Presentation Transcript

1. Financing Education Beyond High School
2. Kimberly Jones Financial Aid Specialist Oregon Coast Community College 541-867-8525 kimberly.jones@occc.cc.or.us
3. What is Financial Aid? Scholarships Grants Loans Employment opportunities
4. Cost of Attendance Tuition Room and board Book and Supplies Transportation Miscellaneous Course Fees Loan Fees
5. CollegeCosts Reed College - $55,850 Eastern Oregon University - $19,619 Oregon Coast Community College - $16,338
6. College Costs When you look at the costs listed on the previous slide, you are looking at the college’s “sticker price” Known as “Cost of Attendance” (COA) Consists of direct and indirect costs Direct costs are paid to the college Tuition and fees Room and board if living on campus
7. College Costs Indirect Costs: Room and board if living off campus Books and supplies Personal expenses Transportation Allowance for dependent care Loan fees
8. College Costs Can get an estimate of net price by using college’s “net price calculator” You find out the actual net price by applying for financial aid
9. Types of Financial Aid Gift aid Self-help aid
10. Gift Aid Grants Institutional Federal State Scholarships Institutional Private
11. Institutional Financial Aid For the 2012-13 school year colleges will offer over 24 billion dollars in institutional financial aid Ability and/or GPA is considered Merit or ability/Need Various scholarship deadlines
12. Types of Federal Financial Aid
13. Oregon Grant Program The Oregon Opportunity Grant (OOG) is available by filling out the FAFSA – no additional application needed. Must be an Oregon resident attending an approved Oregon college. File the FAFSA no later than 10:00pm on February 1 to be considered for an OOG.
14. Oregon Opportunity Grant Maximum 2012-2013 award is $1,950 Students will be notified of award by OSAC email and by their college of choice.
15. Self-Help Aid Loans Federal Loans Federal Direct Loan PLUS Loan Private Alternative Educational Loans Employment Federal Work-Study
16. Federal Work-Study Student(s) work for the college and are paid with Federal Work Study Funds
17. Federal Direct Loan (Subsidized and Unsubsidized) Subsidized: Must demonstrate “need” Unsubsidized: Need is not a consideration Annual loan limits $3,500 for 1st year undergraduates,$4,500 for 2nd year undergraduates,$5,500 for each remaining undergraduate year 3.4% “Sub”, 6.8% “Unsub” interest rates.
18. Federal Perkins Loan School is lender $5,500 per year maximum Repayment starts 9 months after student leaves school 5% interest rate
19. Federal Direct PLUS Parent Loan for Undergraduate Students Borrowers are parents of dependent undergraduate students Annual loan limit: cost of attendance minus other aid Interest rate is 7.9%
20. Alternative Loans Non Federal Educational Loans Student is the borrower, cosigner needed
21. Alternative loans Amount can be up to the cost of education Variable interest rate Payback six months after graduation
22. Financial Aid/Scholarship Application Process Submit the Free Application for Federal Student Aid (FAFSA) after 1/1/2013 Complete the Scholarship application process by colleges deadline
23. FederalEligibility Must be enrolled or accepted for enrollment in an eligible program of study Must be pursuing a degree, certificate, or other recognized credential Must be a U.S. citizen or eligible noncitizen Must be registered with Selective Service (if male and required to be) May not have eligibility suspended or terminated due to a drug-related conviction
24. Federal Eligibility Must have a valid Social Security Number May not be in default on a federal student loan May not owe repayment of a federal grant Must be making satisfactory academic progress as defined by the school
25. Free Application for Federal Student Aid (FAFSA) Family’s personal and financial information used to calculate the student’s EFC is collected on FAFSA Electronic version of FAFSA FAFSA on the Web at www.fafsa.gov Personal Identification Number (PIN) required and may be obtained at www.pin.ed.gov to electronically sign FAFSA on the Web
26. Cost of Not Filing Each year 1.7 million students who would be eligible for financial aid do not file a FAFSA 33.1% would have qualified for a Pell Grant 17.1% would have qualified for the maximum Pell Grant award Also missed out on potential aid from the state, the college and many scholarship providers
27. About the FAFSA Three versions of the FAFSA Online – www.fafsa.gov PDF FAFSA – Print from your computer Paper FAFSA – Call 800.4.FED.AID Online version is best Built-in edits make it easier to complete accurately Sign it electronically with your PIN obtained from www.pin.ed.gov Faster results
28. Tips for the FAFSA Before sitting down to file the FAFSA… Download the FAFSA on the Web Worksheet Provides a preview of FAFSA questions Gather documents (both parents and students) Income tax returns W-2 forms and other income statements Benefits records from state and federal agencies Current bank statements
29. Tips for the FAFSA Meet all FAFSA financial aid deadlines Can vary from college to college Meeting “priority deadline” results in best financial aid package based on your eligibility It’s okay to estimate your financial information – Will get an opportunity to correct List all colleges that you are applying to Retain a copy of your completed FAFSA
30. Special Circumstances Expenses not covered by insurance Change in parent marital status Change in employment status Medical Unusual dependent care expenses Student cannot obtain parent information
31. Avoid ERRORS! Errors made in completing the FAFSA and/or supplemental forms may delay application processing and result in the loss of financial aid funds. Please complete the FAFSA carefully!
32. Frequent FAFSA Errors Divorced/remarried parent information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number in postsecondary education Real estate and investment net worth
33. Financial Aid Process After completing the FAFSA, the student receives Student Aid Report (SAR) Correct any errors and return SAR contains Expected Family Contribution (EFC) FAFSA information is also sent to the colleges you listed to receive the data Telephone assistance is available at 1-800-4-FED-AID or by calling the school you plan to attend
34. EFC Determines Aid Offered COA (Cost of attendance) – EFC = financial need Financial aid office will then determine the student’s eligibility for federal and state financial aid, and for any aid the college may be able to offer from its own funds Financial aid office may ask for additional information at this point Student will receive an award letter with the details
35. Understanding Award Letters Read your award letter carefully Could be either on paper or online Look for instructions for next steps Meet all deadlines Keep your college aware of changing financial issues
36. Understanding Award Letters Award letter From a school not FAFSA! Lists types of aid Accept or decline Shows budget Sign and return
37. What if it’s not enough? Talk to the Financial Aid Office! Research private scholarships Consider any potential employer benefits Check into college tuition payment plans Make financial aid office aware of changes in your financial situation Reminder – you must complete the FAFSA to be considered for most types of aid
38. Questions?