The Big Bad World The Big Bad World Of Of

College Financial College Financial AidAid

How to pay for the college of How to pay for the college of your dreams!your dreams!

Ms. Nelson/Innovation SchoolMs. Nelson/Innovation School

On average, the On average, the typical typical

undergraduate undergraduate leaves college leaves college

$27,803 in debt. $27,803 in debt. While parents While parents

borrow $23,298borrow $23,298

How is aid distributed?How is aid distributed?

Institutions distribute their aid in Institutions distribute their aid in two ways:two ways:

* Need based: those who * Need based: those who demonstrate need.demonstrate need.

* Merit based: those who * Merit based: those who demonstrate specific individual demonstrate specific individual achievement, ability or potential.achievement, ability or potential.

ScholarshipsScholarships

• Money given by private institutions.Money given by private institutions.• Also called Grants, or Institutional Also called Grants, or Institutional

Awards. Awards. • Merit Based Awards: Awarded for Merit Based Awards: Awarded for

individual achievement, ability or individual achievement, ability or potential. potential.

• Need Based Awards: Given based on Need Based Awards: Given based on financial need; Pell Grant.financial need; Pell Grant.

LOANSLOANS

• Student Loans: Money borrowed to Student Loans: Money borrowed to pay for tuition and college costspay for tuition and college costs– Subsidized loans: for those who Subsidized loans: for those who

demonstrate need. Borrower usually demonstrate need. Borrower usually pays back a portion of the interest; pays back a portion of the interest; Direct Stafford Loans.Direct Stafford Loans.

– Unsubsidized loans: Available to any Unsubsidized loans: Available to any student or their family for the purpose student or their family for the purpose of tuition or college costs.of tuition or college costs.

Other Forms Of AidOther Forms Of Aid

• Tax Credits: Called the Hope Tax Credits: Called the Hope Scholarship. It directly reduces the Scholarship. It directly reduces the full tax you pay. full tax you pay.

• Lifetime Learning Tax Credit: Lifetime Learning Tax Credit: Targets adults who want to go back Targets adults who want to go back to school, change careers, or take to school, change careers, or take classes to upgrade skills. classes to upgrade skills.

• Work Study: Help arranged for Work Study: Help arranged for employment including extra wages. employment including extra wages.

Seven Scholarship Myths Seven Scholarship Myths #1#1

Only low-income families get help Only low-income families get help paying for college.paying for college.

Stems from the confusion between need Stems from the confusion between need and merit based aid. Merit and merit based aid. Merit scholarships rarely consider income. scholarships rarely consider income.

Seven Scholarship Myths Seven Scholarship Myths #2#2

Only students with high GPA’s win Only students with high GPA’s win merit awards.merit awards.

True with academic scholarships; True with academic scholarships; but merit scholarships are awarded but merit scholarships are awarded for all kinds of talents and interests. for all kinds of talents and interests. There might be a minimum GPA, but There might be a minimum GPA, but many other factors are important. many other factors are important.

Seven Scholarship Myths Seven Scholarship Myths #3#3

Most scholarships are for athletes or Most scholarships are for athletes or minority students. minority students.

Although there are many scholarships Although there are many scholarships for athletes and minorities, there are for athletes and minorities, there are even more offered for other reasons. even more offered for other reasons. Check with your church, parent’s Check with your church, parent’s jobs, clubs, interests, hobbies, and jobs, clubs, interests, hobbies, and anything else you can think of.anything else you can think of.

Seven Scholarship Myths Seven Scholarship Myths #4#4

Once you’ve graduated from high Once you’ve graduated from high school, it’s too late.school, it’s too late.

Scholarships are not the financial Scholarships are not the financial equivalent of your senior prom. You equivalent of your senior prom. You may, and can received aid any time may, and can received aid any time you attend college.you attend college.

Seven Scholarship Myths Seven Scholarship Myths #5#5

Applying for scholarships is just like Applying for scholarships is just like applying to college.applying to college.

While they may share some components, aid While they may share some components, aid applications require a variety of applications require a variety of information. Follow the directions that information. Follow the directions that accompany the scholarship paperwork. accompany the scholarship paperwork. Know the mission of the institution who is Know the mission of the institution who is offering the aid. offering the aid.

Seven Scholarship Myths Seven Scholarship Myths #6#6

Past actions and choices Past actions and choices predetermine scholarship success. predetermine scholarship success.

Regardless of past problems, you can Regardless of past problems, you can transform your issues into a transform your issues into a character building experience. character building experience.

Seven Scholarship Myths Seven Scholarship Myths #7#7

Focusing on a few awards maximizes Focusing on a few awards maximizes your odds of winning.your odds of winning.

By applying for a large number of By applying for a large number of scholarships minimizes problems scholarships minimizes problems that are out of your control. It isn’t that are out of your control. It isn’t as much work as you might think!as much work as you might think!

Who Gives Out AidWho Gives Out Aid

• Federal Government: FAFSA paperwork.Federal Government: FAFSA paperwork.• State Governments: FAFSA paperwork.State Governments: FAFSA paperwork.• Private Sponsors: Private companies, foundations Private Sponsors: Private companies, foundations

and corporations offer aid for a variety of reasons.and corporations offer aid for a variety of reasons.• Colleges, universities, technical and trade Colleges, universities, technical and trade

schools.schools.• Veterans groups, unions, lodges, society’s, and Veterans groups, unions, lodges, society’s, and

clubs.clubs.• Different focus groups: gender, race, disabilities.Different focus groups: gender, race, disabilities.

