FINANCIAL AID
 
INDIVIDUAL DEVELOPMENT ACCOUNTS (IDA's)
     
 
Financial Aid

  
 

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.

 

  
 

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.
box 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.

  • Scholar Program: Administered by LIFETIME, the CalWORKs Student Parent Scholar Program was created by the San Francisco Board of Supervisors and the Department of Human Services.