Financial Literacy Education Workshop IV:

Intro to Financial Aid

Glow Foundation2011

Online Version for Program Course Credit 2010-11

Page 2

Agenda

FAFSA

Overview of Financial Aid

(Scholarships, Grants, Work Study,

Loans)

Junior Program Review

Closing/Questions

Page 3

Group Agreements

Commitment to Glow Foundation’s program

Be prompt and prepared for all Glow sessions

(including HW items)

Reach out for help when needed

Respond promptly to emails or phone calls

Share the information learned with family and

peers

Be respectful (one mic)/confidentiality

Accountable for myself and the group success

Page 4

FAFSA: Free Application for Federal Student Aid

Apply EARLY in order to receive more federal and state aid (starting Jan 1st before March 2nd)

The FAFSA is used to apply for:

1.

2.

3.

Grants

Work Study

Federal Loans

Page 5

Materials Needed

Your parents’ income tax formsYour income tax formsDriver’s License (if any)Social Security NumberCurrent Bank StatementsPermanent Resident Card

Page 6

www.fafsa.ed.gov

Page 7

Preparing for Your Senior Year

Visit the FAFSA Website

Complete the FAFSA on the Web

Worksheet

Talk to Parents About FAFSA

Apply for Scholarships

Page 8

Intro to Financial Aid

What is FINANCIAL AID?

Money you RECEIVE

(Free Money!)

Money you EARN

Money you BORROW

Grants (Federal, State, or College)

Scholarships

Work Study Program

Federal LoansPrivate Bank

Loans

But, before you can qualify for any type of federal aid, you need to…….

Page 9

What is a Scholarship?

Definition: Free money that is awarded based on merit

Some Facts:• Privately Funded• More Rigorous Application Process –

Often Requires Essays/Rec. Letters/ Transcripts

• Varying Eligibility Requirements

• No Limits to the Number You Receive!

Page 10

Searching for Scholarships

www.bagf.org

www.glowfoundation.org

www.siliconvalleycf.org/grants_studentsTeachers_SCHOL.html w.scholarships.com

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Scholarship Tips

1. Be organized

2. Be honest

3. Follow instructions carefully

4. Proofread your application

5. Keep copies of everything you send

6. Send in your application packet ASAP

Page 12

What is a Grant?

Definition: Free money that is awarded based on financial need

Some Facts:• Generally Federally or State Funded• Complete the FAFSA to Apply• Requires a Social Security Number and

Financial Need• Multiple Grants can be Accepted

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What is Work Study?

Definition: A federally paid job where the money earned is used to pay for college expenses

Some Facts:• Complete the FAFSA to Apply• Based on Financial Need• You Can Only Hold One Work Study

Position at a Time

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Benefits of Work Study

Flexible schedule-employers know you are a student first

Many FWS jobs are in the fields of your major or areas of interest

Hourly wage can be higher than minimum wage

In some cases, you can study while you work (libraries, dining commons, gyms, etc.)

More job opportunities available to you

Page 15

What is a Federal Loan?

Definition: Borrowed money from the federal government that is to be paid back with interest

Some Facts:• Complete the FAFSA to Apply• Based on Financial Need, Not Credit• Multiple Loans Can Be Taken Out

Page 16

Loans

When would I need a loan?

Things to pay attention toHow much to borrow Interest rateFees & other costsRepayment terms

Subsidized vs. Unsubsidized LoansFederal Loans vs. Private Loans

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Loan Tips

1. Loan amount may depend on enrollment status

2. Choose federal before private3. While in your repayment period, always

pay at least the minimum balance4. Make payments early or on time5. DON’T BE INTIMIDATED!

Page 18

Junior Program Review

Orientation

FLE I - Money Management

FLE II - Bank Services

FLE III - Credit and Credit Cards

FLE IV - Intro to Financial Aid

Page 19

Recap

FAFSA

Overview of Financial Aid (Grants,

Work Study, Loans, Scholarships)

Junior Program Review

Closing/Questions