Financial Aid & Scholarships Senior Checklist

Slide1Financial Aid & ScholarshipsSenior Checklist

Slide2Authorize COF

Slide33College Opportunity Fund  Pays a portion of total in-state tuition per credit hour • Colorado public institutions (2-year and 4-year) • Participating private institutions (Regis, DU and Colorado Christian University)  $68 per credit hour in 09-10 school year ($1,632/year for a full time student)  145 credit hour maximum  Must apply for stipend  Must be admitted to participating institution  Available for undergraduates only  Paid directly to the school  Apply online at:  www.collegeincolorado.org

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Slide6  Sources of Student Aid

Slide77 Federal loans 41%  Institutional grants 21%  Pell Grants 14%  Private and employer grants 7%  State grants 7%  Education tax credits and deductions 6%  Federal grants not Pell Grants 3%  Federal work-study 1%  Total: $106.7-billion NOTE:  Numbers are for undergraduates. SOURCE:  College Board, "Trends in Student Aid 2008" http://chronicle.com/weekly/v55/i11/tuition_table.htm

Slide8FAFSA  / Types ofFinancial Aid

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Slide1010Free Application for Federal Student Aid (FAFSA )  Available every January 1– apply early! • Some Financial Aid is awarded on a first come first serve basis • The earlier a student applies, the more financial aid they may receive • Must file every year • Will receive a Student Aid Report (SAR) via email and snail mail Name one type of financial aid.

Slide1111How to Submit the FAFSA  Online application is fastest • Processed in 72 hours • Student and one parent need to get Personal Identification Numbers to sign application electronically • Parent and Student Information required: − Social security numbers, drivers license numbers − Records of money earned last year, tax returns and bank statements, etc. • Complete FAFSA online at  http://www.fafsa.ed.gov • 1-800-4FEDAID paper applications  BEWARE of any service that requires you to pay a fee to submit your  FREE  application

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Slide1414 Grants • Awarded to the student based on need • Does not need to be paid back  Scholarships • Does not need to be paid back • Check out our CollegeInvest Scholarship Program  Work-study • Typically based on need  Student Loans • Federal Loans − Paid back at federally backed low interest rates with helpful terms − There are federal loans for students (Stafford loans) and parents (PLUS loans) • Private Loans − Use federal first and be sure to research the rates and terms carefully if you need a private loan to fill the gap. Financial Aid – The Four Types

Slide1515PELL Grant  Eligibility determined from FAFSA  2009-2010 maximum amount $4731  Pro-rated if student is less than full time  Need based grant  EFC must be under $4041 When is College Goal Sunday?

Slide1616Academic Competitiveness Grant  Eligible for Pell Grant  Four or two year degree program  Full time student  $750.00 first year of undergraduate study • Successfully completed a rigorous high school program (Higher Education Admission Requirements)  $1,300.00 second year of study • Second year of undergraduate study have a cumulative grade point average of 3.0  No specific major required

Slide1717The SMART Grant (National Science & Mathematics Access to Retain Talent)  Available during the third and fourth years of undergraduate study  Eligible for Pell Grant  Enrolled in a four-year degree granting institution  Full time student  Up to $4,000.00 per year  A cumulative 3.0 grade point average

Slide1818The SMART Grant (National Science & Mathematics Access to Retain Talent)  Must major in: • Physical life, environmental, nutrition,  or computer science • Engineering • Mathematics • Technology • Critical Foreign Language • Food Science, Technology, and Processing • Fishing and Fisheries Science Management • Forest Sciences and Biology • Wood Science and Wood Products/Pulp and Paper Technology • Wildlife and Wildlands Science and Management • Biopsychology • Physiological, Pyschology/Psychbiology

