Financial Aid for College

Sources of Aid

• • • Government • • Federal State Institutional • Varies by schools Private

Government Aid

• Types of aid  Grants  Federal Student Loans  Work-Study Programs  Scholarships

Grants

Grants are:  “Gift aid”  Financial aid that does not have to be repaid  Often need-based

Types of Grants

Federal Grant Program

Federal Pell Grant

Awarded to Annual Awards

• • • Undergraduate students Financially needy Have not earned a bachelor’s or graduate degree Up to $5,654 Federal Supplemental Educational Opportunity Grant • • • Undergraduate students Exceptional financial need Have not earned a bachelor’s or graduate degree Up to $4,000

Types of Grants

Federal Grant Program

Teacher Education Assistance for College and Higher Education (TEACH) Grant Iraq and Afghanistan Service Grant

Awarded to

• • • • • 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 • • 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

Annual Awards

Up to $4,000 Up to $5,645

Federal Student Loans

William D. Ford Federal Direct Loans

• • • Direct Subsidized Loans Direct Unsubsidized Loans Direct PLUS Loans

Federal Perkins Loan

Federal Student Loans

Direct Subsidized Loans Direct Unsubsidized Loans Direct PLUS Loans

• Undergraduate students • Demonstrate financial need • School determines the amount you can borrow $3,500 - $5,500 • • Enrolled at least half-time • DoE pays for interest during school, grace period and deferment • Interest rate: 3.86% • Undergraduate and graduate students • Amount depends on year in school and dependency status • Between $5,500 and $20,500 • Enrolled at least half-time • Interest rate: 3.86% (undergraduate) • Student pays interest • Parents of dependent undergraduate students • Financial need does not need to be demonstrated • Students Enrolled: at least half-time • Amount: maximum of cost of attendance minus any other financial aid the student receives • Interest: 6.41%

Federal Perkins Loan Program

• • • • • • For undergraduate students Demonstrate financial need: Up to $5,500 Students enrolled: at least half-time Interest: 5% Enrolled at least part time • Student pays interest • • Not all schools participate in the Federal Perkins Loan Program Funds depend on student’s financial need and availability of funds at the college

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 This program is first come, first serve!

Government Scholarships

• • • • Scholarships are “gift aid” Government scholarships are available from the state Amount of award varies Type of award o One-time o o Renewable Eligible for the award if you meet the requirements (no need to reapply) se scholarships offer both Merit Based and Need-Based • Types of scholarships o o o o Academically talented students Students from minority groups Low-income students students pursuing high-need fields of study (such as STEM fields)

State Scholarships

Find scholarships at: http://wdcrobcolp01.ed.gov/Programs/EROD /org_list.cfm?category_cd=SGT

Government Aid

• To qualify for this aid, you must complete the: Free Application for Federal Student Aid (FAFSA)

Institutional Aid

• • • Provides scholarships o o Merit-Based Need-Based Varies with each institution Featured program scholarships SHPE Foundation

Scholarships

• Types of Scholarships o Merit-Based o Need-Based • Specific Scholarships o Minority groups o o o Leadership Field of Study Community Service • Available from o o o Corporations Organizations Non-profits o Businesses

Private Student Loans

• • Lenders maybe a • • • • bank, credit union, state agency, or school Loans should be a last resort as interest payments may be high

Private Student Loans

• • • • Many require payments be made during school May require established credit score May need a co-signer Interest rate o o o Variable Some greater than 18% Student pays the interest

Helpful Links

www.finaid.org

www.studentaid.ed.gov

studentloans.gov/myDirectLoan/index.a

ction www.collegescholarships.org

SHPE Foundation

SHPE Foundation

1444 Duke St.

Alexandria, VA 22314

Contact Us

Danielle Carneiro

Program Coordinator [email protected]

703-373-7930 ext. 202 Stacie Freasier

Program Manager [email protected]

703-373-7930 ext. 204 Ariadna Mahon-Santos

Program Coordinator [email protected]

703-373-7930 ext. 203