Paying For College: Getting Started Alabama School of Fine Arts

Where to Find Scholarships Most $$ comes from the college where you attend. Focus on finding the best college matches for you & following financial aid application process.

$20000 $1000 $500 $8000 Tall Clubs International Foundation scholarship - $1000 Kinglon scholarship is a $500 scholarship for full time student perusing study of language MCD – $25k per year for 4 years. CME Beef Industry Scholarship - $1500 Scholarship Description Sponsored by CME Group & the National Cattlemen's Foundation, ten (10) scholarships of $1,500 will be awarded to outstanding students who are pursuing careers in the beef industry. Fields of study may include education, communications, production, research or any other area involved with the beef industry. The purpose of this program is to identify and encourage talented and thoughtful students who will emerge as industry leaders. Asparagus Club Scholarship $8000 Eligibility: -Full-time students -Rising juniors, seniors, or graduate students -Earning a degree in a business, food management, or other relevant courses of study leading to a career in the independent retail grocery industry CocaCola Scholars Jackie Robinson Foundation Scholarship Sponsor: Jackie Robinson Foundation Amount: Up to $28,000 over four years Closing Date: February 15, 2017 Description: Scholarship is open to graduating, minority high school seniors who plan on attending an accredited and approved four-year institution within the United States. Applicant must show leadership potential, dedication to community service, and evidence of financial need. $25,000 $1500 Scholarships come from a huge range of sources but require that you find them and apply.

CollegeNet.com/mach25/app Fastweb.com Bigfuture.com Scholarships.com Chegg.com Unigo.com Cappex.com MyScholy.com $25,000 Duct tape - Stuck at the prom Register for multiple free (never pay!) scholarship search sites and apply monthly or weekly for scholarships large and small.

ASFA Scholarship Opportunities www.tinyurl.com/asfascholarship Download, highlight ones that sound like you, mark your calendar to apply next year. Last page gives step-by-step directions for conducting your own individualized scholarship search.

From: “Don’t Miss Out: The Ambitious Student’s Guide To Financial Aid” Who Pays for College? From: “Don’t Miss Out: The Ambitious Student’s Guide To Financial Aid”

Undergraduate Student Aid (in Billions) by Source Source: Trends in Student Aid, 2007

Two Major Types of Aid Merit Based on talent or other special qualities Need-Based Must show eligibility through pre-determined formula

Sources of Aid Gift “Free money” (grants or scholarships) Self-Help Do not need to be paid back Self-Help You earn it (work) or You pay it back (loans)

Sources of Financial Aid Federal Aid Programs Free Application for Federal Student Aid (FAFSA) Institutional applications (if required) Stafford and/or PLUS applications State Programs FAFSA Specific scholarship forms Institutional Aid College Board Financial Aid PROFILE (if required) Special institutional applications Private Opportunities Depends upon awarding entities FAFSA and/or PROFILE

Principles of Need Analysis To the extent they are able, parents have primary responsibility to pay for their dependent children’s education Students have a responsibility to contribute to their educational costs Families should be evaluated in their present financial condition A family’s ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect its ability to pay

Free Application for Federal Student Aid (FAFSA) www.fafsa.ed.gov Family’s personal and financial information required to perform need analysis is collected on FAFSA Can complete the FAFSA beginning October 1st of senior year Typical deadlines: February 1st – March 1st

CSS Profile css.collegeboard.org Required by some private colleges Like the FAFSA, but more detailed Requires initial $25 fee for first college, plus $16 for each additional Limited number of fee waivers available Based on family’s income/assets Students applying to 8 or more colleges Contact colleges to ask about others, i.e. first-generation college students

+ Miscellaneous Expenses How Financial Need is Determined Cost of Attendance - Expected Family Contribution = Financial Need Tuition and Fees Books and Supplies Room and Board Transportation + Miscellaneous Expenses = Cost of Attendance Expected Family Contribution Parent’s Contribution from Income Parent’s Contribution from Assets Student’s Contribution from Income Student’s Contribution from Assets

Need Varies Based on Cost

Mind the Gap Some colleges guarantee that they will meet 100% of student’s demonstrated financial need. Most colleges do not cover the full financial need. The difference between what the financial aid award & the student’s financial need is the “gap.”

Sources of Gift Aid Institutional Private Affiliations Majority of financial aid awarded through the college Could be need or merit based Many types, varieties, and amounts Pay close attention to application procedures & deadlines Understand conditions of award & renewal Private Affiliations Churches Civic Organizations Unions Ancestry Employers Special Interests Corporations Foundations Local Scholarships Military

Case Studies: Nikki @ U. Penn Family of 4 makes $90,000 and owns $130,000 home with $11,000 savings. Nikki expected to contribute $2,300 from summer job. EFC of $15,650. Educational Expense Budget $53,250 Less family contribution 15,650 FINANCIAL NEED $37,600 Financial Aid Package Penn Grant $34,600 Work-Study Job 3,000 TOTAL AID PACKAGE $37,600 N’s parents must pay $15,650. They may apply for a Federal Plus Loan, and their monthly payments will be $165.

Case Studies: Nikki @ UA Family of 4 makes $90,000 and owns $130,000 home with $11,000 savings. N expected to contribute $2,300 from summer job. EFC of $13,000. Educational Expense Budget $20,000 Less family contribution 13,000 FINANCIAL NEED $7,000 Financial Aid Package UA Merit Scholarship $10,470 Federal Stafford Loan 2,650 Campus Job 2,500 TOTAL AID PACKAGE $15,620 Nikki or her family must pay $4,380, or take out additional private loans.

Case Studies: Darius @ U Penn Father deceased. Family of 4 makes $39,500 with minimal savings. EFC of $0. Penn expects Darius to save $300 from summer job. Educational Expense Budget $53,250 Less family contribution 200 FINANCIAL NEED $53,050 Financial Aid Package Penn Grant $50,750 Work-Study Campus Job 2,500 TOTAL AID PACKAGE $53,250 Darius and family owe nothing beyond $200 and have no loans.

Case Studies: Darius @ UAB Father deceased. Family of 4 makes $39,500 with minimal savings. EFC of $4,000. Educational Expense Budget $17,000 Less family contribution 4,000 FINANCIAL NEED $13,000 Financial Aid Package UAB Merit Scholarship $4,000 Pell Grant 3,360 Federal Stafford Loan 3,500 Federal Work Study 2,650 TOTAL AID PACKAGE $13,510 * * Darius or family must pay $3,490 or take out additional private loans.

Scams If it sounds too good to be true… Signs something is fishy: You’re a winner! (of something you never applied for) For a small fee, we’ll send you a list of scholarships. We’ll do the work for you Guaranteed results or very high success rates We need a bank account or credit card number to verify your information. High pressure of any sort

Information Sources FinAid.org Comprehensive financial aid information Free scholarship search Various calculators, including need analysis Don’t Miss Out: The Ambitious Student’s Guide to Financial Aid. Octameron Press The Scholarship Book: The Complete Guide to Private-Sector Scholarships, Grants and Loans for Undergraduates. Daniel Cassidy, National Scholarship Research Service Payscale.com/college-education-value College ranking based on graduates’ long-term earnings