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Applying for FAFSA and checking your HOPE status

Applying for FAFSA and checking your HOPE status. What is a FAFSA?. FAFSA stands for Free Application for Federal Student Aid. It is the first step in receiving any kind of Financial Aid or Student Loans. If you want financial aid YOU NEED TO FILL ONE OUT! You can apply in one of 3 ways:

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Applying for FAFSA and checking your HOPE status

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  1. Applying for FAFSA and checking your HOPE status

  2. What is a FAFSA? • FAFSA stands for Free Application for Federal Student Aid. • It is the first step in receiving any kind of Financial Aid or Student Loans. • If you want financial aid YOU NEED TO FILL ONE OUT! • You can apply in one of 3 ways: • Online at https://fafsa.ed.gov/FAFSA/app/fafsa?locale=en_US • Print out a PDF • Request a paper copy by calling by calling 1-800-4-FED-AID

  3. What is a FAFSA? • Federal Student Aid ensures that all eligible students have the money they need to attend post secondary schools. • FAFSA is the form that students fill out to apply for this federal financial aid. • In order to award grants, such as the Pell grant, and federal student loans, the government assesses the information that is included on the FAFSA.

  4. What is a FAFSA? • Some of the information that is requested on the FAFSA includes: • your income • what aid you are interested in (choose everything – you can always say no later) • what school you plan to attend • The applications are accepted beginning January 1st and a lot of state and federal money is granted on a first come first served basis. • FILL ONE OUT AS SOON AS POSSIBLE!!!!!!!

  5. There are 9 federal programs and 605 state programs that use FAFSA information to award money. • Some you to pay back after you graduate, some you don’t. • Others you have to work to receive the money. • Almost everyone is eligible for some form of aid. • Let’s go through the different kinds of programs.

  6. Federal Pell Grants • The most need-based of the student aid programs, this program provides grant aid to low- and middle-income undergraduate students. Awards vary depending on the cost of attendance and financial circumstances of students and their families. • Pell Grants can be used at more than 5,400 participating education institutions. • The maximum Pell Grant amount for the 2010-2011 award year is $5,500 • You do not have to pay back Pell Grants

  7. Stafford Loans • These are loans directly from the federal government to the student. • Because they are federally guaranteed, they have a lower interest rate than a private lender. • As long as you are enrolled in school you do not have to start paying the loan back. • Six months after you are no longer enrolled at least part-time in school, you have to start paying your loan back.

  8. Stafford Loans • The current rate is 6.8% for an unsubsidized loan. • If you have a financial need, you can qualify for a subsidized loan, which means you have a lower interest rate.

  9. Perkins Loans • This is a need-based loan. • It has a 5% interest rate for the duration of the 10 year repayment period. • There is a $5,500 loan limit per year. • Perkins Loans are eligible for Federal Loan Cancellation for teachers in designated low-income schools, as well as for teachers in designated teacher shortage areas such as math, science, and bilingual education. • This cancellation also applies to Peace Corps Volunteers

  10. Federal Work Study Program • Helps students earn financial funding through a part-time work program. • Students are assured of receiving at least federal minimum wage for the duration of their employment. • The FWS program helps to ensure that college students who are truly in need of the money get the jobs

  11. Federal Work Study Program • To apply for the Federal Work Study program students should apply to their own school for a job. • Each institution has its own campus-based program that will indicate the exact procedure for applying as well as the specific deadlines. • You have to indicate on your FAFSA that you are willing to work for aid. • If you see this on your financial aid letter, you have to then apply for a job once you are at the college/university to get the money.

  12. Let’s apply! • Let’s go thru a FAFSA and start the application process. • http://www.fafsa.ed.gov/

  13. HOPE Scholarship Status • Now is also a great time to check your HOPE Scholarship Status. • Remember, you can do this anytime by logging in to: https://secure.gacollege411.org/default.aspx

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