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Introduction to Financial Aid �

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About the Council

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We advance educational opportunities and attainment in Washington.

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What Will I Learn Today?

What is Financial Aid

Types of Financial Aid

When You Should Apply for Financial Aid

How to Apply for Financial Aid

Scholarships

Help and Resources

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What is Financial Aid?

Financial aid is money to help pay for education after high school. Grants, work-study, loans, and scholarships help make education after high school affordable.

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Sources of Financial Aid

Federal

Typically can be used at most schools in most states.

State

Typically for residents to attend most colleges in the state.

College

Offered by a specific school to attend that school.

Organizations

Offered by non-profits, business, churches, etc.

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�Financial Aid Is An Umbrella

Grants

Income-based, federal, state and institutional.

Scholarships

Merit and income-based, from public, private, and nonprofit sources.

Loans

Income-based, federal and private.

Work-Study

Income-based, federal, state and institutional.

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Grants

A grant is gift aid that often based on financial need and does not need to be repaid (unless, for example, you withdraw from school and owe a refund).

Washington College Grant

Pell Grant

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Washington College Grant (WCG)

Washington State has made a groundbreaking commitment to �financial aid for low- and middle-income people of all ages with the new Washington College Grant (WCG).

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Washington College Grant Provides a Unique Opportunity

With the Washington College Grant (WCG), more families are eligible for financial aid than ever before.

Award amounts vary based on income, family size, and the school or program attended.

Family Size	Full Award	Partial Award
	Income $33,500 or less	Income Up to $55,500
	$64,500 or less	Up to $107,000

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State Financial Aid Calculator

This tool calculates potential awards from the Washington College Grant and Pell Grant programs.

There may be more aid available to you from other state and federal programs, private scholarships, or directly from the college you attend.

The only way to know for sure how much financial aid you can receive is to complete a FAFSA or WASFA financial aid application

portal.wsac.wa.gov/a/aid-calculator

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Scholarships

Scholarships are gifts that don’t have to be repaid and are designed to help students pay for college. They can be a one-time gift or renewable.

You can start your scholarship search by going to thewashboard.org

https://washboard.wsac.wa.gov/login.aspx

Looking for scholarships? theWashBoard.org makes it simple.�The Washboard connects Washington students of all types with Washington scholarship providers….for FREE.

Whether you’ll be attending in state or out, you save time by entering your profile once and letting us find the scholarship opportunities that fit. theWashBoard.org is spam-free and will never sell your information

How does it work? Scholarship providers build a listing for each scholarship they want to offer on our site. This listing provides all the necessary information for potential applicants. Students-scholarship seekers-create a profile online, which is then compared to all available scholarships. A list of the seeker’s best scholarship matches is immediately displayed to them online. The seeker creates an application for their matches after reading the details provided. Seekers can apply for as many scholarships as they choose. The scholarship seeker submits an application to the provider either by mail, by website, or by using theWashBoard.org as the electronic application host. The provider reviews their applications. If theWashBoard.org serves as the electronic host, the provider can review applications online or download and print. The site can also be used to email applicants about their scholarship status

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Work-Study

Work-Study provides part-time jobs for students with financial need, allowing them to earn money to help pay education expenses. These jobs are typically on campus.

Work-Study

Tutoring

Fitness Center

Library

Computer Lab

Student Life

Outreach

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Loans

A student loan is money you borrow for your education and pay back over time. Unlike grants or work-study you do have to pay back your loans. You do not have to accept all the loans offered to you.

Unsubsidized Student Loans

Interest begins accruing as soon as the loan is disbursed, including while you are enrolled in school.

Subsidized Student Loans

Interest is paid by while you're enrolled at least half time in college.

