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									 TITLE:                    Understand the College Financial Aid Process
 UNIT:                     12.4 – FAFSA and Financial Aid
 GRADE LEVEL(S):           12
 DURATION:                 50 minutes
 STANDARD:                 Financial – Act
                                                                                          ramp-up to
                                                                                   READINESS                  TM




Goal:
        Students completed the FAFSA form and apply for financial aid

Learning Objectives:
    Students will learn more about
          o Paying for College
                  Financial Aid Overview
          o Comparing Financial Aid Awards
                  Know Financial Aid Specifics
          o Knowing that people will help you with
                  Grants, Scholarships, Work-Study, Loans
    Students will update their Postsecondary Plan

Resources for this Lesson:
    Pre and Post-Test
    Power Point: 12th Unit 4 FAFSA Financial Aid 2

    Procedures
   Opening:
      1. Slide 1: Opening
             a. Explain that we are starting a unit where students will start the FAFSA application process
                 and make plans to obtain postsecondary financial aid
      2. Slide 2: Pre-Test
             a. Students record their answers to the pre-test questions on their own paper.
      3. Slide 3: Objectives
             a. Students will learn more about
                       i. Paying for College
                             1. Financial Aid Overview
                      ii. Comparing Financial Aid Awards
                             1. Know Financial Aid Specifics
                     iii. Knowing that people will help you with
                             1. Grants, Scholarships, Work-Study, Loans
             b. Students will update their Postsecondary Plan

