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Financial Aid 101

Lesson Plan

Financial Aid 101

college

This lesson provides an overview of the different types of financial aid available to students, how to apply for them, and tips for managing college expenses. The session includes an introduction video, interactive discussions, and group activities to help students understand financial aid options and make informed decisions about funding their college education.

Audience

teens

Time

45 minutes

Approach

college

Materials

Projector or screen, Computers or tablets for research, Handout: Financial Aid Overview, Worksheet: Scholarship Search Activity, Discussion Questions, and Video: Do You Have a Plan for Life After High School? (2 mins 15 secs)

Step 1

Introduction

5 minutes

  • Welcome students and provide an overview of the importance of financial aid.
  • Explain the objectives of the lesson.
  • Play the video Do You Have a Plan for Life After High School? (2 mins 15 secs).
  • Briefly discuss the video and transition to financial aid.

Step 2

Types of Financial Aid

10 minutes

  • Explain the different types of financial aid: scholarships, grants, loans, and work-study programs.
  • Provide examples of each type and their pros and cons.
  • Facilitate an interactive discussion with students, encouraging them to ask questions and share any knowledge they have on the topic.

Step 3

How to Apply for Financial Aid

10 minutes

  • Provide an overview of the FAFSA process.
  • Highlight key deadlines and documents needed to complete the application.
  • Discuss the importance of accuracy and honesty in the application process.
  • Share tips for maximizing financial aid eligibility.

Step 4

Scholarship Search Activity

10 minutes

  • Distribute the worksheet 'Scholarship Search Activity'.
  • Instruct students to brainstorm and list potential scholarship sources.
  • Encourage students to research specific scholarships using computers or tablets.
  • Facilitate a group discussion to share findings and tips for successful scholarship applications.

Step 5

Managing College Expenses

5 minutes

  • Discuss the importance of budgeting and financial planning for college.
  • Provide real-life examples and scenarios to illustrate the impact of financial decisions.
  • Share practical tips for managing expenses, such as tracking spending, finding part-time work, and using student discounts.

Step 6

Q&A and Wrap-Up

5 minutes

  • Open the floor for any remaining questions.
  • Summarize the key points and takeaways from the lesson.
  • Encourage students to start their financial aid applications early and seek help if needed.
  • Distribute the handout 'Financial Aid Overview' for students to take home.
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Discussion

Financial Aid Discussion

Guide a discussion on the importance of financial aid and the different types available to students.

Why is financial aid important for college students?

  • Discuss the high cost of college education.
  • Mention how financial aid can make college more accessible.
  • Share personal experiences or stories of those who benefitted from financial aid.







What are some different types of financial aid available to students?

  • Explain scholarships, grants, loans, and work-study programs.
  • Discuss the pros and cons of each type.
  • Encourage students to think about which type might be best for them.







How can students find and apply for scholarships?

  • Share tips for searching online and in local communities.
  • Discuss the importance of meeting application deadlines.
  • Encourage students to apply for multiple scholarships to increase their chances.







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Worksheet

Scholarship Search Activity

This worksheet guides students through the process of researching and listing potential scholarships.

List three websites where you can search for scholarships.








Find and list five scholarships that you are eligible for.








What are the application requirements for each scholarship you listed?








Identify and list the deadlines for the scholarships you found.








Write a short personal statement outline for a scholarship application.








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Reading

Financial Aid Overview

A brief handout summarizing the different types of financial aid, the FAFSA process, and tips for managing college expenses.

Types of Financial Aid

  • Scholarships: Money awarded based on merit or need that does not have to be repaid.
  • Grants: Need-based aid that does not have to be repaid.
  • Loans: Borrowed money that must be repaid with interest.
  • Work-Study Programs: Part-time jobs for students with financial need.

How to Apply for Financial Aid

  • Complete the FAFSA: Ensure accuracy and meet deadlines.
  • Gather Necessary Documents: Tax returns, income statements, and other required information.
  • Maximize Eligibility: Keep information up-to-date and consider all available aid options.

Tips for Managing College Expenses

  • Create a Budget: Track spending and prioritize expenses.
  • Find Part-Time Work: Look for campus jobs or internships.
  • Use Student Discounts: Take advantage of discounts on supplies, food, and entertainment.
  • Seek Financial Advice: Consult with a financial advisor or counselor for guidance.
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