All About Financial Aid

Madeline Clark
Ga Futures
Financial Aid Basics
❖ Financial Aid Sources
➢ The Federal Government
➢ State Government
➢ Colleges and Universities
➢ Community Groups, including religious organizations, civic organizations, employers, private
companies, professional organizations and service organizations
❖ College Cost
➢ College can be expensive, but understanding cost and financial aid will help you be ready when tuition
and fees are due for your first semester. All colleges and universities list their cost on their website.
These expenses are known as COA or Cost Of Attendance, this can include but not be limited to tuition
and fees, housing and board, and books and supplies.
Financial Aid Basics Cont.
❖ Financial Aid Calculator
➢ EFC Calculator from Big Future
➢ This calculator is the Expected Family Contribution calculator, this calculators helps students see how
much money they or their parents can contribute. This calculator can also help students see their
financial aid eligibility.
Types of Financial Aid
❖ 5 Main types of Financial Aid
➢ Scholarships
➢ Grants
➢ Loans
➢ Work-Study
➢ Saving plans
❖ Scholarships
➢ Scholarships are considered gifts or free money because they don’t need to be repaid. Scholarships
can be given by the Government, Schools or private organizations. One of the largest scholarships
is
■ Example: The National Collegiate Athletic Association (NCAA)
● Requirements: Different scholarships have different requirements, a popular
requirement is having a good academic record.
Types of Financial Aid Cont.
❖ Grants
➢ Grants are given from federal and state government, or individual college. Grants are usually awarded based on your
family financial circumstances. Grants don’t need to be repaid.
■ Example: Hope Grant
● Requirements for the Hope Grant:
◆ Meet HOPE's U.S. citizenship or eligible non-citizen requirements;
◆ Be a legal resident of Georgia;
◆ Meet enrollment requirements;
◆ Be in compliance with Selective Service registration requirements;
◆ Meet academic achievement standards;
◆ Be in good standing on all student loans or other financial aid programs;
◆ Be in compliance with the Georgia Drug-Free Postsecondary Education Act of 1990;
◆ Not have exceeded the maximum award limits for any HOPE program;
◆ Regardless of the number of HOPE Grant Paid-Hours or Combined-Paid Hours a student has accumulated,
such student is ineligible for HOPE Grant payment if he or she has attained a Baccalaureate Degree, at any
time, from any postsecondary institution, including the equivalent of a Baccalaureate Degree from a foreign
institution as indicated by the foreign academic transcript and/or foreign academic transcript translation.
Types of Financial Aid Cont.
❖ Loans
➢ Loans are borrowed from a bank or lending institution. Loans do have to be paid back because you are leading money
from a bank. There are many types of loans for education purposes.
■ Example: Direct Plus loan (A loan your parents can take out for you)
● Requirements
◆ The U.S. Department of Education is the lender.
◆ The borrower must not have an adverse credit history.
◆ The maximum loan amount is the student’s cost of attendance (determined by the school) minus any other
financial aid received.
❖ Work-Study
➢ Work-Study is working for a college or university while being enrolled as a student. The money you earned you can help
pay for the cost of the college or university.
■ Example: Having a job as a lab assistant
● Requirements:
◆ Requirements vary depending on the college and your chosen major
Types of Financial Aid Cont.
❖ Savings Plan
➢ A savings plan is equivalent to a savings account. By saving money early you can have some of the
cost of college covered.
■ Example: A savings account
● Requirements
◆ Requirements depend based on the program you chose
Who can get Financial Aid
❖ The 5 requirements are
➢ Be a high school graduate or GED recipient.
➢ Be a U.S. citizen or eligible permanent resident.
➢ Be enrolled in an eligible program of study.
➢ Be registered with the Selective Service System, if you are a male (you must register between the ages of 18
and 25).
➢ Have a valid Social Security number.
❖ Selective Service System
➢ The Selective Service System is a system all males are required to register for military draft. At the age of 18 all
males (that are able) register incase of a draft in the future.
❖ How can you keep Financial Aid?
➢ Making adequate grades.
➢ Completing enough classes or credit hours.
➢ Moving toward successfully completing your degree or certificate.
Who Can get Financial Aid Cont.
❖ Selective Service System
➢ The Selective Service System is a system all males are required to register for military draft. At the age of 18
all males (that are able) register incase of a draft in the future.
❖ How can you keep Financial Aid?
➢ Making adequate grades.
➢ Completing enough classes or credit hours.
➢ Moving toward successfully completing your degree or certificate.
How do I Apply Or Plan for Financial Aid
❖ 5 ways to apply
➢ You can apply using FAFSA, this is a free way to apply.
➢ GSFAPP is another way to apply. Your application will be valid for 7 years.
➢ Some schools require you to apply CSS before being awarded with financial aid.
➢ Students can apply through dual enrollment, they can complete the Dual Enrollment Funding Application
➢ Colleges may have a separate scholarships application
❖ FAFSA
➢ Is the Free Application for Federal Student Aid, this website lets you see all the types of financial aid and
lets you apply
❖ GSFC
➢ Is exploring your options using Dual Enrollment. Students can take college level classes that helps the
student meet high school and college graduation requirements.
How do I apply or Plan for Financial Aid Cont.
❖ FAFSA Complete Aid Process
➢ 1. Get Informed
➢ 2. Compare Aid Offers
➢ 3. Reply to Aid Offers
➢ 4. Sign loan agreements
➢ 5. Complete entrance counseling
How do I apply or Plan for Financial Aid Cont.
❖ Georgia HERO Scholarship
➢ Requirements
■ 1. Must be enrolled or accepted for admission in an eligible Georgia college or university.
■ 2. Must meet Georgia residency requirements, as defined by GSFA.
■ 3. Must meet U.S.citizen or permanent resident alien requirements, as defined by GSFA.
■ 4. Must be in a matriculated status in a program of study leading to a college Degree, Technical
diploma, or Technical certificate.
■ 5. Must not be obligated to pay a refund on a GSFA or Federal Title IV grant or scholarship.
■ 6. Must not be in default on a GSFA or Federal Title IV student educational loan.
■ 7. Must meet Federal Selective Service registration requirements.
■ 8. Must maintain Satisfactory Academic Progress accordance with the Federal Title IV standards
and practices of the institution.
■ 9. Must be in compliance with the Georgia Drug-Free Post secondary Education Act of 1990
Sources
https://www.gafutures.org/federal-aid-scholarships/
https://www.gafutures.org/federal-aid-scholarships/financial-aid-basics/
https://www.gafutures.org/federal-aid-scholarships/financial-aid-basics/understanding-college-costs/
https://www.gafutures.org/federal-aid-scholarships/financial-aid-basics/types-of-financial-aid/
https://www.gafutures.org/federal-aid-scholarships/financial-aid-basics/who-can-get-financial-aid/
https://www.sss.gov/
https://www.sss.gov/about/
https://www.gafutures.org/federal-aid-scholarships/financial-aid-basics/how-do-i-apply/
https://studentaid.gov/h/apply-for-aid/fafsa
https://www.gafutures.org/federal-aid-scholarships/financial-aid-basics/planning/
https://www.gafutures.org/hope-state-aid-programs/hope-zell-miller-grants/hope-grant/
https://www.gafutures.org/media/z34bamvz/hero-application-fy2022.pdf
https://studentaid.gov/h/complete-aid-process