FINANCIAL AID

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FINANCIAL AID
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What is Financial Aid?

• Financial aid is funds provided to students and
  families to help pay for postsecondary
  educational expenses
• Financial aid is available to pay for
  non-collegiate education and training programs
  too.

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Financial Need

• Costs to attend expected family contribution
  Financial need

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What is FAFSA?

• U.S. Department of Educations Free Application
  for Federal Student Aid
• Demographic and financial information about you
  and your parents
• Determines expected family contribution
• Determine financial need

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Grants

• Based on need
• Requires FAFSA
• Pell Grant
• Federal Supplemental Educational Opportunity
  Grant (FSEOG)
• Academic Competitiveness Grant (ACG)
• National Science and Mathematics Access to Retain
  Talent Grant (National SMART Grant)

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Pell Grant

• With a few exceptions, Federal Pell Grants are
  available only to undergraduate students. Grants
  do not have to be repaid.

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Federal Supplemental Educational Opportunity
Grant (FSEOG)

• Schools distribute the need-based FSEOG to
  full-time and part-time students.
• Awards range from 100 to 4,000. Your college
  financial aid office will determine whether
  you're eligible from your EFC as reported on your
  ISIR (the schools version of your Student Aid
  Report).
• If you qualify to receive a FSEOG, the school
  will credit your account, pay you directly, or
  both.
• Eligibility
• Undergraduate students who have exceptional
  financial need (the lowest Expected Family
  Contribution) are eligible.
• Federal Pell Grant recipients receive priority
  but are not guaranteed a FSEOG.

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Academic Competitiveness Grant (ACG)

• During an eligible student's first academic year,
  the maximum ACG is 750 the maximum ACG for a
  students second academic year is 1,300.
• To receive an ACG, you must
• Be a U.S. citizen
• Be Federal Pell Grant eligible
• Be enrolled full-time in a degree program
• Be enrolled in the first or second academic year
  of your program of study at a two-year or
  four-year degree-granting institution
• Have completed a rigorous high school program of
  study (after January 1, 2006, if a first-year
  student, and after January 1, 2005, if a
  second-year student)
• Not have been previously enrolled in an
  undergraduate program (if you are a first-year
  student) and
• Have at least a cumulative 3.0 grade point
  average on a 4.0 scale for the first academic
  year (if you are a second-year student).

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National SMART Grant

• Another new student aid grant program you may be
  eligible for in your third and fourth academic
  years of undergraduate study is called the
  National Science and Mathematics Access to Retain
  Talent Grant (National SMART Grant). If eligible,
  you may receive up to 4,000 per year.
• To receive a National SMART Grant, you must
• Be a U.S. citizen
• Be Federal Pell Grant eligible
• Be enrolled full-time pursuing a major in
  physical, life or computer sciences, mathematics,
  technology, engineering or a critical foreign
  language and
• Have at least a cumulative 3.0 grade point
  average on a 4.0 scale.

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Scholarships

• Based on merit and/or need
• Academics
• Athletics
• Activities
• Community Service
• Special Talent

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Where to look for scholarships

• Student services office
• Newspapers (KC Star, Daily News, Eyrie)
• Morning announcements
• Career Cruising
• Parents place of employment
• Church
• Military
• Parents civic organizations
• Youth Organizations
• Scholarship application at colleges you are
  interested in as well as departments in which you
  plan to major

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Internet Scholarship Searches

• Fast Web http//www.fastweb.com
• College Net http//www.collegenet.com/mach25/app
• Scholarships http//www.schlarships.com
• Career Cruising http//www.careercruising.com
• Sallie Mae http//www.salliemae.com

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Loans

• If it is a subsidized Stafford loan (demonstrated
  need for the loan), you are not responsible for
  interest while attending at least half-time and
  the principle is deferred.
• If it is an unsubsidized Stafford loan (financial
  need was not demonstrated) the principle is still
  deferred but you are responsible for paying
  interest on the loan.

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Working and Saving

• Work Study
• Federally funded program providing job on-campus
• Based on needs (based on FAFSA)
• Part of financial aid package
• Non work-study job
• On or off-campus job
• Most colleges have student employment offices
  help students find job
• Personal and/or family savings

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Financial Aid Package

• The offer from a school which might include a
  combination of scholarships, loans and work
  study.
• College/University offer
• You might have additional scholarships on top of
  financial package.

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Questions

• Additional question, contact your guidance
  counselor
• Patty Bondurant A G
• Robin Dietz H - O
• Jim Carr P - Z