SCHOLARHIPS & FINANCIAL AID
FOR ACADEMIC ACCOMPLISHMENTS

Schroon Lake Central School

• This site* has been designed to inform students of the Scholarships not only offered locally at Schroon Lake Central School but in other outside areas. Students will further gain knowledge of Financial Grants available to them from the State and the Federal Government.

• Scholarships and Financial Grants are most important to you. They can help defray college costs throughout the academic school year for college tuition fees, required books for your courses and other related matters applied to your academic success.

What Does A College Education Cost Today?


• A college education will cost you $100,000 at many private colleges and universities.

• $50,000 to $60,000 at state supported colleges.

• The total cost of attending a college may be the single most expense a family will make in the next ten years.

• The benefits of a college education will far outweigh the high cost.

• College graduates will earn hundreds of thousand dollars more than those without a college degree.

Student Financial Aid


• Grants and scholarships are awarded to students who do not have a financial need. They are referred to as Merit Based Aid.

• Merit-Aid comes from the colleges’ endowments and alumni donations, however much of it comes from tuition charged to students.

• Remember ask your college for information and the application procedure for obtaining Merit-Aid.

Federal Financial Aid Programs


• Largest single source of financial aid comes from the Federal Government.

• There are six major programs administered through the Department of Education.

Federal Grant Programs

• Federal Pell Grant

• Federal Supplemental Educational Opportunity Grant (FSEOG)

Three Federal Loan Programs

• Direct Loan

• Stafford Loan

• Federal Perkins Loan

• The Direct and Stafford Loan programs provide a parent loan called the Federal PLUS Loan

• Federal Work Study (FWS)program: provides jobs for students while attending college.

• Most federal programs are based on need except the Federal PLUS and the Stafford and Direct loan programs.

Federal Aid Programs

• Grant Programs

• Federal Pell Grant

• Federal Supplemental Educational Opportunity Grant (FSEOG)

• Loan Programs

• Direct Loan

• Stafford Loan

• Federal Perkins Loan

• Federal Plus LoanFederal Work Study (FWS)-Provides Jobs For Students

Federal Pell Grant

• Assistance for low-income families

• Eligibility depends on the Expected Family Contribution (EFC)

• Amount received is based on your EFC and the cost of education at the college you attend

• The maximum award for 2000-01 was $3300

Federal Supplemental Educational Opportunity Grant

• Awarded at the discretion of the financial aid office at your college.

• Awards can range up to $4000, depends upon college policy, the availability of FSEOG funds, total cost of education, and the amount of other aid you receive.

Federal Perkins Loan

• It is a low- interest (5 percent) loan for students with exceptional financial need.

• Loan is made through the college financial aid office.

• Can borrow up to $4000 per year up to 5 years.

• You can take up to 10 years to repay the loan. Payments start 9 months after you graduate. No interest accrues while in school, if you teach or work in low income areas some or all the loan can be canceled.

Federal Family Education Loan Programs

• There are three loan programs under this program

• Federal Stafford Loans

• Federal Direct Loans

• PLUS loans

• All of these loans are made available by participating lenders, such as banks and credit unions

Subsidized Federal Stafford & Direct Loans

• Variable interest rate: changes each year

• Maximum rate is 8.25, current 6.25 on the repayment

• Government pays the interest charges will you are enrolled

• Eligibility: show financial need

• Amount of loan: $2625 for freshman, $3500 for sophomores, and $5500 for juniors & seniors

Unsubsidized Federal Stafford and Direct Loans

• The terms & conditions are same as the subsidized loan except the borrow is responsible for the interest even while in college(currently 6.32 percent)

• The interest accrues and is capitalized, or added, to the total amount owed

• Allowed 10 years to repay the loan.

The Plus Loan

• Loan for parents

• Not related to financial need

• Intended to help families with cash-flow problems

• Variable interest rate that is set annually and has a maximum rate of 9 percent

• Current rate is 7.7 per cent- Banks and credit units make the loan, repayment begins 60 days after the parents borrows the money. Usually repaid in 10 years.

Federal Work- Study

• Provides jobs for students who demonstrate need

• Salaries are paid by funds from the federal government as well as the college

• Students work hourly basis in jobs either on or off campus, may work during the academic year and the summer

• FWS pay must be at least the federal minimum wage

Institutional Grants & Scholarships

• Merit-based aid is based on a student’s academic performance or specific talent or ability or to students the institution most wants to attract.

• Granted to students who demonstrate need.

Applying For Financial Aid FAFSA Application

• Fill Out the Free Application for Federal Student Aid (FAFSA)

• Obtain form from high school Guidance offices, college financial aid offices, and many local libraries

• Go on the Internet http://www.fafsa.ed.gov.

Applying For Financial Aid PROFILE

• This form is used by colleges to award their own funds.

• There is a fee for this application

• Read the financial aid admission material of your college to see if they offer it.

• To apply using PROFILE, you must first register. You can do this by phone: 800-778-6888 (tool free) or online at http://www.collegeboard.org/finaid/fastud/html/proform.html

• Pay the appropriate fee using a credit card.

When Do I Apply?

• Check with your college for deadlines. They are listed in the profiles of each college.

• Fill out FAFSA as soon as after January 1st

• Do not wait until to fill out your tax returns if the the college has deadlines. Use estimates at least you will meet the deadline

• You may have to provide documentation later to verify information on the application

• The college will send you an award letter detailing the amounts and types of aid they will offer to you