1 / 26

Melvin Monette, MSEd Director UMN School of Public Health Recruitment and Diversity

Melvin Monette, MSEd Director UMN School of Public Health Recruitment and Diversity. Investing In Your Future … an introduction to financial aid. Financing Your Future. What does college cost ? What is financial aid? How do I apply for financial aid ? Where can I get more information?.

laksha
Download Presentation

Melvin Monette, MSEd Director UMN School of Public Health Recruitment and Diversity

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Melvin Monette, MSEdDirectorUMN School of Public Health Recruitment and Diversity Investing In Your Future …an introduction to financial aid

  2. Financing Your Future • What does college cost? • What is financial aid? • How do I apply for financial aid? • Where can I get more information?

  3. What does college cost?(annual tuition and fees) • Private Colleges: $29,023 • Private Career Colleges: $12,233 • University of Minnesota: $11,466 • State Universities: $6,639 • Community & Technical Colleges: $4,708

  4. Estimated Annual Cost of Attendance (COA)

  5. How will I pay for it? • Family support • Savings • Work • Grants • Scholarships • Loans

  6. What is financial aid? • Scholarships • Grants • Loans • Employment Opportunities Where does it come from? Federal and state government, schools, employers, and other public and private sources like clubs and organizations.

  7. Search for scholarships • on the Web • at the library • high school counselor’s office or career center • in the community: church, civic, and business organizations, parent’s employer • your college(s) of choice

  8. Avoid scholarship scams • Know that legitimate scholarships never charge fees and the application information is available to everyone. • Don’t fall for guarantees or claims that someone has information you can’t get anywhere else.

  9. Grants • Federal Pell Grant: need-based; annual award range is $400 - $5350 • Federal SEOG Grant: limited funding; priority given to students with exceptional need; annual award range is $100 - $4,000 • Minnesota State Grant: MN resident enrolled at eligible MN school; for students from low and moderate income families; annual award range is $100 - $9,444

  10. ...more on grants • Minnesota Achieve Scholarship: MN resident with family income of < $75,000; must complete a rigorous high school curriculum; one-time award of up to $4,022; apply on-line at: www.getreadyforcollege.org/achieve • Institutional Grant: college or university funds awarded to students with financial need

  11. Loans

  12. Work Study • Part-time student employment • Earnings paid to student • Work-study earnings not included when determining EFC on next year’s FAFSA

  13. How do I apply for financial aid? • Complete the Free Application for Federal Student Aid (FAFSA) • Complete school financial aid application (if required) • Meet application deadlines • Apply for scholarships • Contact your financial aid administrator if you have special circumstances

  14. FAFSA on the Webwww.fafsa.gov • Completing and processing the FAFSA • are free! • Avoid being charged a • fee to file the FAFSA. • Contact your school’s financial aid office if you need help.

  15. Avoid Errors! • Put your name and SSN on FAFSA exactly how it appears on your social security card. • Refer to completed federal income tax return and consult instructions for proper line references. • If entry is zero or none, enter 0. Don’t leave blank. • Enter school code(s). • Student and one parent must both sign dependent student’s FAFSA.

  16. What makes a student “independent”? • 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 who receive more than one half of their support from the student • Both parents deceased, in foster care, homeless or ward of the court • On active duty or veteran of the U.S. Armed Forces • Emancipated minor or in legal guardianship as determined by a court

  17. How does the school determine my financial aid awards? Cost of Attendance (COA) - Expected Family Contribution (EFC) = Eligibility for need-based financial aid

  18. Expected Family Contribution (EFC) • What is the EFC? • Indicates how much of your and your family’s financial resources should be available to help pay for your education. • The EFC is calculated from your FAFSA according to a formula established by law. • The COA is different at each school, but a student’s EFC stays the same. A student’s need will be different from school to school.

  19. EFC Components Dependent Student • Parents’ income and assets • Number in family • Number in college • Student’s income and assets Independent Student • Student’s income and assets • Number in family • Number in college

  20. Get free help with the FAFSAMNCollegeGoalSunday.org It’ll take more than good luck and best intentions to pay for college. You need a plan. Begin with College Goal Sunday.

  21. Other Resources • Reciprocity Programs • Wisconsin, North and South Dakota, Manitoba • MSEP: Kansas, Michigan, Missouri, Nebraska • Federal Tax Benefits for Higher Education • Deduction for Qualified Education Expenses • Employer Paid Tuition Assistance • Hope and Lifetime Learning Tax Credits • Student Loan Interest Deduction • Other Government Programs • Americorps Program • Bureau of Indian Affairs Grants • Dislocated Worker Programs • ROTC Scholarships and/or Stipends • Veterans Benefits • Vocational Rehabilitation Programs

  22. Where can I get more information? • U.S. Department of Education: www.ed.gov • Minnesota Office of Higher Education:www.ohe.state.mn.us • Internet System for Education & Employment Knowledge: www.iseek.org • FinAid! - The Financial Aid Information Page: www.finaid.org • FastWEB scholarship search: www.fastweb.com • The College Board: www.collegeboard.org

  23. Money management for students • Graduate on time! • Create a budget and stick to it. • Avoid credit card pushers. • Plug everyday spending leaks. • Do you really need a car on campus? • Live like a student.

  24. What do I do…and when? • Apply for scholarships now and throughout college. • Apply for admission to your school(s) of choice. • Complete the FAFSA (each year) as soon as possible after January 1. • Review your Student Aid Report (SAR) for accuracy. • Respond promptly if your school requests more information. • Respond to financial aid award notice and complete any loan promissory notes. • If awarded work-study, obtain work-study job and begin working once school begins.

  25. Scholarship Application Advice • Keep records – they all ask for similar information • Keep electronic records of essays – they can always be easily reworked to apply to specific scholarships • ANSWER the Question!! • Think of it as a job – what are you willing to do for $X per Hour??

  26. Investing In Your Future…an investment in you!

More Related