The Big Bad World Of
College Financial Aid
How to pay for the college of your
dreams!
Ms. Nelson/Innovation School
On average, the typical
undergraduate leaves
college $27,803 in debt.
While parents borrow
$23,298
How is aid distributed?
Institutions distribute their aid in two ways:
* Need based: those who demonstrate need.
* Merit based: those who demonstrate specific
individual achievement, ability or potential.
Scholarships
• Money given by private institutions.
• Also called Grants, or Institutional Awards.
• Merit Based Awards: Awarded for individual
achievement, ability or potential.
• Need Based Awards: Given based on financial
need; Pell Grant.
LOANS
• Student Loans: Money borrowed to pay for
tuition and college costs
– Subsidized loans: for those who demonstrate need.
Borrower usually pays back a portion of the interest;
Direct Stafford Loans.
– Unsubsidized loans: Available to any student or their
family for the purpose of tuition or college costs.
Other Forms Of Aid
• Tax Credits: Called the Hope Scholarship. It
directly reduces the full tax you pay.
• Lifetime Learning Tax Credit: Targets adults
who want to go back to school, change careers,
or take classes to upgrade skills.
• Work Study: Help arranged for employment
including extra wages.
Seven Scholarship Myths #1
Only low-income families get help
paying for college.
Stems from the confusion between need and merit
based aid. Merit scholarships rarely consider
income.
Seven Scholarship Myths #2
Only students with high gPA’s win
merit awards.
True with academic scholarships; but merit
scholarships are awarded for all kinds of talents
and interests. There might be a minimum GPA,
but many other factors are important.
Seven Scholarship Myths #3
Most scholarships are for
athletes or minority students.
Although there are many scholarships for
athletes and minorities, there are even more
offered for other reasons. Check with your
church, parent’s jobs, clubs, interests, hobbies,
and anything else you can think of.
Seven Scholarship Myths #4
Once yOu’ve grAduAted frOm high
schOOl, it’s tOO lAte.
Scholarships are not the financial equivalent of
your senior prom. You may, and can received
aid any time you attend college.
Seven Scholarship Myths #5
Applying for scholarships is just
like applying to college.
While they may share some components, aid applications
require a variety of information. Follow the directions
that accompany the scholarship paperwork. Know the
mission of the institution who is offering the aid.
Seven Scholarship Myths #6
Past actions and choices
predetermine scholarship
success.
Regardless of past problems, you can transform
your issues into a character building experience.
Seven Scholarship Myths #7
Focusing on a few awards
maximizes your odds of winning.
By applying for a large number of scholarships
minimizes problems that are out of your control.
It isn’t as much work as you might think!
Who Gives Out Aid
• Federal Government: FAFSA paperwork.
• State Governments: FAFSA paperwork.
• Private Sponsors: Private companies, foundations and
corporations offer aid for a variety of reasons.
• Colleges, universities, technical and trade schools.
• Veterans groups, unions, lodges, society’s, and clubs.
• Different focus groups: gender, race, disabilities.
Interesting Opportunities
• Western Sunbathing Association: a regional
chapter of the American Association for Nude
Recreation, provides $1,000 scholarship to
members’ children who write an essay on “What
Nudism Means To Me.”
Application Components
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Essays or Short Answers Questions.
Sample Work and Project Submissions
Extracurricular Activity Lists
Grade Transcripts
Letter of Recommendation
Interviews
Auditions
Awards and Honors
Test Results
HINT:
Steer clear of ENTRY FEES
Unlike application fees, scholarship contests rarely
cost anything to enter.
You MAY have to pay a small processing fee (for
example, the National Honor Society charges $4
processing fee).
How Parents Can Help
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Help with scholarship searching.
Strategize with your kids.
Provide research assistance.
Keep things organized.
Be a good sounding board.
Review applications and paperwork.
Give support and encouragement.
10 Action Steps
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Assemble your scholarship search tools.
Tap into your school’s resources.
Search scholarship databases.
Politely raid other schools’ resources.
Canvas your community.
Seek out government sources.
Pursue all personal and family affiliations.
Apply effective Internet search techniques.
Uncover school specific awards.
Seek out related organizations.
Scholarship Databases
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Turn in a senior resume to your counselor and you will be eligible for the METSA
scholarships
Mountlake Terrace Website; click on scholarships
Print directories purchased from bookstores
CD-ROM Databases
www.TuitionFundingSources.com, www.fastweb.com.
www.ScholarshipCoach.com
www.wiredscholar.com
www.collegeboard.org
www.fastaid.com
www.fastweb.com
www.freshinfo.com
www.scholaraid.studentadvantage.com
www.scholarshipexperts.com
www.srnexpress.com/scholarships/index.cfm
www.scholarships101.com
Universal Judging Criteria
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Evidence of hard work
Overcoming obstacles
Teamwork
Perseverance
Individual Initiative
Passion and Enthusiasm
Responsibility
Civic Duty
Purpose
Character
Application Content Strategies
1. Expand on your strong points.
2. Shore up your weak areas.
3. Create opportunities for yourself.
Essays and Short Answer Questions
Finding your own voice:
Free write for practice.
Consult other essays.
Talk it over with trusted people.
Record yourself.
Move locations: new point-of-view.
Zoom into a detail or description.
Advice for Specific Topics
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Future Career Aspirations
Your Greatest Achievement
A Person You Admire
Solving a Pressing Issue
Growth Experiences
Interview Tips
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Do Your Homework
Prepare a Few Key Points
Prepare Anecdotes to Illustrate Your Points
Anticipate Interview Questions
Prepare Responses
Prepare Questions to Ask the Interviewer
Practice: videotape yourself
Prepare Samples of Your Work
Reread and Review Your Written Application