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Financial Aid

Financial Aid. By TONY GRABER BETHEL COLLEGE. What is Financial Aid? . Scholarships Grants Loans Employment Opportunities. Two Categories of Aid. Merit-Based Need-Based. Merit Aid . Academic Scholarships Performance Scholarships Community/Clubs/Churches

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Financial Aid

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  1. Financial Aid By TONY GRABER BETHEL COLLEGE

  2. What is Financial Aid? • Scholarships • Grants • Loans • Employment Opportunities

  3. Two Categories of Aid • Merit-Based • Need-Based

  4. Merit Aid • Academic Scholarships • Performance Scholarships • Community/Clubs/Churches • Scholarship Search Agencies www.finaid.org

  5. NEED-BASED AID Financial Need = Financial Eligibility

  6. Principles of Need Analysis • To the extent they are able, parents have primary responsibility to pay for their dependent children’s education • Students also have a responsibility to contribute to their educational costs • Families should be evaluated in their present financial condition (Professional Judgment) • A family’s ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect its ability to pay

  7. Definition of Need (Eligibility) Cost of Attendance - EFC (Expected Family Contribution) = Aid Eligibility A B C $20,000 $10,000 $6,000 • 6,000-6,0006,000 $14,000 $ 4,000 $ 0

  8. Cost of attendance • Tuition and fees • Room & board • Books & supplies, transportation, and miscellaneous personal expenses • Loan fees • Study abroad costs • Dependent or elder care expenses • Expenses associated with a disability • Expenses for cooperative education program

  9. Definition of Need (Eligibility) Cost of Attendance -EFC Expected Family Contribution = Aid Eligibility

  10. Free Application for Federal Student Aid (FAFSA) • Apply January-March • First: apply for a pin at www.pin.ed.gov • Second: go to www.fafsa.gov and fill out application and sign it. Both student and one parent needs to sign. • ** IRS DATA RETRIEVAL ** Browse Help, Getting Started, FOWW

  11. STUDENT Income First $6, 000 protected 50% of difference used Example: Student earns $6,500 – 6,000 =500 X .50 = $250 Assets 20 % of cash, checking, savings PARENT Income Varies depending on number in family Assets Depends on age of oldest parent. Example: Age 40 equals approx. $38,000 protected. Do not count home equity, retirement funds, vehicles. (Business) Asset & Income Guidelines

  12. AID ELIGIBILITY (need) FEDERAL AID GRANTS Pell $602-5550 (EFC = 0 = $5550; EFC = 4995 = $602) FSEOG $100-4,000 (Federal Supplemental Educational Opportunity Grant)

  13. TEACH GRANT • Teacher Education Assistance for College and Higher Education • $4000 year grant • Math, Science, Spec Ed., Bilingual, Foreign Language, ESL or Reading Specialist • 3.25 GPA or top 25% on ACT/SAT • Must teach in Title I school 4 out 8 years • Reverts to loan if requirements are not met

  14. LOANS Stafford Loan (Subsidized) $3500 / 4500 / 5500 / 5500 6.8% ?? on Subsidized $2000 (Unsubsidized) 6.8% – 8.25% fixed 6 month grace period ---Forgiveness options www.studentaid.ed.gov Perkins Loan (Subsidized only) $100-5,500 5% fixed rate 9 month grace period

  15. PLUS • Parent Loan for Undergraduate Student • Amount can go up to the difference between the amount of aid the student receives and the cost of the school. • Interest is fixed at 7.9%-9.0%

  16. WORK STUDY • Amounts not guaranteed • Normally minimum wage

  17. KANSAS GRANTS • Kansas Comprehensive Grant • Deadline April 1 $200-3,500 at private Kansas colleges 100-1,500 at Kansas state schools Can not be used at a community college Apply by filling out the FAFSA

  18. Kansas State Scholarship • $1,000 Renewable • Deadline May 1 • Students must have completed the Kansas Scholars Curriculum and have eligibility (4 years English & Math; 3 years Science, Social Studies; 2 years Foreign Language) Avg. GPA 3.90 & 30 ACT score

  19. Kansas Ethnic Minority Scholarship • $1850 a year (Deadline May 1) • Must have one of the following: 1. ACT score of 21 or SAT of 990 2. Cumulative GPA of 3.0 3. High School rank in top 33% 4. Completion of Ks. Scholars Curr. 5. Selection by National Merit in any category 6. Selection by College Board as a Hispanic Sch.

  20. Kansas Nursing Scholarship • $2500-3500 (Deadline May 1) Must have a sponsor and agree to work for that sponsor for each year you receive the award

  21. Kansas Teacher Service Scholarship • $5,482 a year for the Junior/Senior years. • Deadline May 1 • Year for year service requirement • Hard to fill areas: Special Ed, Math, Science, Foreign Language & ESL • Underserved Geographic areas: Topeka, KC Kansas, Wichita & Western 1/3 of Ks • Avg GPA 3.5

  22. Vocational Scholarship • $500 each • Applicants must take vocational exam in November or March. • www.kansasregents.org

  23. FINANCIAL AID NUMBERS • www. Nasfaa.org National Assoc. of Student Financial Aid Admin. • www. Finaid.org Financial Aid Information and Free Scholarship search and Estimators • www.ed.gov Dept . of Ed • 1-800-433-3243 Dept. of Ed

  24. Increasing Aid Eligibility • Roth IRA (in student’s name) • Not counted as an asset • May be withdrawn for educational purposes without penalty

  25. 529 Saving Plans • Kansas Plan is called “Learning Quest 529 Education Savings Program” • Federal and State income tax advantages • www.learningquestsavings.com • www.collegesavings.org

  26. American Opportunity Tax Credit • 100% Tax Credit for the first $2000 of qualified tuition and expenses. 25% credit for the next $2000 in expenses for a total tax credit of $2500. Credit is phased out if income is over $160,000-180,000.

  27. Education allows you to stand on the verge of a great world of possibility

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