How will you pay for college? Career Prep Coach Butler

Key Terms Fellowship Scholarship Loan Grant Work Study Waiver Need Self Help Family Contribution  FAFSA Conversion scholarship/loan

What is the difference between scholarships and fellowships?  financial aid that usually is awarded for merit or academic achievement.  a scholarship or grant awarded to a graduate student in a college or university.

What is the difference between a Grant and a Loan? a gift aid that does not have to be paid back. money which must be repaid.  Loan programs have varying repayment provisions.

Work Study  this program provides jobs that enable students to earn a portion of school costs through employment at the institution.

Self Help  financial resources provided by the student.

Family Contribution   the combined contribution reasonably expected during the enrollment period from the student (and his or her spouse if applicable), as well as from the student’s parents if the student is a dependent.

 FAFSA a free form distributed by the U.S. Department of Education to collect information used to determine a student’s need for federal financial aid.  http://www.fafsa.ed.gov/fotw1314/pdf/PdfFafsa 13-14.pdf

Conversion scholarship/loan A scholarship that requires you to provide certain services, such as teaching or nursing, for a certain length of time. If the services are not provided, the scholarship becomes a loan which must be paid back with interest.

Waiver An agreement that allows attendance at a school without having to pay tuition or other costs if certain eligibility requirements are met

STATE OF ALABAMA FINANCIAL AID PROGRAMS http://www.ache.state.al.us/StudentAsst/Progra ms.htm

Scholarships http://www.fastweb.com/ http://www.scholarships.com

Education savings programs http://offtocollege.com/financial-aid/summary- savings-program.html

EOC Questions What is the difference between a grant and a scholarship? What federal document must you fill out before attending college? What are some examples of conversion scholarships/loans? What are some ways to receive scholarships besides grades? List 3 state financial aid programs, and tell what they do.