MoneyCounts:
A Financial Literacy Series
FAFSA and Scholarships
Dr. Daad A. Rizk
MoneyCounts: A Financial Literacy Series
128H Outreach Building
University Park PA 16802
dar39@psu.edu
814-863-0214
Learning Objectives
Review the Financial Aid Process
Review FAFSA – Free Application for Federal Student Aid
Explore options to find Scholarships
MoneyCounts: A Financial Literacy Series
Overview of Financial Aid Process
What is the Financial Aid Process?
Overview of the Financial Aid Process [YouTube]
U.S. Department of Education – what is their role in the financial aid process?
Penn State Office of Student Aid – what is their role in the financial aid process?
What is considered free money?
What is considered money you have to pay back?
MoneyCounts: A Financial Literacy Series
Myths about financial aid
Free Application for Federal Student Aid
FAFSA
Free Application for Federal Student Aid
Myths about financial aid
Federal Student Aid. Myths about Financial Aid [YouTube]
My parents make too much money?
I need to file taxes before completing FAFSA?
FAFSA is too complicated to complete?
My grades are not good enough to get aid?
My ethnicity or age prevent me from getting any aid?
MoneyCounts: A Financial Literacy Series
FAFSA Application Website
FAFSA : Free Application for
Federal Student Aid
https://fafsa.ed.gov/
MoneyCounts: A Financial Literacy Series
8 steps to successfully complete the FAFSA
Free Application for Federal Student Aid
FAFSA
Free Application for Federal Student Aid
1.Get a PIN
2.Gather the Documents Needed to Apply
3.Get Help
4.Log In and Provide Your Basic Personal Information
5.List Colleges and/or Career Schools
6.Determine Your Dependency Status
7.Provide Financial Information
8.Sign and Submit the FAFSA
Note: You have to be a U.S. Citizen or a U.S. Permanent
Resident to qualify for FAFSA
MoneyCounts: A Financial Literacy Series
FAFSA Overview
Free Application for Federal Student Aid
FAFSA Overview
Free Application for Federal Student Aid
FAFSA Overview [YouTube]
How long does it take?
What kind of funds you “might” qualify for?
Cost of Attendance?
Expected Family Contribution? (EFC)
Financial Need?
MoneyCounts: A Financial Literacy Series
How to complete the FAFSA
Free Application for Federal Student Aid
How to complete the FAFSA
Free Application for Federal Student Aid
How to Fill Out the FAFSA [YouTube]
Can you file online?
What do you need as information?
Tax information? Can you import from IRS?
What is a PIN? Who needs it?
Can you Chat? Or how do you get help?
MoneyCounts: A Financial Literacy Series
Dependency Status
Free Application for Federal Student Aid
FAFSA – Dependency Status
Free Application for Federal Student Aid
FAFSA: Determining Your Dependency Status
Dependent versus Independent? What are the criteria?
Dependent? Whose financial information do you use?
Independent? Whose financial information do you use?
What if you need guidance?
What if my parents refuse to help me? Can I get any funds?
MoneyCounts: A Financial Literacy Series
What happens after you submit FAFSA
Free Application for Federal Student Aid
FAFSA – SAR & ISIR
Free Application for Federal Student Aid
After the FAFSA. What Happens Next?
Who processes the FAFSA?
What is SAR?
What do you do with it?
How does my school know what I am being offered?
What if I receive a loan? What do I need to do?
Who gets the money?
MoneyCounts: A Financial Literacy Series
Calculators
Calculators
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FAFSA4caster
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Expected Family Contribution (EFC) Calculator [The College Board]
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Focus on Net Price, Not Sticker Price [The College Board]
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Pay for College Tools and Calculators [The College Board]
MoneyCounts: A Financial Literacy Series
Concept of a Scholarship
What is a scholarship?
Who can get a scholarship?
What do you have to give in order to receive a scholarship?
MoneyCounts: A Financial Literacy Series
Scholarships – Penn State
 Scholarships [Penn State Office of Student Aid]
 Scholarships
 Penn State scholarships are awarded to exemplary students and are
highly competitive due to limited funding. Scholarships are a form of gift
aid that does not need to be re-paid.
 All students who are offered admission and submit a Free Application
for Federal Student Aid (FAFSA) to Penn State are considered for
scholarships awarded by the Office of Student Aid.
MoneyCounts: A Financial Literacy Series
Administrative Unit Scholarships
 Administrative Unit Scholarships
 Scholarships are offered by some Penn State administrative areas.
 Penn State Air Force ROTC
 Penn State Army and National Guard ROTC
 Penn State Navy and Marine Corps ROTC
 Education Abroad
 Office for Disability Services
 University Libraries
 University Fellowships Office
 Student Affairs
 Intercollegiate Athletics
 Office of Undergraduate Education
MoneyCounts: A Financial Literacy Series
Academic Scholarships
 Academic College Scholarships
 Academic college scholarships are based primarily on scholastic
performance.
 Award values range from $700 to $2,500 per academic year. Awarding for
both first-year and continuing students usually begins as early as December
and continues throughout the year. Scholarship funds for first-year students
are limited for some academic colleges.
MoneyCounts: A Financial Literacy Series
Example of Academic Scholarship
• Example of Academic Scholarship
Academic College
First-year students
Upper-class students
College of Agricultural
Sciences
Application: Yes
Application: Yes
Deadline: 4/30
Deadline: 4/30
MoneyCounts: A Financial Literacy Series
Campus Scholarships
 Campus Scholarships
 All Penn State campuses award scholarships to eligible first-year students
based on academic performance, SAT/ACT scores, financial need as
determined by the Free Application for Federal Student Aid (FAFSA),
leadership, and community service.
 Scholarship award values range from $800 to $2,000 per academic year.
