Lesson #5: Apply for Financial Aid

How to Get into Trade School

Length: 30 mins

❏ Know the difference between merit-based aid and need-based aid
❏ Understand the importance of submitting the FAFSA
❏ Practice filling out a sample FAFSA application

❏ Reading: Key Ideas and Details
❏ Reading: Integration of Knowledge and Ideas
❏ Writing: Research to Build and Present Knowledge
❏ Language: Vocabulary Acquisition and Use

How Can You Pay for Trade School?

What do you know about financial aid? What does FAFSA stand for? What’s the difference between a loan, grant, and scholarship?

The cost of trade school includes tuition in addition to books, school supplies, transportation, and other expenses. The total cost can seem overwhelming but trade schools, organizations, and the government provide financial aid to help students who get into trade schools pay for their ability to complete their degrees. All students are not expected to pay 100% of their costs. There are many ways you can pay for trade school!

Merit-based and need-based financial aid are very different.

Merit-Based Aid

This type of financial aid is based on your achievements and academic performance. The most common form of merit-based aid is scholarships that are awarded through trade schools or organizations.

A scholarship is an award provided to help pay for your education. It is provided on the basis of academic or other achievement.

On a laptop or smartphone device, go to:

  1. google.com
  2. Search for “(chosen trade) scholarships”
    (For example, “construction scholarships” or “cosmetology/beauty scholarships”)
  3. Browse and explore the many different scholarships available to your student

List 1-3 scholarships that you may be interested in applying to:

ScholarshipRequirements$ AwardedDeadline



Need-Based Aid

This form of financial aid solely accounts for your and your family’s ability to pay for trade school. You can receive need-based financial aid through private and federal (government) student loans and grants.

Need-based financial aid comes in three main forms, and having a clear understanding of their differences is essential to make sure you are applying for the aid that best suits your circumstances.

Loans

Federal student loans are a common form of need-based aid to help make up the difference left after any merit-based aid is applied. These loans require repayment beginning after you are no longer enrolled in trade school or drop below half-time enrollment.

Work-Study

The federal work-study program offers part-time employment to students who demonstrate a financial need. This may allow you to earn money that can be used to pay for educational expenses while working in a field that supports your studies.

Grants

Unlike student loans, grants are need-based aid that do not need to be repaid upon graduation. There are several Federal and state (or government) grants that may be available to you, and filling out the FAFSA is the first step to figuring out which ones are available to you.

FAFSA stands for Free Application for federal Student Aid. It is the form you will need to fill out in order to get any financial aid from the federal government to help pay for trade school.

On a laptop or smartphone device:

  1. Go to: https://tinyurl.com/SOWBUSfafsa
  2. Walk through the various sections of the FAFSA
  3. The FAFSA can look overwhelming but you will be able to get help and support when submitting it.
  4. How do you feel about getting into trade school? What questions do they have? What kinds of support do they feel they need in order to be successful?

Watch this video about How to Fill Out the FAFSA form 

Post-Reflection 

On a laptop or smartphone device, go to https://tinyurl.com/SOWBUSpost

Complete the Post-Program Reflection.



What’s Next?

New concepts covered and activities completed:
TODAY: Lesson #5: Apply for Financial Aid

  • Merit-based aid vs need-based aid
  • Loans
  • Work Study
  • Grants
  • FAFSA