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Examples of Federal Financial Aid Programs

Pell Grant

Federal Work-Study

Unsubsidized/Subsidized student loans

Parent loans

There are several types of federal financial aid. Students need to be U.S. citizens or eligible non-citizens (i.e. permanent residents with a Green Card as an example) to apply. Pell Grant: The largest income-based grant. You may be familiar with this grant as it is a long-standing program. There have been some changes over the years, so make sure you investigate current Pell Grant requirements such as maximum award amounts use during the summer. Work-study: Students can work on campus and their salary is paid from the Dept of Education on-campus employer—>student. Not all on campus jobs require a student to be part of the work-study program. Loans: Both these are in the student’s name. The difference is that with Unsubsidized student loans the student will ultimately pay the interest accrued once they graduate and/or leave college. Subsidized student loans – the government pays, or subsidizes the interest. Parent loans: Would be taken out by the parent to pay for the student’s expenses. There are additional requirements, such as a credit check. There is not limit on the loan amount for parent loans. If offered any/all of these loans from the government, students/families can accept none, partial, or all that they want to utilize. There are also private loans from banks but they typically have higher interest rates and more limited repayment options that federal loans. Students apply for these programs using the Free Application for Federal Student Aid (FAFSA). Students who are not eligible to apply for these programs due to immigration status would not be eligible for these programs, such as federal student loans.

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Examples of State Financial Aid

Washington College Grant (formerly the State Need Grant)

College Bound Scholarship

State Work-Study

Passport to Careers

Opportunity Grant

Learn more about Washington’s state financial aid programs, collectively known as opportunity pathways go to https://wsac.wa.gov/sfa-overview

These are examples of state financial aid programs that WA residents who are eligible can use in WA at eligible colleges – you may see them referred to as Washington Opportunity Pathways. Washington College Grant (formerly the State Need Grant) largest, income based grant. The amount depends on what type of school (out of the over 65) you attend. College Bound Scholarship: This is an early commitment of state financial aid to cover certain college costs. Students must have signed up in middle school. We’ll talk more later. State Work-Study: Similar to the federal program but the funding comes from Washington State versus the federal government. Passport to Careers: program that provides additional resources for both former foster youth and unaccompanied homeless youth (https://www.wsac.wa.gov/sites/default/files/Passport.Student.FAQs.pdf) Opportunity Grant: to attend a 2 year community or technical college 5 Students who can complete the FAFSA (U.S. citizens and permanent residents) are also applying for state aid programs when the complete the FAFSA. Undocumented students who meet program and state residency requirements can apply using the Washington Application for State Financial Aid (WASFA).

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College Bound Scholarship�Eligibility and Auto-Enrollment: A Two-Step Process

Step One

Auto-enrollment for eligible public-school students.
Eligible for FRPL in 7th, 8th, or newly eligible in 9th grade.
Foster Youth are auto-enrolled through HS graduation.

Step Two

Fulfill the College Bound Pledge.
Meet income and residency requirements.
Be accepted to and attend an eligible college.

Key takeaway: CBS is a two step process

Step 1: New with ESSB 5321, all FRPL eligible public school students in 7th, 8^th, or newly eligible 9^th graders will be auto-enrolled in CBS. Youth in state foster care are auto-enrolled throughout high school. This is GREAT! More students will have access to the CBS opportunity and those working with students can focus on college/career readiness rather than chasing down forms. CBS team is working on WAC updates. If asked: Private school and homeschool students – contact CBS team.

Step 2:

- Fulfill the College Bound Pledge in high school (Grad from WA HS or homeschool program…2.0 GPA and no felonies)

additional note if asked about how do we know if they have a felony? WSAC has a review process that looks at public record searches and Washington State Patrol records to confirm a student’s eligibility.

- Meet income requirements; verified by the college using information from FAFSA or WASFA

- Be accepted to and attend an eligible college within one year of graduating high school (i.e. they have 5 years after graduating high school to use 4 years of funds – up to a bachelor’s degree- can’t use for grad school)

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College Bound Scholarship Commitment

Combines with other state financial aid to cover the average cost of tuition (at public rates), some fees, and a small book allowance = commitment.

Can be used at over 65 two- and four-year public and private colleges and universities.

