Financial Aid 101

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FINANCIAL AID 101
How am I going to pay for college?
College is affordable when you have the right information!
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2 Key Factors that determine a financial aid award
• Grades
• income
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3 Parts to a financial aid award
FINANCIAL AID
GRANTS &
SCHOLARSHIPS
WORK-STUDY
LOANS
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Grants &
Scholarships
Pell grant
(Federal)
Cal Grant (State)
Institutional
scholarships
Harvard
Mt. SAC
UCLA
Cal Poly Pomona
Outside
scholarships
Gates millennium
Rotary club
Esperanza
Crew leadership
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Work study
Library
clerk
Mentor to
high school
students
Research assistant
Spanish
tutor
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loans
Will I be eligible for student Loans?
If I’m eligible, Will I have to take out student loans to pay for
college?
When do I repay the loan?
will the payment be high?
Who is responsible for the loans, me or my parents?
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Cal State University financial aid award
Cost of attendance (-)
Tuition & Fees:
$4,058
Books:
$1,200
total A:
PROFILE
Name: elsa
H.S.: ganesha
G.P.A.: 3.0
Family Income: $35,000
College:
Cal Poly Pomona
$6,258
Financial aid award (+)
Grants &
scholarships:
$7,576
Work study:
$0
loans:
$1800
total B:
$9,376
+3118
Cost of attendance-financial aid award=
PARENT CONTRIBUTION: $0
STUDENT CONTRIBUTION:
$1800X4=$7,200
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Cal State University financial aid award
Cost of attendance (-)
Tuition & Fees:
$4,058
Room & Board:
$9,240
Books:
$1,200
Work study:
$0
$14,498
loans:
$4,000
total A:
PROFILE
Name: Raquel
Financial aid award (+)
Grants &
scholarships:
$10,354
total B:
Cost of attendance-financial aid award
=-144
$14,354
H.S.: Don Lugo
G.P.A.: 3.6
Family Income: $30,000
College:
Cal Poly Pomona
PARENT CONTRIBUTION: $144X4=$ 576
STUDENT CONTRIBUTION: $4000 X
4=$16,000
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Retail value
$50,000
http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx
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University of california financial aid award
Cost of attendance (-)
PROFILE
Tuition & Fees:
$9,141
Room & Board:
$10,900
Financial aid award (+)
Grants &
scholarships:
$18,201
Books:
$1,200
Work study:
$1,840
$21241
loans:
$1,200
total A:
total B:
Name: Lizbeth
H.S.: garey
Cost of attendance-financial aid award=
$21241
$0
G.P.A.: 3.8
Family Income: $25,000
PARENT CONTRIBUTION: $0
College:
UC Riverside
STUDENT CONTRIBUTION: $1200 x
4=$4,800
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Selective private college financial aid award
Cost of attendance (-)
Tuition & Fees:
$34,884
Room & Board:
$10,816
Books:
$1,200
total A: $46900
PROFILE
Name: Ernesto
H.S.: ganesha
G.P.A.: 4.3
Family Income: $30,000
College:
Swarthmore
Financial aid award (+)
Grants &
scholarships:
$45,575
Work study:
$1,325
loans:
$0
total B:$46,900
$0
PARENT CONTRIBUTION: $0
Cost of attendance-financial aid award=
STUDENT CONTRIBUTION: $0
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$4000
each summer to travel anywhere in the world
http://www.youtube.com/watch?v=8LgKU8SMqm0
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BRIGHT Prospect alumni
UC Berkeley
MIT
California
Massachusetts
POMONA h.s.
BRYN MAWR
$ 90,000
PENNSYLVANIA
GAREY h.s.
$ 180,000
GANESHA H.S.
$ 180,000
Uc san diego
bowdoin College
California
ganesha h.S.
maine
$ 85,000
$ 190,000
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HOW DO I APPLY FOR FINANCIAL AID?
Fafsa
(FREE
APPLICATION FOR FEDERAL STUDENT AID)
CSS PROFILE
(College Scholarship Service)
When do I apply for financial aid?
Senior year of high school
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EARNING THE GRADE!
Up to
$4,000
What is an “B” worth IN HIGH SCHOOL?
UP TO $ 3,000
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TEST YOUR FINANCIAL AID KNOWLEDGE!
WHAT ARE THE 2 KEY FACTORS IN DETERMINING A FINANCIAL AID AWARD?
WHAT ARE THE 3 CATEGORIES OF FINANCIAL AID AWARD?
WILL I HAVE TO TAKE OUT LOANS?
WHEN DO I PAY BACK MY LOANS?
WHEN DO I APPLY FOR FINANCIAL AID?
WHAT FORMS DO I FEEL OUT?
4/40 RULE!
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