THE ESSENTIALS OF FINANCIAL AID

Average Yearly College Costs Public Four-Year Colleges (in-state) Tuition and Fees = $3,500- $5,000 Books and Supplies= $700-$800 Room and Board= $5,000-$6,500 Total= $9,000-$12,300 11/30/2018 Ben Lowe and Derek Morrison

Average Yearly College Costs Private Four-Year Colleges Tuition and Fees=$17,000- $20,000 Books and Supplies= $750-$850 Room and Board= $6,000-$7,500 Total= $23,750-$28,500 11/30/2018 Ben Lowe and Derek Morrison

Average Yearly College Costs Community College Tuition and Fees= $1,700-$1,900 Books and Supplies= $650-$800 Total= $2,350-$2,700 11/30/2018 Ben Lowe and Derek Morrison

Financial Aid Overview Financial Aid is money that is given, earned, or lent to help students help pay for their education. Most financial aid is provided by the government and by the colleges themselves. 11/30/2018 Ben Lowe and Derek Morrison

The Four Forms of Financial Aid Financial aid comes in one of the following four forms: grants, scholarships, work-study, and loans. Grants and scholarships are considered “gift help” because they represent money that is given to students. Work-study and loans are considered “self-help” because they provide money that must be earned (work-study) or repaid (loans). -Grant -Work-study -Scholarship - Loan 11/30/2018 Ben Lowe and Derek Morrison

Ben Lowe and Derek Morrison Financial Aid Need-Based Financial Aid is awarded to students whose families do not have sufficient financial resources to pay for college. Merit-Based Financial Aid is given to students who have outstanding abilities, talents, and/or achievements. Need and Merit-Based Financial Aid some financial aid awards take both need and merit into consideration. 11/30/2018 Ben Lowe and Derek Morrison

Ben Lowe and Derek Morrison Grants A grant is money that is given to a student to help him/her pay for college. This money does not have to be repaid. Grants are often awarded to students who live and go to college in their home states. Pell Grant- federally funded grant that provides money each year for lower income families. Supplemental Educational Opportunity Grant- federally funded grant designed to provide additional funds to families with exceptional need. State Grants- state governments have a variety of programs to help students pay for college. 11/30/2018 Ben Lowe and Derek Morrison

Ben Lowe and Derek Morrison Grants Continued Institutional Grants- Colleges often use their own funds to award institutional grants.A private college for example may award an institutional grant as a way to encourage a qualified student to attend their college. 11/30/2018 Ben Lowe and Derek Morrison

Ben Lowe and Derek Morrison Scholarships Scholarships are the most publicized and talked about form of financial aid. While there are a great number of scholarships available, scholarships can be difficult to get. Athletic Scholarships- to ensure that all athletes are prepared for college, the NCAA and NAIA have strict eligibility requirements that athletes must meet before the y can receive a scholarship or play a sport in college. 11/30/2018 Ben Lowe and Derek Morrison

Ben Lowe and Derek Morrison Scholarships Cont. Talent Scholarships- most talent scholarships are awarded in music, art, theater, and dance. They are also awarded in a variety of other areas. Local Scholarships- provide numerous scholarships for the students in a community. These scholarships are generally for smaller amounts. 11/30/2018 Ben Lowe and Derek Morrison

Ben Lowe and Derek Morrison Local Scholarships Local scholarships include but are not limited to: the Agiguae Women’s Club, Rotary Club, Civitans, Oneonta Athletic Boosters, Jaycees Scholarship, SGA Scholarship, Ira B Patton Scholarship, And several memorial scholarships. 11/30/2018 Ben Lowe and Derek Morrison

Searching for Scholarships With the availability of information on the internet, there is little reason to use a scholarship search service that charges a fee. The scholarship services listed below are free and they provide excellent information. www.collegenet.com. www.fastweb.com. www.scholarships.com. www.finaid.com. www.students.gov. www.nacac.com. 11/30/2018 Ben Lowe and Derek Morrison

Ben Lowe and Derek Morrison Check This Out Work-study programs give students the opportunity to earn money while they are attending college. Loans when grants, scholarships, and work-study do not provide enough money to cover a families financial need, you/your parents can take out a loan to cover remaining costs, and repayment doesn’t begin until 6 months after the student is out of college. 11/30/2018 Ben Lowe and Derek Morrison

Ben Lowe and Derek Morrison Stafford Loan The Stafford loan is by far the most popular collage loan program. Stafford Loans are made to students, and repayment doesn’t begin until six months after the student is out of college. 11/30/2018 Ben Lowe and Derek Morrison

Ben Lowe and Derek Morrison Perkins Loan An undergraduate student with exceptional need may be awarded a federal Perkins loan for up to $4,000 a year. Perkins loans have a five percent fixed interest rate. Repayment begins 9 months after the student is out of college. 11/30/2018 Ben Lowe and Derek Morrison

Ben Lowe and Derek Morrison Plus Loans (Parent Loan for Undergraduate Students) These loans are offered to the parents of college students. The interest rate is not to exceed 9% and repayment begins in 60 days. 11/30/2018 Ben Lowe and Derek Morrison

Ben Lowe and Derek Morrison The Military Offers a number of excellent programs to help young men and women pay for college. Visit these sites. www.armedforcescareers.com www.military.com www.todaysmilitary.com 11/30/2018 Ben Lowe and Derek Morrison

Ben Lowe and Derek Morrison Other Military Sites ARMY 1-800-USA-ARMY www.goarmy.com NAVY 1-800-USA-NAVY www.navy.com AIR FORCE 1-800-423-USAF www.airforce.com MARINES 1-800-MARIENS www.marines.com 11/30/2018 Ben Lowe and Derek Morrison

Ben Lowe and Derek Morrison AmeriCorps AmeriCorps is a service program. AmeriCorps workers help communities with their education, public safety, human services, and environmental needs. For more information visit www.americorps.org or call 1-800-942-2677. 11/30/2018 Ben Lowe and Derek Morrison

Ben Lowe and Derek Morrison The End! Make Good Choices. 11/30/2018 Ben Lowe and Derek Morrison