Financial Aid Information Session

1. Carlisle High School Financial Aid Information Session Brandi Lee Financial Aid Coordinator Office of Admission & Financial Aid

2. Financial Aid Information Session Goals for tonight’s presentation What is financial aid? Categories, types & sources of aid The Free Application for Federal Student Aid (FAFSA) What is financial need? Timeline of financial aid What if you have special circumstances? Resources available

3. Financial Aid Information Session Financial aid is the money provided to students and families to help pay for postsecondary education expenses. What is Financial Aid?

4. Financial Aid Information Session The Basics Nearly all financial aid can be divided into two basic types: Need Based Merit Based Awarded to students based on their family’s financial and economic status. Awarded to students based on academic achievement and other accomplishments or activities.

5. Financial Aid Information Session Financial Aid Categories: Grants Scholarships Work Study Loans

6. Financial Aid Information Session Scholarships What is a scholarship? A financial award given to a student based on merit. Some scholarships may have a need-based component to qualify. Each scholarship has its own unique criteria and requirements, but many are based on a students talents and abilities.

7. Financial Aid Information Session Scholarships Why might I receive a scholarship? • Grade Point Average (GPA) • ACT or SAT Score • Community Service • Extra-Curricular Involvement • Athletic Ability • Special & Unique Talent • Music Talent • Financial Need • Ethnicity & Family Heritage • Work History • Military Service

8. Financial Aid Information Session Scholarships 1 Contact the colleges you are interested in to check on their scholarship application. 2 Utilize your high school guidance counselor for local scholarship searches. Check with local civic organizations & your employer. Use on-line search engines such as fastweb.com. 3 4

9. Financial Aid Information Session Grants What is a grant? A financial award based on need that does not require repayment. How do I qualify? Fill out the FAFSA (Free Application for Federal Student Aid) as early as possible.

10. Financial Aid Information Session Grants

11. Financial Aid Information Session Grants

12. Financial Aid Information Session Work Study Money earned by a student who works a job on campus. Examples:

13. Financial Aid Information Session Work Study • When filing the FAFSA, make sure you check the box that indicates you are interested in federal work study. • Awarded based on financial need • Increases employment opportunities • These wages are excluded from consideration on your financial aid application. How do I get a work study job? What are the benefits?

14. Financial Aid Information Session Loans What is a loan?

15. Financial Aid Information Session Loans What are the different types of federal loans available? 3.86% For 2013-2014 SUBSIDIZED U.S. Department of Education pays interest while borrower is in school. UNSUBSIDIZED Borrower is responsible for all interest accrued. Federal Direct Stafford Loan *Repayment must begin six months after last date of attendance.

16. Financial Aid Information Session Loans What are the different types of federal loans available? SUBSIDIZED U.S. Department of Education pays interest while borrower is in school. 5% Federal Perkins Loan Awarded based on financial need. Amount will vary, but maximum is $4,000. *Repayment must begin nine months after last date of attendance.

17. Financial Aid Information Session Loans What are the different types of federal loans available? 6.41% For 2013-2014 Federal loans taken out by the parent of a dependent student Federal PLUS Loan Amount borrowed cannot exceed total costs minus other aid. *Repayment begins 60 days after full disbursement (typically Spring) OR you can choose to defer repayment while the student is in school.

18. Financial Aid Information Session Loans Interest rate: Fixed or variable Private Education Loans Loan in student’s name with credit-worthy co-signer Amount borrowed cannot exceed total costs minus other aid. *Repayment usually deferred until after graduation. Sometimes interest only payments are required while in-school.

19. Financial Aid Information Session Where do we start? File the FAFSA Free Application for Federal Student Aid An application completed and filed by a student (along with parents if necessary) every academic year in order to receive financial aid.

20. Financial Aid Information Session Where do we start? File the FAFSA Free Application for Federal Student Aid The FAFSA collects household and financial information, and calculates your EFC, or Expected Family Contribution.

21. Financial Aid Information Session When your family completes the FAFSA, it will calculate your EFC. EFC = Expected Family Contribution Amount a family can reasonably be expected to contribute, but not what the family will necessarily pay to the college EFC is the same regardless of what college or university the student attends.

22. Financial Aid Information Session How do I fill out a FAFSA? • Materials Needed: • You • Your Parents • Prior year tax returns • Prior year W-2s • Social Security Numbers • Records of untaxed income • Asset information • A computer • Patience

23. Financial Aid Information Session How do I fill out a FAFSA? January 1, 2014 When: The FAFSA is available after January 1, and many schools have a priority deadline.

24. Financial Aid Information Session How do I fill out a FAFSA? Go to www.fafsa.gov and click on the “Start a New FAFSA” button. You can select up to 10 schools to send your FAFSA.

25. Financial Aid Information Session How do I fill out a FAFSA? Get your PIN number by going to www.pin.ed.gov. Record your PIN number in a safe place. Both you AND your parents will need a PIN number.

26. Financial Aid Information Session How do I fill out a FAFSA? Help is here! What: College Goal Sunday When: Feb. 9, 2014 Register on-line at: www.ohiocollegegoalsunday.org

27. Financial Aid Information Session CSS Profile • The financial aid application used by some (mostly private) schools to determine eligibility for the university’s financial aid • Almost 400 schools, organizations, and scholarship programs use the CSS Profile • COST: $25 initial registration fee (includes one school or scholarship program) and $16 for each additional school or scholarship program • A limited number of fee waivers are granted automatically to first-year, first-time citizen — or eligible non-citizen applicants — from low-income families, based on the financial information provided on the PROFILE. • www.collegeboard.org/profile

28. Financial Aid Information Session FAFSA Frequently Asked Questions If I provide my own support, do I have to list parents? What if my parents are divorced? Do I include the income of my stepparent? What if my family owns a business?

29. Financial Aid Information Session FAFSA Frequently Asked Questions • Real estate (but not the home you live in) • Trust funds • Money market funds • Certificates of deposit • Mutual funds • Stocks • Stock options • Bonds • UGMA & UTMA accounts • Other securities held • Education savings accounts (i.e. Coverdell & 529 savings) What is NOT included as an asset? What is included as an asset? • Not the home you live in • Value of life insurance • Retirement plans (401k plans, pension funds, annuities, non-education IRAs, Keogh plans, etc.) If I provide my own support, do I have to list parents?

30. Financial Aid Information Session

31. Financial Aid Information Session ¢ Direct Costs OLLEGE OSTS

32. Financial Aid Information Session ¢ Indirect Costs OLLEGE OSTS

33. Financial Aid Information Session ¢ OST OF ATTENDANCE

34. Financial Aid Information Session What is financial need? • The difference between the cost of attendance and the expected family contribution • Your financial need is used to determine how much aid you may receive • A college may not be able to offer enough aid to meet your demonstrated financial need, however it is our GOAL!

35. Financial Aid Information Session Financial Need Comparison The COA differs depending on the school, whereas the EFC is the same at every institution.

36. Financial Aid Information Session What if I have Special Circumstances?

37. Financial Aid Information Session March-April After Jan. 1 May 1 Financial Aid Timeline Summer Don’t forget to re-apply next year!

38. Financial Aid Information Session Deadlines are important!

39. Financial Aid Information Session Additional Resources

40. Carlisle High School Questions? Thanks for inviting me! Brandi Lee Financial Aid Coordinator Office of Admission & Financial Aid