Financial Aid and Scholarship Advocacy Lesson

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Financial Aid and ScholarshipAdvocacy
Lesson
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WHAT IS FINANCIAL AID?

• Financial aid is funding provided to students to
  help pay their educational expenses.
• Financial aid can be used for colleges/universitie
  s, community colleges and trade/technical
  schools.
• There are several types and sources of aid.

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Types of Financial Aid

• Scholarships
• Grants
• Loans
• Work-study

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Scholarships and Grants

• Grants and Scholarships are money that does not
  have to be paid back.
• Scholarships are typically awarded on the basis
  of merit (good grades, extraordinary talent).
• Grants are usually awarded on the basis of
  demonstrated financial need.

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Scholarship Application Tips

• Find out application requirements and deadlines.
  Refer to the College and Scholarship Bulletin
  that is printed monthly.
• Fill out forms completely.
• Make copies of all completed forms.
• Comply with all informational requests.
• Meet deadlines and obtain proof of mailing!

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Loans

• Loans are money students and/or parents borrow to
  help with educational expenses.
• Repayment usually begins after the student is no
  longer enrolled in school.
• Loans can be viewed as an investment in the
  future if used correctly.

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Work-study

• Eligible students are able to work on-campus to
  help earn money for educational expenses.
• Work-study is typically part-time while enrolled.

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Sources of Financial Aid

• Federal government
• State government
• Institutions-college or university
• Private- civic organizations, churches,
  corporations

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Categories of Financial Aid

• Merit-based aid is based on your grades, test
  scores, hobbies and special talents (artistic or
  athletic)
• Need-based aid is based on you and your familys
  financial situation.

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How to Apply for Financial Aid

• Request a Pin for you and your parent now in
  order to complete the FAFSA. www.pin.ed.gov
• Fill out a Free Application for Federal Student
  Aid (FAFSA) between Jan 1 and March 2 of your
  senior year if you havent already done so.
  www.fafsa.ed.gov
• Some private colleges also require a supplemental
  aid application.

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What is the FAFSA?

• Its a standard form that collects demographic
  and financial information about the student and
  family.
• Must be used for federal aid program
  consideration.
• Available in January of each year for the coming
  academic year.
• Must be completed each year student is in school.

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What happens after I complete the FAFSA?

• You will receive a Student Aid Report (SAR) that
  will show your Expected Family Contribution
  (EFC).
• The EFC is the amount of money the government
  believes your family is capable of contributing
  to your education. The lower your EFC the more
  financial aid you will receive.

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How is my financial aid determined?

• Cost of Attendance (COA)
• Expected Family Contribution (EFC)
• Students Financial Need
• For example, John wants to attend CSU, Chico
  where COA is 17,000 per year. His familys EFC
  is 10,000.
• 17,000-10,0007,000 is Johns Financial Need.
• The school will then send an award letter showing
  what
• they will offer in grants and loans if John
  attends CSUC.