Presentation Transcript

1. Start By Doing Some Research!Alwaysstart with the college or university. Eachcollege or university. Know admission criteria! Remember NO admission = NO aid. Know Eachindividual institution’s scholarship criteria. Find out the scholarship deadlines for Each school you are applying to. Find out the standard Cost of Attendance (COA) for Each institution. Decide what you think you can afford. Keep track of admission and scholarship application deadlines for EACH school
2. Research (continued) Research outside scholarships at these sites FastWeb.com bigfuture.collegeboard.org/scholarship-search Petersons.com CollegeScholarships.org Research scholarships and loans locally Always utilize your guidance counselor Check with student and parent employer(s) Civic Organizations Credit Union options (they sometimes have very competitive interest rates on loans)
3. Research (continued) Research scholarships and loans nationally. Special Interest Funds (i.e. Diabetes Scholars Fund, Food Allergy and Anaphylaxis Network, Coca-Cola Foundation, Bill & Melinda Gates Foundation) AmeriCorps– offers funding in exchange for community service Federal Student Aid USE GOOGLE (wisely)!! You Should Never pay for scholarship search services!
4. What is the FAFSA? When you fill out and submit theFree Application for Federal Student Aid (FAFSA) atwww.fafsa.govthe answers you provide enable the federal governmentto calculate how much of your family’s financial resources should be available to pay for thecost of college expenses. The FAFSA refers to this calculated number as your “EFC” or “ExpectedFamilyContribution” Colleges then use your calculated EFC to determine your “demonstrated need” for federal aid such as PELL grants, Work - Study, etc.
5. Federal Aid Quick Facts Three (3) Categories of Federal Student Aid Grants Work - Study Loans You MUST complete the FAFSA to be considered! No FAFSA = NO consideration for federal aid! Fill out the FAFSA *after* January 1 of your senior year The FAFSA establishes your family’s Estimated Family Contribution (EFC) Must be completedeveryyear the student is enrolled
6. Categories of Federal Aid Federal Grants PELL GrantsMost families do not qualify for PELL grants. Must have a very low EFC (below 5081). Do not be discouraged if you do not qualify. Most families do not. Current minimum PELL grant is $564 Current maximum PELL grant is $5,645 SEOG Grants Supplemental Educational Opportunity Grant (SEOG) is also a need-based program; priority for SEOG funds goes to students who have already qualified for a PELL grant.
7. Categories of Federal Aid Work Study Jobs Federal Work-Study is based on “demonstrated need” Why?? Because the salary is paid by both federal government sources (75%) AND from college/university resources (25%) Loan Options Perkins Loan = 5% interest rateA need-based loan subsidized by the federal government; repayment begins 9 months after the student is no longer enrolled at least ½ time Stafford Student Loan – TWO (2) different kinds! Subsidized (Need-Based) = 3.86% interest rate; Unsubsidized (Non Need-Based) = 3.86% interest rate Repayment on BOTH types of Stafford loans begins 6 months after the student is no longer enrolled at least ½ time
8. How is YOUR Financial “Need” Calculated? COSTof the college/university equals… Direct Costs This figure includes defined costs of tuition, required fees and room and board IF the student is living on campus + Indirect Costs This figure is an estimated number that includes estimated books, personal expenses, and travel from home to college (an average for all students) - EFC(taken from the results of your FAFSA) = YOUR “DEMONSTRATED NEED” for Federal Financial Aid
9. A Couple of Examples… College “A” Cost = $7,000 EFC = $7,000 NEED = $0 College “B” Cost = 15,000 EFC = 7,000 NEED = $8000 REMEMBER: The Expected Family Contribution (EFC) remains the same, regardlessof the cost of the college! The challenge becomes finding ENOUGH financial aid and scholarship assistance to MEET/EQUAL the demonstrated need!
10. How to Apply for Federal Student Aid The Steps Gather your financial information Request your PIN numbers at www.pin.ed.gov(student and at least one parent must have a PIN) Complete the FAFSA (www.fafsa.gov) between January 1 and March 1 of the student’s senior year in high school Watch for the Student Aid Report (SAR) Communicate with the Admission and Financial Aid Offices at Every school where you have been admitted and sent the FAFSA
11. Gather Your Information Collect all tax information for student and parents W-2 forms Tax Return Transcript for student and parents if filing Balance of all bank accounts (savings , checking, money markets, etc), stocks, bonds, NON-home real estate and business records for student and parents Records of untaxed income for student and parents SSN and DOB for both the student and parents Student’s driver’s license number Want a handy checklist of helpful documents? http://studentaid.ed.gov/resources
12. Request Your PIN Numbers Go to www.pin.ed.gov and apply for PIN Student ANDParent mustBOTH have a PIN Your PIN numbers will beavailable immediately via e-mail OR within 7-10 days via US postal service mail
13. Complete The FAFSA The FAFSA has Seven (7) Sections Student Demographic Information Student Tax Information Determining Dependent or Independent Status Parent demographic information Household Information College/University Selection Sign & Submit
14. Common ??? When Filing the FAFSA How does the FAFSA define “parent” ? Not Divorced Parents Income = actual parent(s) of the student Divorced Parents Income = parent who provides the mostsupport (typically the parent that the student lives with the majority of the calendar year prior to completing the form) and THAT parent’s spouse Does not depend on… …who claims the child on a tax return. …what your divorce papers say. …what any pre-nuptial agreement says.
15. Watch for your Student Aid Report SAR will be available electronically in 7-10 days Your EFC will be printed on upper right corner Check over & make sure all information is correct If changes are needed, use your PIN and make changes or corrections on the web at www.fafsa.gov
16. Communicate with Counselors Know by name… Your Admission Counselor A Financial Aid office representative Your High School Guidance Counselor… Mrs. Hill  Stay in touch with… Your Admission Counselor (s) at the college(s) Your High School Guidance Counselor
17. Federal Contact Information www.fafsa.gov 800.433.3243 www.studentloans.gov 800.848.0979