Financial Aid & Scholarships Senior Checklist

Authorize COF

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College Opportunity Fund

Pays a portion of total in-state tuition per credit hour• Colorado public institutions (2-year and 4-year)• Participating private institutions (Regis, DU and Colorado

Christian University)

$68 per credit hour in 09-10 school year ($1,632/year for a full time student)

145 credit hour maximum Must apply for stipend Must be admitted to participating institution Available for undergraduates only Paid directly to the school Apply online at: www.collegeincolorado.org

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Sources of Student Aid

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Federal loans 41% Institutional grants 21% Pell Grants 14% Private and employer grants 7% State grants 7% Education tax credits and deductions 6% Federal grants not Pell Grants 3% Federal work-study 1% Total: $106.7-billion

NOTE: Numbers are for undergraduates.

SOURCE: College Board, "Trends in Student Aid 2008"http://chronicle.com/weekly/v55/i11/tuition_table.htm

FAFSA / Types of Financial Aid

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Free Application for Federal Student Aid (FAFSA)

Available every January 1– apply early!• Some Financial Aid is awarded on a first come

first serve basis• The earlier a student applies, the more financial

aid they may receive• Must file every year• Will receive a Student Aid Report (SAR) via email

and snail mailName one type of

financial aid.

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How to Submit the FAFSA

Online application is fastest• Processed in 72 hours• Student and one parent need to get Personal Identification

Numbers to sign application electronically• Parent and Student Information required:

− Social security numbers, drivers license numbers− Records of money earned last year, tax returns and bank

statements, etc.

• Complete FAFSA online at http://www.fafsa.ed.gov• 1-800-4FEDAID paper applications

BEWARE of any service that requires you to pay a fee to submit your FREE application

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Grants• Awarded to the student based on need• Does not need to be paid back

Scholarships • Does not need to be paid back• Check out our CollegeInvest Scholarship Program

Work-study• Typically based on need

Student Loans • Federal Loans

− Paid back at federally backed low interest rates with helpful terms

− There are federal loans for students (Stafford loans) and parents (PLUS loans)

• Private Loans− Use federal first and be sure to research the rates and terms

carefully if you need a private loan to fill the gap.

Financial Aid – The Four Types

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PELL Grant

Eligibility determined from FAFSA 2009-2010 maximum amount $4731 Pro-rated if student is less than full time Need based grant EFC must be under $4041

When is College Goal Sunday?

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Academic Competitiveness Grant

Eligible for Pell Grant Four or two year degree program Full time student $750.00 first year of undergraduate study

• Successfully completed a rigorous high school program (Higher Education Admission Requirements)

$1,300.00 second year of study• Second year of undergraduate study have a cumulative

grade point average of 3.0

No specific major required

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The SMART Grant (National Science & Mathematics Access to Retain Talent)

Available during the third and fourth years of undergraduate study

Eligible for Pell Grant Enrolled in a four-year degree granting institution Full time student Up to $4,000.00 per year A cumulative 3.0 grade point average

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The SMART Grant (National Science & Mathematics Access to Retain Talent)

Must major in: • Physical life, environmental, nutrition, or computer science

• Engineering

• Mathematics

• Technology

• Critical Foreign Language

• Food Science, Technology, and Processing

• Fishing and Fisheries Science Management

• Forest Sciences and Biology

• Wood Science and Wood Products/Pulp and Paper Technology

• Wildlife and Wildlands Science and Management

• Biopsychology

• Physiological, Pyschology/Psychbiology

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TEACH Grant

Up to $4000 in grant money per year for teaching students Undergraduates can qualify for up to four years, graduates for up

to two years Must score above the 75th percentile on a college admissions

test OR maintain a cumulative GPA of at least 3.25 Must be a student who intend to teach full-time in high-need

subject areas for at least four years at schools that serve students from low-income families

If the student does not meet the teaching requirements, the grant must be paid back as an unsubsidized loan

• Colorado State University-Pueblo• Metropolitan State College of Denver• University of Colorado Denver• University of Northern Colorado• Jones International University • Colorado Christian University• Regis University

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Work Study

Part-time hours Campus & Community offices/agencies Minimum wage & higher Earnings paid directly to students Often based on financial need Maximum earnings limit

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Perkins Loans

5% interest rate 9 month grace period Repaid to School Attended Must Complete FAFSA Need Based Must sign Promissory Note with Institution Undergraduate annual limits $5,500, graduate annual

amounts $8,000 Schools have small loan pool. May need to apply by

school’s priority deadline to be considered

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Federal Stafford Loans

Payment begins 6 months after graduating or decreasing enrollments to less than half time

No credit check required

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Subsidized & Unsubsidized

Subsidized Stafford: Must Demonstrate “need” Fixed interest rate of 6.8%

as of July 1st, 2008 (for undergraduates, 6.8% for graduate students)

No interest accrual during in-school period

Unsubsidized Stafford: Not based on need Fixed interest rate of 6.8% as

of July 1st, 2008 Interest accrues while in

school

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Federal Stafford LoansGrade Level Base

Amounts*Additional

UnsubsidizedTotal Amount

Freshman $3,500 $2,000 $5,500

Sophomore $4,500 $2,000 $6,500

Junior & Senior $5,500 $2,000 $7,500

Preparatory coursework for enrollment in an undergraduate program

$2,625 0 $2,625

Preparatory coursework for enrollment in an graduate program

$5,500 0 $5,500

Teacher Certification coursework

$5,500 0 $5,500

Aggregates $23,000 $8,000 $31,000

Source: CollegeAssist, 2008

What About Scholarships?

