Financial Aid 101 Solanchi Fernandez Diversity Coordinator YO U R G AT

Financial Aid 101 Solanchi Fernandez Diversity Coordinator YO U R G AT E WAY T O S U C C E S S

Financial Aid What is it?

Financial aid helps you pay for college and is provided through the federal government, state, school, or a private business or organization. School Private State Federal YO U R G AT E WAY T O S U C C E S S w w w. c o l l e g e p l a n n i n g c e n t e r. o r g

How is Aid Awarded? Merit Based Awarded for a talent: academic, athletic, etc. Need Based Awarded based on a family’s financial need. YO U R G AT E WAY T O S U C C E S S w w w. c o l l e g e p l a n n i n g c e n t e r. o r g

Eligibility Formula YO U R G AT E WAY T O S U C C E S S w w w. c o l l e g e p l a n n i n g c e n t e r. o r g

Schools are not always able to offer as much financial aid as you may be eligible for, which creates a GAP YO U R G AT E WAY T O S U C C E S S w w w. c o l l e g e p l a n n i n g c e n t e r. o r g

Types of Aid Gift Aid Doesn’t need to be repaid. Grants & scholarships. Self-Help Aid Adopts a self-investment philosophy. Loans & workstudy. YO U R G AT E WAY T O S U C C E S S w w w. c o l l e g e p l a n n i n g c e n t e r. o r g

Federal Aid Federal Pell Grant Grants for financially needy undergraduates awarded through the college financial aid office. 2021/2022 max award: 6,495. Federal Work Study Work-study jobs may be on or off campus. Employer may be the college, a non-profit community agency, or a profit organization. Provides part-time employment and pay must be at least federal minimum wage and paid on an hourly basis. YO U R G AT E WAY T O S U C C E S S Federal Supplemental Educational Opportunity Grant (FSEOG) For undergraduates pursuing first baccalaureate or professional degrees. Awarded first to students with exceptional financial need. Priority is given to PELL Grant recipients. Awards range from 100 - 4,000. w w w. c o l l e g e p l a n n i n g c e n t e r. o r g

Federal Direct Loan Subsidized Federal government pays interest while student is in school and in their grace period. Awarded to students whose families can prove financial need. YO U R G AT E WAY T O S U C C E S S Unsubsidized Student is responsible for all interest charges accrued while in school. Awarded to students whose families cannot prove financial need. w w w. c o l l e g e p l a n n i n g c e n t e r. o r g

Federal PLUS Loan YO U R G AT E WAY T O S U C C E S S Borrow up to the Cost of Attendance minus financial aid Interest rate for 2020/21: 6.28% 4.264% fee through 9/30/2022 Repayment: 10 years, extended options may be available dependent upon your balance Can defer principal payment until 6 months after graduation Must arrange to pay interest during deferment or it to be added on to loan principal w w w. c o l l e g e p l a n n i n g c e n t e r. o r g

StateBased Aid Grants & Loans

Eligibility Must be a Rhode Island resident 2022 high school graduates (public, private or homeschooled) or GED recipients who are younger than 19 years old. How to maintain the scholarship for two years Enroll full time (15 credits strongly encouraged). Maintain at least a 2.5 GPA. Earn 30 credits each year. Enroll each semester for two years. Fall and spring are required. YO U R G AT E WAY T O S U C C E S S w w w. c o l l e g e p l a n n i n g c e n t e r. o r g

Rhode Island Promise @ CCRI Steps: Apply to CCRI Complete your Fafsa and your financial aid Submit your official, final high school or GED transcript. Contact CCRI Admissions if you have any problems getting your transcripts or scores: [email protected] or 401-825-2003. YO U R G AT E WAY T O S U C C E S S w w w. c o l l e g e p l a n n i n g c e n t e r. o r g

State-Based Loans Offered through non-profit agencies throughout the US. RI’s program is offered through RISLA (visit risla.com for details) To receive a loan from a particular state-based agency, you usually need to either: Go to school in ANY state YO U R G AT E WAY T O S U C C E S S Typically very competitive interest rates – often fixed Make sure you understand the rates, fees and terms with the state-based lender before you borrow w w w. c o l l e g e p l a n n i n g c e n t e r. o r g

Scholarships YO U R G AT E WAY T O S U C C E S S Local scholarships are often easier to get than national scholarships. Scholarships aren’t just for straight-A students. Many are based on need or are awarded to students with certain traits or interests. You should never pay a service to find you scholarships. They are typically scams! Don’t narrow your search to just the internet. Ask your guidance counselor, read the local newspapers and check postings at your local library. Persist! Your scholarship search can’t be completed in a single day. Start your search at www.RIScholarships.org w w w. c o l l e g e p l a n n i n g c e n t e r. o r g

Institutional Grants YO U R G AT E WAY T O S U C C E S S Schools award institutional grants based on financial need May use the federal methodology or institutional methodology for determining your financial need Amount of grants can vary widely depending upon how much money the school has available Some prestigious colleges offer such generous grants so that the financially neediest students can still afford to attend w w w. c o l l e g e p l a n n i n g c e n t e r. o r g

Merit Based Aid YO U R G AT E WAY T O S U C C E S S Based on academics Varies by school SAT score tends to be a factor Check admissions for their policies What do you have to do to keep it? What happens if you do not maintain GPA? w w w. c o l l e g e p l a n n i n g c e n t e r. o r g

How to Apply Getting financial aid for college

Applying for Financial Aid Step 1 Apply for an FSA ID at fsaid.ed.gov Complete the FAFSA REQUIRED by every school to qualify for federal financial aid Apply online at www.fafsa.ed.gov ASAP after October 1st Complete the CSS PROFILE, if required by your schools of choice beginning October 1st Complete list of participating schools on collegeboard.org Pay attention to financial aid deadlines at your school YO U R G AT E WAY T O S U C C E S S w w w. c o l l e g e p l a n n i n g c e n t e r. o r g

Applying for Financial Aid Step 2 Review Financial Aid Package/Award Letter from school(s) Includes details of award: grants, scholarships, loans, and work-study Accept, deny or appeal any portion of the package Acceptance will safeguard the award YO U R G AT E WAY T O S U C C E S S w w w. c o l l e g e p l a n n i n g c e n t e r. o r g

Want more? Follow Us on Twitter @CPCRI Book a free appointment: www.collegeplanningcenter.org. Call us at 401.736.3170 Email us @ [email protected]