Lesson Plan - Get It!
Imagine that you have received the acceptance letter from your first-choice college. You are very excited, but the school is very expensive. How are you going to pay for it? You know your parents have been saving for college, but college is very expensive. This lesson will give you the knowledge and tools to help you get more money to help you pay for college! This is a no-brainer!
Once you finish high school, all further education becomes your financial responsibility!
This means you are going to have to pay for any college or technical school you attend after graduation. There is a variety of financial aid available to help pay tuition and other costs of further education, but you must apply for this financial assistance. You will learn how to apply for financial assistance in the Got It? section of this lesson.
Please review this slideshow about financial aid: 7 Things You Need to Know About Financial Aid (BigFuture, The College Board).
What is Federal Student Aid?
Please watch the following Federal Student Aid video about financial aid, Overview of the Financial Aid Process:
Federal student aid comes from the federal government — specifically, the U.S. Department of Education. It’s money that helps a student pay for higher education expenses, i.e., college, career school, and graduate school expenses. Federal student aid covers such expenses as tuition and fees, room and board, books and supplies, and transportation. There are three main categories of federal student aid: grants, work-study, and loans.
The following descriptions will help you understand the distinctions among the three types of aid available: grants, loans, and work-study.
Watch the following video about types of student aid: Types of Federal Student Aid (Federal Student Aid, U.S. Department of Education):
Grant A gift of money from either some level of government or from a school to pay part of a student’s expenses. A grant does not have to be repaid.
Need-Based Loans: Federal- and state-government-subsidized interest payments require you to show financial need to qualify. Payments on these loans are delayed until you are no longer attending a qualified school.
Loans that are not need-based: You pay the full interest with no subsidies available to you or your family.
Work-study Money earned while attending school. This could be through jobs on or off campus. This does not have to be paid back.
Most students pay for college with a package of different sources of funding. A student might get a scholarship, a job, and a loan, plus use some money from savings. Colleges propose a financial aid package for each student they admit.
Please complete the Financial Aid Vocabulary worksheet found in Downloadable Resources in the right-hand sidebar. You may use the glossary of financial aid terms from the following link to help you with the worksheet: Glossary of Financial Aid Terms (College Foundation of North Carolina).
After you complete the form, move on to the Got It? section to learn how to apply for assistance.