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4/25/2012 1www.collegenowgc.org
Financial Aid Options for Foster Youth
www.collegenowgc.org
4/25/2012 2www.collegenowgc.org
What is Financial Aid?
Money to help students pay for their college education
(not always FREE!)
4/25/2012 3www.collegenowgc.org
Types of Financial Aid
There are three types of financial aid:
1. Gift money• Grants & scholarships
2. Earned money• Federal work study
3. Borrowed money• Education loans (federal & private)
4/25/2012 4www.collegenowgc.org
What is the FAFSA?
• Free Application for Federal Student Aid
• Why should I complete it?– Generates every type of financial aid
• When should I complete it?– After January 1 of High School Senior Year
• How should I complete it?– Complete the FAFSA at www.fafsa.gov
4/25/2012 5www.collegenowgc.org
4/25/2012 6www.collegenowgc.org
FAFSA Dependency ?’s
4/25/2012 7www.collegenowgc.org
FAFSA• You need to complete it every year to get
financial aid
• File your FAFSA by your school’s priority filing deadline– February 15th is a common deadline
4/25/2012 8www.collegenowgc.org
Expected Family Contribution (EFC)
• The EFC is what the Department of Education feels the family can contribute to the cost of the student’s education– Is it fair? Most people think “no!”
• The EFC does not change from school to school
4/25/2012 9www.collegenowgc.org
Student Aid Report (SAR)
• Summary of your FAFSA information
• It is sent electronically to the schools you have listed on your FAFSA
• Schools will use the information from your SAR to help determine your financial aid
4/25/2012 10www.collegenowgc.org
Cost of Attendance (COA)
Tuition & Fees
+ Room & Board
+ Books & Supplies
+ Personal Expenses
+ Transportation
Cost of Attendance
4/25/2012 11www.collegenowgc.org
Financial Need
Cost of Attendance
- Expected Family Contribution
Financial Need
Financial Need is used to determine what type of financial aid a student will receive
4/25/2012 12www.collegenowgc.org
Award Letter
• Award letters sent from schools in late March or the beginning of April
• Compare award letters for:– Gift Money – Earned Money– Borrowed Money– Unmet Need
4/25/2012 13www.collegenowgc.org
Extra Monies Available
• ETV• College Bound
4/25/2012 14www.collegenowgc.org
Finding Scholarships
because they aren’t going to find you.
4/25/2012 15www.collegenowgc.org
Where to start?
The college that you
want to attend.
4/25/2012 16www.collegenowgc.org
Dedicated Scholarship
• www.fc2success.org
4/25/2012 17www.collegenowgc.org
Strategy # 1:
Think Local– Local civic organizations, churches, your high school,
your place of employment all might offer scholarships.
– Your chance of getting a scholarship goes up the more local it is!
4/25/2012 18www.collegenowgc.org
Strategy # 2:
Think Specific– Scholarships are available for students based on
academic achievement, for certain majors, for underrepresented students, etc.
– There are scholarships for specific people; as specific as YOU!
4/25/2012 19www.collegenowgc.org
Strategy # 3:
Think Easy
−Apply to the most obvious scholarships first.
4/25/2012 20www.collegenowgc.org
Applying for Scholarships
• Be sure you meet all deadlines
• Understand what is required for submission
• Follow up in a timely manner if you have not heard from awarding institution
4/25/2012 21www.collegenowgc.org
The Essay Step 1:
• Choosing a topic– Are you answering the question– Do you have enough information to support your topic– Is your topic too controversial or too boring– Is your topic unique or can you put a unique spin on it
4/25/2012 22www.collegenowgc.org
The Essay Step 2:
• Writing your essay– Use the essay as a chance to separate yourself from
other applicants– Write so people understand what you are saying– The body of your essay should support the
introduction
4/25/2012 23www.collegenowgc.org
The Essay Step 3:
• Proofing an essay– Ask at least two honest and qualified people to read
over your essay
– If you quoted something make sure you cited it correctly
– Make sure each word counts
4/25/2012 24www.collegenowgc.org
Don’t do this . . . Eye halve a spelling checker
It came with my pea sea,It plainly marquees four my revue
Miss steaks eye kin knot sea.
Eye strike a key and type a wordAnd weight for it two say,
Weather eye am wrong oar writeIt shows me strait a weigh.
As soon as a mist ache is maidIt nose bee fore two long,
And eye can put the error riteIts rare lea ever wrong.
4/25/2012 25www.collegenowgc.org
Beware!
• Not all scholarship providers have your best interest in mind!– Watch out for:
• Application Fees• Guaranteed Winnings• Too-good-to-be-true offers
4/25/2012 26www.collegenowgc.org www.collegenowgc.org
Questions?
4/25/2012 27www.collegenowgc.org www.collegenowgc.org
Stacy WattsResource Center Coordinator
216-241-5587, ext. [email protected]