financial aid options #2 high school financial literacy #6

Financial Aid Options #2

High SchoolFinancial Literacy #6

Objectives

• Common Ways to Pay for College– Paying Colleges Directly– Financial Aid• Grants• Scholarships• Work Study• Loans

• Update Postsecondary Plan

Scholarship Video Watch the “How to Land a College Scholarship” video

Pay close attention to• Scholarship websites to investigate• How you can become a strong scholarship candidate• Scholarships for students attending a specific college: Example: University of

North Dakota scholarship

Scholarship Video Main Points • Investigate websites

• Fastweb.com, Naviance, College Board, Scholarships.com

• Apply to as many scholarships as possible• Students who are strong scholarships candidates have

• A high GPA and test scores• Diverse extracurricular activities

• Many colleges have their own scholarships

Scholarship Categories

1. College or University 2. Corporate3. Cultural background4. Foundations• Women in Science

5. High academics

6. Regional 7. Religious affiliation8. Special talents• Sports • Music

9. Unusual

Sample Types of Scholarships • Academic • African-American• Asian• Art • Athletic• Best Buy• Business• Cargill• Computer• Cosmetology• College (ex: U of M)

• Fashion Design • Female• First Generation • Hispanic• Interracial• Left-handed• LGBT• Marble • Music • Native American• Nursing

• Parent’s Company

• Religious• Skateboard• State• STEM Career • Study Abroad • Teaching• Technical School• Twins• Vegan• Vocational

Individual ActivityPick 3 Scholarships of Interest

• Academic • African-American• Asian• Art • Athletic• Best Buy• Business• Cargill• Computer• Cosmetology• College (ex: U of M)

• Fashion Design • Female• First Generation • Hispanic• Interracial• Left-handed• LGBT• Marble • Music • Native American• Nursing

• Parent’s Company

• Religious• Skateboard• State• STEM Career • Study Abroad • Teaching• Technical School• Twins• Vegan• Vocational

Class Discussion• What are your scholarships of interest? Why?

Loans Video

Watch the “How Can I Get a College Loan” video

Three types of loans• Stafford Loans• PLUS• Private Loans

Loans• Talk with your school counselor– Will help you with all different types of financial aid

• Complete the FAFSA: 1st step in receiving aid• 3 Common types of loans– Stafford• 3.4 fixed interest rate (very low rate)

– PLUS• 7.9% rate (still low) used most often used by parents

– Private (from banks or other lending firms)• Usually highest interest rates, can get a good deal sometimes

Community College Video

Watch the “Community College Can Save You Money” video

– Hear the story on how attending a community college benefitted this student financially

– Technical colleges also have the same financial benefits

Debate: 2 or 4 year College

• Split into 2 groups– Decide if you want to be in the 2 or 4 year college group

• Create arguments for the debate: Consider– Costs, Types of majors– Live on or off campus, Extracurricular activities– Close or far from home, Number of students in class

Keys to Financial Aid

1. Fill out your FAFSA2. Talk to your school counselors– They know a lot about grants, scholarships, work studies

3. Save money for college4. Know colleges have different financial aid packages– Community and technical colleges are often good options– Private colleges: May have high tuition but good financial aid

packages

5. Know that there options that can keep your debt from college lower

Update Postsecondary Plan

Update Your Postsecondary Plan

• Sections– What am I doing now to prepare to pay for college?– What scholarships might I be eligible for in the

future?

Review

1. What is the total types of scholarships?– A) Under 50 B) 50-100 C) Over 100

2. What is a type of college loan?– Stafford, PLUS, Private

3. Does a 2 or 4 year college usually cost more?– 4-year college