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Financial Aid

Financial Aid. TYPES OF FINANCIAL AID. MERIT-BASED AID Awarded to students who meet a certain set of criteria Usually competitive NEED-BASED AID Awarded to students on the basis of financial need Non-competitive. SOURCES OF AID. FEDERAL GOVERNMENT – 88 %

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Financial Aid

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  1. Financial Aid

  2. TYPES OF FINANCIAL AID • MERIT-BASED AID • Awarded to students who meet a certain set of criteria • Usually competitive • NEED-BASED AID • Awarded to students on the basis of financial need • Non-competitive

  3. SOURCES OF AID • FEDERAL GOVERNMENT – 88 % • STATE GOVERNMENT - 3 % • EDUCATIONAL INSTITUTIONS • PRIVATE BUSINESS / ORGANIZATIONS 9%

  4. RESPONSIBILITIES OF THE SCHOOL COUNSELOR • Make sure that all students are aware that funding is available for postsecondary education • Announce funding opportunities to all students • Help students and parents apply for financial aid as requested

  5. FEDERAL AID • GRANTS (GIFT) • Pell Grant • Max $3,125 yr • Federal Supplemental Educational Opportunities Grant • Max $4,000 yr • LOANS • Perkins Loans • Max $4,000 yr / 5% interest / School is Lender / Pay back after grad • Stafford Loans • Max $2,625 per year increasing each year to max of $5,500 • Direct Loan – School is Lender / FEEL Loan – Bank is Lender • Subsidized Loan: Need-based, govt pays interest • Unsubsidized Loan: No-need, student pays interest • Pay back after graduate • PLUS Loan (to parents) • Max $4,000 yr / variable, not to exceed 9% / pay back while in school • FEDERAL WORK-STUDY • At least current minimum wage

  6. STATE AID • HOOSIER SCHOLAR AWARD • $500 / Merit-Based • Top 20% + additional criteria as determined by the HS / Plan to attend IN college • No application, school nominates • INDIANA HIGHER EDUCATION GRANT PROGRAM • $$ varies / Need-Based • Plan to attend IN college & earn assoc. or bach. Degree • Application: FAFSA • INDIANA MINORITY TEACHER / SPECIAL EDUCATION SCHOLARSHIP / OCCUPATIONAL-PHYSICAL THERAPY • $1,000 Merit-Based ($4,000 with need) • Minority student seeking teaching cert. or student seeking special ed. cert. Or • student seeing occupational or physical therapy certification / • Admitted to IN school, full time / intending to pursue teaching study / • Pledge to teach in IN or work in OT or PT in IN for 3 of the first 5 years • Application: HS guidance office or college financial aid office

  7. STATE AID • INDIANA ROBERT C. BYRD HONORS SCHOLARSHIP PROGRAM • $1,121 yr / Merit-Based • SAT 1300 or ACT 31 or GED 65 / enroll in higher ed / no default loan or drug offense • Application: HS guidance office or SSACI • Deadline: April 24 • INDIANA NURSING SCHOLARSHIP • $$ varies / Need-Based • Admitted to to IN school, full-time or part-time / Work in IN for two years / • GPA of 2.0 on 4.0 scale • Application: College or SSACI • INDIANA NATIONAL GUARD SUPPLEMENTAL GRANT • 100% of tuition costs • SSACI: Submit FAFSA, seek 1st assoc. or bach. Degree, attend IN college • Nat Guard: Active drilling status, no AWOL, submit Federal Tuition Assistance

  8. STATE AID Twenty-First Century Scholars Program • TWENTY-FIRST CENTURY SCHOLARS PROGRAM • Amount equivalent to 1) four years of state college tuition, or for student attending a proprietary school, amount equal to four years at Ivy Tech • Students sign pledge: HS GPA of 2.0; not use drugs, alcohol, or commit a crime; apply for college admission & financial aid, meet regular admissions requirements • Application: MS guidance office, 21st Century Program, or ICPAC • SUPPORT PROGRAMS • Tutoring and Mentoring (Americorps) • College Visits and Educational Workshops • Employment and Job Training • Activities for Parents

  9. Applying for Federal and State Aid 1. Complete FAFSA (about 2 hours to complete) WHAT YOU NEED: - Social Security card & drivers license - W-2 forms - Federal income tax return (student & parents) - Records other untaxed income - Bank statements & investment records - Business & farm records - Alien registration card Indiana Deadline - March 1 Federal Deadline – June 30 3-4 weeks to process Will send SAR (Student Aid Report) to family 2. Complete INST or PROFILE if required by the school 3. Complete SAR Check for accuracy Submit corrections SAR will contain the EFC (Expected Family Contribution) 4. Review Financial Aid Award Letter Schools to which you have applied will send a Financial Aid Package Including grants, loans, and work- studies. • Pick One School; • notify the others

  10. EXPECTED FAMILY CONTRIBUTION FEDERAL NEEDS ANALYSIS METHODOLOGY FOR THE 2000 – 2001 AWARD YEAR CONSIDERATIONS • Student income • Student assets • Parent income • Parent assets • Number in family • Age of parents • Number in postsecondary • Business / Farm

