BWCAN College Advisers Present
FINANCIAL AID
OPTIONS
FOR THE 2026-27 SCHOOL YEAR
What is Financial Aid?
Financial Aid is funding that is available for students and families that are pursuing post-secondary education. This funding is used to bring down the cost and make post-secondary education more affordable.
Post-Secondary Education involves any type of education after high school including college, trade school, and other programs
TYPES OF FINANCIAL AID
SCHOLARSHIPS
GRANTS
LOANS
WORK STUDY
01
02
03
04
SCHOLARSHIPS
01
TYPES OF SCHOLARSHIPS
Institutional Scholarship: Offered by colleges or universities to attract and support students. These are typically awarded after applying to an institution.
Examples:
Merit-Based Scholarship: Awarded based on academic achievement, leadership, artistic ability, or other talents.
Need-Based Scholarship: Given to students based on financial need, often determined by family income.
Athletic Scholarship: Provided to student-athletes who demonstrate outstanding sports performance.
TYPES OF SCHOLARSHIPS
External Scholarship: Funded by businesses, organizations, foundations, or individuals outside of educational institutions.
Examples:
Diversity Scholarship: Aimed at supporting students from underrepresented backgrounds.
Community Service Scholarship: Awarded to students who have demonstrated a strong commitment to volunteer work.
Career-Specific Scholarship: Given to students pursuing particular fields of study, such as healthcare, education, or STEM.
TYPES OF SCHOLARSHIPS
Federal/State Scholarship: Funded by the federal government or the state in which you reside in. The FAFSA is required to determine eligibility for these scholarships.
Examples:
Michigan Achievement Scholarship: Helps recent high school graduates in Michigan receive funds for continuing education. Eligible students could receive financial aid to attend a college or university or for a career training program. This includes the Community College Guarantee.
Fostering Futures Scholarship: Provides scholarships to students who have experienced foster care in Michigan on or after age 13. Students must also demonstrate financial need to qualify.
Michigan Competitive Scholarship: Available to undergraduate students pursuing their first degree and is based on both financial need and merit. To be considered, a student must take the SAT prior to entering college and achieve a qualifying score of at least 1200.
Visit https://www.michigan.gov/mistudentaid/programs for more information!
SCHOLARSHIP TIPS
GRANTS
02
GRANT EXAMPLES
Examples:
Tuition Incentive Program: Encourages eligible Medicaid recipients to complete high school by providing tuition assistance during an eligible student’s qualifying certificate or associate degree program and also during the student’s bachelor’s degree program. These two periods of assistance are referred to as ‘Phase I’ and ‘Phase II'.
Pell Grant: Awarded only to undergraduate students who display exceptional financial need and have not earned a bachelor's, graduate, or professional degree.
Children of Veterans Tuition Grant: Provides tuition assistance to students who are the child of a qualified Michigan veteran that has died or become totally and permanently disabled due to a service-connected illness or injury, or missing in action (MIA), as a result of military service.
Visit https://www.michigan.gov/mistudentaid/programs for more information!
LOANS
03
FEDERAL LOANS
Subsidized: The Department of Education pays the interest accrued on this loan while the student is in school. Available for students who demonstrate financial need. Allowed $3,500-$5,500 per year based on grade level and up to a $23,000 lifetime limit. Fixed interest rate of 6.39% APR.
Unsubsidized: Allowed yearly amount is determined on the cost of attendance at the school, grade level, and additional aid received. Interest continuously accrues. Payments are automatically deferred on this loan while the student is enrolled at least part-time. If interest is not paid as it accrues, the amount is added to the principal balance after deferment (pay interest on interest). Fixed interest rate of 6.39% APR.
Parent PLUS: A type of unsubsidized loan where the parent is responsible for repayment. Must be the legal parent of the dependant student and prove to have a clean credit history. Fixed interest rate of 8.94% APR.
WORK STUDY
04
WORK STUDY EXAMPLES
On-Campus Jobs: Students can work in dining services, residence halls, libraries, and student centers.
Student Research Assistants: Many departments offer research assistant positions where students can assist professors with their research, often gaining experience related to their field of study.
Tutoring: Some students take on tutoring jobs either within academic departments or through student learning centers.
Community Service Programs: Students may find work with local non-profits, schools, or community centers in roles related to social service, tutoring, or event planning.
State and City Work Programs: Some state and city government positions provide opportunities for college students to work in areas like urban planning, public health, or economic development.
Internships: Many Michigan universities have partnerships with local businesses, government agencies, and organizations, offering paid internships in fields like business, technology, healthcare, and social services.
State of Michigan Student Employment: The state offers work-study programs and internships in various departments, such as the Department of Health and Human Services, the Department of Transportation, and more.
What is FAFSA?
FAFSA (Free Application for Federal Student Aid)
Walk through of applying for the FAFSA:
https://youtu.be/kuGgUiowfFw?si=U2SwOQwd4D-JjkGu
CREATE YOUR FSA ID
Let's start by creating your FSA ID so that you can apply for the FAFSA! Please go to studentaid.gov and select “Create Account” in the top right hand corner. You will need your Social Security Number to create your account.