Regional Planning Template

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Paying for College

• In this session we will look at
• Terminology used when discussing financial aid
• Types of financial aid
• The resources available for finding financial aid

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The Terminology

• Aid Package The complete package of assistance
  you receive to pay for college. An aid package
  may include loans, scholarships, bursaries and
  work-study programs.
• Bursar The financial officer of a college or
  university.
• Bursary A financial award, often based on
  financial need as well as academic and
  extracurricular achievement. Bursaries usually
  don't have to be repaid.

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The Terminology

• EFC (Expected Family Contribution) When you
  apply for financial aid, the applications may ask
  questions about your family's earnings, savings
  and assets. These numbers help calculate the
  amount of money your family is expected to
  contribute.
• FAF A Financial Aid Form is the application you
  will use to apply for financial aid.
• Financial Aid Monetary assistance you receive
  for your education, including scholarships, loans
  and bursaries.

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The Terminology

• Free Application for Federal Student Aid (FAFSA)
  If you want to receive federal financial aid for
  your education, you must fill out a FAFSA. The
  applications are can be found at high schools and
  colleges, usually beginning in November, and are
  processed for free. On the web www.fafsa.ed.gov
• Grants Money awarded according to financial
  need. Grants generally do not need to be repaid.

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The Terminology

• Loans Repayable money provided for education.
  Conditions and interest rates vary according to
  the type of loan.
• Scholarships Financial awards based on academic
  and extracurricular achievement, or achievement
  and financial need. Scholarships don't have to be
  repaid.
• Tuition The money students pay for classes.

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Calculating Financial Need
Total cost of attending college
Financial need
- Financial aid award.
- E.F.C.
Unmet Financial Need
Financial Need

• Other than your EFC there are four other
• possible avenues for financial aid
• Grants
• Scholarships
• Loans
• Federal Work-Study

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Choices Planner (The Plan in Guidance Central)

• College Planning
• Month by month
• Step by step
• 8th through 12th grades
• Covers timeline for completing FAFSA forms

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Summary

• College costs money!
• But the cost shouldn't stop you from getting an
  education
• Each year, billions of dollars are made available
  to students
• The trick to creating the right financial aid
  plan is knowing all your options