Slide1919TEACH Grant  Up to $4000 in grant money per year for teaching students  Undergraduates can qualify for up to four years, graduates for up to two years  Must score above the 75th percentile on a college admissions test OR maintain a cumulative GPA of at least 3.25  Must be a student who intend to teach full-time in high-need subject areas for at least four years at schools that serve students from low-income families  If the student does not meet the teaching requirements, the grant must be paid back as an unsubsidized loan • Colorado State University-Pueblo • Metropolitan State College of Denver • University of Colorado Denver • University of Northern Colorado • Jones International University • Colorado Christian University • Regis University

Slide2020Work Study  Part-time hours  Campus & Community offices/agencies  Minimum wage & higher  Earnings paid directly to students  Often based on financial need  Maximum earnings limit

Slide2121Perkins Loans  5% interest rate  9 month grace period  Repaid to School Attended  Must Complete FAFSA  Need Based  Must sign Promissory Note with Institution  Undergraduate annual limits $5,500, graduate annual amounts $8,000  Schools have small loan pool. May need to apply by school’s priority deadline to be considered

Slide2222Federal Stafford Loans  Payment begins 6 months after graduating or decreasing enrollments to less than half time  No credit check required

Slide2323Subsidized & Unsubsidized Subsidized Stafford:  Must Demonstrate “need”  Fixed interest rate of 6.8% as of July 1 st , 2008 (for undergraduates, 6.8% for graduate students)  No interest accrual during in-school period Unsubsidized Stafford:  Not based on need  Fixed interest rate of 6.8% as of July 1 st , 2008  Interest accrues while in school

Slide2424Federal Stafford Loans Grade Level Base Amounts * Additional Unsubsidized Total Amount Freshman $3,500 $2,000 $5,500 Sophomore $4,500 $2,000 $6,500 Junior & Senior $5,500 $2,000 $7,500 Preparatory coursework for enrollment in an undergraduate program $2,625 0 $2,625 Preparatory coursework for enrollment in an graduate program $5,500 0 $5,500 Teacher Certification coursework $5,500 0 $5,500 Aggregates $23,000 $8,000 $31,000 Source: CollegeAssist, 2008

Slide25What AboutScholarships?

Slide2626What is a Scholarship?  Financial Aid that is awarded to you based on your individual characteristics.  Each Scholarship will have their own set of criteria, deadlines and application process  It is up to you to find Scholarships and submit applications  Scholarships do not have to be paid back

Slide2727Components of a Scholarship Application  Scholarship Application  An Essay  Letter of Recommendation or Nomination Letter  Resume  Official Transcripts  Any additional information the scholarship committee requests Remember that every scholarship has different  requirements, components and deadlines !

Slide2828Before You Get Started…  Create a professional email account  Begin checking your email regularly  Get to know your SS #  Update your voicemail

Slide2929 Scholarship Portfolio  Recent tax return(s) for you and your parents  Your resume  Academic transcripts  Financial aid award notices  Student Aid Report (Documentation of the FAFSA application)  Your Personal Profile    Copy of scholarship checklist  Copy of all applications you have gathered  Timeline for your scholarship search  A great general scholarship essay  Copies of your recommendation and/or nomination letters

Slide3030Create A Resume Important Information To Include On Your Resume  Name, phone number, email address  Employment history with dates and accomplishments  Honors, awards, or recognitions you have received  Volunteer, leadership, and extracurricular activities  Specialized skills or abilities  Interests and hobbies Talk to friends, mentors, employers and parents to also edit and make corrections on the resume

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Slide3333If you are unsure as to what to include in your Resume this website will help you along the way  All you need to do if fill in the information that applies to you.

Slide3434Aside from Personal Information you will also be asked to add any Work Experience, Honors, Awards or any other Activities that you are involved in…Simple as that!!

