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Figuring out Financial Aid

Figuring out Financial Aid. Presented by Leila G. Krutt From CONNTAC-EOC. We will talk about:. Federal student aid State student aid Student aid from colleges Scholarships from other sources. We will answer:. What is financial aid? Who can get it? What are the types of financial aid?

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Figuring out Financial Aid

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  1. Figuring out Financial Aid Presented by Leila G. Krutt From CONNTAC-EOC

  2. We will talk about: • Federal student aid • State student aid • Student aid from colleges • Scholarships from other sources

  3. We will answer: • What is financial aid? • Who can get it? • What are the types of financial aid? • How much can I get? • How do I apply? • What happens next?

  4. What is financial aid? • Financial aid is any type of money you receive to help fund your education

  5. Who can get federal student aid? • U.S. citizen or permanent resident • High school graduate/GED holder • Eligible degree/certificate program • Valid Social Security number • Males registered for Selective Service • Satisfactory academic progress

  6. What are the types of financial aid? • Gift Aid: Grants / Scholarships – money is not paid back • Loan Aid: Borrowed money • Work Aid: Money earned as payment for a job

  7. Grants vs. Scholarships • Grants - Money that is given based on need • Scholarships - Money that is usually given based on merit or performance of some kind, sometimes in combination with a person’s need

  8. Types of federal grants • Federal Pell Grant – Up to $5,550 a year • Federal Supplemental Educational Opportunity Grant (FSEOG) – Up to $4,000 a year • TEACH Grant – Up to $4,000 a year

  9. Types of federal loans • Federal Perkins Loan – Up to $5,500 a year • Federal Stafford Loans • Subsidized - $3,500 to $8,500 a year depending on grade level • Unsubsidized - $5,500 to $12,500 a year depending on grade level • PLUS loans – Up to amount of unmet financial need.

  10. Federal Work Study • Part time job • Normally work for the school or a public service position • Can not earn more than what was stated in the award letter

  11. Connecticut State Aid • Connecticut Aid for Public College Students - Up to amount of unmet financial need. • CT Independent College Student Grant Program (CICS) - Up to $8,166 a year • Connecticut Minority Teacher Incentive Program – Grants up to $5,000 a year for 2 years

  12. Financial Aid from the School • Different scholarships and grants are available from school to school • May need to complete an institutional financial aid form or the CSS Profile

  13. Scholarship resources • Fastweb.com • Collegeboard.com • Search for “Scholarship Search” in upper left hand corner • CT Department of Higher Education: • http://www.ctdhe.org/SFA/default.htm • College websites – lists found on the school’s financial aid page

  14. How to apply for financial aid Fill out the FAFSA – Free Application for Federal Student Aid www.fafsa.ed.gov BEWARE OF SCAMS!!! Do NOT use: • fafsa.com • fafsaonline.com • NO dot coms!!

  15. What documents you need: • Federal Income Tax Return (if you filed one) • IRS 1040, 1040A, or 1040EZ • Foreign Tax Return • Tax Return from Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federal States of Micronesia, or Palau • W-2 Forms and other records of money earned

  16. (cont’d) What documents you need: • Any untaxed income records, such as: • Workers compensation • Disability • Child support received • Veterans non-education benefits

  17. How to determine dependency: • Answer NO to all dependency questions – You are a dependent • Answer YES to one or more dependency questions – You are an independent

  18. ONLY if you’re a DEPENDENT Parental information you will need: • Full name • Social Security Number • Date of birth • Address • Alien registration number (if not a U.S. citizen)

  19. (cont’d) ONLY DEPENDENTS: Parental information you will need: • Date of parents’ marriage, separation, or divorce (month and year) • Parents’ total amount of money in checking, savings, cash, etc.

  20. Step 1: Apply for a PIN Go to www.fafsa.gov and click on START HERE and follow the steps Or go to: www.pin.gov

  21. Who needs a PIN? • The student needs a PIN • One parent needs a PIN (if the student does not qualify as an independent) • The parent can re-use a PIN created for a sibling’s FAFSA

  22. The FAFSA homepage

  23. Step 2: Fill out the FAFSA Fill in Login Information and make sure to double check it!

  24. Filling out the FAFSA… Choose “Start 2012-2013 FAFSA” • Don’t leave questions blank • Read questions carefully • Pay attention to the years that are mentioned

  25. Submitting the FAFSA • Check FAFSA for mistakes • Enter your PIN and a parent’s PIN and submit the FAFSA • An estimated EFC (Expected Family Contribution) is generated • Pell Grant eligibility is predicted

  26. After the FAFSA • Receive a Student Aid Report (SAR)

  27. My contact information • Leila Krutt – Educational Counselor • Main office: (860)412-7263 • Willimantic office: (860)423-1824 • Email: LKrutt@qvcc.commnet.edu

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