NAVIGATING FINANCIAL AID

UNCC SIFE

YOUR OPTIONS: PAYING FOR COLLEGE •Grants

•Loans

•Scholarships

•Work-Study Programs

GRANTS

Description:  Grants are funds from the federal government for school expenses.  They don't have to repaid.

Who Qualifies?Grants are typically given to students with financial need

Types:- Pell Grant (up to $5,500)- Academic Competitiveness Grant (Need and Merit-based)- FSEOG Grant- Major-Specific Grants- State-Specific Grants

LOANSDescription: Funds given for school expenses that have to be repaid.  They are just like other loans and have interest.

Who Qualifies? Loans are generally given for students with financial need, but less need than for grants.

From FAFSA: - Perkins Loan (through college)- Subsidized loans     Interest payments are paid for by government through college- Unsubsidized loans   You are responsible for all interest payments at all times, even    during college- Parent PLUS loans (applied for by your parents)

LOANSPrivate Loans

•Banks offer loans

•Must qualify for them just like a mortgage or car financing (credit based)

•Not subsidized

•SallieMae

SCHOLARSHIPS

Description: Scholarships are FREE MONEY!   Who Qualifies? It depends on the scholarship.  They can depend on financial need, your grades, your location, your activities, or just you writing an essay  Through Your School:•Some schools will offer scholarships directly through your

FAFSA form•Many departments have scholarships that you have to

apply for separately•Merit scholarships: Look and see how your college awards

merit scholarships•Automatically through your application•Separate application

SCHOLARSHIPS

Private Scholarships:Almost every organization you can think of offers scholarships 

•Start your search here:oCollege Foundation of NCoFastWeb

•Find ones that you are qualified for

•Apply early

•Write good essays (PROOFREAD) Beware of Scholarship Scams!

•Require a payment to apply

•Guarantee awards

THE PROCESS- SECURING AND USING AID

•Completing the FAFSA •Using your Financial Aid Officer•Manage your Refund

THE PROCESS OF FILLING

OUT THE FAFSA

•STEP #1

•Get organized!

•To simplify the application process, gather

required documents and other information ahead

of time.oDetermine Your Dependency Status

oFAFSA on the Web Worksheet

oSearch for School Codes

oStudents & Parents Apply For a PIN

oCheck Application Deadline Dates

THE PROCESS OF FILLING OUT

THE FAFSA

•STEP #2

•Fill out the application!

•The FAFSA contains questions that ask about you, your financial information, your school plans, and more. oSign Electronically With Your PINoFill Out Your FAFSA oOpen Your Saved FAFSA or Correction Application

•STEP #3

•View your results online!

•You can check the status of your application, make corrections to a processed FAFSA, and get other information. oView and Print Your Student Aid ReportoCheck Status of a Submitted FAFSA or Print Signature Page

oMake Corrections to a Processed FAFSA

oAdd or Delete a School Code

WHAT TO DO WITH ALL THAT

MONEY??!!

WHAT TO DO WITH ALL THAT MONEY??!!

What is a Refund Check?

•Consists of the amount of money left over after tuition and fees are paid to the school. (Usually direct deposit)

What SHOULD I do with my refund check?

•1.  Budget out how you are going to spend it 

•2.  Keep some for yourself (savings)

•3.  Emergency fund

•4.  Pay down debt

•5.  Treat it like a gift

•6.  It's for school stuff, so use it for school stuff