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“FOLLOW THE YELLOW BRICK
ROAD TO FINANCIAL AID…”
A presentation about Financial Aid
Hosted by: GWHS Guidance Department
The first step to figuring out financial aid is…
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TO TAKE A DEEP BREATH!
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Have you done that? Yes? Okay, now we can move
on to the fun stuff!
If you have questions, please write them on the
handouts and save them until the end.
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HOW AM I SUPPOSED TO
PAY FOR COLLEGE?
There are so many possibilities!
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Savings
Private Loans
Part-time Job
Financial Aid Programs
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Federal Student Aid
Scholarships
Work Study
Federal Grants
State Grants
Federal Loans
It is all based upon how YOU want to pay for it!
What is Financial Aid, anyway?
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Refers to institutional, private, federal, or state
money that will help you pay for your education.
Different types exist – loans, scholarships, workstudy, and grants – all of which will covered indepth later on.
Some of it is “free money” and some you have to
pay back, but it is all there to help you go to
college!
Federal Grant Programs for 2012-2013
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Most Federal Grants are need-based.
Federal Pell Grant:
 For students with exceptional financial need
 Maximum of $5,550 (subject to change)
Federal Supplemental Educational Opportunity Grant (FSEOG):
 Also for students with exceptional need
 Maximum of $4,000
Teacher Education Assistance for College and Higher Education (TEACH)
Grant:
 Not need based
 Maximum of $4,000
 If you do NOT follow through with becoming a teacher, it becomes a
LOAN! So, be very careful with this.
State Grant Programs
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Virginia Tuition Assistance Grant (VTAG)
 For
Virginia residents who choose to attend a
participating private college or university in the
Commonwealth of Virginia.
 EVERYONE can receive this!
 Total of $2600 for this academic year (may change
next year).
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Virginia Guaranteed Assistance Program and
Commonwealth Award
A
state grant for the neediest of student.
Federal Work Study Program
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You work a part-time job either on- or off-campus
and earn a paycheck.
Jobs range from office assistants and cafeteria
workers to library assistants and helping out with an
afterschool program!
It depends on available funds.
Federal Loan Programs
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You must check that you would like to receive federal loans.
Federal Direct Loans
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Subsidized (Need-based)
Unsubsidized (Not based upon need)
Perkins Loan (is subsidized)
Parent PLUS Loan (is unsubsidized)
Flexible repayment options.
Should exhaust BEFORE pursuing a private loan!
Private Loans
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Typically provided by banking institutions
Interest rates tend to be higher than the federal
loan programs
Will probably need a co-signer on the loan
Not as flexible with repayment options
Scholarships
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Apply for scholarships all throughout the year
When you receive an outside scholarship, you must
let your school know!
Might cause your Award Letter to change, and you
may even lose some federal, state, or institutional
aid.
Merit-Based vs. Need-Based Aid
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Merit-based aid is determined by your academic
performance, community involvement, and
extracurricular activities (like athletics).
 Most
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scholarships are merit-based
Need-based aid is determined solely by your
financial need as a family.
 Many
Federal and State Aid Programs are need-based
Savings
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If your family has saved up for your postsecondary
education, it should be the first place to go for your
college costs.
The rest of the costs can be covered with financial
aid and/or a part-time job.
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LET US TAKE A MOMENT
TO BREATHE…
Inhale… Exhale… Inhale… We are halfway done!
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WHAT IF I DO NOT HAVE
SAVINGS? HOW AM I
GOING TO PAY FOR
COLLEGE?
Quick answer: Fill out the FAFSA so that you can
qualify for federal and most state student aid! 
Okay, so how do I get Financial Aid?
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There are a variety of ways to get financial aid!
The most important step, after you take that first deep breath,
is by filling out the “Free Application for Federal Student Aid”
or FAFSA, for short.
Some schools employ institutional forms IN ADDITION to the
FAFSA.
Other schools require something called the CSS/Financial Aid
Profile, IN ADDITION to the FAFSA. More on The Profile later.
Do you see the trend here?  (If you noticed the FAFSA is the
common theme, that is great!)
Who can receive financial aid?
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EVERYONE!
Not only are most scholarships merit-based; some
institutional scholarships are as well!
