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Helpful Hints for Applying for Financial Aid 2009-2010

Helpful Hints for Applying for Financial Aid 2009-2010. Presented by Valencia Community College. Steps to Applying R (7). Get R eady R e-apply/Apply R eview R espond R eceive R emain Eligible R epeat Every Year. Get R eady. Start Practicing your Junior or Senior year

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Helpful Hints for Applying for Financial Aid 2009-2010

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  1. Helpful Hints for Applying for Financial Aid 2009-2010 Presented by Valencia Community College

  2. Steps to Applying R(7) • Get Ready • Re-apply/Apply • Review • Respond • Receive • Remain Eligible • Repeat Every Year

  3. Get Ready • Start Practicing your Junior or Senior year • Look over scholarships and free scholarship web services and sites • www.fastweb.com • www.collegeanswer.com • www.hsf.net/Scholarship.aspx • Complete the Free Application for Federal Student Aid (FAFSA) 4Caster @ www.fafsa4caster.ed.gov

  4. Get Ready – Documents Needed • Social Security Number (make sure it’s correct) • Your Drivers License (if any) • Your Tax Returns • Your Parents Tax Returns • W-2 Forms • Untaxed Income Records • Social Security • Temporary Assistance for Needy families • Welfare • Veterans Benefits • Bank Statements • Business and Investment Statements • Alien Registration or Permanent Resident Card (non-US Citizen)

  5. Re-apply or Apply • Apply for a PIN (student and parent) @ www.pin.ed.gov • Complete the Free Application for Federal Student Aid (FAFSA) @ www.fafsa.ed.gov • On or After January 1st – Every Year • Check Schools & State Priority Dates and Application Requirements Helpful Hint 1 – Complete the FAFSA by Valentines Day Every Year Helpful Hint 2 – Apply for Scholarships beginning in February

  6. Re-apply or Apply - Eligibility • Who is eligible to receive Federal Student Aid? • Be a U.S. citizen or eligible non-citizen • Have a valid Social Security Number • Register with Selective Service if you are male and 18 to 25 years of age (go to www.sss.gov for more information). • Have a high school diploma or a General Education Development (GED) Certificate or pass an exam approved by the U.S. Department of Education.

  7. Re-apply or Apply - Eligibility • Who is eligible to receive Federal Student Aid? • Be enrolled or accepted in an eligible degree or certificate program • Not have a drug conviction for an offense that occurred while you were receiving federal student aid (such as grants, loans, or work-study)

  8. Dependency Questions for 2009-2010 If you answer yes to any of these questions you are considered independent • Born before 1/1/1986 • Married • Graduate student • Active duty military • Veteran of the armed services • Children who you support

  9. Dependency Questions for 2009-2010 If you answer yes to any of these questions you are considered independent • Other dependents who you support • Foster care or orphan/ward of the court • Emancipated minor • In legal guardianship • Unaccompanied youth who was also homeless (58, 59 & 60)

  10. Parents Income/Household Married Separated/Divorced Divorced (Widowed) and Remarried Use both Parents Use Parent Student lived with the most in last 12 Months Use Parent and Step-parent Student lived with the most in last 12 months

  11. Never use as Parents unless they Legally Adopt You • Legal Guardians • Grandparents, Aunt, Cousins, Sibling, or other relative • Non-relative/friend of family • Foster parents

  12. Common Mistakes on the FAFSA*Important –read instructions on the FAFSA • Nicknames • Divorced/remarried parents • Income earned by mother and father • Other untaxed income – must be reported • Household size • Number in family attending college • U.S. income taxes paid • Real estate and investment net worth

  13. Analysis of Need – Federal Method • Cost of Attendance (COA) (college) • - Expected Family Contribution (EFC) (FAFSA) • =Need (Per Regulation) • COA • EFC • = Need

  14. Dependency Override • Request a Dependency Override at the Institution • Not Considered a Reason • Parent’s income is too high • Parents refuse financial information for the FAFSA • Parents refuse to support student financially • Student supports self financially • Parent in another country • Considered a Reason • No contact with the parents and; • Unusual circumstances – abandonment or abuse Note: New Special Circumstances on FAFSA

  15. Special Circumstances-Professional Judgment - Check with the Institution the student is attending • Loss of Income/Assets used in the formula • Divorce or Loss of Parent • Unusual Medical Expenses – only debt considered in needs analysis PJ • Daycare/Private School Cost • Extenuating Financial Circumstances – does not include any debt for needs analysis PJ • All circumstances must be documented

  16. Cost of Attendance • Components • Fixed or Estimated Cost (Check with your Institution on the Specific Budget) • Tuition and Fees • Books and supplies • Loan Fees • Room and Board • Personal Expenses • Transportation • Study Abroad Cost • Dependent Care Expenses • Disability Related Expenses

  17. Cost of Attendance Example • Room and Board $ 4,669 • Transportation $ 2,546 • Personal $ 424 • Tuition and Fees $ 2,228 • Books & Supplies $ 1,061 • Total $10,928

  18. Student Need Examples • COA 12000 12000 • EFC (-) 2000 15585 • Need 10000 -3585 Student A Student B

  19. Need Varies Based on Cost (Variable) (Constant) (Variable) Cost of Attendance Expected Family Contribution NEED 15000 11500 12500 9000 10000 6500 3500 3500

