Financial Aid

Financial Aid

• Any program that offers money to assist with the costs associated with being a student

• Approximately 85% of full-time college students receive some type of financial aid

• There are many different types and sources

• The types, sources, and amounts of aid each student receives is called their financial aid package

Types of Financial Aid

Gift Aid• Does not have to be repaid• Examples– Grants

• Usually need-based• Federal government is a

major source

– Scholarships• Usually based on

merit/achievement• May be based on specific

major, demographics, etc.• Many different sources

Self-Help Funds• Must be repaid • Examples– Loans

• Private or public sources• Repaid in money, with

interest• Repayment schedule and

options may be flexible

– Employment- or Service-Based Aid• Repaid with work/service• e.g., Work-study

Sources of Financial Aid

• Federal or State Government• Colleges/Universities• Banks/Loan Companies• Other Organizations– Nonprofits/Foundations– Membership Organizations/Clubs– Employers– Private Corporations – Other

Qualifying for Financial Aid

• Find out the criteria for each type/source of aid

• Apply for anything you may qualify for

• Understand the terms and conditions

• Maintain eligibility– “Satisfactory academic progress”– Minimum GPA and number of credit hours

Free Application for Federal Student Aid (FAFSA)

• Form required for almost any kind of financial aid

• Does not obligate you to accept financial aid

• No fee to apply

• Complete the FAFSA online at www.fafsa.ed.gov – You will have to enter a lot of private, sensitive data– Do not do this on an unsecured computer!– FYI – www.fafsa.com is not the correct site

FAFSA Activity• Go to www.fafsa.ed.gov and read through the

information and forms about completing the FAFSA.

• Reflect on the process to make a checklist of needed information for successful completion.

• Complete this activity at home with your parent(s)/guardian(s).

• Use the provided checklist and include it in your transition notebook.

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