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College Financial Aid Guide: Prepare, Apply, and Navigate the Process

Get ready for college financial aid! Learn about types of aid, deadlines, and making smart decisions. Attend CollegeWeekLive's virtual fair. Contact schools' financial aid offices for help. Compare award letters and make informed decisions. Keep costs down by budgeting and working part-time. Utilize online resources for assistance and guidance.

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College Financial Aid Guide: Prepare, Apply, and Navigate the Process

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  1. May 15, 2016 Will you be ready?

  2. HAVE YOU PREPARED??? • FINISH STRONG THIS SEMESTER – ALL GRADES ARE IMPORTANT, SOME WILL SEAL YOUR FATE!! • REGULAR ATTENDANCE IS IMPORTANT! • POST HIGH SCHOOL EDUCATION APPLICATIONS? • TRANSCRIPTS SENT? • ACT TAKEN? Feb. 6 ( Jan. 8) Apr. 9 (Mar. 4)

  3. STILL PREPARING? • FAFSA NEEDS TO BE COMPLETED AS SOON AS POSSIBLE! March 1 priority • COLLEGE ADMISSIONS COMPLETED – February 1 priority deadline • COLLEGE VISITS • Financial Aid • Visit with Department of Major • Visit with academic adviser

  4. How the average American family pays for college based on 2013-2014

  5. OVERWHELMED by the Financial Aid Process? • Overview of the Financial Aid Process • New Timelines for filing the FAFSA: • 2016-2017: Available January 1, 2016 • 2017-2018: Available October 1, 2016 • Possibly know the complete aid package as early as the FALL semester • Prior-prior year data helps avoid costly delays • Especially by using the IRS Data Retrieval Tool (DRT)

  6. TYPES OF AID • MERIT-BASED: SCHOLARSHIPS • NEED-BASED: GRANTS LOANS WORK-STUDY

  7. SOURCES OF AID • FEDERAL: PELL GRANTS, WORK STUDY, STAFFORD STUDENT LOANS • STATE: FOR EXAMPLE, TEACHING, NURSING • INSTITUTIONAL: SCHOOL AWARD BASED ON ACADEMICS, ATHLETICS, ACTIVITIES, LEADERSHIP, ETC. • PRIVATE SCHOLARSHIPS: CHAMBER OF COMMERCE, HAYSVILLE LIBRARY FOUNDATION

  8. GOOD DEBT VS. BAD DEBT • In the 2007-08 academic year, the median debt load was about $7,960 for public institutions, $17,040 for private, not-for-profit institutions and $31,190 for for-profit institutions. The figures include students who graduated with no debt.

  9. FEDERAL STUDENT LOANS • Anyone filing the FAFSA is eligible for Stafford Federal Student Loans • Subsidized loans • Interest waived until 6 months after you stop taking classes • Unsubsidized loans • Interest charged quarterly Interest rate for both currently 4.29%

  10. FAFSA: FREE APPLICATION FOR FEDERAL STUDENT AID www.fafsa.gov DO THE WORK ONLINE AS SOON AS TAXES ARE FIGURED AND SUBMIT IT!

  11. NEED HELP????? • CollegeWeekLive’s annual Paying for College Virtual Fair is this Thursday, January 14th, 2016 from 2:00 to 10:00 PM EST! • P4C.CollegeWeekLive.com • Come to Enrollment Conferences February 8th or February 10th (5pm-8pm) to meet with college financial aid officers from local colleges • You and your parents should attend • Bring your completed 2015 taxes or all tax paperwork

  12. NEED MORE HELP????? • Contact the financial aid office at the college or tech school you plan to attend. • Contact the counseling office. We can help you and have computers available. • Your teachers can help you. They are familiar with the FAFSA.

  13. STUDENT AID REPORT (SAR) • Your student aid report will be sent to the colleges that you requested on the FAFSA. • The financial aid office will examine the SAR and determine the amount of financial aid that you will be awarded based on the expected family contribution (EFC).

  14. Financial Need How is need determined? COA – EFC = NEED Cost of attendance includes – Tuition & fees Room & board Books & supplies Transportation MISC

  15. COLLEGE AWARD LETTER Letter will list amounts of aid being offered: • Scholarships • Pell Grant • Student Loans – subsidized, unsubsidized • Parent (PLUS Loans) • Estimated Family Contribution (EFC) • Total should equal COA

  16. DECISION TIME!!! • It is your job to compare award letters from the schools to which you have been accepted and then make the decision that works best for you!!!! • The sooner you make a decision the less stress you will have!

  17. DETAILS • KEEP COPIES OF EVERYTHING • FAFSA, SAR, Award Letters • DON’T BE AFRAID TO ASK FOR HELP • MAKE THE FINANCIAL AID OFFICERS AT YOUR COLLEGE WORK FOR YOU • FINAL DECISIONS NEED TO BE MADE AS SOON AS POSSIBLE

  18. HOW TO KEEP YOUR COLLEGE COSTS DOWN • Borrow only what you need to cover the cost of your education • Make a budget to control your expenses • Consider working part time while taking classes, just do not overextend yourself – Work Study

  19. WHEN IN NEED • TALK TO YOUR PARENTS, THEY CAN HELP YOU WITH THIS PROCESS • TALK TO YOUR COLLEGE FINANCIAL AID ADVISER • SEE ME FOR HELP, TRANSCRIPTS, OR ADVICE mmoree@usd261.com

  20. WEB RESOURCES • www.fafsa.gov • www.ksfafsa.org • www.studentaid.ed.gov • http://www.kansasregents.org/students/student_financial_aid • www.finaid.org • www.hsf.net

  21. WEB RESOURCES • www.collegeup.org • www.salliemae.com/plan-for-college • www.financialaid.com • www.kansasmentor.org

  22. MORE INTERNET HELP • www.actstudent.org • www.collegeboard.com • www.fastweb.com • www.anycollege.com • www.collegeview.com • www.going2college.org

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