Understanding The Financial Aid Process in 2020 Presentation Webinar
Thank you to all who attendned. Video will be posted shortly.
Presented by Ed Zamora of Principia Prep, September 23, 2021
Scholarships can help cut the cost of college expenses. There is no limit to the amount you can apply to- see the links below to help get you started.
For addtional information and details on scholarships- please visit this link provided by the Chamber of Commerce: Chamber of Commerce's Guide to College Scholalrships
What is Financial Aid?
- Financial aid is any money received to help pay for post-secondary education.
- Financial aid can come in many forms: grants, loans and work study programs
- Other assistance to pay for college can come in the form of scholarships.
Types of Financial Aid
- Grants & Scholarships:
- “Grants & Scholarships are often called “gift aid” because they are free money—financial aid that doesn’t have to be repaid”*.
- Grants can come from the government and/or institutions and may vary based on the school’s cost of attendance.
- Scholarships can come from institutions or private or non-profit organizations.
- Awarded based on financial need and/or merit.
- Does not have to be paid back!!!
- “A loan is money you borrow and must pay back with interest.”*
- Federal, State, Institution, and Private loans available.
- Many different types, such as subsidized, unsubsidized, student and parent loans. *Compare student loan types through this handout: https://studentaid.ed.gov/sa/sites/default/files/federal-loan-programs.pdf
- Always awarded to the student in a small amount each year, with a maximum loan amount of $5,500 a year.
- Usually awarded to parents based on the difference between the cost of attendance and the remainder of cost that is not covered by other financial aid means.
- Must be paid back with interest & any loan disbursement fees (Each loan will vary in this amount).
- Loans have different repayment plan options. Speak to your loan lender to discuss the best option for you and your family: https://studentaid.ed.gov/sa/repay-loans/understand/plans
- Work Study Programs
- Provides job opportunities for students that need financial assistance, allowing them to pay their educational expenses.
- It provides part-time employment while the student is enrolled in school.*
- It’s available to full-time or part-time students with financial need.
- Administered only by schools that participate in the Federal Work-Study Program. Check with your school's financial aid office to find out if your school participates.
- Must be eligible for this program through the FAFSA.
- Student will at minimum be paid the federal minimum wage, with the funds distributed directly to the student, unless the student specifies otherwise. The hours the student can work are limited to the amount given and the student cannot earn more money by working additional hours.
- Grants & Scholarships: