Transcript

Welcome to Knowledge for College brought to you by Chase, and thanks for joining us. This series of videos provides valuable information on the many important steps of going to college and financing an education.

Hi, I’m Chelsea Richardson. You’ve received financial aid for your freshman year—now how do you continue it for the following years? Let’s see what Ken Butler recommends.

Financial aid includes merit and achievement scholarships, grants, loans, and work-study programs. If you receive financial aid in your freshman year, there may be conditions you must meet to keep it and continue to receive it in the coming years. We want you to keep all of your financial aid—every last penny—and here’s how to start: read the fine print!

Let’s say you’ve had outstanding grades in high school and you’ve done very well on your college admissions tests. So you receive a merit scholarship of $10,000 a year for four years. “That’s great!” you think, but before you count on that $40,000 for your college education, make sure you read the complete details of the scholarship. There may be conditions to meet.

Your award may require you to maintain a minimum Grade Point Average, or GPA, of 3.0 each semester—not just for a yearly average. It may also set a minimum number of credit hours that you must complete each semester. And, it may require you to use your scholarship in eight consecutive semesters during the four years of your award.

In addition, your scholarship may also require you to meet other expectations like displaying good character. And you may not be able to change your major. In other words, if you were given an engineering scholarship, it may not be portable to another major such as English. Achievement scholarships for athletics or special abilities also may require that you demonstrate something in return. Even one-year merit and achievement scholarships may have conditions that you also have to meet. So, read the fine print.

Now let’s take a look at other financial assistance. If you’re receiving federal financial aid, you’ll need to be aware of conditions on those programs, too. Pell grants, FSEOG grants, Work-study, Perkins loans and Stafford loans all require you to complete a minimum number of credit hours and meet a minimum GPA. And, finally, if your scholarship is provided by a state organization, you may need to maintain in-state residency and other state requirements as well.

Whether you have merit or achievement scholarships, state or federal aid, check out the rules and do your part to keep all the money you can. For more information on federal financial aid and its requirements, visit StudentAid.ed.gov .

Knowledge for College is brought to you by Chase to help you better understand college financing. If you have any questions on your specific financial situation, consult your financial advisor or the financial aid office of your school.