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FAFSA/WASFA: Rule of One

FAFSA

Free Application for Federal Student Aid
FAFSA.gov

WASFA

Washington Application for State Financial Aid
wsac.wa.gov/WASFA

OR

Both Applications Open October 1st

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Free Application for Federal Student Aid (FAFSA)

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Two Ways to Apply for the FAFSA

Website

Paper FAFSA

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FAFSA Website Language Options

English

Spanish

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FSA ID – The First Step to the FAFSA

Social Security Number

Their own mobile phone number and/or email address

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Washington Application for State Financial Aid (WASFA)

https://wsac.wa.gov/WASFA

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WASFA Account Creation – The First Step to the WASFA

You will need your own email address

The WASFA is available in English and Spanish

You will need internet access

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Is a Student Dependent or Independent*

Dependent Student

Requires Parent Information

A student who does not meet any of the criteria for an independent student

*for financial aid purposes

Independent Student

Does Not Require Parent Information

An independent student is one of the following:

at least 24 years old
married
a graduate or professional student
a veteran
a member of the armed forces
an orphan
a ward of the court
someone with legal dependents other than a spouse
an emancipated minor
someone who is homeless or at risk of becoming homeless.

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Who Is The Student’s Parent for Financial Aid?

Married

Both parents

Remarried

The parent (and step parent) you live with most.

Single or Widowed

The single or surviving parent

Unmarried, Separated, or Divorced but Living Together

Both parents

Divorced or Separated and not living together

The parent you live with most.

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What Do I Need to Apply for Financial Aid

Your driver’s license or state ID. (If you have one)

Your income information

This includes bank statements, a W-2 or pay stub, and a 2021 tax return if applicable.

Your parent most likely will need to provide information, if you are 24 or younger.

This includes bank statements, child support statements, W-2 or pay stubs, and a 2021 tax return if applicable.

FAFSA Filers Should Also Have Access to:

Your Social Security Card or green card.
One parent’s Social Security Number (if they have one).

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Financial Aid Timeline

Gather required documents

Create an FSA ID or WASFA account (only created once)

FAFSA & WASFA open October 1^st

Students apply for financial aid and admissions

Follow up with colleges for any additional request for information

Review your award letters and accept your aid.

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Important Information for the Class of 2023

Apply every year you attend college

Apply early to maximize aid opportunities

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Class of 2023 Next Steps

Explore Your Options

Explore your post secondary options using your high school and beyond plan.
Talk to your counselor to make sure you are on track for graduation.

Determine Which Financial Aid Application To Use

If you are not sure which application to complete go to https://wsac.wa.gov/WASFAelig

Create an FSA ID or WASFA Account

You can create an FSA ID by going to https://fsaid.ed.gov/npas/index.htm
You can create a WASFA account by going to https://wsac.wa.gov/WASFAelig
Complete your 2023-24 application starting October 2022

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Resource: www.wsac.wa.gov/actionplan

One-stop site for juniors and seniors

Career exploration resources to application information

COVID-19 specific guidance

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Resource: 12^th Year Campaign Resources and Events

https://wsac.wa.gov/actionplan

Free virtual financial aid completion events to help you take the next step!

Free resources that support you with financial aid, college admissions and more.

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Resource: Financial Aid Padlet For Students

https://padlet.com/christinaw12/t6jfitu7m8in10xc

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Explore Your Options: College & Career Compass

https://compass.wa.gov/

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Resource: College Knowledge

Developed in collaboration with OSPI, PSCCN, Road Map Project, WSAC, and WCAN

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Washington Financial Aid for Education and Training Videos

Informational videos about education after high school in the following languages:

•English

•Mandarin

•Russian

•Somali

•Spanish

•Tagalog

•Vietnamese

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We Are Here to Help!

Online:

wsac.wa.gov
www.thewashboard.org
wastate529.wa.gov

On Twitter:

@WSACouncil

On Facebook:

www.facebook.com/WSACouncil

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Questions