π° Ways to Pay For College
Chapter 4 - Paying for College English | Russian | Somali | Spanish | Vietnamese
Ways to Pay for College English | Russian | Somali | Spanish | Vietnamese
πHow Much Does College Cost?
College costs are different at different schools. Each college estimates the Cost of Attendance (COA) by adding together some or all of the expenses: Tuition, Fees, Room and board, Transportation, Books and supplies and Other living expenses
The cost of college can be overwhelming, but there are many different resources to help you pay for college. People often use various sources of financial aid to pay for college in addition to what they may have saved or earn from their job. Financial Aid resources include any grant or scholarship, loan, or work-study offered to help you meet your college expenses.
β’ In order to be considered for financial aid, you need to complete the FAFSA or WASFA your senior year and every year while in college.
β’ Each college determines financial aid eligibility for federal, state and institutional types of aid based on awarding policies at that campus.
β’ There are thousands of scholarships that can help you pay for college. Different scholarships have different application requirements. Most scholarships require that you complete the FAFSA or WASFA. Visit the B-EHS Scholarships to view our Local Scholarships!
Scholarships β Money awarded to students based on academic or other achievements to help pay for education expenses. Scholarships do not have to be repaid.
Grants β A form of gift aid, usually based on financial need. A grant does not need to be repaid, unless, for example, you withdraw from a school and owe a refund.
Work-Study β A financial aid program (federal or state) that allows a student to work on-campus or with approved off-campus employers to earn money to pay for college expenses.
Loans β Money you can borrow and repay over time, with interest added in most cases.
Keep in mind: Knowing the different types of financial aid is only the first step. You may not need to take out financial aid to cover the full cost of attendance.
Scholarships English | Russian | Somali | Spanish | Vietnamese
πWhat are scholarships?
Scholarships award money for education expenses based on criteria such as academics, athletics, community service or financial need. Community organizations, colleges, religious institutions and private companies are examples of scholarship providers. Regardless of your background or immigration status, there is likely a scholarship for you!
πWhere can I look for scholarships?
Your high school counselor is a good place to start. Here are some places to begin your research:
Visit the B-EHS Scholarships to view our Local Scholarships!
TheWashBoard.org: thewashboard.org
FastWeb: fastweb.com
Beyond Dreaming Scholarship List: scholarshipjunkies.org/beyond
The colleges you are interested in or local organizations such as the B-EAF, Act Six, College Success Foundation, and Washington State Opportunity Scholarship.
You may also be eligible for one of these state programs such as the College Bound Scholarship (Chapter 3) or Passport to Careers. Talk to your counselor to see if you are eligible.
πHow Do I apply for scholarships?
1. Complete the Free Application for Federal Student Aid (FAFSA) or Washington Application for State Financial Aid (WASFA).
2. Research scholarships you are eligible for.
3. Submit your applications. Make sure you follow instructions carefully!
πWhat TYPES of scholarships can I apply for? Are you...
Academic/Merit: Based on GPA, test scores and/or coursework
Athletic: Based on athletic performance
Creative: Based on talent in art, music, dance
Community service: Based on involvement in your school or community
Diversity: Based on race, ethnicity, family heritage, religion, sexual orientation, etc.
Need: Based on financial need
Other: Leadership, alumni, etc.
DO RESEARCH
Is the scholarship renewable? If yes, learn about the renewal requirements. If itβs not, think about how you are going to replace these funds the following year. Is it portable? Can you take the scholarship with you if you transfer schools? Some scholarships are bound to specific colleges.
All About FAFSA English | Russian | Somali | Spanish | Vietnamese
The Free Application for Federal Student Aid (FAFSA) is the first step to apply for financial aid. Completing the FAFSA is free and gives you access to the largest source of financial aid to pay for vocational, technical, 2-year and 4-year colleges. Based on the info you provide, each college will calculate your financial aid award.
Tip: You need to submit the FAFSA every year while in college.
πWho is Eligible to Apply?
U.S. citizens and legal permanent residents should complete the FAFSA. Some undocumented students may be eligible
for the Washington Application for State Financial Aid (WASFA).
πWhat Info Do I need to provide?
Basic info, such as legal name, birthdate, etc. Parent and student tax/income information and Your list of colleges
An FSA ID gives you access to your FAFSA info and serves as your legal signature. You AND one parent (biological or adoptive) will need to create an FSA ID (username and password). Be sure you and your parent use separate email addresses. If your parent is undocumented they should not create an FSA ID. They will instead print, sign and mail a signature page
πWhat information do I need to create an FSA ID?
Basic info, such as social security number (SSN), legal name, birthdate, contact info, etc.
πHow Do I Complete it?