Interesting Interesting OpportunitiesOpportunities

• Western Sunbathing Association: a Western Sunbathing Association: a regional chapter of the American regional chapter of the American Association for Nude Recreation, Association for Nude Recreation, provides $1,000 scholarship to provides $1,000 scholarship to members’ children who write an members’ children who write an essay on “What Nudism Means To essay on “What Nudism Means To Me.”Me.”

Application ComponentsApplication Components

• Essays or Short Answers Questions.Essays or Short Answers Questions.• Sample Work and Project SubmissionsSample Work and Project Submissions• Extracurricular Activity ListsExtracurricular Activity Lists• Grade TranscriptsGrade Transcripts• Letter of RecommendationLetter of Recommendation• InterviewsInterviews• AuditionsAuditions• Awards and HonorsAwards and Honors• Test ResultsTest Results

HINT:HINT:

Steer clear of ENTRY FEESSteer clear of ENTRY FEES

Unlike application fees, scholarship Unlike application fees, scholarship contests rarely cost anything to enter. contests rarely cost anything to enter.

You MAY have to pay a small processing You MAY have to pay a small processing fee (for example, the National Honor fee (for example, the National Honor Society charges $4 processing fee). Society charges $4 processing fee).

How Parents Can HelpHow Parents Can Help

1.1. Help with scholarship searching.Help with scholarship searching.

2.2. Strategize with your kids.Strategize with your kids.

3.3. Provide research assistance.Provide research assistance.

4.4. Keep things organized.Keep things organized.

5.5. Be a good sounding board.Be a good sounding board.

6.6. Review applications and Review applications and paperwork.paperwork.

7.7. Give support and encouragement.Give support and encouragement.

10 Action Steps10 Action Steps

1.1. Assemble your scholarship search tools.Assemble your scholarship search tools.2.2. Tap into your school’s resources.Tap into your school’s resources.3.3. Search scholarship databases.Search scholarship databases.4.4. Politely raid other schools’ resources. Politely raid other schools’ resources. 5.5. Canvas your community.Canvas your community.6.6. Seek out government sources.Seek out government sources.7.7. Pursue all personal and family affiliations.Pursue all personal and family affiliations.8.8. Apply effective Internet search techniques.Apply effective Internet search techniques.9.9. Uncover school specific awards.Uncover school specific awards.10.10. Seek out related organizations. Seek out related organizations.

Scholarship DatabasesScholarship Databases** Turn in a senior resume to your counselor and you will be eligible Turn in a senior resume to your counselor and you will be eligible

for the METSA scholarshipsfor the METSA scholarships• Mountlake Terrace Website; click on scholarshipsMountlake Terrace Website; click on scholarships• Print directories purchased from bookstoresPrint directories purchased from bookstores• CD-ROM DatabasesCD-ROM Databases• www.TuitionFundingSources.com, www.fastweb.com., www.fastweb.com.• www.ScholarshipCoach.comwww.ScholarshipCoach.com• www.wiredscholar.comwww.wiredscholar.com• www.collegeboard.orgwww.collegeboard.org• www.fastaid.comwww.fastaid.com• www.fastweb.comwww.fastweb.com• www.freshinfo.comwww.freshinfo.com• www.scholaraid.studentadvantage.comwww.scholaraid.studentadvantage.com• www.scholarshipexperts.comwww.scholarshipexperts.com• www.srnexpress.com/scholarships/index.cfmwww.srnexpress.com/scholarships/index.cfm• www.scholarships101.comwww.scholarships101.com

Universal Judging Universal Judging CriteriaCriteria

• Evidence of hard workEvidence of hard work• Overcoming obstaclesOvercoming obstacles• TeamworkTeamwork• PerseverancePerseverance• Individual InitiativeIndividual Initiative• Passion and EnthusiasmPassion and Enthusiasm• ResponsibilityResponsibility• Civic DutyCivic Duty• PurposePurpose• CharacterCharacter

Application Content Application Content StrategiesStrategies

1.1. Expand on your strong Expand on your strong points.points.

2.2. Shore up your weak areas.Shore up your weak areas.

3.3. Create opportunities for Create opportunities for yourself.yourself.

Essays and Short Answer Essays and Short Answer QuestionsQuestions

Finding your own voice:Finding your own voice:

Free write for practice.Free write for practice.

Consult other essays.Consult other essays.

Talk it over with trusted people.Talk it over with trusted people.

Record yourself.Record yourself.

Move locations: new point-of-view.Move locations: new point-of-view.

Zoom into a detail or description.Zoom into a detail or description.

Advice for Specific Advice for Specific TopicsTopics

• Future Career AspirationsFuture Career Aspirations• Your Greatest AchievementYour Greatest Achievement• A Person You AdmireA Person You Admire• Solving a Pressing IssueSolving a Pressing Issue• Growth ExperiencesGrowth Experiences

Interview TipsInterview Tips

• Do Your HomeworkDo Your Homework• Prepare a Few Key PointsPrepare a Few Key Points• Prepare Anecdotes to Illustrate Your PointsPrepare Anecdotes to Illustrate Your Points• Anticipate Interview QuestionsAnticipate Interview Questions• Prepare ResponsesPrepare Responses• Prepare Questions to Ask the InterviewerPrepare Questions to Ask the Interviewer• Practice: videotape yourselfPractice: videotape yourself• Prepare Samples of Your WorkPrepare Samples of Your Work• Reread and Review Your Written ApplicationReread and Review Your Written Application