Slide3535Here it is!! Your Resume!! You can save the document as well as print copies

Slide3636Letter of Recommendation and/or Nomination Letter  Letter of Recommendation:  A letter written by someone who admires you and can testify to your scholarship worthiness.  Nomination Form:  A document completed by someone who has the power and authority to recommend you for a scholarship. This may or may not accompany letters of recommendation.  Teachers  Employers  People whom you have volunteered for • Formal • Informal  Member/leader in club/organization you are involved in  Instructors for activities outside of school

Slide3737The Scholarship Search  Inquire about scholarships through: • High School • College(s) student is interested in attending • Local businesses • Religious organizations • Places of employment • Internet − www.collegeincolorado.org − www.fastweb.com • CollegeInvest − www.collegeinvest.org − Get a free copy of our scholarship workbook

Slide3838Klingon Scholarship

Slide3939Wool Scholarship 2008 Senior Winners 2008 Junior Winners

Slide4040Drink Milk Scholarship

Slide4141Write About Your Dog!

Slide42422008 Duct Tape Scholarship Winners

Slide43432009 Duct Tape Scholarship Winners

Slide4444Other Scholarships  American Association of Candy Technologists Scholarship http://www.aactcandy.org/aactscholarship.asp  Patrick Kerr Skateboard Scholarship http://www.skateboardscholarship.org/  Vegetarian Resource Group Scholarship http://www.vrg.org/student/scholar.htm  Ball State University's David Letterman Scholarship  http://cms.bsu.edu/  Tall Clubs International Scholarship http://www.tall.org/

Slide4545The CollegeInvest Opportunity Scholarship  Thirty-Eight (38) randomly drawn $1,000 scholarships will be awarded to Colorado students who : • Attend a Colorado two or four-year college, or vocational college, or university • Will be full time, undergraduate students in the 2008-09 school year • Complete the Free Application For Federal Student Aid and have an EFC of $15,000 or less (FAFSA does not have to be completed prior to registering) • NO GPA or Essay requirements • Apply online at www.collegeinvest.org

Slide4646The CollegeInvest Service Scholarship  Twenty seven (27) randomly drawn $6,000 scholarships (award amount will be divided over a two-year period, $3,000 each year) will be awarded to Colorado students who • Attend a Colorado two or four-year college, or vocational college, or university • Will be full time, undergraduate students in the 2008-09 school year • Complete the Free Application For Federal Student Aid and have an EFC of $15,000 or less (FAFSA does not have to be completed prior to registering) • Commit to 40 hours each year, for two years, in a service- to-children volunteer program • NO GPA or Essay requirements • Apply online at  www.collegeinvest.org  Deadline:  April 1st

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Slide48Have Questions?Need Help?

Slide4949Frequently Asked Questions  My parents are divorced. Whose information do I put on the FAFSA?  I have a stepparent. Do I need to include his/her information?  I am making less money in the current year than the last year. How can I reflect this?  How can I be considered independent even if I have answered ‘no’ to all the required questions?  My grandmother lives with us, can she be included in our household size?  My parents do not have a social security number, can I file a FAFSA?

Slide50Time LineSenior Year

Slide5151Time Line - Senior Year Fall Fall Apply  for  colleges Apply  for  colleges Apply  for  scholarships Apply  for  scholarships Early spring Early spring Complete  and  submit  the  FAFSA  online Complete  and  submit  the  FAFSA  online     The  government  processes  the  form  and determines  your  EFC The  government  processes  the  form  and determines  your  EFC     Receive  and  review  the  Student  Aid  Report  (SAR) Receive  and  review  the  Student  Aid  Report  (SAR)     The  information  goes  to  colleges The  information  goes  to  colleges Late spring Late spring The  colleges  create  an  “Award  Letter” The  colleges  create  an  “Award  Letter”     Compare  offers;  make  decisions Compare  offers;  make  decisions *Must  be  accepted  to  a  college  to  receive  an  award  letter *Must  be  accepted  to  a  college  to  receive  an  award  letter

Slide5252Helpful Tools  FAFSA 4Caster • http://www.fafsa4caster.ed.gov • See what your EFC might look like  College In Colorado • http://www.collegeincolorado.org • “Pay” tab then “Available Tools” • Financial Aid Award Estimator • Slope Calculator  CollegeInvest • http://www.collegeinvest.org • For information on student loans and college savings

Slide53Questions?