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    PAYING FOR COLLEGE

     

    Financial assistance for college may be obtained the following ways:

    1.      Student & parent contributions

    2.      Financial aid

    3.      Scholarships

     

     1.  FAMILY CONTRIBUTIONS

    Parents have an obligation to finance the education of their children to the extent they are able.  Students have a responsibility to help pay for their own education and should also be expected to contribute a share of their income.

     

           2.  FINANCIAL AID

                1-800-782-433-3243 or www.studentaid.ed.gov

    ·        Financial aid resources are intended to supplement, not replace, the financial resources of the family.

    ·        Most aid is awarded based on financial need.

    ·        Types of aid:  Grants & scholarships (free money), work-study (part-time jobs), and loans

    ·        The following equation is used to calculate need:

        * Cost of attending college

    -Family contribution       

    =Financial need 

    * Even though the cost of attending college will vary, the family contribution remains constant; therefore, financial need will be higher at more expensive institutions.  

     

    • The form needed to apply for financial aid is the Free Application for Federal Student Aid (FAFSA) available in the senior office or online, http://www.fafsa.ed.gov/, on January 1.
    • Financial aid is a first come, first serve award and based on the family’s income tax return; therefore, parents are encouraged to complete their returns as early as possible after January 1.
    • Federal Pell Grants, the largest grant program, will be awarded depending on available funds.  The Federal Supplemental Educational Opportunity Grant (FSEOG), Federal Work Study (FWS), and Federal Perkins Loan programs are campus-based; however, not all schools participate in all three.
    • THE TEXAS GRANT is available for students who are a Texas resident, complete at least the Texas Recommended Graduation Plan, have not been convicted of a felony or crime involving a controlled substance, meet financial need as determined by the FAFSA, attend a Texas school, and enroll at least ¾ time. (http://www.collegefortexans.com/)
    • The state’s Tuition Equalization Grant (TEG) may help with the cost difference of private colleges.

     STUDENTS MUST BE ACCEPTED BY THE COLLEGE BEFORE BEING CONSIDERED FOR FINANCIAL AID!

     

         3. SCHOLARSHIPS

     

    NATIONAL & STATE SCHOLARSHIPS

    Students and parents must research scholarships which are appropriate for the student’s need, college, major, and personal attributes.  Only a few applications will be available through the Midland High Counseling Center.

     

    INSTITUTIONAL SCHOLARSHIPS

    Most of the best scholarships come from the college itself.  Students must contact the Financial Aid Office of their selected schools.

     

    LOCAL SCHOLARSHIPS

    Several individuals, foundations, and organizations in Midland offer scholarships.  A booklet developed by the Midland City Council of PTA will be distributed to each senior in January with the names, criteria, and due dates for many of these scholarships. 
     
    ALMOST EVERY APPLICATION WILL REQUIRE THREE LETTERS OF RECOMMENDATION, A XEROXED COPY OF THE STUDENT’S TRANSCRIPT, A RESUME OF HONORS AND ACTIVITIES, AND A PHOTOGRAPH.

     

    OTHER SCHOLARSHIPS

    Various churches, family employers, and organizations with which parents are affiliated offer financial assistance to graduating seniors.

     

    Scholarships will not be awarded unless the student has been accepted to a college; therefore, college applications must come before scholarship applications!!

     

    NOTE:  Scholarship information and applications available through Midland High will be posted on the senior bulletin board by the office and in most senior English classes.  If interested, students are responsible for checking this information often!
     
    See videos with information about paying for college below, or access more videos at http://http://www.youtube.com/user/GenerationTexas?feature=watch