1. College Scholarships, FAFSA, Loans, Work Study…Oh My!
David Ghitis, college and career coordinator

2. What Are College Scholarships, and How Are They Rewarded?
Scholarships are financial aid awards designed to help students pay for college. They are offered in one of two ways:
One-time allotment.
Renewable each semester/school year. 
These awards differ from student loans in that they don’t have to be repaid.
Scholarship money is distributed in one of three ways:
A check is sent directly to the student from the organization.
A check is sent to the appropriate college from the organization.
The money is taken out of your tuition. In this case, the student would then pay the college for the difference on any money owed for tuition, fees, and room and board.
If the scholarships and other forms of financial aid are enough to cover the direct college costs, the excess money is refunded to the student (“Types of Aid”).

3. FAFSA? …What?
The FAFSA stands for Federal Application Form for Student Aid (FAFSA). It is used to determine your family’s expected contribution to pay for college. To fill out the FAFSA, you will need the following:
Your Social Security Number
Your Alien Registration Number (if you are not a U.S. citizen)
Your federal income tax returns, W-2s, and other records of money earned. (Note: You may be able to transfer your federal tax return information into your FAFSA using the IRS Data Retrieval Tool.)
Bank statements and records of investments (if applicable)
Records of untaxed income (if applicable)
An FSA ID to sign electronically.

4. …then what?

5. Who gets my FAFSA info?
Your FAFSA information is shared with the colleges/career schools you listed on the application.
The financial aid office at the selected school uses your information to figure out how much federal student aid you may receive from that school.
If you have been accepted for admission into a college or career school, and have listed that school on your FAFSA form, the school will calculate your aid and will send you an award letter, telling you how much aid you’re eligible for at the school (“Types of Aid”).

6. $$$$$$$$$$ How do I accept it? Respond to the school’s aid offer!
How do I get my money?
The financial aid staff at your college or career school will explain exactly how and when your aid will be paid out.
They’ll also tell you if you’ve qualified for any federal student loans (“Types of Aid”).

7. Federal Loans
The U.S. Department of Education has two federal student loan programs:
The William D. Ford Federal Direct Loan (Direct Loan) Program -the U.S. Department of Education is your lender. There are two types of Direct Loans available for undergraduates:    
Direct Subsidized Loans - for students who demonstrate financial need .
Direct Unsubsidized Loans -for students who do not have to demonstrate financial need.
The Federal Perkins Loan Program is a school-based loan program for undergraduates and graduate students with exceptional financial need (“Types of Aid”).
Under this program, the school is the lender. Check with the school to see if you’re eligible.
                                                                                                                                                                 
*For all Federal Loans, you do not have to repay the loans until after you’ve graduated. You also have a six month grace period to repay your loans.*

8. Grants
A grant, like scholarships, is money given to a student which does not need to be repaid. Grants differ from scholarships in that they are given based off of need, not merit.
The most common grant administered to students is the Federal Pell Grant.
You are awarded the Federal Pell Grant based off the information you provided in your FAFSA.
You may earn up to $6,095 in Pell Grant money. However, the total amount depends on the following circumstances:
Your financial need
Your cost of attendance
Your status as a full or part time student
Your plans to attend school for a full year or less (“Types of Aid)

9. Important Notes About Loans
Borrow what you need, not what they offer!
Private loans are available, but they may charge higher interest rates.
For most schools, you’ll have to do entrance counseling and sign a promissory note.

10. Federal Work Study Federal Work Study…
provides part-time employment at the college while you are enrolled in that school.
is available to undergraduate, graduate, and professional students with financial need.
is available to full-time or part-time students.
is administered by schools participating in the Federal Work-Study Program. Check with your school's financial aid office to find out if your school participates (“Types of Aid”).
You are paid at least minimum wage, if not more.
It’s specifically helpful for students that have gaps between classes and want to work.
Ask your school about tuition remission for work study programs!

11. Questions?
Books?
Websites?

12. Works Cited
“Types of Aid.” Federal Student Aid, studentaid.ed.gov/sa/types. Accessed 14 Feb