Financial Aid

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Financial Aid

• Educational Talent Search
• Duluth, MN

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Im going to college, what do I need to know
about Financial Aid?

• Types of aid available
• How to apply
• Understanding your award package

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There are 4 main types of Financial Aid available

• Grants never have to pay back
• Scholarships awarded based on academic
  strength, special talents, or achievements
• Work Study lets you work and earn money to pay
  for school (on and off campus)
• Loans borrowed money that you must pay back
  with interest

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How do I apply?1) You must be eligible to
receive aid. This means you must

• Have financial need
• Have a High School diploma
• Be accepted in an eligible program
• Be a US citizen
• Have a valid SSN
• Register with the Selective Services

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2) Fill out the FAFSA - Free Application For
Student Aid

• Parents students fill this out for all federal
  aid and some state and private programs
• Get your PIN (parent student)
• Can fill out a paper form or over the web
• Encourage parents to get tax info done early
• Read ALL instructions carefully!

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3) Student Aid Report (SAR)

• Summary of information youve given on the FAFSA
• Also shows your familys expected contribution
• Check carefully for mistakes
• Make any necessary changes and mail/email back

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Understanding your award package

• Youll receive a Financial Aid Award letter
• Each college will send you a letter telling you
  how much aid and what types youve been OFFERED
• You do NOT have to accept all of the aid!

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Compare packages carefully!if youve been
accepted to more than one school, evaluate the
offers. Ask

• How much aid is gift aid versus loan?
• Are the scholarships renewable?
• What academic opportunities does the school
  offer?
• Does your first choice offer a package you can
  afford?

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How is my package determined?

• COST OF ATTENDANCE
• - EXPECTED FAMILY CONTRIBUTION
• (student and parents ability to pay)
• _________________________________
• FINANCIAL NEED

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How much will college cost?Average Tuition and
Fees(Does not include room, board and books)

• PUBLIC SCHOOLS
• 2 Year
• Community College 3,300/year
• Technical College 3,200/year
• 4 Year
• State University 5,000/year
• University of MN 7,500/year
• PRIVATE SCHOOLS
• Private Liberal Arts 20,000/year
• Private Career varies

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Benefits of collegeAverage lifetime earnings

• Professional Degree 3,013,000
• Doctorate Degree 2,142,000
• Masters Degree 1,619,000
• Bachelors Degree 1,412,000
• Associates Degree 1,062,000
• HS diploma 821,000
• No HS diploma 609,000

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Ways to make college more affordable

• Live at home
• Advance Placement classes in HS
• Post-Secondary Enrollment Option
• Attend 2 year then transfer
• Get a job

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ONE FINAL NOTE

• When searching for sources of Financial Aid
• Dont wait - start looking as soon as possible.
• Do your research - yes this will take a little
  work on your part!
• Be wary of computerized services that guarantee
  money.
• When in doubt, talk to a FinAid administrator.

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College is possible for EVERYONE!