1. NOTE TO PRESENTER This presentation provides information on
(4.1a) Explore basic definition of financial aid and key associated terms related to paying for college including grants, scholarships, loans and work-study.
(4.1b) Understand and articulate all aspect of the financial aid application process (key steps, documents, terms and timeline)
that can be used in outreach to students and families. The presentation was created by Puget Sound College and Career Network. This resource is intended to be flexible in adoption. You may add or delete content however, you must ensure any edits made to this presentation and/or any uses of this presentation are done in a manner that furthers the goals of PSCCN.

2. Paying for College

3. Warm Up On your own paper answer:
List at least 3 questions you have regarding financial aid for college and/or the process.
What does FAFSA stand for? What does WASFA stand for?

4. What is financial aid?
Financial aid is money that can help you pay for college. Some aid needs to be paid back or earned, and some aid is a gift and will not have to be paid back.
Paid back – loans
Earned – work study
Gift aid – scholarships and grants

5. Financial Aid is AVAILABLE
The following sources provide financial aid in various forms:
Federal Government
State Government
Colleges and Universities
Private organizations or foundations
Federal Government
State Government
Colleges and Universities
Private Organizations

6. 4 Types of Aid:
Grants & Scholarships—financial aid that does not typically have to be repaid
Loans— borrowed money for college or career school; you must repay your loans, with interest
Work-Study—a work program through which you earn money to help you pay for school

7. Grants & Scholarships
Can come from the Federal Government, your state government, your college or career school or private or non- profit organizations.
Federal Grants:
Federal Pell Grants (up to $6,095)
Federal Supplemental Educational opportunity Grants (FSEOG) (up to $4.000)
Teacher Education Assistance for College and Higher Education (TEACH) Grant (up to $4,000)
State Grants & Scholarships:
State Need Grant
College Bound Scholarship
Washington State Opportunity Scholarship
To be eligible for Federal Pell Grants:
your financial need,
your cost of attendance,
your status as a full-time or part-time student, and
​your plans to attend school for a full academic year or less. 
FSEOG grants are for students with exceptional need as determined by the FAFSA. Pell eligible students are given priority for FSEOG grants.
College Grants & Scholarships:
Husky Promise
13th Year
Private/Non-Profit Scholarships:
Act Six Scholarship

8. Loans
A Loan is money that you borrow that you have to pay back with interest.
Federal loans:
William D. Ford Federal Direct Loan Program- Department of Education is your lender
Subsidized Loan – a federal student loan that does not accrue interest while the student is enrolled in college at least part-time, during a 6-month grace period after the student graduates from or otherwise does not enroll in college, and/or during a deferment period (a status you can request when in repayment).
Unsubsidized Loans – a federal student loan that accrues interest while the student is enrolled in college.
Federal Plus Loans (For undergraduate students: Parent PLUS loan): A federal loan that allows parents to borrow, for education related expenses, up to the total cost of attendance at their child’s college less any other aid that the student receives. These are unsubsidized loans, which means the loan amount will accrue interest immediately. The parent is responsible for repaying the loan and interest and repayment typically starts immediately.
Resource for students from DOE: Federal Student Loans Basics for Students. Can be found at the following link:
Resource for parents about Plus Parent Loans from DOE: Direct PLUS Loan Basics for Parents, which can be found at:

9. Loans Continued
A Loan is money that you borrow that you have to pay back with interest. Other Student Loan Programs:
Institutional Loans: loans for education expenses offered by a school (college/university). The school is the lender. You typically must complete a separate application through the school to apply. Terms and repayment may be less favorable than federal loan programs.
Private loans: loans for education expenses offered by private entities, like banks or credit unions. The private bank or lending entity is your lender. FAFSA/WASFA are not needed for these; you complete a separate application through the lender. Parents and/or students can apply. Terms and repayment are often less favorable than federal or school-based loans and repayment may begin immediately.
Resource for students from DOE: Federal Student Loans Basics for Students. Can be found at the following link:
Resource for parents about Plus Parent Loans from DOE: Direct PLUS Loan Basics for Parents, which can be found at:

10. Work Study:
Work-study is a way for students to earn money to pay for school through part-time on (and sometimes off) campus jobs
Students receive funds through a standard pay check (money earned is not automatically applied to tuition, fees, etc. like other types of financial aid)
Work study can differ in how it shows up on an award letter. Variations include: work study, federal work study or state work study
Being awarded work study does not mean that a student will get a work- study job, a guaranteed number of work hours, or a specific pay-rate.
WASFA eligible students are only eligible for work study if they have DACA.

11. Financial Aid Application
To qualify for aid and determine a student’s EFC (Expected Family Contribution), students will need to complete one of the following applications:
FAFSA
Free Application for Federal Student Aid
WASFA
Washington Application for State Financial Aid
Qualified Citizens and Non-Citizens. IE. Students who carry a green card
Qualified Non-Citizens who are not eligible for federal financial aid
IE. Undocumented Students
Applying for financial aid is free and can help you get money to pay for college.
Colleges will calculate your financial aid award based on the information you provide on the FAFSA or WASFA.
NOTE: Students may need to complete a College Scholarship Service Profile to receive financial aid for participating colleges. (I.e. Whitman College and Whitworth in WA state) See additional participating CSS Profile Participants: Whitman
Find out which application you should complete:

12. What form should I complete?
Who should complete the FAFSA?
Who should complete the
WASFA?
U.S. Citizens
U.S. Permanent residents (Green card holders)
Eligible noncitizen (Refugee, Asylum, Parolee, T-and V-visa holders with unexpired I-94 record)
Complete the FAFSA at
Qualified non-citizens/Undocumented students meeting the following standard:
DACA:
Must have an unexpired DACA status.
Live in Washington for one year for reasons other than education.
1079 standard
Must graduate from a Washington high school (or earn a GED or equivalent) after living in Washington for at least three years.
Students without DACA or with DACA can qualify.
Complete the WASFA:

13. How is financial aid determined?
COA
EFC
NEED
COA (Cost of attendance) is: Average cost to attend for one academic year (fall through spring). COA includes: Tuition & Fees Room & Board Books & Supplies Transportation Personal Expenses
EFC (Estimated Family Contribution) is: The minimum amount* of money the government (and therefore colleges) think your family can afford to pay for college each year. EFC is determined by what you and your family reports on the FAFSA or WASFA.
Financial need is the figure you get when you subtract your EFC from the college’s COA.
*Your EFC is a government calculation and may not actually reflect what you/your family are prepared to or believe they can contribute.

14. CHECK FOR UNDERSTANDING
On your own paper calculate:
These are real examples of Costs of Attendance and EFCs!
You just calculated FINANCIAL NEED 5 times!
COA
EFC
NEED
1. $23,176 $0
2. $23,314
$1561
3. $43350
$2210
4. $46,296
$71
5. $54,020
$5670
NEED = COA-EFC
Answers
$23,176
$21,753
$41,140
$46,225
$48,350

15. 10 minutes
LET’S PRACTICE
Let’s get familiar with financial aid terms:
On your table are different terms and definitions. Match each term with a definition.
On your own paper answer:
What terms were new to you?
What questions do you have?
If time permits, facilitate a whole group discussion by asking students to share out their answers.

16. EXIT TICKET
On your own paper: 1) What are the 4 types of financial aid? 2) Which two financial aid options are gift aid/money you don’t have to pay back? 3) What option requires you to pay it back? Fill in the blank: 4) Your __________ is the minimum amount the government says your family can contribute towards your college education. 5) This number is generated from the information you and your family report on the ________________. 6) COA-EFC= _______________________________