All you have to do is apply!
Never be worried that you are the only student on
financial aid – the truth is that a vast majority of
students receive some form of financial aid!
Okay, nice! Now when can I get it?
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You may begin filing the FAFSA after January 1, 2012.
The CSS Profile can be filed as soon as you would like. It
became available in October 2011.
It is very, VERY important to know when your prospective
school’s priority filing date for financial aid is.
Typically, applying after this date could mean you might
receive less aid than you are eligible for.
So, apply EARLY! If you need help finding those dates, come
see me or your counselor and we will be more than happy to
help you find them.
How will I know how much I received?
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Your school will send you an Award Letter.
 Lists
the Cost of Attendance for the school, how much
financial aid you will receive, and how much you will be
expected to pay with scholarships and out of your own
pocket.
 Typically comes shortly after you finish the Financial Aid
application process.
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A college/university will NOT create an Award
Letter or Financial Aid package until AFTER you
complete the FAFSA, CSS Profile, and/or any
Institutional Financial Aid forms!
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OKAY, YOU HAVE JUST
CONFUSED ME….
FAFSA… CSS Profile… Institutional forms… This is so
much!
What is the FAFSA?
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It is a questionnaire that determines how much the
government feels your family can contribute to
paying for your education.
 This
is the Expected Family Contribution (EFC)
 EFC is a number that has two parts: Student
Contribution and Parent Contribution
Filling out the FAFSA
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Can be filed any day after January 1, 2012.
You need 2010 or 2011 tax records, driver’s
licenses and social security numbers for both the
student AND at least one parent.
Students under Legal Guardianship are
Independent Students; no parent information
needed!
You also need a Personal Identification Number
(PIN), so that you may submit the FAFSA online!
More on the FAFSA
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When you are filing the FAFSA, never pay anyone to help you
with it!
I am available to help you, line-by-line, with filling out the
form.
If you are a Male Student and you are 18 (or will be ), you
must register for the Selective Service in order to file the
FAFSA and receive federal aid.
The web address to apply for a PIN is
http://www.pin.ed.GOV.
The web address for filing the FAFSA is
http://www.fafsa.GOV.
Do not go to http://www.fafsa.COM as they will ask you to
pay, yet the first word in FAFSA is FREE.
Okay, so, the CSS Profile…
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This is a form that some schools use to grant institutional
financial aid.
It is completed on the College Board website; the same site
you use to sign up for the SAT and view your scores!
There is a fee to complete it:
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$9 for the general application
$16 for each school you submit to
Even if you feel your family income is too high for need-based
aid, realize that some school’s institutional MERIT-based aid
may be determined by the CSS Profile – if the school requires
it.
Institutional Forms
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If the college or university has an extra form they would like
for you to fill out, DO IT!
Failure to complete all required forms will reduce the
likelihood you will receive the best package based on your
need.
Check the Financial Aid websites for the schools you are
considering to see if they have these additional forms.
Some schools will then ask for copies of your tax forms, bank
statements, et al in order to process your request for financial
aid. Send them ASAP!
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JUST SOME ADDITIONAL
INFORMATION FOR YOU!
Some Important Websites
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http://www.fafsa.gov – Official website to fill out the FAFSA.
http://pin.ed.gov – Official website to apply for and receive
the PIN you need to file the FAFSA.
http://studentaid.ed.gov – Official website listing all the
Federal Student Aid Programs.
http://www.schev.edu – Official website that lists all the
Virginia Student Aid Programs.
http://www.ncseaa.edu/ - Official website that lists all North
Carolina Student Aid Programs.
http://profileonline.collegeboard.com – Official website to file
the CSS/Financial Aid Profile.
Some Extra Tips
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It is very important to realize that federal and state funds can
change from year-to-year, so you should apply for local,
regional, and national scholarships to help offset the rising
costs of education.
Mr. Winfrey, the College Adviser, is available anytime during
the school day to help with financial aid or general college
admissions inquiries.
If you need to meet with him after school, call him at George
Washington High School and let him know. All you have to do
is make an appointment.
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QUESTIONS? CONCERNS?
Take another deep breath. We are all done with the
hard stuff for the night.