Financial Aid & Scholarships WHS School Counseling 2 Types of - - PowerPoint PPT Presentation

Financial Aid & Scholarships

WHS School Counseling

Types of Financial Aid

Loans Money that is borrowed and will need to be paid back. Subsidized (interest is deferred) vs. Unsubsidized (interest is accrued) Grants Free money that is given often based on financial need.

Scholarships Free money awarded on merit, talent, or athletic performance.

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FAFSA: Free Application for Federal Student Aid

• Go to FAFSA.gov
• Must complete your FAFSA to qualify for

government sponsored loans and grants

• Available October 1st - June 30th of each year
• Money is given out on a first come, first serve

basis

EFC: Expected Family Contribution

All colleges use a basic equation to determine your financial aid. $30,000 College costs **

• $8,000 Expected Family Contribution

$22,000 Student’s Financial need

** Varies by college and each college will offer a specific financial aid package.

Scholarship Applications

Earn money to reduce your college costs! ➔ School Specific - With Acceptance ➔ Local/County - Naviance ➔ National - Naviance

Steps for Applying

School, County, and Nationwide Scholarship Access and Applications

Hello!

Some scholarship applications will be a downloadable and/or fillable .pdf. While other applications will be on the sponsor’s website.

Because you will only be attending one college or university even though you may be accepted to more than one. If you’ve applied to more than one school and have been accepted by more than one school, each of those schools may send you a financial aid package. Let your Career Center Specialist know which school you will be attending and supply her or him with copies of the award letters.

Why wouldn’t I accept all scholarships offered to me?

• decision. Senior Surveys

How do I report scholarships awarded/offered to me?

4 myths

• n why NOT to apply for scholarships

Myth #1: I don’t have time to write essays

You spend 5 hours to write, proof, and edit a 500 word essay for a scholarship awarding $5,000. You are selected as the recipient of the scholarship. You just earned $1,000 per hour to help pay for your education!

Myth #2: Odds are I won’t win a scholarship because so many other people apply too

Fact: National/Statewide scholarships are typically more competitive than school-based or countywide scholarships Truth: Apply to scholarships that have criteria you meet, no matter how large or small the applicant pool might be.

Several scholarships receive few to zero applications, thus improving your chance to win exponentially!

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The Class of 2019 accepted $433,101,246 in scholarships.

Myth #3: The scholarship requires a copy of my SAR/FAFSA but my EFC is high

Generally, there are several criteria points considered when awarding scholarships to deserving recipients. Even if a scholarship is need-based, the EFC doesn’t always tell the whole story. Ensure the other components of the scholarship are met and if an essay is required, you may have the

• pportunity to explain your situation depending on

what the prompt is.

Myth #4: The scholarship is only awarding $200

That’s $200 more than you started with to pay for things listed above

Tips for Applying

• Pay close attention to deadlines and adhere to

them.

• If transcript is required ensure Transcript Request

Form is submitted at least 10 days prior to due date.

• Make sure you include all required components.

× Use the Student Cover Sheet Checklist

• Type your information on the application. If you

are unable to, use a BLUE or BLACK pen, and write

• neatly. Never use a pencil.
• Have someone proof your essay, if required.
• Access your resources (ex. Writing Center or Career

Center)

GOOD LUCK!

There is lots of money out there – take advantage! See you in the School Counseling Office!