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What is a Scholarship?

Financial Aid that is awarded to you based on your individual characteristics.

Each Scholarship will have their own set of criteria, deadlines and application process

It is up to you to find Scholarships and submit applications

Scholarships do not have to be paid back

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Components of a Scholarship Application

Scholarship Application An Essay Letter of Recommendation or Nomination Letter Resume Official Transcripts Any additional information the scholarship

committee requests

Remember that every scholarship

has different requirements, components and deadlines!

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Before You Get Started…

Create a professional email account Begin checking your email regularly

Get to know your SS # Update your voicemail

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Scholarship Portfolio

Recent tax return(s) for you and your parents

Your resume Academic transcripts Financial aid award

notices Student Aid Report

(Documentation of the FAFSA application)

Your Personal Profile

Copy of scholarship checklist

Copy of all applications you have gathered

Timeline for your scholarship search

A great general scholarship essay

Copies of your recommendation and/or nomination letters

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Create A Resume

Important Information To Include On Your Resume

Name, phone number, email address Employment history with dates and accomplishments Honors, awards, or recognitions you have received Volunteer, leadership, and extracurricular activities Specialized skills or abilities Interests and hobbies

Talk to friends, mentors, employers and

parents to also edit and make corrections

on the resume

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If you are unsure as to what to include

in your Resume this website will help

you along the wayAll you need to do if fill in the

information that applies to you.

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Aside from Personal Information

you will also be asked to add any

Work Experience, Honors, Awards

or any other Activities that you are

involved in…Simple as that!!

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Here it is!! Your Resume!!

You can save the document as well as print copies

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Letter of Recommendation and/or Nomination Letter

Letter of Recommendation: A letter written by someone who admires you and can testify to your scholarship worthiness.

Nomination Form: A document completed by someone who has the power and authority to recommend you for a scholarship. This may or may not accompany letters of recommendation.

Teachers Employers

People whom you have volunteered for• Formal

• Informal

Member/leader in club/organization you are involved in Instructors for activities outside of school

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The Scholarship Search

Inquire about scholarships through:• High School• College(s) student is interested in attending• Local businesses• Religious organizations• Places of employment• Internet

− www.collegeincolorado.org

− www.fastweb.com

• CollegeInvest− www.collegeinvest.org

− Get a free copy of our scholarship workbook

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Klingon Scholarship

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Wool Scholarship

2008 Senior Winners

2008 Junior Winners

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Drink Milk Scholarship

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Write About Your Dog!

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2008 Duct Tape Scholarship Winners

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2009 Duct Tape Scholarship Winners

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Other Scholarships

American Association of Candy Technologists Scholarship http://www.aactcandy.org/aactscholarship.asp

Patrick Kerr Skateboard Scholarship http://www.skateboardscholarship.org/

Vegetarian Resource Group Scholarship http://www.vrg.org/student/scholar.htm

Ball State University's David Letterman Scholarship http://cms.bsu.edu/

Tall Clubs International Scholarship http://www.tall.org/

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The CollegeInvest Opportunity Scholarship

Thirty-Eight (38) randomly drawn $1,000 scholarships will be awarded to Colorado students who:• Attend a Colorado two or four-year college, or vocational

college, or university• Will be full time, undergraduate students in the 2008-09

school year• Complete the Free Application For Federal Student Aid and

have an EFC of $15,000 or less (FAFSA does not have to be completed prior to registering)

• NO GPA or Essay requirements• Apply online at www.collegeinvest.org

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The CollegeInvest Service Scholarship

Twenty seven (27) randomly drawn $6,000 scholarships (award amount will be divided over a two-year period, $3,000 each year) will be awarded to Colorado students who • Attend a Colorado two or four-year college, or vocational

college, or university• Will be full time, undergraduate students in the 2008-09

school year• Complete the Free Application For Federal Student Aid and

have an EFC of $15,000 or less (FAFSA does not have to be completed prior to registering)

• Commit to 40 hours each year, for two years, in a service-to-children volunteer program

• NO GPA or Essay requirements• Apply online at www.collegeinvest.org Deadline: April 1st

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Have Questions? Need Help?

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Frequently Asked Questions

My parents are divorced. Whose information do I put on the FAFSA?

I have a stepparent. Do I need to include his/her information?

I am making less money in the current year than the last year. How can I reflect this?

How can I be considered independent even if I have answered ‘no’ to all the required questions?

My grandmother lives with us, can she be included in our household size?

My parents do not have a social security number, can I file a FAFSA?

Time LineSenior Year

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Time Line - Senior Year

FallFall Apply for collegesApply for colleges

Apply for scholarshipsApply for scholarships

Early Early springspring

Complete and submit the FAFSA onlineComplete and submit the FAFSA online

The government processes the form and The government processes the form and determines your EFCdetermines your EFC

Receive and review the Student Aid Report (SAR)Receive and review the Student Aid Report (SAR)

The information goes to collegesThe information goes to colleges

Late Late springspring

The colleges create an “Award Letter”The colleges create an “Award Letter”

Compare offers; make decisionsCompare offers; make decisions

*Must be accepted to a college to receive an award letter*Must be accepted to a college to receive an award letter

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Helpful Tools

FAFSA 4Caster • http://www.fafsa4caster.ed.gov • See what your EFC might look like

College In Colorado• http://www.collegeincolorado.org • “Pay” tab then “Available Tools”• Financial Aid Award Estimator• Slope Calculator

CollegeInvest • http://www.collegeinvest.org • For information on student loans and college savings

Questions?