Scholarships Grants and FAFSA Finding additional ways to

Scholarships, Grants, and FAFSA Finding additional ways to pay for school

Types of Aid Scholarships- Usually talent based Grants- Usually don’t require repayment 100% of our students are offered financial aid! Work Study- Student employment-usually on campus Loans- Student, Parent (subsidized and unsubsidized)

Scholarships (Merit) Institutional Money: ● ● ● Often thousands of dollars Can be based on a variety of factors. Usually a combination of SAT/ACT and GPA will help you qualify, but other factors may help you earn Sometimes automatic, often times not! Private Scholarships: ● ● ● National scholarships are more likely to be marketing campaign (sweepstakes) Local scholarships are usually $500 -$1000 Based on a variety of factors- employment, faith, intended major, underrepresented status

Myth #1 Truth: ● Income levels for some scholarships might surprise you: ○ https: //siue. edu/financial-aid/types-of-aid/awards-and-grants/aim-highrequirements. shtml I make too much money to qualify for financial aid, so I don’t need to fill out the FAFSA. ● Even if you do make too much, the FAFSA is REQUIRED for some scholarships ○ ○ ○ OSFA Scholarships (University of Illinois) Our office also awards a number of scholarships. These scholarships generally have a demonstrated financial need requirement but may also have other requirements, including academic achievement, high school or college grades, ACT or SAT test scores, geographic (hometown or high school) location, or field of study. To be fully considered for all awards, you should submit a FAFSA and complete the Undergraduate Scholarship Supplement Form. This form collects supplemental information that’s used in the selection of recipients for restricted scholarship funds. It’s kept for 5 years and so should only be completed once.

Myth # 2 My student isn’t a straight A student, so they probably won’t qualify Scholarships can be awarded for other factors such as community service. Two local examples: ISU Mc. Lean County Full Tuition Scholarship: https: //illinoisstate. edu/admissions/scholarships/mclean-county/ Heartland Community College

Truth: Myth # 3 There are scholarships for being blue eyes, left-handed, and many other “unique” traits There probably are scholarships for these things. However, it is probably more marketing than anything else. I also have not had ANY student at Normal West share these awards with me. Beware! Also, beware of any scholarship database that makes you pay!

● ● Other Complexities ● ● Are scholarships stackable? What can the money be used for? How does the money get distributed? Clever marketing- ○ ○ “ 100% of our students are offered scholarships!” “I earned a $50 k scholarship!”

The math: IL Public University Private School A COA: $29, 567 X 4 = $118, 268 COA: $51, 199 x 4 = $204, 796 Dean Scholarship: $4, 000 x 4 years = $16, 000 Dean Scholarship: $15, 000 x 4 years = $60, 000 Total over 4 years: $102, 268 Total over 4 years: $144, 796

More math! At first glance, you may think your college is paid for! Remaining Costs: $0! However, this includes $5, 500 in student loans and at least $6, 453 in Parent Loans. X 4 years equals $47, 812 in loans. **Slide from SIUE

Where do I go from here?

Institutional Scholarships Automatic Know HOW you qualify Each school is different! Application (one vs several) Combination of the two Example EIU: https: //www. eiu. edu/scholarships/highlighted_scholarships _freshman. php

Private Scholarships Normal West Counseling Website Know WHERE to look! Local-Employer, Bank, Utility Company National Search Engine

Questions? Also, please grab the scholarship organizer handout!