   Lesson:
       1. Slide 4: Paying for College Video
         a. Ask students to
                  i. Watch the Paying for College Overview Video
                         1. Pay special attention to
                                 a. The value of a college education
                                 b. Who may qualify for financial aid
2.   Slide 5: Review Key Points of the Video
         a. Review the crucial elements of the video
                  i. Value of a college education continues to rise
                         1. It is a good investment for the future
                         2. Gain skills you will use for the rest of your life
                         3. Broadens your understanding of the work around you
                         4. College Graduate: Earns $1.2 million more
                 ii. No matter how much money your family makes
                         1. Investigate all of your financial aid options including
                                 a. Grants, scholarships, work study, loans
                         2. Families that earn up to $150,000 a year can still be eligible for financial aid
                             in some cases
3.   Slide 6: College Loans and Work-Study
         a. Emphasize the following facts about loans and work-study
                  i. 3 Common types of loans
                         1. Stafford Student Loan
                                 a. 3.4 fixed interest rate (very low rate)
                         2. PLUS Parent Loan
                                 a. 7.9% rate (still low) used most often used by parents
                         3. Private Loans (from banks or other lending firms)
                                 a. Usually highest interest rates, can get a good deal sometimes
                 ii. Work Study: College pays students for working
                         1. Some jobs allow students to study while working
                                 a. Example: Receptionist in Waiting area
                         2. May be able to get a job related to your major
                                 a. Examples: Working in a science lab, being a chef
                         3. Good for your resume
4.   Slide 7: Financial Aid Overview Video
         a. Ask students to
                  i. Watch the Overview of the Financial Aid Process Video
                         1. Pay special attention to
                                 a. U.S. Department of Education: Federal Student Aid
                                          i. Why it is important to investigate studentaid.gov
5.   Slide 8: Review Key Points of the Video
         a. Review the crucial elements of the video
                  i. U.S. Department of Education: Federal Student Aid
                         1. Largest providers of grants, work-study, loans
                         2. Visit studentaid.gov to gain valuable information
                 ii. Complete the FAFSA at the beginning of January
                         1. Grant aid based on FAFSA: Determines financial need of student
                iii. Grants and Work-Study
                         1. Do not need to pay money back
                iv. Loans
                         1. Only take out what you need
6.   Slide 9: Compare Financial Aid Awards Video
         a. Ask students to
                  i. Watch the Compare Financial Aid Awards Video
                         1. Pay special attention to
                                 a. The value of a college education
                                 b. Who may qualify for financial aid
7.   Slide 10: Know the Financial Aid Specifics
         a. Emphasize the following financial aid points
                  i. Compare award letters from different colleges
                         1. Are the scholarships renewable each year?
                         2. Understand the loan repayment obligation
                                 a. Know the interest rates of the different loans
                 ii. Set up a spreadsheet
                         1. To compare financial aid packages from your colleges of interest
                                 a. Note which colleges subtract scholarship amounts from grant money
                         2. Know the amount of money
                                 a. You do and do not have to repay
8.   Slide 11: Scholarships and Grants
         a. Briefly describe the following points about scholarships and grants
                  i. Most colleges have a set amount of money for grants
                         1. Example: College X :$1 million dollars of grants for their students
                         2. When money is gone, colleges have no more grant money to offer
                         3. That is one of the reasons why it is important to send applications and FAFSA
                             information to colleges as soon as possible
                 ii. Some colleges will offer students grant money
                         1. But then subtract that money if students are awarded scholarships
                                 a. The student’s financial need is recalculated: Receive less grant funds
                         2. This grant money is then distributed to other students with greater financial
                             need
9.   Slide 12: Scholarships
         a. Emphasize why it is important to apply for scholarships
                  i. Highly recommended that students apply for scholarships
                         1. It may not be taken away from your grant money
                 ii. Scholarships are a more stable form of financial aid
                         1. Many scholarships last four years
                         2. Grants can be less reliable based on funding issues
                iii. Scholarships look great on your resume
                         1. Future employers and graduate schools look for scholarships
10. Slide 13: Groups: Scholarships and Grants
        a. Ask students to get in groups and answer the following questions
                  i. Do you believe it is a good policy for some colleges to subtract scholarship money
                     from grant amounts in order to give money to other students with greater financial
                     need? Why or Why not?
                 ii. What do you think are the biggest benefits of being awarded a college scholarship?
11. Slide 14: People Will Help You Video
        a. Ask students to
                  i. Watch the People Will Help You video
                         1. Pay special attention to
                                 a. Who can help with the financial aid process
                                 b. The value of writing essays
12. Slide 15: People Will Help You
        a. Explain the importance of getting help with financial aid
                  i. High school students do not realize
                         1. How much financial aid there is out there
                         2. How important it is to research financial aid on websites
                 ii. Use the college financial aid office
                         1. School counselors can also help you find financial aid
                iii. Writing essays is worth the money
                         1. Can get between $1,000 and $5,000 dollars
13. Slide 16: Financial Aid was a Lifesaver Video
        a. Ask students to
                  i. Watch the Financial Aid was a Lifesaver Video
                         1. Pay special attention to
                                 a. Types of grants awarded
                                 b. Financial aid paid for what percentage of the student’s college costs
14. Slide 17: Applying for Aid Was Worth it Video
        a. Ask students to
                  i. Watch the Applying for Aid Was Worth It Video
                         1. Pay special attention to
                                 a. Research for grants and scholarships
                                 b. How the 2 scholarships helped the student
15. Slide 18: Important Video Points
        a. Review some of the crucial elements of the video
                  i. 2-year colleges cost a lot less than a 4-year college
                 ii. Financial aid pays for around 80% of my expenses
                         1. Including books and tuition
                         2. Took out loans to cover the remaining balance
                       iii. Receive national Pell grant and a state grant
                       iv. Did a lot of research on scholarships and grants
                                1. Fastweb.com, Naviance, College Board, Scholarships.com
                                2. 2 scholarships: took away much of the financial burden
        16. Slide 19: Sample Types of Scholarships
                a. Describe different types of scholarships
        17. Slide 20: Group Activity: What do you know?
                a. Ask students to get in groups and discuss the following questions
                         i. Where do you plan to investigate scholarships?
                        ii. Name 3 scholarships that might be a good match for you
        18. Slide 21: Update Postsecondary Plan
                a. Describe how the sample student updated the Financial Readiness section
        19. Slide 22: Update Your Postsecondary Plan
                a. Ask students to complete the following sections
                         i. What am I doing now to prepare to pay for college?
                        ii. How do families like mine typically pay for college?
                       iii. What scholarships might I be eligible for in the future?
        20. Slide 23: Post-Test
                a. Students record their answers to the pre-test questions on their own paper.

   Closing:
       1. Slide 24: Review
              a. Four types of financial aid
                      i. Grants, scholarships, work-study, loans
              b. 3 types of financial aid that does not have to be paid back
                      i. Grants, scholarships, work-study
              c. The __________ of an education continues to rise and is a good investment for the future.
                      i. Value

       Assessment
       Pre-Test and Post-Test on paper
            1. Name four types of financial aid
            2. What three types of financial aid does not have to be paid back?
            3. The __________ of an education continues to rise and is a good investment for the future.


Family/Community Connections
    Students share their answers from the post-test with their parents.
    Parents share their knowledge of the financial aid process


Differentiation
     Students that have expertise about the financial aid process
           o Can explore financial aid websites on the internet individually
                  Students will write a short paper on the financial aid process
      The counselor or teacher will work one-on-one or in groups to review the major points of the lessons.


Supplemental Resources
    Website – “Federal Student Aid”
      http://studentaid.ed.gov/PORTALSWebApp/students/english/fafsa.jsp
    Website – “Student Financial AId” http://www.fafsa.com/
    Book – FAFSA Online.com (2011). “FAFSA Guide: EBook” – Edvisors Online Education

								
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