College Scholarship Web-Sites
4. FAFSA’s web-site
6. The College Board
Scholarships/ Financial Aid
Find three scholarships and actually apply for them. If you can’t actually apply or find any that work for you, YOU STILL MUST COMPLETE THIS ACTIVITY WITH ANY THREE SCHOLARSHIP APPLICATIONS to practice for next year.
You will need to turn in:
1. The Scholarship Description and Requirements
2. Copies of any forms filled out
3. Copies of any written portions or essays submitted
Financial Aid Facts
- Awarded by the US Government based upon NEED
- You DON’T have to pay back
- FAFSA form is required
- Can be anywhere from $1,000-$10,000
- Awarded by the US Government based upon student need
- You DO have to pay back---but, LOW interest rate (3-7% vs. 18-30% on credit cards)
- FAFSA is required to have access
- Will cover balance of college cost
- Awarded by private financial insitutions
- You DO have to pay back---but, HIGHER interest rates
- FAFSA is NOT required to have access
- May or may not cover balance of college cost
- Awarded by individual colleges
- Based upon TEST scores and GRADES
- Automatic application when you apply to the college
- Awarded by private organizations
- Based upon all sorts of factors, but may include, TEST scores, GRADES, service, rigor of coursework, etc.
- Application processes vary
- You work for the college and the college pays part of your tuition.
- FAFSA is required for this program
- You don't have to pay back
- A FAFSA will determine your parent’s EFC or Expected Family Contribution
- Your aid ($) will be determined by your parents EFC
- Basically: Aid = College Cost - EFC
Let's say your college cost is $17,003 and your parent's EFC is $3,000. Your aid will be 14,003
- Your financial aid will come as a combination of GRANTS and LOANS
- For example: to meet your $14,003 need you may get $3,000 in GRANTS and $11,003 in LOANS offered to you
- You do not have to accept either
- GRANTS= you don’t pay back
- LOANS= you eventually pay back
Financial Aid Myths
Financial Aid Myths
Don’t Believe Everything You Hear
Literally billions of dollars in financial aid is available to those who need help paying for college. Yet lots of
misinformation clouds the facts about what type of aid is available and who is eligible. Here are some
myths dispelled for students confronting the process of securing financial aid.
1. College Is Just Too Expensive forOur Family
Despite the media hype about rising college costs, a college education is more affordable than most people
think, especially when you consider college graduates earn an average of $1 million more over their careers
than high-school graduates. The average yearly cost of a four-year public school in 2005–2006 is just $5,491.
There are some expensive schools, but high tuition is not a requirement for a good education.
2. There’s Less Aid Available Than There Used to Be
In fact, student financial aid in 2004–2005 rose to a record level of more than $129 billion. Most students
receive some form of aid. Less of this aid now comes in the form of grants, however; most aid is awarded
through low-interest loans or institutional and other grants.
3. My Parents’ Income Is Too High to Qualify for Aid
Aid is intended to make a college education available for students of families in many financial situations.
College financial aid administrators often take into account not only income but also other family members in
college, home mortgage costs, and other factors. Aid is awarded to many families with incomes they thought
would disqualify them.
4. My Parents Saved for College, So We Won’t Qualify for Aid
Saving for college is always a good idea. Since most financial aid comes in the form of loans, the aid you are
likely to receive will need to be repaid. Tucking away money could mean you have fewer loans to repay, and it
won’t mean you’re not eligible for aid if you need it. A family’s share of college costs is calculated based
mostly on income, not assets such as savings.
5. I’m Not a Straight “A” Student, So I Won’t Get Aid
It’s true that many scholarships reward merit, but the vast majority of federal aid is based on financial need and
does not even consider grades.
6. If I Apply for a Loan, I Have to Take It
Families are not obligated to accept a low-interest loan if it is awarded to them. “In my opinion, everybody
should apply for financial aid,” says Tally Hart, Director of Student Financial Aid at Ohio State University.
“Student loans are at all-time low interest rates.” She recommends applying for and comparing the loan awards
with other debt instruments and assets to determine the best financial deal.
7. Working Will Hurt My Academic Success
Students who attempt to juggle full-time work and full-time studies do struggle. But research shows that students
who work a moderate amount often do better academically. Securing an on-campus job related to career
goals is a good way for you to help pay college costs, get experience, and create new ties with the university.
8. I Should Live at Home to Cut Costs
It’s wise to study every avenue for reducing college costs, but living at home may not be the best way. Be sure
to consider commuting and parking costs when you do this calculation. Living on campus may create more
opportunities for work and other benefits.
9. Private Schools Are Out of Reach for My Family
Experts recommend deferring cost considerations until late in the college-selection process. Most important is
finding a school that meets your academic, career, and personal needs. In fact, you might have a better chance
of receiving aid from a private school. Private colleges often offer more financial aid to attract students from
every income level. Higher college expenses also mean a better chance of demonstrating financial need.
10. Millions of Dollars in Scholarships Go Unused Every Year
Professional scholarship search services often tout this statistic. In fact, most unclaimed money is slated for a
few eligible candidates, such as employees of a specific corporation or members of a certain organization.
Most financial aid comes from the federal government, though it’s also a good idea to research nonfederal
sources of aid.
11. My Folks Will Have to Sell Their House to Pay for College
Home value is not considered in calculations for federal financial aid. Colleges may take home equity into
account when determining how much you are expected to contribute to college costs, but income is a far
greater factor in this determination. No college will expect your parents to sell their house to pay for your
12. We Can Negotiate a Better Deal
Many colleges will be sensitive to a family’s specific financial situation, especially if certain nondiscretionary
costs, such as unusually high medical bills, have been overlooked. But most colleges adhere to specific financial
aid-award guidelines and will not adjust an award for a family that feels it got a better deal at another
school. “We won’t bargain, but we want to make sure we know the family’s full financial picture,” says Tally
Hart, Director of Student Financial Aid at Ohio State University.