financial aid for college shpe foundation. sources of aid government federal state institutional...
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SHPE Foundation
Financial Aid for College
SHPE Foundation
Sources of Aid Government
Federal State
Institutional Varies by schools
Private
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Government Aid
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Government Aid To qualify for this aid, you must complete
the:
Free Application for Federal Student Aid (FAFSA)
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Government Aid Types of aid
Grants Federal Student Loans Work-Study Programs Scholarships
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Grants Grants are:
“Gift aid” Financial aid that does not have to be
repaid Often need-based
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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
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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
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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
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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
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Federal Student Loans Types of The William D. Ford Federal Direct
Loans Direct Subsidized Loans Direct Unsubsidized Loans Direct PLUS Loans
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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
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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
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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
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Direct Unsubsidized Loan Interest
6.8% Student is charged interest while in
school and during deferment periods
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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
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Direct PLUS Loan Interest
7.9% Parents are responsible during all periods
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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
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Federal Perkins Loan Program Interest
5% Students are responsible during all
periods
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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
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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
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Work-Study Program Types of jobs
Civic education Related to your course
of study (whenever possible)
Location of Jobs On-Campus Off-Campus
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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
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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
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Work-Study Program Please take note:
This program is first come, first serve!
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Government Scholarships Scholarships are “gift aid” Government scholarships are available
from the state
These scholarships offer both Merit-Based and Need-Based
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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)
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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)
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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.
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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
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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
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Institutional Aid
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Institutional Aid Provides scholarships
Merit-Based Need-Based
This aid varies with each institutional
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Institutional Aid Example:
Harvard University
Department Scholarships General Scholarships Merit-Based Scholarships Featured Program Scholarships
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Private Aid
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Private Aid Scholarship Private Student Loans
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Scholarships Types of Scholarships
Merit-Based Need-Based
Available from Corporations Organizations Non-profits Businesses
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Scholarships Specific Scholarships
Minority groups Leadership Field of Study Community Service
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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
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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
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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
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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
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Helpful Links www.finaid.org www.studentaid.ed.gov studentloans.gov/myDirectLoan/index.action www.collegescholarships.org