The Big Bad World Of College Financial Aid How to pay for the college of your dreams! Ms. Nelson/Innovation School

On average, the typical undergraduate leaves college $27,803 in debt. While parents borrow $23,298

How is aid distributed? Institutions distribute their aid in two ways: * Need based: those who demonstrate need. * Merit based: those who demonstrate specific individual achievement, ability or potential.

Scholarships Money given by private institutions.Money given by private institutions. Also called Grants, or Institutional Awards.Also called Grants, or Institutional Awards. Merit Based Awards: Awarded for individual achievement, ability or potential.Merit Based Awards: Awarded for individual achievement, ability or potential. Need Based Awards: Given based on financial need; Pell Grant.Need Based Awards: Given based on financial need; Pell Grant.

LOANS Student Loans: Money borrowed to pay for tuition and college costsStudent Loans: Money borrowed to pay for tuition and college costs –Subsidized loans: for those who demonstrate need. Borrower usually pays back a portion of the interest; Direct Stafford Loans. –Unsubsidized loans: Available to any student or their family for the purpose of tuition or college costs.

Other Forms Of Aid Tax Credits: Called the Hope Scholarship. It directly reduces the full tax you pay.Tax Credits: Called the Hope Scholarship. It directly reduces the full tax you pay. Lifetime Learning Tax Credit: Targets adults who want to go back to school, change careers, or take classes to upgrade skills.Lifetime Learning Tax Credit: Targets adults who want to go back to school, change careers, or take classes to upgrade skills. Work Study: Help arranged for employment including extra wages.Work Study: Help arranged for employment including extra wages.

Seven Scholarship Myths #1 Only low-income families get help paying for college. Stems from the confusion between need and merit based aid. Merit scholarships rarely consider income.

Seven Scholarship Myths #2 Only students with high GPA’s win merit awards. True with academic scholarships; but merit scholarships are awarded for all kinds of talents and interests. There might be a minimum GPA, but many other factors are important.

Seven Scholarship Myths #3 Most scholarships are for athletes or minority students. Although there are many scholarships for athletes and minorities, there are even more offered for other reasons. Check with your church, parent’s jobs, clubs, interests, hobbies, and anything else you can think of.

Seven Scholarship Myths #4 Once you’ve graduated from high school, it’s too late. Scholarships are not the financial equivalent of your senior prom. You may, and can received aid any time you attend college.

Seven Scholarship Myths #5 Applying for scholarships is just like applying to college. While they may share some components, aid applications require a variety of information. Follow the directions that accompany the scholarship paperwork. Know the mission of the institution who is offering the aid.

Seven Scholarship Myths #6 Past actions and choices predetermine scholarship success. Regardless of past problems, you can transform your issues into a character building experience.

Seven Scholarship Myths #7 Focusing on a few awards maximizes your odds of winning. Focusing on a few awards maximizes your odds of winning. By applying for a large number of scholarships minimizes problems that are out of your control. It isn’t as much work as you might think!

Who Gives Out Aid Federal Government: FAFSA paperwork.Federal Government: FAFSA paperwork. State Governments: FAFSA paperwork.State Governments: FAFSA paperwork. Private Sponsors: Private companies, foundations and corporations offer aid for a variety of reasons.Private Sponsors: Private companies, foundations and corporations offer aid for a variety of reasons. Colleges, universities, technical and trade schools.Colleges, universities, technical and trade schools. Veterans groups, unions, lodges, society’s, and clubs.Veterans groups, unions, lodges, society’s, and clubs. Different focus groups: gender, race, disabilities.Different focus groups: gender, race, disabilities.

Interesting Opportunities Western Sunbathing Association: a regional chapter of the American Association for Nude Recreation, provides $1,000 scholarship to members’ children who write an essay on “What Nudism Means To Me.”Western Sunbathing Association: a regional chapter of the American Association for Nude Recreation, provides $1,000 scholarship to members’ children who write an essay on “What Nudism Means To Me.”

Application Components Essays or Short Answers Questions.Essays or Short Answers Questions. Sample Work and Project SubmissionsSample Work and Project Submissions Extracurricular Activity ListsExtracurricular Activity Lists Grade TranscriptsGrade Transcripts Letter of RecommendationLetter of Recommendation InterviewsInterviews AuditionsAuditions Awards and HonorsAwards and Honors Test ResultsTest Results

HINT: Steer clear of ENTRY FEES Steer clear of ENTRY FEES Unlike application fees, scholarship contests rarely cost anything to enter. You MAY have to pay a small processing fee (for example, the National Honor Society charges $4 processing fee).

How Parents Can Help 1.Help with scholarship searching. 2.Strategize with your kids. 3.Provide research assistance. 4.Keep things organized. 5.Be a good sounding board. 6.Review applications and paperwork. 7.Give support and encouragement.

10 Action Steps 1.Assemble your scholarship search tools. 2.Tap into your school’s resources. 3.Search scholarship databases. 4.Politely raid other schools’ resources. 5.Canvas your community. 6.Seek out government sources. 7.Pursue all personal and family affiliations. 8.Apply effective Internet search techniques. 9.Uncover school specific awards. 10.Seek out related organizations.

Scholarship Databases *Turn in a senior resume to your counselor and you will be eligible for the METSA scholarships Mountlake Terrace Website; click on scholarshipsMountlake Terrace Website; click on scholarships Print directories purchased from bookstoresPrint directories purchased from bookstores CD-ROM DatabasesCD-ROM Databases

Universal Judging Criteria Evidence of hard workEvidence of hard work Overcoming obstaclesOvercoming obstacles TeamworkTeamwork PerseverancePerseverance Individual InitiativeIndividual Initiative Passion and EnthusiasmPassion and Enthusiasm ResponsibilityResponsibility Civic DutyCivic Duty PurposePurpose CharacterCharacter

Application Content Strategies 1.Expand on your strong points. 2.Shore up your weak areas. 3.Create opportunities for yourself.

Essays and Short Answer Questions Finding your own voice: Free write for practice. Consult other essays. Talk it over with trusted people. Record yourself. Move locations: new point-of-view. Zoom into a detail or description.

Advice for Specific Topics Future Career AspirationsFuture Career Aspirations Your Greatest AchievementYour Greatest Achievement A Person You AdmireA Person You Admire Solving a Pressing IssueSolving a Pressing Issue Growth ExperiencesGrowth Experiences

Interview Tips Do Your HomeworkDo Your Homework Prepare a Few Key PointsPrepare a Few Key Points Prepare Anecdotes to Illustrate Your PointsPrepare Anecdotes to Illustrate Your Points Anticipate Interview QuestionsAnticipate Interview Questions Prepare ResponsesPrepare Responses Prepare Questions to Ask the InterviewerPrepare Questions to Ask the Interviewer Practice: videotape yourselfPractice: videotape yourself Prepare Samples of Your WorkPrepare Samples of Your Work Reread and Review Your Written ApplicationReread and Review Your Written Application