departure Record, or T-1 Visa

FAFSA: Free Application for Federal Student Aid FREE Application - never pay for it! Requests financial information of you & your parents/guardians Even if they’re not planning to help you pay for school! Information analyzed by the government & determine your financial need status Colleges look at numbers to see how much aid they can give you Check out the FAFSA4caster to see how much you might receive https://studentaid.ed.gov/sa/types

2015 Expected Family Contribution Chart Example: If your parents make $50,000 it is expected they pay $4,224 if they only have one child. You would likely be eligible for grants and loans. That does NOT mean the college will pay the rest! They do not have to. 2015 Expected Family Contribution Chart

2 - Loans Loans - money lent to you or your parents to pay for school, but must be repaid plus interest once you graduate or leave school Student Loans offered by banks usually have lower interest rate Lowest interest rates are on government-subsidized loans: Direct Subsiddized Loans Direct Unsubsidized Laons Direct PLUS Loans Direct Consolidation Loans Perkins Loans

2 - Grants Grants - money given to you by the government to pay for college costs Do not have to be repaid! Restrictions apply based on financial need

3 - Scholarships Scholarships - money given to you by colleges or organizations to pay for school costs Do not have to be repaid! Athletic Scholarships TONS of others Private Companies Parents’ Jobs First-Generation College-Goer Children of Immigrants Essays, Photos, Tweets, Art, and more!

4 - Work Study Work Study - work programs at college to help you pay for school Restrictions may apply based on financial need & jobs available

ASSIGNMENT Financial Aid Webquest DUE: Wednesday, November 23