  20. Re-apply or Apply - Scholarships • Apply Every Year (best months between February – April) • Scholarships Criteria • Varies – Ethnicity, Gender, Merit, Talent, Adversity, Community Service, Career Goals, etc. • May not have to meet federal eligibility criteria • Don’t have to be straight A student

  21. Re-apply or Apply - Scholarships • Scholarship Free Searches (many are FREE! – Don’t get scammed) • www.fastweb.com • www.collegeanswer.com • www.hsf.net/Scholarships.aspx

  22. Re-apply or Apply - Scholarships • Other places to look for Scholarships? • Foundations • Community Organizations/Churches • National Organizations • Local/National Labor Unions • Colleges and Universities • Large Companies • Many Others

  23. Review after you Apply • You will receive a Student Aid Report (SAR) • Review the SAR for accuracy • Make any necessary corrections on the Web @ www.fafsa.ed.gov (for faster results)

  24. Respond to your School • Your school may ask for additional documentation • Verification Worksheet • Copy of Taxes • Respond as soon as possible – this could get you more money! • You may just get awarded – Follow instructions carefully

  25. Receive your Financial Aid • Review your Award Notification • Follow all instructions carefully – ask the school for help if you need it • Enroll in school • Attend all classes • You will then receive your financial aid to pay for classes and books – check your schools disbursement policies

  26. Remain eligible for Financial Aid • You must maintain Satisfactory Academic Progress (SAP) • Regardless of Receiving Aid or Not! • At Valencia: • Complete Successfully 67% of all attempted credit hours • Maintain a 2.0 GPA (C Average) • Not attempted 150% of the length of your program of study • Check your Schools SAP Policy

  27. Repeat Every year • Remember the HINT! Apply for Federal Aid and Scholarships Every Year around February 14th

  28. Common Need-based Award • Pell Grants $4731 maximum for 2008-2009 • ACG & Smart Grants (variable based on Year in School) • Bright Futures (Florida Residents) • FSAG (Florida Residents) • SEOG • Scholarships • Subsidized Stafford/Perkins Loans • Institutional Need and Merit-Based Aid

  29. Pell Grants • Pell grant awards are based on semester & enrollment • School defines fulltime – awards are prorated • 12+credit hours is equal to fulltime • 9+ but <12 is ¾ time • 6+ but < 9 is ½ time • <6 is equal to less than ½ time • Pell = 2 fulltime semesters or a combination. Example FA 9 hrs, SP 9 hrs, SUM 6 hours (24 hrs) • Pell $ amount is same regardless of Institution and costs in most cases

  30. Florida Bright Futures • Florida Academic Scholar • 100% Tuition and Fees – Public Institution/CC • Private School = 100% Average Public School Cost • College Related Expenses $375 per year (prorated) • Florida Medallion Scholar • 100% Tuition and Fees – Community College • 75% Tuition and Fees – Public Institution • Private School = 75% Average Public School Cost • Florida Gold Seal Vocational Scholar • 75% Tuition and Fees – Public Institution/CC • Private School = 75% Average Public School Cost www.FloridaStudentFinancialAid.org

  31. Common Cost Based Awards • Unsubsidized Stafford Loans • Parent Loans for Undergraduate Students (PLUS) – up to cost of attendance – credit based • Private Education Loans – Alternative Loans* • TEACH Grant – see institution for participation • http://studentaid.ed.gov/PORTALSWebApp/students/english/TEACH.jsp *Basic Rule – If attendance at a postsecondary institution is required for the loan, it must be counted as a resource for financial aid purposes.

  32. Stafford Student Loan Limits –Dependent StudentsSubsidized and Unsubsidized – FFELP or Direct Annual MaxSub Max Freshman $5500 $3500 Sophomore $6500 $4500 Junior $7500 $5500 Senior $7500 $5500 Note: Plus Denial/Additional Eligibility

  33. Loan Interest Rates • Please note that the College Cost Reduction and Access Act (CCRAA) of 2007 cut the fixed interest rates on newly originated subsidized Stafford loans for undergraduate students to: • 6.0% (2008-09) • 5.6% (2009-10) • 4.5% (2010-11) • 3.4% (2011-12) • Returns to 6.8% in 2012-13

  34. Ways to Pay @ Valencia • Financial Aid • Florida Pre-pay and 529 Plans • Cash, check, money order, credit card • Tuition Payment Plan • You must pay by the due date or the student will be dropped for non-payment • Getting classes – it’s a tough year in Florida

  35. FERPA – It’s the Law  • Family Educational Rights and Privacy Act • Educational records become the students when they turn 18 or attend a postsecondary education institution at any age • Students may give parent permission to receive educational record information by completing a release at the college – see institution for office locations (Answer Center)

  36. Useful Web Sites for Students and parents • www.fafsa.ed.gov(Free application) • www.fafsa.ed.gov/help.htm(Application help) • www.pin.ed.gov(PIN-e-Signature application) • http://www.valenciacc.edu/finaid(Resources) • www.studentaid.ed.gov(All about fed. Aid) • www.fafsa4caster.ed.gov(Juniors & Seniors) • www.nslds.ed.gov(Track your aid)

  37. COLLEGE GOAL SUNDAY

  38. Contact & Website • Valencia Community College – Answer Center • Phone Number: 407-299-5000 • Website: www.valenciacc.edu/finaid • College Website: www.valenciacc.edu • High School Night Resource Website: • www.valenciacc.edu/finaid/HSN.cfm

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