Financial Aid: 4 Steps to Afford College

1. Financial Aid Presentation

2. Financing College • Can I afford it? • How much will it cost? • What is financial aid? • FAFSA, when to apply? • Where can I get it? • Who can help?

3. FOUR EASY STEPS TO FINANCIAL AID • Step 1: Do your FAFSA yearly and early • You can complete your FAFSA for the 2014-2015 school year starting January 1, 2014 • Step 2: Follow up • Submit, Review and Verify! • Step 3: Look for scholarships • Be Creative; think outside the box. Anyone can find scholarships, if you’re willing to work hard. • Step 4: Apply for loans

4. The Value of Education .

5. Types of Financial Aid There are two basic types of financial aid • Gift Aid Grants and Scholarships • Self-help Work and Loans These funds may be merit-based, need-based, or non-need based. .

6. Sources of Financial Aid There are four basic sources of financial aid • Federal Government • State Government • Outside Private Sources • University (Institutional Aid) .

7. U.S. Department of EducationFederal Financial Aid Programs There are four basic sources of financial aid • Federal Pell Grant* - $5,645 • Federal Supplemental Education Opportunity (FSEOG)* - $2,000 • Federal Work Study* - $2,500 • Federal Loan Programs *FAFSA Required .

8. Federal Loan Programs • Types • Federal Perkins Loan – 5% fixed, 9 month grace period • Federal Stafford Loan – 4.5% fixed, 6 month grace period • Federal PLUS loan – 7.9% fixed, with deferment options • Consider • Subsidized vs. Unsubsidized • Interest rate • Grace Period • Know • Borrowers Rights & Responsibilities • Loan Repayment • Deferment & Forbearance • Entrance & Exit Counseling .

9. Institutional Aid & Private Sources • University • Financial Aid Office • Web site • Academic Department • Outside/Private • Local, state and national agencies, associations and organizations • Web site – Oakwood University lists several free scholarship web sites on our web site to help with your search • Employers • Trusted sources of information • Mapping Your Future – www.mapping-your-future.org • U.S. Department of Education – www.ed.gov • FAFSA on the web – www.fafsa.ed.gov .

10. Merit-based Aid • First-Time Freshman Academic Scholarships • Based on GPA & ACT • $2,000 to Full Tuition and Room • Transfer Student Scholarships • Based on cumulative college GPA • $2,000 to $5,000 • Outside Scholarships .

11. Other Freshman Scholarships • College Days • $500 for first year if attending OU College Days • Early Bird • For all prospects prior to March 3rd - $1,000 • Outside Scholarships and Benefits • Conference Subsidy and 3 way scholarships • Check with your conference about qualifications • UNCF https://scholarships.uncf.org/ • More listed at www.oakwood.edu/financialaid .

12. How to Apply for Financial AidSubmit All Forms Required by Oakwood (see MyOakwood.edu) • FAFSA • Free Application for Federal Student Aid • www.fafsa.ed.gov • The FAFSA information is used to calculate the Expected Family Contribution (EFC) and determine the student’s eligibility for most federal and state assistance .

13. How to Apply for Financial AidIt is a Process which goes beyond the FAFSA • Apply early (Oakwood’s priority deadline March 1) • Information reported on the FAFSA is confidential and is used ONLY to determine financial aid eligibility • You may be asked to submit documentation to the financial aid office for verification purposes • Keep track of DEADLINES!!! • Make a file and keep a copy of everything you submit. .

14. Dependency Status INDEPENDENT students fit into at least one of the categories listed below: • At least 24 years old by December 31st of the award year covered by the FAFSA • Graduate or professional student • Married • Has legal dependents other than a spouse • Orphan or ward of the court • Veteran of the U.S. Armed Forces Note: If the student is DEPENDENT, report student and parent income and assets on the FAFSA. Not living with parents DOES NOT make a student independent. Grandparent information does not go on the FAFSA. .

15. What are the costs? Tuition and fees - Direct Room and board - Direct Books and supplies - Estimated Transportation allowance - Estimated + Misc. personal expenses - Estimated Cost of Attendance (COA) COA includes both direct and indirect charges .

16. Determining Need .

17. Determining Need EFC COA Need School A School B School C

18. Financial Aid Awards Your Financial Aid Counselor will package all available financial aid options and send them to you for consideration – available at MyOakwood. • A few points to take into account before you commit to a school: • Type of institution • Available financial aid • Cost of Education vs. Earning Potential • Academic Program Ranking • Residential vs. Commuter .

19. Other Financing Options • Year-in-Advance • Year’s cost less financial aid for use with TMS Payment Plan • Monthly • 4 payments per semester • PLUS Loan or Alternative Loans .

20. Avoid Scholarship Scams • While most scholarships services are legitimate, others may be fraudulent and charge a lot of money for little information • Please view with caution any service that requires you to pay more than a nominal fee • For information about financial aid scams and tips to avoid being scammed check: • Federal Trade Commission’s web site at: www.ftc.gov/scholarshipscams .

21. Remember… • Plan ahead • Apply early • Read CAREFULLY • Meet deadline • Keep copies .

22. Contact Information LaTanjaBanks Scholarships lbanks@oakwood.edu Lynda Bartholomew (Leap A-M) lbartholomew@oakwood.edu April Fortune (A-F), Grad., AP4 afortune@oakwood.edu Monica Gilmore (G-L) mgilmore@oakwood.edu Janet Poles (M-T, W) jpoles@oakwood.edu Liana Price (U,V,X,Y,Z, Leap O-Z)lprice@oakwood.edu Cheryl Mitchell, Documents cmitchell@oakwood.edu Fred Carter- Interim Director fcarter@oakwood.edu 1.256.726.7210 Financial Aid Services 7000 Adventist Avenue Fax: 256.726.7474 Huntsville, AL 35896 .

23. Questions? .