WHAT IS FINANCIAL AID?

• Assistance to help families pay for college

• Intended to assist not replace family contribution

ESTIMATED EXPENSES FOR ONE YEAR OF COLLEGE

Budget item Average annual range

Tuition & Fees $3,179 - 7,391

Room & Board $ 4,582 - 7,145

Books & Supplies $ 1,155 - 1,650

Academic service fees $ 97 - 912

Total $ 9,013 – 17,098

SOURCES OF FINANCIAL AID

• Federal - FAFSA forms should be filled out in January as soon as taxes are completed

• Institutional– Loans– Scholarships– Fee Waivers

• State – Oklahoma’s Promise- Students must sign up 8th

– 10th grade

They are off to College How am I going to pay for it????

FEDERAL FINANCIAL AID

• Federal Pell Grants

• Stafford Loans

• PLUS Loans

• Federal Work Study

• Federal Perkins Loans

FAFSA - FEDERAL AID

• The Government puts together a “Financial Package” individualized for your family based on your tax returns and the college of your choice. You will have an EFC amount (Estimated Family Contribution)

• File your taxes as soon as possible and then complete the FAFSA form. (Shoot for January- the sooner the better!)

3 TYPES OF FINANICAL AID

• LOANS – ANYTHING YOU BORROW MUST BE PAID BACK

• GRANTS – FUNDING FROM GOVERNMENT, DO NOT HAVE TO PAY IT BACK

• SCHOLARSHIPS – ACADEMICS & ESSAYS – DO NOT HAVE TO PAY BACK

MONEY YOU DO NOT HAVE TO PAY BACK

• Gift Assistance• Scholarships

– State

– Institutional

– Private

• Grants– Institutional

– State• OTAG

– Federal• Pell

Scholarships

• Find scholarships through:– Counselor– Fastweb.com and scholarships.com– Universities– Parent’s work– Foundations– Companies

WWW.STROUD.K12.OK.US

• HIGH SCHOOL

• COUNSELOR

• MONEY FOR COLLEGE

• ALL LOCAL SCHOLARSHIPS AR LISTED HERE

• RESOURCES & LINKS TO OTHER SCHOLARSHIPS

SENIORS CREATE YOUR RESUMES

• CREATE A RESUME TO USE FOR SCHOLARSHIPS AND EMPLOYMENT

How do I win Scholarships?

• Apply on time

• Apply for as many as you can

• Include volunteer service as well as your academic accomplishments.

• Do the Essay Scholarships!!!

LOANS• LOANS

– Subsidized - The interest is paid by the federal government while the student is in school. You qualify for this based on your FAFSA application.

– PERKINS LOANS- Government pays interest on these while you are in school.

– Unsubsidized –All students can qualify. Interest accrues the entire time the student is attending college. Pay it back while you are in school

STUDENT SELF - HELP

• Employment– Federal work study through FAFSA– Institutional opportunities

Tribal Assistance

• Contact the individual Tribe to apply for scholarships that may be available.

TIPS FOR OBTAINING FINANCIAL AID

• Research Options– Apply for multiple funding sources

• Apply Early

• File Taxes Early

• File FAFSA Early

• Apply for scholarships and grants

INTERNET SITES TO RESEARCH

• COLLEGEBOARD.ORG

• FASTWEB.COM

• ACT.ORG

• SCHOLARSHIPS.COM

• FINAID.ORG

• FAFSA.ED.GOV