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Paying for College: Ways to Pay for College

In This Lesson: The student will demonstrate an understanding of financial aid and the process for submitting an application.

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Over the past several years, a team of organizations worked together to create the College & Career Knowledge Project, consisting of digital handouts compiled into a workbook designed to support college and career education planning. Full workbooks can be ordered through the 12th Year Campaign, and digital copies are also available.

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Access the most up-to-date College and Career Knowledge materials on this website.

To compliment the materials, we have created lessons for each section in the workbook. These lessons contain specific content, a short activity, and resources from the workbook. Educators are able to make their own copy of each lesson and edit it to include specific details about their school and community. Each lesson should take about 20-30 minutes to be delivered during core-content or advisory class.

Access the most up-to-date month-to-month College and Career Knowledge lessons by grade level on this document.

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Paying for College:

Ways to Pay For College

College and Career Knowledge Materials

APRIL | GRADE

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DECEMBER | GRADE

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What is That Going to Cost me?

Look up cost with your group and report out!

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4 Year College and Universities	University of Washington (multiple campuses): Washington State University (multiple campuses):�Seattle University:
Community and Technical Colleges	Highline College: Green River College: South Seattle College: Bellevue College
Vocational Trade School or Apprenticeships	Seattle Vocational Institute Renton Technical College: Clover Park Technical College:

Tuition

Fees

Room and Board

Transportation

Books and supplies

Other Expenses�

Cost of Attendance (COA)

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How am I Going to Pay for This?

DON’T PANIC!

Brainstorm:

What are some different ways people can pay for college?

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Types of Financial Aid

Research and report out:

Scholarships

Money awarded based on academic or other achievements

FAFSA/WASFA

The first step to receiving financial aid!
The Free Application for Federal Student Aid (FAFSA) or the Washington Application for State Financial Aid (WASFA) must be filled out yearly.

Grants

A form of gift aid, usually given based on financial need.

Loans

Money you can borrow and repay over time with interest.

Work-study

a financial aid program (federal or state) that allows students to work on-campus or off-campus to earn money and pay for college.

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Encourage students to take notes in their google doc/handout

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Additional definitions:

Scholarship: Money awarded to you based on criteria such as academics, athletics, community service, or financial need to help pay for education expenses. Scholarships generally do not have to be repaid and can be awarded through your school (institutional scholarships) or through outside committees (private scholarships.)

Free Application for Federal Student Aid (FAFSA): The standard form students must complete to apply for federal and state need-based assistance and programs and, in some circumstances, campus-based assistance/ aid. Learn more at studentaid.gov.

Washington Application for State Financial Aid (WASFA): The application available to eligible undocumented students for state financial aid such as the Washington College Grant and the College Bound Scholarship. Learn more at wsac.wa.gov/wasfa

Grants: 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.

Federal Loan: A loan is money you borrow and must pay back with interest. Loans made by the federal government, called federal student loans, usually offer borrowers lower interest rates and have more flexible repayment options than loans from banks or other private sources. For more information on the federal loan program: studentaid.gov/understand-aid/types/loans

Work-Study: A federally and sometimes state-funded financial aid program that helps college students with financial needs get part-time jobs while attending school.

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Scholarships

So many different options available!

Academic/Merit

Based on GPA, test scores, and/or coursework

Athletic
Creative

Based on talent in art, music, dance etc.

Community service

Based on involvement in your school or community

Identity/Experience

Race ethnicity, family heritage, religion, secual orientation, gender, immigration status.

Need

Based on financial need

Other

Number of students, campus size, surrounding population.

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What is FAFSA?

The Free Application for Federal Student Aid is the first step to apply for financial aid for some students who are undocumented and live in Washington State

It is FREE
It pays for vocational training
Technical
2 and 4 year colleges
Students who are undocumented with or without DACA can complete the WASFA

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What is WASFA?

The Washington Application for State Federal aid (WASFA) is the first step to apply for state financial aid for some students who are undocumented and live in Washington State.

It is FREE
It pays for vocational training/specialty
Technical
2 and 4 year colleges
Available regardless DACA status

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Loans

Subsidized Loans: The government pays the interest while you are in college.

If you qualify and need them, subsidized loans are your best option.

Unsubsidized Loans: Interest gets added to the amount you borrow as soon as you begin college.
Parent Loan: A loan a parent can take on your behalf. Your parent will be legally tied to this loan and its repayment.
Private Loan: Can come from banks, colleges and private orgs

typically they have a higher rate
gain interest as soon as you borrow the money..

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** Could be helpful to share a quick note/review about interest rates!

Interest

a percentage of the loan you took out that adds up over time
example:

A student loan of $5,000 with a 3% annual interest rate would accrue $150 per year until paid off

Subsidized Loans

low interest rates
does not accrue interest while in college at least part time
6-month grace period after finishing college (FAFSA only)

Unsubsidized

low interest rates
accrues interest while student is in college
paid back after finishing college (FAFSA only)

Parent PLUS Loans

parent must qualify
accrues interest immediately

(and usually high interest rates)

repayment starts immediately (FAFSA only)

Institutional Loans

loan offered by the college/institution in which the school is the lender
Less favorable terms than federal loans (FAFSA & WASFA)

Private Loans

offered by private entities like banks or credit unions
Terms are less favorable (high interest rates) (no FAFSA or WASFA required)

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Grants and Work-Study

Grant: Gives eligible people money fro more types of education like certificate programs, job training, apprenticeship, or college.

The amount you receive depends on family size, income, and the cost of your school or program. �

Work-Study: is a Financial Aid for low– and middle-income students. Qualifying students can get an approved job on- or off- the campus.

Many employers hire work-study employees on a permanent basis after graduation

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Important Questions to Ask Yourself When You are Choosing your Funding:

Where does the money come from?
Who is it for? Who can get or use this?
What is required of me?
How do I get/access to it?
How I keep, earn, use it, pay it back?

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Exit Ticket

What is my college option (4 year college, 2 year college, vocational or technical college)?
What are 2-3 ways that I could pay for that option?
What can I do right now to work towards that goal, OR what questions or concerns do I still have about paying for college?

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Need Additional Support?

For additional information and support on this topic, please reach out to:

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