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WELCOME TO FINANCIAL AID AWARENESS “Investing in Your Educational Success”

WELCOME TO FINANCIAL AID AWARENESS “Investing in Your Educational Success”. Presented by The Office of Financial Aid Florida State University. Cost of Attendance. Tuition & fees Room & board Books, supplies, transportation, & miscellaneous personal expenses Study abroad costs (optional).

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WELCOME TO FINANCIAL AID AWARENESS “Investing in Your Educational Success”

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  1. WELCOME TO FINANCIAL AID AWARENESS“Investing in Your Educational Success” Presented by The Office of Financial Aid Florida State University

  2. Cost of Attendance • Tuition & fees • Room & board • Books, supplies, transportation, & miscellaneous personal expenses • Study abroad costs (optional)

  3. In State $2,892 3,770 3,496 800 1,000 1,124 $13,082 Estimated Cost of Attendance2004/2005 Out of State $15,398 3,770 3,496 800 1,000 1,160 $25,624 Tuition & Fees Room Board Books & Supplies Transportation Personal Expenses TOTAL

  4. FinancingYour Education • What is financial aid and where does it come from? • Who is eligible? • What aid is available? • How do I apply?

  5. WHAT IS FINANCIAL AID? • Money set aside by the federal government for the next generation of leaders. • Invested money to ASSIST the student with paying the cost of their education.

  6. Where does financial aid come from? PLAN “A” OR PLAN “B”

  7. PLAN “A” • Scholarships (Research) • Private • Institutional • State

  8. PLAN “B” • Complete the FAFSA FREE APPLICATION FOR FEDERAL STUDENT AID

  9. WHO’S ELIGIBLE? • All are eligible! (for at least some type of aid) • Even if you make $200,000 • It’s an investment.

  10. Estimated Cost of Attendance Less FORMULA USED TO DETERMINE AID ELIGIBILITY Expected Family Contribution Equals Eligibility for Need Based Aid

  11. WHAT AID IS AVAILABLE? • Free Aid • Loans

  12. Grants Federal Pell Grant Federal SEOG FSAG (Florida Resident) FSUG Federal Work Study On Campus Off Campus Florida Work Experience Scholarships Private Institutional State FSU STAR Center 8:30-4:30 M-F Located 4th floor of University Center in Office of Financial Aid TYPES OF FREE AID

  13. Federal Perkins Loan Limited Funds Need based 5% interest Repayment begins 9 months after graduation Subsidized Stafford Loan Need based Government pays interest while in school Repayment begins 6 months after graduation Unsubsidized Stafford Loan Non-need based Accruement of interest begins while in school Federal Parent Plus Loan Loan is to the parents Based on parents’ credit rating If denied, the student may be eligible for additional unsubsidized funds TYPES OF LOANS

  14. FREE APPLICATION FOR FEDERAL STUDENT AID • In filling out the FAFSA, you’re going to need your tax information, as well as your parent(s)’: • Why? – The Federal Government believes the first investment should come from the family.

  15. HOW DO I APPLY? • PIN Registration • Web site: www.pin.ed.gov • May be used throughout aid process • Will receive within 24-48 hours via email (keep in a secure location)

  16. To Register for a PIN: www.pin.ed.gov

  17. The two most important tips we can give you tonight for filing the Free Application for Federal Student Aid (FAFSA) • Apply Early - January 1st of every year • Apply Online - apply at www.fafsa.ed.gov

  18. Advantages of submitting the FAFSA early • Many funds are limited. • Once a school starts to award aid, funding can become quickly exhausted. You want to be in line to be considered as soon as awarding starts.

  19. Advantages to filing the FAFSA online • Faster processing - Data reaches the school within 7 to 10 (maybe sooner) days of submission versus 3 to 6 weeks for the paper application. • More accurate - Less data is missed so there are fewer rejects

  20. Additional Advantages • Secure processing - no mail delays • Easy record keeping and renewal - access from any online location

  21. www.fafsa.ed.gov

  22. 2005-06 FAFSA is an 8-page booklet containing: General Instructions for completing the form 3 worksheets Paper FAFSA

  23. Step One asks for general information about the student: Name, Address SSN, DOB Telephone number Driver’s license and state E-mail address FAFSA: Step One

  24. Question 31: You need to mark (“yes” OR “no”) whether you have ever had a Drug Conviction FAFSA: Step One Questions 31

  25. FAFSA: Step Two • Step two collects the student’s (and spouse, if married) income and asset information • You will need to complete worksheets

  26. FAFSA: Step Three - Remember! • Step three asks questions which determine dependency status • If all “no” responses, student is dependent • If “yes” to any question, student is independent

  27. Independent Student Definition • 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 • Both parents deceased or ward of the court • Veteran of the U.S. Armed Forces

  28. FAFSA: Step FourQuestions 55 through 64: • Step four requests parental information • If widowed, divorced, separated and/or remarried, refer to page seven of the FAFSA. • Taxes, income, etc.

  29. FAFSA: Step SixQuestions 86 through 98 • School code for sending FAFSA data (FSU 001489)

  30. FAFSA: Step SevenQuestions 99 through 103 • Signatures • PIN # (online) • Student • Parent

  31. Complete and submit FAFSA at www.fafsa.ed.gov Student receives student aid report (SAR) Collect verification data if applicable (30% federally selected) School sends notification of estimated financial aid (award letter) FREE APPLICATION FOR FEDERAL STUDENT AID

  32. Avoid ERRORS! Errors on the FAFSA or supplemental forms may DELAY application processing & result in the LOSS of financial aid funds. Please read the instructions & complete all forms carefully!

  33. DEBT MANAGEMENT • Set a realistic budget and stick to it. • Exhaust all other alternatives before borrowing. • Only borrow what you need.

  34. Tips on using your credit wisely • Avoid credit cards (high interest rates) • Avoid greedy friends! • Look @ what you NEED verses what you WANT.

  35. Benefits of having good credit? • Buying a home • Buying a car • Getting future credit • Getting a job • Getting a cell phone IN YOUR NAME!!

  36. File FAFSA each academic year as soon as possible after Jan. 1 File FAFSA each academic year as soon as possible after Jan. 1 Estimated tax calculations are acceptable Student will review (SAR) and make any necessary corrections Keep copies of all requested documents Include the students social security number on all documents Turn in any additional requested documents as soon as possible Check on financial aid status via the web at www.fsu.edu TIPS TO REMEMBER

  37. Best Wishes!

  38. FLORIDA STATE UNIVERSITY OFFICE OF FINANCIAL AID A4400 UNIVERSITY CENTER TALLAHASSEE, FL 32306 Office Hours 8:30 AM-5:00 PM PHONE – (850) 644-0539 FAX - (850) 644-6404 School Code: 001489 FSU WEB PAGE: www.fsu.edu

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