Understanding Financial Aid

Solving the Financial Aid Puzzle

Notes on Searching for Scholarships…

Various scholarships are offered to high school students in grades 9 – 12. Access these applications by going to www.fastweb.com or www.careercruising.com or www.scholarship.com or www.michigan.gov.  By entering contests and essay competitions and with perseverance, you may win some scholarship money before your senior year. Remember though that these scholarships are national competitions with extremely qualified entrants. You may find that your time is better spent improving your grades in important classes.

Most of your ability to pay for college will come from the sources listed below:

MET- Michigan Education Trust- This is a college savings plan purchased by some parents when their children are young. Through MET you actually pre-pay tuition at the in-state rate on the date of purchase. Go to www.michigan.gov and search for MET for details. The MET is exclusively to be used for tuition.

MESP- Michigan Education Savings Plan- This is a 529 savings account, which can be used for tuition at the rate on date of enrollment or cashed out to use for other purposes.

T.I.P.- Tuition Incentive Plan- This is a tuition plan offered to students whose families have been on public assistance for a 24 month period. See www.michigan.gov for details. If you qualify, you should have received a letter explaining the benefit. If you believe you qualify, but do not have the letter, call 517-373-3394 to request a new one.

FAFSA- Free Application for Federal Student Aid- This application (available at www.fafsa.ed.gov ) is the source of all federal grants, scholarships, loans and work study as well as most non-academic and non-athletic student aid from individuals colleges. Come to Financial Aid Night in January of your senior year. You must apply after January 1 and preferably before Feb.15 of your senior year.

Academic Scholarships- Many colleges offer significant scholarships for high grade points and test scores. Research your college choices and apply early to qualify for aid.

Local, corporate and individual scholarships- Many scholarships are available beginning in your senior year. Watch the Senior Bulletin or go to the career center website @ www.ferndaleschools.org. (click on schools K-12, click on FHS, click on career center. Complete applications must be turned in to the counseling center one week before the due date. Pay attention to deadlines.

Teacher Websites © 2008 SchoolWorld