Paying for CollegeEverything You Need To Know About Scholarships and

Financial Aid

Maximize Your Financial Aid

The financial aid system has evolved over many decades and is based on a well-established set of rules.

The Philosophy of Financial AidBest interest of society to receive a college

education but after individuals have used up all of their own financial resources

Financial Aid is not designed to help you spend less money on college but rather help you afford to go to college if you could not afford it on your own

The FAFSA and CSS ProfileBased on “financial need”

Free Application for Federal Student Aid (FAFSA)

Uses your previous year’s taxess that will reveal all of the money you have in savings, investments, and will examine family income

College Board’s CSS Financial Aid Profile – may be required by some private colleges

Once the FAFSA is completed, colleges put together a financial aid package

Expected Family ContributionExamines:

Parents adjusted incomeParents assetsStudent’s income (if applicable)Student’s assets (if applicable)

Other Factors Considered:Family sizeNumber of children in college at the same time

FAFSA4casterhttps://fafsa.ed.gov/FAFSA/app/f4cForm?executio

n=e1s1

What is the Timeline for Applying to Financial Aid?

September-December Focus on your college applications

January-February Complete and submit your FAFSA

March Review your Student Aid Report which will be sent to you after

you submit your FAFSA

April You should receive both your college acceptance letters and

financial aid packages. Review and compare your aid packages

May This is the typical deadline for accepting all or part of your

financial aid package

The Facts on ScholarshipsA scholarship is a sum of money awarded to

eligible students to assist with paying for college.

The money is applied to tuition and/or living expenses, and it does not need to be repaid.

The Facts on ScholarshipsScholarships are available to students for many reasons:

Sports

Community and Volunteer Service

Academics

After-school or summer jobs

Special Interests (hobbies, club membership, activities, etc.)

The Facts on ScholarshipsBillions of dollars in scholarship

money are available

Only about 7 percent of college students take advantage of scholarships from private sources as a way to help pay for college

Getting Over Scholarship Hurdles

Hurdle #1:

“What if I don’t qualify?”

Solution:

There are scholarships available for everyone. Do your research and you will find a scholarship that you are eligible for.

Example of a Real Scholarship!

Duck Brand Duct Tape "Stuck At Prom®”You and your prom date attend your senior prom dressed in formal wear you’ve fashioned out of Duck brand duct tape and submit a photo of yourselves to their website. Ten finalists are selected and visitors to the site then vote on them. Each of the two entrants that make up the couple who gets the most votes gets $3,000 towards college.

Getting Over Your Scholarship Hurdles

Hurdle #2:

“Where do I find them?”

Solution:

There are resources everywhere to help you

search, like the internet , the library, and colleges.

Where to Starthttp://www.collegeboard.org

http://www.fastweb.com

http://www.scholarships.com

Career Center

Family Connection

Loudoun County Website Services>School Counseling>Scholarship Informationhttp://www.loudoun.k12.va.us/page/1914

Getting Over Your Scholarship Hurdles

Hurdle #3:

“How do I begin completing the application?”

Solution:

Create a personal assessment document that describes WHO YOU ARE.

Assess Who You Are – Make a List!

Strengths—Academic and Personal

Activities and Hobbies

Clubs

Sports

Community Service

Religious Affiliation

Academic Interests

Getting Over Your Scholarship Hurdles

Hurdle #4

“What if I don’t have enough time?”

Solution

Make Time!

Find ways to reuse essays, recommendation letters, etc. for multiple scholarship applications.

How Scholarships Are Awarded

Scholarships are awarded by:

Foundations

Corporations and labor unions

Churches, clubs, and groups

Individuals

Government

Colleges

How Scholarships Are Awarded

Scholarships are awarded based on eligibility criteria:

• Intended major

• Where you live or your high school

• Race, ethnicity, or religion

• Type of college

• Physical ability, disability, or disease diagnosis

• Your job

• Academics

• Essay responses

• Talents

How Scholarships Are Awarded

Scholarships reward your character traits:

Talents

Ambitions

Responsibilities

Honesty

Goals

Leadership skills

Creating a Personal Assessment

What’s a personal assessment?

• Summarizes your best qualities

• Lists what you do and what you’ve done

What are the benefits?

• Serves as an outline when writing essays

• Improves your applications and saves

you time when applying

Creating a Personal Assessment

To Know Thy Knight Self Assessment Form

Activities/Resume in Family Connection

Create it any way you want, just be honest and reflective.

Create it early and keep it updated—you can use it again and again!

Searching for ScholarshipsWhere to look? Who to ask?

Online

Books (look for the most recent publications)

Colleges’ Financial Aid Departments

Your parents, teachers, employers, club leaders, coaches

Searching for ScholarshipsBe Aware of Scholarship Scams

Don’t apply if there’s a fee

Be skeptical of a phone call

Look out for strange contact information

Be careful of endorsements

Watch out for “Guarantees”

Protect your personal information

Applying for ScholarshipsSample Scholarship Essay Questions

“Describe how you contribute to your community and what you have learned from your experiences.”

“Describe an academic challenge you have faced, and how you have overcome it.”

Applying for ScholarshipsTips for completing your applications:

• Follow the directions

• Proofread your essay

• Ask a parent, teacher, or friend to proofread your application

• If applying via email, make sure the email address used is appropriate (i.e., don’t use hotgirl2009@gmail.com)

Applying for ScholarshipsTimeline for applying:

• Start looking up to one year before you actually need the funding

• Apply for scholarships during your junior and senior year of high school

• Continue to search and apply for scholarships every year you attend college

Paying for College Project

Your task is to choose a College or University and explore

opportunities for covering the costs that surround this further

education for one year.

Use the College Board College Search to help you answer the

following questions.

http://collegesearch.collegeboard.com/search/index.jsp

You can also use your chosen college's official website for

information.