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How to Finance a College Education Web Quest Worksheet

Click on the link below to find the following information about the cost of college:
https://bigfuture.collegeboard.org/pay-for-college
Click 3 Steps to Getting Financial Aid
1. What is Step 1?
Submitting the FAFSA
2. When can you complete the FAFSA?
It is availible on January 1.
3. Where can you fill out the FAFSA?
On the FAFSA Website.
4. What is Step 2?
Find out if other financial aid forms are required.
5. When can you complete this step?
It is availible on October 1st.
6. Where can you fill out these forms?
CSS/Financial Aid Profile website has these forms.
7. What is Step 3?
Search and apply for private scholarships
8. What type of aid is this?
It is merit based aid.
Locate the link to Financial Aid 101. Use the graphic of the pie chart to answer the following
questions.
9. How much financial aid money is available?
$185 Billion
10.
What percentage of financial aid money comes from:
i. The federal government:73%
b. College Grants & Scholarships:18%
c. State Grants & Scholarships:5%
d. Private & Employer Grants & Scholarships:4%
After finishing the questions click on the Pie Chart (or this link) to read "Financial Aid Can Help
You Afford College"
11.
What are the four types of financial aid?
Grants, scholarships, loans and work-study programs are the 4 types of aid.
12.
What one or two are the best? Why?
Grants are the best because they are need based and dont have to be repaid.
Follow this link and answer the following questions
https://bigfuture.collegeboard.org/pay-for-college/financial-aid-101/how-to-complete-the-fafsa
13.
Where do you find the FAFSA application?
You can find it on the FAFSA website or get a paper copy.
14.
What is the benefit to filing the FAFSA using the method above?
Online is easiest because it is easier to fill out and is checked before it is sent to
colleges.
15.
What do you need to have before you complete the application?
Completed income tax return, get a PIN number and collect documents.
16.
What do you need to be aware of as far as deadlines for the application?

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You should file it as early as possible because college deadlines are often sooner
than federal ones.
17.
What happens after you apply?
Your financial information is analyzed using formulas to determine how much
you get.

Follow this link and answer the following questions:

https://bigfuture.collegeboard.org/pay-for-college/scholarships-grants
Click on the article titled "How to Spot Scholarship Scams"
18.
What are the signs that the scholarship is a scam?
Garuntees, asking for credit card/bank information, claiming they will do all the
work and saying that it requires payment are all signs that a scholarship is fake.
19.
Where does nearly all financial aid come from?
Almost all financial aid comes from the federal government.
Follow this link and answer the following questions
https://bigfuture.collegeboard.org/pay-for-college/loans/types-of-college-loans
20.
What is the difference between Need- Based and Non-Need-Based loans?
Need-based aid is usually helped by the federal government and is to help
people who wouldnt be able to pay for college, where non-need-based aid only
offered but not strictly necessary.
21.
What is the difference between a subsidized Stafford loan and an
unsubsidized Stafford Loan?
In subsidized loans the government pays for your interest but in unsubsidized
loans the interest only gets added on after you complete college.
22.
Why are Need-Based Loans the best?
Need-based loans tend to have the best terms and are often unsubsidized.
Follow this link and answer the following questions
https://bigfuture.collegeboard.org/pay-for-college/paying-your-share/the-expected-familycontribution-efc-faqs
23.
What is Expected Family Contribution (EFC)?
EFC is the ammount your family is predicted to pay for your college, and is used
in financial aid calculations.
24.
What should I do if the EFC and the financial aid package dont cover all
my costs?
Attempt to reduce college costs, take a loan, get a part time job or other means
to attempt to raise money may be necessary.