  11. HOW COLLEGES USE THE EFC COLLEGE COST - EFC = NEED BALL STATE UNIVERSITY* College Cost $ 10,050 Family Cont. 4,000 NEED $ 6,050 Need Met (80%) 4,840 Need Unmet 1,210 TOTAL PAID $ 5,210 UNIVERSITY of NOTRE DAME* College Cost $ 30,207 Family Cont. 4,000 NEED $ 26,207 Need Met (100%) 26,207 Need Unmet 0 TOTAL PAID $ 4,000 * 1999-2000 budget figures

  12. FREE ASSISTANCE WITH THE FAFSA • College Goal Sunday •  Sunday in February, 2:00 – 4:00 •  31 sites • Call-In Radio Broadcasts •  Throughout February •  Nine stations • 2000 Results •  5,400 served •  615 volunteers

  13. INSTITUTIONAL AID • AMOUNT: Few hundred dollars to full tuition • Renewable • ELIGIBILITY: Students enrolled at that university • CRITERIA: Varies, often class rank and/or SAT/ACT scores • APPLICATION: Available from the postsecondary • institution

  14. MILITARY AID • MILITARY : Four-year college, tuition-free • ACADEMIES Bachelor degree + commission • ROTC AT COLLEGE: Tuition, fees, books, monthly allowance • MONTGOMERY Army, at the end of active duty, $65,000 • GI BILL + ARMY Army Reserve during college, $29,000 • COLLEG FUND • LOAN REPAYMENT 4-year Army enlistment, up to $65,000 • 4-year Army Reserve, up to $20,000 • EARNED COLLEGE Many colleges give credit for for • CREDIT military training and experience

  15. PRIVATE AID • SPONSORS: Businesses, foundations, professional associations, service clubs • SOURCES: College Aid Sources for Higher • Education (CASHE) via the Internet • http://www.cashe.com •  Parents business, service clubs, church •  HS guidance office • SCHOLARSHIP Federal Trade Commission Caution • SCAMSix Signs of a Scam: • 1. Scholarship guaranteed or your money back. • 2. You can’t get this information anywhere else. • 3. May I have your credit card or bank account • number to hold this scholarship? • 4. We’ll do all the work. • 5. The scholarship will cost some money. • 6. You’ve been selected. . . • You’re a finalist . . .

  16. DOLLARS FOR SCHOLARS • WHAT IS DFS? National network of DFS chapters • Community-based, volunteer-operated • Individual scholarship foundations • WHAT DO DFS Raise scholarship money • CHAPTERS DO?Coordinate other local scholarships • Single application process • Award scholarships • HOW TO START Request a “How to Organize” Kit • Recruit Steering Committee • Complete chapter agreement forms • Form a Board of Directors • Elect officers and adopt bylaws

  17. AMERICORPS • Work settings: 1,000 national and local groups • Red Cross • Habitat for Humanity • Boys and Girls Clubs • 21st Century Scholars • Skills learned:Teamwork • Communication • Responsibility • Income, benefits:Living allowance •  Health insurance •  Student loan deferment •  $4,725 education award

  18. FEDERAL RESOURCES • STUDENT GUIDE – FINANCIAL AID  • FUNDING YOUR EDUCATION  • LOOKING FOR STUDENT AID • INSTRUCTIONS FOR COMPLETING THE FAFSA • Provide for All Students •  Federal Student Aid Information Center 1-800-4-FED-AID (1-800-433-3243) •  On-Line at • http://www.ed.gov/prog_info/SFA/

  19. ISFAA Indiana State Financial Aid Administrators • Annual spring & winter conferences • Annual workshops for HS counselors • Speakers for “Financial Aid Nights” • Power point presentations on the web • http://www.isfaa.org/resources.htm • - Financial Aid 101 • - Obtaining Cash for College • - FAFSA on the Web • - Early Awareness • Resources on the web

  20. GETTING INFO TO KIDS AND PARENTS • HOW TO DISTRIBUTE INFO • Financial Aid Night • Financial Aid Newsletter • Local Newspaper Column • Database on Website • Direct email to students • Direct applications to students • PA announcements RELEVANT INFO 1 Title 2 Amount 3 Eligibility 4 Criteria for award 5 Where to get application 6 Deadline 7 Competition level (national, state, inst, local) • SORTING STUDENTS ELECTRONICALLY - DATABASE FIELDS • Name, Address, Phone, Parents • Diploma goal • Career cluster • Possible occupation(s) • Post HS goal • Possible majors / occupation • Possible campus / worksite • Campus visits • Worksite experience • Hobbies • Awards • Scholarships • 4-yr course plan • Meetings / notes

  21. PARENT VOLUNTEERS • Maintain database of scholarships • Send email announcements to appropriate students • Send hard copy of scholarship application to appropriate students • Meet with students individually • • encourage them to apply for specific scholarship • • check in to make sure they applied • Answer parent questions at various community functions • Serve as Parent-to-Parent Mentors for FAFSA

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