financial aid for college shpe foundation. sources of aid government federal state institutional...

SHPE Foundation

Financial Aid for College

SHPE Foundation

Sources of Aid Government

Federal State

Institutional Varies by schools

Private

SHPE Foundation

Government Aid

SHPE Foundation

Government Aid To qualify for this aid, you must complete

the:

Free Application for Federal Student Aid (FAFSA)

SHPE Foundation

Government Aid Types of aid

Grants Federal Student Loans Work-Study Programs Scholarships

SHPE Foundation

Grants Grants are:

“Gift aid” Financial aid that does not have to be

repaid Often need-based       

SHPE Foundation

Types of GrantsFederal Grant Program

Awarded to Annual Awards

Federal Pell Grant

• Undergraduate students• Financially needy • Have not earned a

bachelor’s or graduate degree

Up to $5500

Federal Supplemental Educational Opportunity Grant

• Undergraduate students • Exceptional financial

need • Have not earned a

bachelor’s or graduate degree

Up to $4000

SHPE Foundation

Types of GrantsFederal Grant Program

Awarded to Annual Awards

Teacher Education Assistance for College and Higher Education (TEACH) Grant

• Undergraduate students• Education Major (or

Intended)• Must agree for at least

four years:• serve as a full time

teach in a high need field in a school

• or educational service agency that serves low income students

Up to $4000

SHPE Foundation

Types of GrantsFederal Grant Program

Awarded to Annual Awards

Iraq and Afghanistan Service Grant

• Must be ineligible for Pell Grants

• A parent or guardian was a member of the US armed forces• Died as a result of

performing military service in Iraq or Afghanistan after the events of 9/11

Up to $5500

SHPE Foundation

Federal Student Loans The U.S. Department of Education has

two federal student loan programs The William D. Ford Federal Direct Loan

(Direct Loan) Program The Federal Perkins Loan

SHPE Foundation

Federal Student Loans Types of The William D. Ford Federal Direct

Loans Direct Subsidized Loans Direct Unsubsidized Loans Direct PLUS Loans

SHPE Foundation

Direct Subsidized Loan For undergraduate students who demonstrate

financial need:

Between $3,500 and $5,500(depending on year in school)

Enrolled: at least half-time Interest: 3.4%* (between July 1, 2012 and June 30, 2013)

Leader: The U.S. Department of Education (ED) Payment to ED

SHPE Foundation

Direct Subsidized Loan Interest

3.4% (for loans made between July 1, 2012 and June 30, 2013)

Student is not charged interest while in school and during deferment periods

SHPE Foundation

Direct Unsubsidized Loan For undergraduate students, financial need does

not need to be demonstrated:

Between $5,500 and $20,500(depending on year in school and dependency status)

Enrolled: at least half-time Interest: 6.8% Leader: The U.S. Department of Education (ED) Payment to ED

SHPE Foundation

Direct Unsubsidized Loan Interest

6.8% Student is charged interest while in

school and during deferment periods

SHPE Foundation

Direct PLUS Loan For parents of dependent undergraduate students

and financial need does not need to be demonstrated:

Maximum of Cost of Attendance minus any other financial aid the student receives

Students Enrolled: at least half-time Interest: 7.9% Leader: The U.S. Department of Education (ED) Payment to ED

SHPE Foundation

Direct PLUS Loan Interest

7.9% Parents are responsible during all periods

SHPE Foundation

Federal Perkins Loan Program For undergraduate students with

demonstrated financial need:

Up to $5,500

Students enrolled: at least half-time Interest: 5% Leader: college Payment to college

SHPE Foundation

Federal Perkins Loan Program Interest

5% Students are responsible during all

periods

SHPE Foundation

Federal Perkins Loan Program Please take note:

Not all schools participate in the Federal Perkins Loan Program

Funds depend on student’s financial need and availability of funds at the college

SHPE Foundation

Federal Work-Study Provides part-time jobs for

undergraduate with financial need Encourages community service work

and work related to the student’s course of study

SHPE Foundation

Work-Study Program Types of jobs

Civic education Related to your course

of study (whenever possible)

Location of Jobs On-Campus Off-Campus

SHPE Foundation

Work-Study Program Earnings

Paid hourly At least the current federal minimum wage School pays you directly

Hours Work a specific number of hours each week

based on your school schedule and the university department hours of operation

SHPE Foundation

Work-Study Program Wage can vary depending on

Type of work Skills required for position

Total work-study award depends on When you apply Your level of financial need School’s funding level

SHPE Foundation

Work-Study Program Please take note:

This program is first come, first serve!

SHPE Foundation

Government Scholarships Scholarships are “gift aid” Government scholarships are available

from the state

These scholarships offer both Merit-Based and Need-Based

SHPE Foundation

State Scholarships Types of scholarships

Academically talented students Students from minority groups Low-income students students pursuing high-need fields of study

(such as STEM fields)

SHPE Foundation

State Scholarships Amount of award varies Type of award

One-time Renewable

Eligible for the award if you meet the requirements (no need to reapply)

SHPE Foundation

State Scholarships Example:

Maryland

Sharon Christa McAuliffe Memorial Teacher Education Award

Maryland Chiefs of Police Association Need Based Senatorial Scholarship Guaranteed Access Grant Jack and Jill of America, Inc.

SHPE Foundation

Other Government Scholarships Congressional Caucus

Congressional Hispanic Caucus Institute, Inc. http://www.chci.org/

Congressperson Federal level State level

Every state differs, be sure to look into your state and local legislature for potential scholarships

SHPE Foundation

Scholarship Essays Write a detailed essay - achievements,

strengths, goals, and how you plan to reach the goals

Make sure to have at least two people review your essay (this can be a parent, teacher, counselor…)

Ask for help if you are uncertain about a topic

SHPE Foundation

Institutional Aid

SHPE Foundation

Institutional Aid Provides scholarships

Merit-Based Need-Based

This aid varies with each institutional

SHPE Foundation

Institutional Aid Example:

Harvard University

Department Scholarships General Scholarships Merit-Based Scholarships Featured Program Scholarships

SHPE Foundation

Private Aid

SHPE Foundation

Private Aid Scholarship Private Student Loans

SHPE Foundation

Scholarships Types of Scholarships

Merit-Based Need-Based

Available from Corporations Organizations Non-profits Businesses

SHPE Foundation

Scholarships Specific Scholarships

Minority groups Leadership Field of Study Community Service

SHPE Foundation

Private Student Loans Private Loans are not through the

federal government Lenders maybe a bank, credit union,

state agency, or school Loans should be a last resort as interest

payments may be high

SHPE Foundation

Private Student Loans Many require payments be made during

school May require established credit score May need a co-signer Interest rate

Variable Some greater than 18% Student pays the interest

SHPE Foundation

Private Student Loans Interest Rates vary depending on

Co-signers credit Your credit score

Make sure to look for the best rates available if you proceed with this option

SHPE Foundation

Private Student Loans Example

Sallie Mae

Smart Option Student Loan Variable Rates

1-month: 2.25%APR to 9.11%APR Or Fixed Rates

5.74%APR to 11.875%APR Payment length: 5-15 years based on loan

balance and year in school

SHPE Foundation

Helpful Links www.finaid.org www.studentaid.ed.gov studentloans.gov/myDirectLoan/index.action www.collegescholarships.org