Campus scholarship awarding for both first-year and current students
begins as early as December and continues through July.
MoneyCounts: A Financial Literacy Series
Outside Scholarships
 Outside Scholarships
 You may be eligible for outside scholarships from businesses or
organizations in your local community with which you have affiliations.
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Community Resources
Your local chamber of commerce
Your high school
Your parents' employers (dependent students only)
Your employer
Private foundations
Religious organizations
Professional associations
In most cases the awarding agency is responsible for selecting the recipient and determining
the value of the scholarship.
MoneyCounts: A Financial Literacy Series
Internet Searches
 Internet Searches
 Start Early. Don't Pay!
 Start early. Most scholarships are awarded six months to one year prior to the
start of the semester or academic year of the award.
 Don't pay. Penn State does not endorse any scholarship search engine that
charges a fee. You should never have to pay for a scholarship search.
 The Office of Student Aid recommends the following FREE
scholarship search engines:
 FastWeb
 The College Board
MoneyCounts: A Financial Literacy Series
Notify Student Aid Office
• Notify Penn State of Your Award
• If you receive scholarships or educational funds from
private organizations, notify Student Financial Services.
• The funds will be credited to your student account and
applied toward your direct charges first. Any excess
funds will be refunded to you.
MoneyCounts: A Financial Literacy Series
Select Outside Scholarships
 Select Outside Scholarships
 The organizations below offer assistance to students who meet the criteria
for any of the following scholarships. If you are the recipient of an outside
scholarship, notify Penn State.
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Jump to:
Mass Mutual Scholars Program
Life Lessons Scholarship Program
American Association of University Women State College Branch
Verbal Ink Transcription Services Scholarship
iModules Scholarships
AFSCME-UNCF-Harvard LWP Union Scholars Program
Hispanic Scholarship Fund General College Scholarship Program
Philanthropic Educational Organization (P.E.O)
American Council of Engineering Companies of Pennsylvania
MoneyCounts: A Financial Literacy Series
For Special Populations
 Scholarships for Special Populations
 Private agencies, organizations and corporations can provide
opportunities for specific populations such as:
 Congressional Hispanic Caucus Institute, Inc.
 Gates Millennium Scholars Award
 Hispanic Scholarship Fund
 United Negro College Fund
 Scholarships for Women [Online Colleges]
 College Scholarships and Resources for Women
[BestColleges.com]
MoneyCounts: A Financial Literacy Series
PA Residents
 Scholarships for Pennsylvania Residents
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Scholarships offered by the Pennsylvania Higher Education Assistance Agency (PHEAA):
Aid for Veterans & National Guard Members
Partnership for Access to Higher Education (PATH)
Pennsylvania Chafee Education and Training Grant Program (ETG)
Postsecondary Educational Gratuity
New Economy Technology Scholarship (NETS)
For more information about these scholarships and for non-scholarship funding opportunities
like work-study and loan forgiveness, please visit PHEAA.
 Pennsylvania State Grant Program
 Pennsylvania State Grant [Penn State Office of Student Aid]
MoneyCounts: A Financial Literacy Series
U.S. Department of Labor
 United States Department of Labor : http://www.dol.gov/
 CareerOneStop.org
Scholarships
Scholarship Finder
Scholarships on Wikipedia
State scholarships
CareerOneStop is sponsored by the
U. S. Department of Labor,
Employment and Training
Administration
Scholarships on College Board
MoneyCounts: A Financial Literacy Series
International Students
 Limited for undergraduates
 Employment. F-1 and J-1 Students [Global Penn State]
 Outside Scholarships:
 Scholarships search [InternationalScholarships.com]
 Graduate Assistantships
 Graduate Students
MoneyCounts: A Financial Literacy Series
25 Strange, Crazy, And Obscure Scholarships
25 Strange, Crazy, and Obscure Scholarships [YouTube]
Tall Clubs International Scholarship
Sophie Major Memorial Duck Calling Contest
Common Knowledge Challenges
Vegetarian Resource Group Scholarship
KLI Academic Award: The Kor Memorial Scholarship
OP Loftbed Scholarship
Michigan Llama Association (MLA) Scholarship
American Fire Sprinkler Association Scholarship
Hiram College Hal Reichle Scholarship
Stuck at Prom Scholarship Contest
Jif Most Creative Sandwich Contest
Annual Create-A-Greeting-Card $10,000 Scholarship Contest
Copyright Awareness Scholarship
IDC Scholarship Program
Benjamin A. Gilman International Scholarship
"Advice to Your High School Self" Scholarship
Berrien Fragos Thorn Arts Scholarships for Migrant Farmworkers
Optimist International Scholarships
Foreclosure.com Scholarship Program
Junior Duck Stamp Program
Frederick and Mary F. Beckley Scholarship.
The NCTA Help Santa Find the Perfect Real Christmas Tree scholarship
FBI Common Knowledge Challenge
Gertrude J. Deppen Scholarship Fund
John Gatling Scholarship
MoneyCounts: A Financial Literacy Series
Tips to help you succeed!
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Complete an honest self-assessment portfolio
Write a wonderful essay about yourself and your goals
Update your resume with all “extra curricular activities”
Outreach, communicate, and network
Expand your research
– Family, relatives and friends
– Local community, library, church, organizations
– State & Federal
MoneyCounts: A Financial Literacy Series
Budgeting Basics
• Budgeting [YouTube]
• Do you have an income?
– Work, family allowance?
• What are your expenses?
– How do you spend your money?
MoneyCounts: A Financial Literacy Series
MoneyCounts:
A Financial Literacy Series
Thank You!
Comments and Questions
Dr. Daad A. Rizk
MoneyCounts: A Financial Literacy Series
128 H Outreach Building
University Park PA 16802
dar39@psu.edu
814-863-0214