1. Financial Aid Options
for Foster Youth
5/6/2012
www.collegenowgc.org www.collegenowgc.org 1

2. What is Financial Aid?
Money to help students pay for
their college education
(not always FREE!)
5/6/2012
www.collegenowgc.org 2

3. Types of Financial Aid
There are three types of financial aid:
1. Gift money
• Grants & scholarships
2. Earned money
• Federal work study
3. Borrowed money
• Education loans (federal & private)
5/6/2012
www.collegenowgc.org 3

4. What is the FAFSA?
• Free Application for Federal Student Aid
• Why should I complete it?
– Generates every type of financial aid
• When should I complete it?
– After January 1 of High School Senior Year
• How should I complete it?
– Complete the FAFSA at www.fafsa.gov
5/6/2012
www.collegenowgc.org 4

5. 5/6/2012
www.collegenowgc.org 5

6. FAFSA Dependency ?’s
5/6/2012
www.collegenowgc.org 6

7. FAFSA
• You need to complete it every year to get
financial aid
• File your FAFSA by your school’s priority
filing deadline
– February 15th is a common deadline
5/6/2012
www.collegenowgc.org 7

8. Expected Family Contribution
(EFC)
• The EFC is what the Department of
Education feels the family can contribute
to the cost of the student’s education
– Is it fair? Most people think “no!”
• The EFC does not change from school to
school
5/6/2012
www.collegenowgc.org 8

9. Student Aid Report (SAR)
• Summary of your FAFSA information
• It is sent electronically to the schools you
have listed on your FAFSA
• Schools will use the information from your
SAR to help determine your financial aid
5/6/2012
www.collegenowgc.org 9

10. Cost of Attendance (COA)
Tuition & Fees
+ Room & Board
+ Books & Supplies
+ Personal Expenses
+ Transportation
Cost of Attendance
5/6/2012
www.collegenowgc.org 10

11. Financial Need
Cost of Attendance
- Expected Family Contribution
Financial Need
Financial Need is used to determine what
type of financial aid a student will receive
5/6/2012
www.collegenowgc.org 11

12. Award Letter
• Award letters sent from schools in late
March or the beginning of April
• Compare award letters for:
– Gift Money
– Earned Money
– Borrowed Money
– Unmet Need
5/6/2012
www.collegenowgc.org 12

13. Extra Monies Available
• ETV
• College Bound
5/6/2012
www.collegenowgc.org 13

14. Finding
Scholarships
because they aren’t going
to find you.
5/6/2012
www.collegenowgc.org 14

15. Where to start?
The college that you
want to attend.
5/6/2012
www.collegenowgc.org 15

16. Dedicated Scholarship
• www.fc2success.org
5/6/2012
www.collegenowgc.org 16

17. Strategy # 1:
Think Local
– Local civic organizations, churches, your high
school, your place of employment all might offer
scholarships.
– Your chance of getting a scholarship goes up the more
local it is!
5/6/2012
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18. Strategy # 2:
Think Specific
– Scholarships are available for students based on
academic achievement, for certain majors, for
underrepresented students, etc.
– There are scholarships for specific people; as specific as
YOU!
5/6/2012
www.collegenowgc.org 18

19. Strategy # 3:
Think Easy
−Apply to the most obvious scholarships first.
5/6/2012
www.collegenowgc.org 19

20. Applying for Scholarships
• Be sure you meet all deadlines
• Understand what is required for
submission
• Follow up in a timely manner if you have
not heard from awarding institution
5/6/2012
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21. The Essay Step 1:
• Choosing a topic
– Are you answering the question
– Do you have enough information to support your topic
– Is your topic too controversial or too boring
– Is your topic unique or can you put a unique spin on it
5/6/2012
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22. The Essay Step 2:
• Writing your essay
– Use the essay as a chance to separate yourself from
other applicants
– Write so people understand what you are saying
– The body of your essay should support the
introduction
5/6/2012
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23. The Essay Step 3:
• Proofing an essay
– Ask at least two honest and qualified people to read
over your essay
– If you quoted something make sure you cited it
correctly
– Make sure each word counts
5/6/2012
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24. Don’t do this . . .
Eye halve a spelling checker
It came with my pea sea,
It plainly marquees four my revue
Miss steaks eye kin knot sea.
Eye strike a key and type a word
And weight for it two say,
Weather eye am wrong oar write
It shows me strait a weigh.
As soon as a mist ache is maid
It nose bee fore two long,
And eye can put the error rite
Its rare lea ever wrong.
5/6/2012
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25. Beware!
• Not all scholarship providers have your
best interest in mind!
– Watch out for:
• Application Fees
• Guaranteed Winnings
• Too-good-to-be-true offers
5/6/2012
www.collegenowgc.org 25

26. Questions?
5/6/2012
www.collegenowgc.org www.collegenowgc.org 26

27. Stacy Watts
Resource Center Coordinator
216-241-5587, ext. 140
swatts@collegenowgc.org
5/6/2012
www.collegenowgc.org www.collegenowgc.org 27