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Financial Aid

Financial Aid. The ticket to financing your education. What do I need? . Social Security Numbers of student and parent(s) Federal Tax forms for 20 10 student and parent or W-2 form and check stubs. Parents’ birth date Parent marriage or divorce date Driver license number

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Financial Aid

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  1. Financial Aid The ticket to financing your education

  2. What do I need? • Social Security Numbers of student and parent(s) • Federal Tax forms for 2010 student and parent or W-2 form and check stubs. • Parents’ birth date • Parent marriage or divorce date • Driver license number • Email if available

  3. FAFSA4caster • Access FAFSA4caster at www.FederalStudentAid.ed.gov • Can instantly calculate federal student aid eligibility. • Estimates eligibility based on current laws and information that the student provides • Automatically generates and emails the Federal Student Aid PIN • Pre-populates many of the question on the FAFSA, significantly reducing the time it takes to complete the FAFSA

  4. Financial Aid Types • Grants and Scholarships • Loans • Federal Work Study

  5. Federal Forms Filling out the federal financial aid form is the only way to qualify for grants, loans, and work study from the state and federal government.

  6. What Do I Get for My Effort? • If you qualify you can receive up to $5,500 –Pell Grant $4,000 – SEOG Grant $4,968 – MAP Grant Subsidized Loans (Stafford and Perkins) Federal Work Study Unsubsidized Loan PLUS – parent loan

  7. US Dept. of EducationFederal Financial Aid Programs Federal Academic Competitiveness Grant – Up to $750 first year, $1300 second year. Federal Science & Math Access to RetainTalent (SMART)- up to $4000 3rd & 4th yr. Federal TEACH Grant – up to $4000 per year

  8. U.S Department of EducationGrants

  9. Filing on the Web • Go to www.fafsa.ed.gov • Fill in all the required information • Do not leave any areas blank. Use “0” for areas where no money is available. • Divorced or separated parents, use the one live with most of the time. • If remarried must include step-parent income • Make copies every time it says “Print Page” and file

  10. EFC • Expected Family Contribution- the amount of money you are expected to pay out of pocket • Cost of Attendance – is the total cost of tuition, fees, books, room and board, travel, etc. • Subtract the two and you will get your financial need

  11. Meet My Money Needs • Grants and Scholarships • Loans • Work Study • Sometimes not all need is met, so you have to get creative about financing.

  12. Loans • Perkins Loan – Institution loan, pay 9 months after leave school 5% interest • Subsidized Loan – need based, pay 6 months after leave school 6% interest • Unsubsidized – pay 6 months after leave school 6.8% interest. • PLUS – parent loan payments start 60 days after final disbursement 8.5% fixed interest.

  13. SAR • Student Aid Report will arrive by email or snail mail. This report will include information about your financial need and all the information you filled in the FAFSA. If you see a mistake, correct it and refile ASAP. Call the financial aid office of the college you want to attend to see if they could correct it for you. Check the upper right hand corner for your EFC. If you see an * by the EFC, that means you will need to supply the college with your tax forms for verification of income.

  14. AWARD LETTER • You will receive an award letter from the schools you selected to send FAFSA information to. • You will be offered a package of financial aid to meet your “Financial Need” as determined by the government. • You can accept or reject any part of the award. • Sign and return ASAP

  15. DEADLINES • Deadlines are important in getting your fair share • Financial Aid is on a first come first serve basis • Filing by the 15th of February is highly recommended • If you file too late, you may qualify but may not get any funding because all the money has been distributed already

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