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Financial
Aid
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Financial
aid consists of grants, loans, work-study, and scholarships.
To figure out which financial aid you qualify for fill out
the Free Application for Federal Student Aid (FAFSA). Paper
and online versions are available.
After
you have completed the FAFSA, each college you are accepted
to will send you a financial aid package with award letter.
This letter will include the amount of financial aid you will
receive to cover the cost of education for one year. You must
re-apply for financial aid each year. The award letter should
include terms for repayment of student loans.
Important
Financial Aid websites to know are: www.fafsa.ed.gov,
www.finaid.org,
www.collegeboard.com, and www.studentaid.ed.gov.
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GRANTS:
Money for school you don't have to repay given based
on financial need. These are types of California and
Federal grants:
- Cal
Grants-there are different types of Cal Grants
and eligibility requirements. Cal Grant information
can be found through the California Student Aid
Commission or www.csac.ca.gov. For example, Cal
Grant B provides a living allowance and tuition
and fee assistance at public and independent colleges
and some private colleges. The average award for
first year students is $1,551. (You may use
your GED to get a Cal Grant!)
- California Development
Teacher Grants-these grants of $1,000 to $2,000
a year are available for students who plan to work
in a licensed children's center and are pursuing
a child development permit at the teacher, site
supervisor or program director level at a public
or independent college in California.
- Law
Enforcement
Personnel Dependents (LIPD) Grants-these grants
are for dependents and spouses of California peace
officers who were killed or totally disabled in
the line of duty. Grants range from $100 to $11,259
a year. In addition LIPD will match Cal Grants.
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LOANS:
Money for
school that must be repaid. Some loans are need
based while others are for all qualified students.
These are the types of loans available to students:
- Federal Loan
Programs: There are two types of federal
loans both of which offer subsidized and unsubsidized
Stafford loans. Go to www.studentaid.ed.gov for
more information or www.edfund.org
- PEO Educational
Loan Fund: Makes loans available to qualified women who desire to continue higher education and are in need of financial assistance. Students must be recommended by a local chapter of the P.E.O. Sisterhood and within two years of completing her course of study. The current maximum loan is $9,000 at 2% interest and due six years from the date of issue. Interest is billed annually with principal payments to begin after graduation from the program for which the loan was granted.
www.peointernational.org.
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WORK-STUDY: State
and Federal Work study jobs to help cover the costs
of your education.
- State
Work-Study: Gives students the opportunity
to defray cost of college. (It will not affect
your welfare benefits, however it will effect
your food stamps benefits. www.csac.ca.gov
- Federal
Work-Study: Gives students the opportunity
to defray the costs of college. The program
encourages community service work and work related
to the student's major. Students earn at least
minimum wage.
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SCHOLARSHIPS: Money
available to students who meet a certain set of
criteria, such as academic excellence in a course
of study which usually does not require any repayment
but could have employment requirements based upon
the specific scholarship
- Private
Scholarships: There are many websites advertising
scholarship opportunities available through
businesses and nonprofit organizations.
- School Specific
Scholarships: Each College or University
provides special scholarships funded by alumni,
donors, and friends of the College or University.
- San Francisco Student Parent Scholar Program: LIFETIME recently concluded this program which successfully assisted CalWORKs college students in obtaining financial aid grants. Funding was provided by the San Francisco Board of Supervisors and Department of Human Services and administered by LIFETIME.
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