The Big Bad World Of
College Financial Aid
How to pay for the college of your
dreams!
Ms. Nelson/Innovation School
On average, the typical
undergraduate leaves
college $15,000 to
$20,000 in debt.
How is aid distributed?
Institutions distribute their aid in two ways:
* Need based: ________________________
* Merit based: ________________________
Scholarships
• Money given by private institutions.
• Also called Grants, or Institutional Awards.
• Merit Based Awards: Awarded for individual
achievement, ability or potential.
• Need Based Awards: Given based on financial
need; Pell Grant.
LOANS
• Student Loans: Money borrowed to pay for
tuition and college costs
– Subsidized loans: for those who demonstrate need.
Borrower usually pays back a portion of the interest;
Direct Stafford Loans.
– Unsubsidized loans: Available to any student or their
family for the purpose of tuition or college costs.
Other Forms Of Aid
• Tax Credits: Called the Hope Scholarship. It
directly reduces the full tax you pay.
• Lifetime Learning Tax Credit: Targets adults
who want to go back to school, change careers,
or take classes to upgrade skills.
• Work Study: Help arranged for employment
including extra wages.
Scholarship Myths
Only low-income families get help
paying for college.
Stems from the confusion between need and merit
based aid. Merit scholarships rarely consider
income.
Only students with high gPA’s win
merit awards.
True with academic scholarships; but merit
scholarships are awarded for all kinds of talents
and interests. There might be a minimum GPA,
but many other factors are important.
Scholarship Myths
Most scholarships are for athletes or
minority students.
Although there are many scholarships for athletes
and minorities, there are even more offered for other
reasons. Check with your church, parent’s jobs, clubs,
interests, hobbies, and anything else you can think of.
Focusing on a few awards maximizes your
odds of winning.
By applying for a large number of scholarships minimizes
problems that are out of your control. It isn’t as much
work as you might think!
Who Gives Out Aid
• Federal Government: FAFSA paperwork.
• State Governments: FAFSA paperwork.
• Private Sponsors: Private companies, foundations and
corporations offer aid for a variety of reasons.
• Colleges,__________________________________
• Veterans groups, ___________________________
• Different focus groups: ______________________
Interesting Opportunities
• Western Sunbathing Association: a regional
chapter of the American Association for Nude
Recreation, provides $1,000 scholarship to
members’ children who write an essay on “What
Nudism Means To Me.”
Application Components
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Essays or Short Answers Questions.
Sample Work and Project Submissions
Extracurricular Activity Lists
Grade Transcripts
Letter of Recommendation
Interviews
Auditions
Awards and Honors
Test Results
HINT:
Steer clear of ENTRY FEES
Unlike application fees, scholarship contests rarely
cost anything to enter.
You MAY have to pay a small processing fee (for
example, the National Honor Society charges $4
processing fee).
How Parents Can Help
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Action Steps
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Assemble your scholarship search tools.
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Large Dated Calendar
Personal Information
Envelopes, Stamps, Pens and Pencils
Coffee and Candy
Tap into your school’s resources.
(Dittmar/Counselors)
Search scholarship databases. (Cappex.com)
Canvas your community. (Rotary Club)
Seek out government sources. (FAFSA)
Pursue all personal and family affiliations.(Work
related scholarships)
Do it DAILY
Scholarship Databases
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Universal Judging Criteria
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Evidence of hard work
Overcoming obstacles
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Perseverance
Individual Initiative
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Responsibility
Civic Duty
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Character
Application Content Strategies
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Essays and Short Answer Questions
Finding your own voice:
Free write for practice.
Consult other essays.
Talk it over with trusted people.
Record yourself.
Move locations: new point-of-view.
Zoom into a detail or description.
Advice for Specific Topics
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Future Career Aspirations
Your Greatest Achievement
A Person You Admire
Solving a Pressing Issue
Growth Experiences