Opening Doors to Education

Opening Doors to Education

Financial Aid Basics

Objectives 1. 2. 3. 4. 5. 6. Get ready Build your support system Financial resources Determining financial need Scholarship resources Scholarship Foundation eligibility

Objective 1: Get Ready Assess where you are in the college planning process. Define your timeline. Identify where you need help. Create a strategy or plan of action. Create back-up plans (yes, plans!)!

Objective 2: Build your support system. Family College Admissions and Financial Aid Representatives Friends and Classmates Human Resources College Access Staff School/College Counselors Other Adults: Coaches, Work Supervisors

Objective 3: Understand financial resources! Four types of financial aid Need- vs. merit-based aid Scholarship considerations No cost Renewable Portable

Objective 3: Understand financial resources! Free Application for Federal Student Aid FREE: File at fafsa.gov! Primary financial aid application. Opens annually on October 1st. Create FSA ID first at fsaid.ed.gov. The FAFSA calculates your EFC. FREE help for filing FAFSA!

Objective 3: Understand financial resources! Pell Grant IL MAP FSEOG A Access Missouri

Objective 3: Work Study

Student Loans: Better Options vs. Be Cautious Federal vs. Private Student vs. Parent Subsidized vs. Unsubsidized

Breathe

Objective 4: Determining Financial Need Cost of Attendance (COA) -EFC NEED -GRANT AID UNMET NEED

Objective 4: Determining Financial Need How much will I need? Cost of Attendance Tuition, fees, books, supplies, and living expenses Expected Family Contribution (EFC) Amount determined by FAFSA (it can be modified for special circumstances). Grants Aid awarded from all sources that does not have to be repaid. This includes Pell Grant, Access Missouri, and outside scholarships (found on award letter). Unmet Need Amount remaining to fulfill cost of education. This amount is usually met by borrowing from federal or private loans. THIS IS AN OUT-OFPOCKET EXPENSE.

How do I fill the gap? Subsidized Unsubsidized Scholarship Foundation YR 1: 3,500 YR 2: 4,500 YR 3 : 5,500 2,000 (D)* 6,000- 7,000 (I)* Up to 11,000/year Lifetime Limit: 23,000 Lifetime Limit: 31,000 (D) 57,000 (I) Lifetime Limit: 55,000 Interest Rate: 4.529% Interest Rate: 4.529% Interest Rate: 0% Undergraduate only

Get organized! Create a filing system. Save, save, save; keep originals. Access student portals and email addresses always.

Objective 5: Implementing a Successful Scholarship Search Start with your college or university first! Research local opportunities first! www.MyScholarshipCentral.org There are national opportunities too!

Helpful Hints: Tips on applying to college and navigating the financial aid process! Apply early! Apply to more than one school! Don’t rule out private schools. If necessary, appeal early! Investigate the financial aid appeals process or a professional judgment review at your possible school(s)! Know your personal loan/debt limit!

Objective 6: Eligibility for Scholarship Foundation InterestFree Loans & Grants Students demonstrating financial need, academic promise (a 2.0 cumulative G.P.A. on a 4.0 scale), and strong character are eligible for consideration for an interest-free loan. Students must be permanent residents of the St. Louis area (more than 2 years). Students can attend any school in the country, as long as it is accredited and nonprofit. Scholarship Foundation does not fund for-profit schools, which are institutions operated by private, profit-seeking businesses. Scholarship Foundation has two deadlines: April 15th and November 15th if funds are available. In April, students are considered for full-academic year funding; in November, when funds are available, students are considered for spring semester funding only. All funds are renewable, provided that students continue to meet requirements. Students may receive a conditional denial for too much need.

Questions, Comments, Concerns? Teresa Stock Steinkamp, LMSW Advising Director The Scholarship Foundation of St. Louis 6825 Clayton Ave, Suite 100, St. Louis, MO 63139 p: 314.932.6932 f: 314.725.5231 e: [email protected] www.sfstl.org Revised July 2019