The REAP Scholarship is just one way your child can get help to pay for college There is a lot of help out there When your child is a senior in high school heshe will apply for financial aid to help with the costs of college ID: 380923
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Financial Aid Basics
The REAP Scholarship is just one way your child can get help to pay for college. There is a lot of help out there!When your child is a senior in high school, he/she will apply for financial aid to help with the costs of college.You and your child will complete a form called the FAFSA (Free Application for Federal Student Aid) in order to apply for this help. This form is completed each year your child attends college.Slide2
Financial Aid Basics
Once the FAFSA is complete, colleges will calculate what is called an EFC (Expected Family Contribution).The EFC is the amount of money a student and his/her family is expected to provide towards the cost of college for that school year.For most families with a low income, the EFC is a very low amount and often is $0.Slide3
Financial Aid Basics
Once colleges have the information from the FAFSA and they know your EFC, they will put together a financial aid package that usually consists of:GrantsLoans (Student and Parent)Scholarships
And possibly Work-StudySlide4
Financial Aid Basics
GrantsMoney that is provided by the government to help pay for collegeIt does not usually have to be paid backSome grants come from the state of California and some come from the federal governmentSlide5
Financial Aid Basics
LoansStudent Loans—your child may be offered the opportunity to take out low-interest loans to help pay for collegeParent Loans—your child’s financial aid package may also include the opportunity for parents to take out low-interest loans to help pay for collegeIt’s important to know that loans can be an important way to help pay for college, but
students do
NOT
have to accept loans as
part of their financial aid packages.Slide6
Financial Aid Basics
ScholarshipsColleges often have scholarships that they can award as part of a financial aid packageMany of these scholarships are awarded to students who have good gradesThere are also MANY scholarships that students may apply for separately to help pay for college.
Part of the requirements of the REAP program is that students are actively looking for scholarships
above and beyond the REAP scholarship to
help pay for college.Slide7
Financial Aid Basics
Work-StudyMany colleges include work-study as part of a financial aid packageWork-study allows students to get a job that is usually on-campus so that they can EARN money to help pay for collegeSlide8
Financial Aid Basics
California DREAM ActSome students may have a residency status that allows them to apply for financial aid through the California DREAM Act.By applying for financial aid this way, these students are eligible for most of the financial aid that we discussed tonight.