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The Financial Aid Process

The Financial Aid Process. You Must…. Do your taxes! Estimate if necessary Complete the FAFSA form. Online – www.fafsa.gov Obtain pin #’s for student and parent (www.pin.ed.gov) Be sure to include School code(s) Financial Aid supplements the family resources.

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The Financial Aid Process

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  1. The Financial Aid Process

  2. You Must… • Do your taxes! • Estimate if necessary • Complete the FAFSA form. • Online – www.fafsa.gov • Obtain pin #’s for student and parent (www.pin.ed.gov) • Be sure to include School code(s) • Financial Aid supplements the family resources

  3. FAFSA on the Web’s Homepage

  4. Enhanced IRS DRT Questions

  5. Confirmation Page provides:* confirmation #* estimated EFCPrint this page and keep for conversations with financial aid offices

  6. Cost of Attendance Tuition and Fees Room and Board Books and Supplies Transportation Personal Expenses

  7. Need Determined… Cost of Attendance -Expected Family Contribution = Need

  8. Types of Aid • Educational Loans • * Federal Direct Stafford Loans • * Federal Direct Parent PLUS Loans • * Private Alternative Student Loans • * University Loans • Employment • * Federal Work-Study • * On-Campus Employment (Wage Payroll) • * Off-Campus Employment • Grants • Federal Grants • State Grants • Institutional Grants • Scholarships • University Scholarships • Private Scholarships

  9. Now What? • January – Compile all tax information • February • 1st Meet with your accountant • March • 1st File FAFSA • Watch for email about results • Watch mail/email for Financial Aid package from college • May • 1st Make college decision

  10. Tips and Reminders • Remember that financing higher education involves a partnership between you and your university. The student aid that you are eligible to receive, including loans, may not cover all your educational expenses. • Submit your FAFSA on the Web at www.fafsa.gov. • Keep a copy of your federal PIN once you receive it. The same PIN can be used each year to e-sign the FAFSA and to access your U.S. Department of Education records online. • You will need to submit the FAFSA every year--be aware of application deadlines. • If you have used tax estimates on your FAFSA, update your FAFSA with actual information once you have filed your tax return with the IRS. • Cost efficient college courseload

  11. Helpful Websites • FAFSA.gov • Studentaid.ed.gov • FASTWEB.com (scholarship clearinghouse) • STUDENTLOANS.gov (accept loans)

  12. Chris Walters Penn State Abington cjw18@psu.edu 215-881-7625

  13. Thank you Drive Safely

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