Financing Your Education

Intro to Financial Aid

Tuition– The cost of enrolling in courses.

Total Cost-Total Aid= What you owe

Types of Financial Aid Scholarships and grants Work-study programs Loans

Grants and Scholarships

Scholarships are often based on academic or athletic performance.

Federal Pell Grants and Federal Supplemental Educational Opportunity Grants are “Free Money” given to students with “exceptional financial need.”

You do not have to repay grants.

Other organizations and clubs give grants and scholarships to students…. Of a certain gender, ethnicity, or member of a certain

club Who’s parents work for a certain company.

Work-Study Program

Many colleges offer work-study programs that provide on-campus jobs for students receiving financial aid.

Most work-study programs are federally funded.

Loans

Both students and parents can apply for college loans.

Most college loans have a low interest rate and a generous repayment schedule.

Subsidized loans- The government pays the interest during the school year, and you don’t begin paying back the loan until you leave school. (You will start to repay this 6 mo. after graduation)

Unsubsidized loans- student loan which you have to begin repaying while you are still in school.

Loans Cont.

Direct Stafford Loan- Federally funded student loan that may or may not be subsidized, depending on the student’s financial aid.

PLUS loan- an unsubsidized loan that parents can take out for their children’s education.

Federal Perkins Loan- a low-interest loan for students with exceptional financial need.

How much you receive depends on….

Income- Yours and your parents

The number of college students in your family.

Family assets and expenses

The available pool of aid at the school you plan to attend.

The number of students applying for aid in a given year and their financial need compared with yours.

How to Apply for Aid

To qualify for any type of government financial aid, you must complete the Free Application for Federal Student Aid FAFSA. (School, library, or U.S. Department of Education Web site.)

To receive non federal aid… many schools require you to fill out the PROFILE form on the College Board’s financial aid program, the College Scholarship Service.

You will need proof of income, mortgage statements, proof of unusual financial hardships…etc.

UF cost of

attendance