Transcript Leadership - 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 Grants
Federal Grant
Program
Awarded to
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
•
Annual
Awards
SHPE Foundation
Types of Grants
Federal 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 Grants
Federal Grant
Program
Awarded to
Annual
Awards
Iraq and
Afghanistan
Service Grant
• Must be ineligible for
Up to $5500
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
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
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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
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
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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
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
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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


Type of work
Skills required for position
 Total



can vary depending on
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
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
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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
SHPE Foundation
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


Or Fixed Rates


1-month: 2.25%APR to 9.11%APR
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
SHPE Foundation