1. Create a Federal Student Aid Identification (FSA ID) at fsaid.ed.gov
2. Use your FSA ID to log in and complete the FAFSA at fafsa.gov
3. Check for an email confirming you have successfully submitted the FAFSA.
πDON'T FORGET: Be sure to write down the answers to your challenge questions in the application and store them in a safe location with your FSA ID.
All About WASFA English | Russian | Somali | Spanish | Vietnamese
Information for undocumented students
The Washington Application for State Financial Aid (WASFA) is the first step to apply for financial aid for some undocumented students who live in Washington state. Completing the WASFA is free and gives eligible students access to state financial aid to pay for vocational, technical,2-year and 4-year colleges in Washington. Undocumented students with or without DACA should complete the WASFA. If you are a U.S. citizen or legal permanent resident, check out the βAll About FAFSAβ handout and do not complete the WASFA.
πWho is eligible to Apply?
Eligibility is based on immigration status. Students must meet individual program and residency requirements. For specifics, use the eligibility questionnaire at readysetgrad.org/wasfaelig
πWhen Should I do it?
File as early as October 1 of your senior year. Make sure you know the financial aid priority deadlines at the colleges you are interested in. (Often the WASFA deadline is not listed, but it is the same as the FAFSA deadline.) You need to submit the WASFA every year while in college.
πHow do I complete it?
1. Go to readysetgrad.org/wasfa and click on βStart a New WASFA.β
2. Complete the eligibility questionnaire.
3. Create an account and save your login and password.
4. Complete and submit your application.
π What is the parent signature on the WASFA?
You will need to send an email invitation to one parent (biological or adoptive) to electronically sign your WASFA. Be sure you and your parent use separate email addresses.
Donβt Forget: Your parentβs signature is needed to complete your application. Your parent must electronically sign within 72 hours of being invited.
π What info Do I need?
Basic information, such as legal name, birthdate, etc. Parent and student tax/income info, Your list of colleges (Washington state colleges only), Your DACA number if you have one
π Is my family's information protected?
The Washington Student Achievement Council (WSAC) and colleges that access your application only use your information to determine eligibility for state financial aid. Campuses are not permitted to use the information for other purposes or share the data with other parties.
If you have questions about the WASFA, contact the Washington Student Achievement Council (WSAC) at 1-888-535-0747, option 2 or email wasfa@wsac.wa.gov
πUnderstanding Finacial Aid Award Letters
Understanding Financial Aid Award Letters English | Russian | Somali | Spanish | Vietnamese
After filing the FAFSA or WASFA, youβll receive a financial aid award letter from each college you applied to. Your financial aid award from each college will be different. You will not know which school will fit in your budget until you review ALL of your financial aid award packages.
You can choose to fully or partially accept the different types of loans offered or decline them entirely.
Subsidized loans: The government pays the interest while you are in college. If you qualify, this is your best option.
Unsubsidized loans: Interest gets added to the amount you borrow as soon as you begin college.
Parent loan: A loan your parent can take on your behalf to pay for your college expenses. Your parent is legally tied to the loan and its repayment.
A federal loan has lower interest rates and better repayment options than a private loan and is determined by the FAFSA.
A private loan can come from banks, colleges and private organizations. Typically, they have higher interest rates and less favorable repayment options. Like unsubsidized loans, private loans gain interest as soon as you borrow the money.
TYPES of Financial Aid:
Scholarships: Money awarded based on academic or other achievements to help pay for education expenses.
Grants: Form of gift aid, usually based on financial need.
Work-study: On-campus or off-campus employment that allows you to earn money for college expenses.
Loans: Money you borrow and have to repay over time with interest.
Yay! I got my award letter...
1. Review the offer and compare it against the expenses you need to cover for your specific college. Some expenses listed in your cost of attendance (COA) will be billed by the college (tuition, room and board for dorms, etc.) while others, such as books and personal expenses, are recommended estimates.
2. Inform the college of any changes and private scholarships since submitting your FAFSA or WASFA.
3. Accept the awards for the college youβre planning to attend. Make sure you know about the deadlines for accepting your financial aid offer.
4. Contact the financial aid office at the college if you have questions.
πGOOD TO KNOW:
Accept grants, scholarships and work-study before loans to reduce your debt after college. Avoid private loans and credit cards, if possible.
Quick Links:
Financial Aid (applying, types, deadlines, etc.)
FAFSA Student Checklist: Information to Collect
How to create an FSA ID
All about the FAFSA
All about the WASFA
Financial Aid Calculator
Breaking Down Your Award Letter
Award Letter Comparison Tool
Student Aid Report (SAR)
Federal Student Loans
The College Bound Scholarship
