Understanding Financial Aid for College Students

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Learn about the different types of financial aid available for college, including grants, scholarships, loans, and work-study programs. Discover how to apply for financial aid and the importance of completing the FAFSA form. Find out about federal and private student loans, and explore opportunities for work-study programs to help offset the cost of education.

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Uploaded on Mar 22, 2025 | 0 Views

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FINANCIAL AID SCHOLARSHIPS, GRANTS, LOANS, WORK STUDY

FINANCIAL AID Financial aid is money to help pay for college. It comes from the federal and state governments, colleges and universities, banks, and organizations. Applying for financial aid is a separate process from applying for admission to a college. You have to do both.

TYPES OF FINANCIAL AID GRANTS NEED BASED. ELIGIBILITY IS DETERMINED BY INFORMATION SUBMITTED THROUGH FAFSA(FREE APPLICATION FOR FEDERAL STUDENT AID) FEDERAL GRANTS INCLUDE PELL GRANT STATE GRANTS OKLAHOMA TUITION AID GRANT AND OTHERS) SCHOLARSHIPS MOST SCHOLARSHIP MONEY RECEIVED WILL BE FROM COLLEGE YOU PLAN TO ATTEND NEED BASED SCHOLARSHIPS FROM UNIVERSITIES ARE BASED OFF FAFSA MERIT SCHOLARSHIPS FROM UNIVERSITIES ARE BASED OF TEST SCORES, TRYOUTS, ATHLETIC AWARDS, ETC THIRD PARTY SCHOLARSHIPS FROM NON PROFIT ORGANIZATIONS, ESSAY CONTESTS, PRIVATE BENEFACTORS. STUDENT LOANS TWO TYPES(BOTH BASED ON FAFSA) FEDERAL STUDENT LOANS THROUGH COLLEGE FINANCIAL AID OFFICE-TYPICALLY LOWER INTEREST RATES AND DO NOT START PAYING BACK UNTIL COMPLETED COLLEGE PRIVATE BANK STUDENT LOANS TYPICALLY HAVE HIGHER INTEREST RATES AND PAYBACK LIMITS WORK STUDY NEED BASED JOBS AT SCHOOL YOU ARE ATTENDING. BASED OFF OF FAFSA

FAFSA(FREE APPLICATION FOR FEDERAL STUDENT AID) AS YOU CAN SEE FAFSA EXTREMELY IMPORTANT FOR FINANCIAL AID You and your parents will use completed 2016 tax information to submit the 2018/2019 FAFSA, available beginning October 1. You can save time by using the IRS Data Retrieval Tool, which automatically takes information from your tax return and fills in required information on the FAFSA form. HTTPS://FAFSA.ED.GOV BE AWARE OF SCAMS. YOU SHOULD NEVER HAVE TO PAY TO COMPLETE FAFSA

SEE HANDOUTS REGARDING FAFSA

STUDENT LOANS FEDERAL STUDENT LOANS BASED ON FINANCIAL NEED FROM FAFSA TWO TYPES SUBSIDIZED AND UNSUBSIDIZED INTEREST RATES LOWER PAYBACK TERMS BEGIN WHEN OUT OF SCHOOL IN MOST CASES 6 MONTHS PRIVATE BANK STUDENT LOANS CAN BE BASED ON FAFSA BUT NOT ALWAYS HIGHER INTEREST RATES PAYBACK TERMS BEGIN JUST LIKE AUTO LOAN, ETC

WORK STUDY OFFERED THROUGH UNIVERSITY BASED ON FINANCIAL NEED FROM FAFSA WORK FOR THE SCHOOL IN ANY OF THE VARIOUS DEPARTMENTS AND PORTION OF PAY IS USED TO OFFSET COST OF COLLEGE. WORK SCHEDULE IS WORKED AROUND STUDENTS CLASS SCHEDULE

SCHOLARSHIPS MAJORITY OF ALL SCHOLARSHIP MONEY AWARDED WILL COME DIRECTLY FROM SCHOOL YOU PLAN TO ATTEND. NEED BASED SCHOLARSHIPS BASED ON FINANCIAL NEED FROM FAFSA MERIT BASED SCHOLARSHIPS ACADEMIC SCHOLARSHIPS BASED ON COLLEGE ENTRANCE EXAM SCORES DEPARTMENTAL/COLLEGE ACADEMIC SCHOLARSHIPS BASED ON DECLARING MAJOR IN THAT FIELD AND COLLEGE ENTRANCE EXAM SCORES. PERFORMANCE BASED SCHOLARSHIPS(BAND, CHOIR, AND CHEER). USUALLY BASED ON A TRYOUT PROCESS. OUR DIRECTORS AND COACHES USUALLY GET THIS INFORMATION AND PROVIDE TO STUDENTS. ATHLETIC SCHOLARSHIPS-OBTAINED THROUGH RECRUITING PROCESS FROM COLLEGE COACHES FOR VARIOUS SPORTS.

THIRD PARTY SCHOLARSHIPS/CONTESTS These are scholarhips that I put information out on website and facebook page. Oklahoma City Community Foundation Essay Contests Fastweb.com Scholarships.com Scholarship handbook Scholarship bulletin NEVER EVER PAY SOMEONE FOR SCHOLARSHIPS OR SCHOLARSHIP SEARCHES.