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“How Can I Pay For College?” Financial Aid Basics for College Counselors

“How Can I Pay For College?” Financial Aid Basics for College Counselors. Matthew F. Newlin University of Missouri-St. Louis. Overview. Federal & State Aid overview FAFSA online Steps to completing the FAFSA successfully What is the EFC? Grants Loans State Awards Scholarships.

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“How Can I Pay For College?” Financial Aid Basics for College Counselors

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  1. “How Can I Pay For College?” Financial Aid Basics for College Counselors Matthew F. Newlin University of Missouri-St. Louis

  2. Overview • Federal & State Aid overview • FAFSA online • Steps to completing the FAFSA successfully • What is the EFC? • Grants • Loans • State Awards • Scholarships

  3. Federal & State Aid • Federal Aid Programs • Pell Grant • SEOG • TEACH Grant • Stafford Loans • Perkins Loan • Federal Work-Study • ACG and SMART Grant • State of Missouri Aid Programs • Bright Flight Scholarship • A+ Program • Access Missouri Grant

  4. Federal Aid Information • Website for counselors and mentors: • Handbook • FAFSA information • Student aid information • EFC Formula Guide www.fsa4counselors.ed.gov • Website for students and parents: • FAFSA4caster • Aid eligibility • Loan repayments www.studentaid.ed.gov

  5. FAFSA Online

  6. FAFSA Online

  7. Dependency Status • Were you born before January 1, 1988? • As of today, are you married? • At the beginning of the 2011-12 academic year, will you be working on a graduate degree? • Are you currently serving on active duty? • Are you a veteran of the U.S. Armed Forces? • Do you have children who receive more than half of their support from you? • Do you have dependents (other than children) who you support? • Are both your parents deceased? • Are you an emancipated minor? Legal guardianship?

  8. FAFSA Online Complete FAFSA Apply for PIN (both student and parent) Submit online Check status of FAFSA View Student Aid Report (SAR) information Make any necessary corrections Confirm FAFSA is received by institution www.fafsa.ed.gov www.fafsa4caster.ed.gov

  9. What is the EFC? • Estimated Family Contribution • NOT what the student/parent(s) are required to pay • Based on all information entered on FAFSA • Definition of Need: • Cost of Attendance – EFC = Need • Lower EFC = greater need But, Matt, what about students who cannot/will not supply parental information?

  10. Pell Grant Maximum Award *Will remain $5,550 for 2011-12

  11. Federal Grants • Pell Grant • $5,550 maximum (tentatively) for 2011-2012 • Student must be working on 1st undergraduate degree • Lower EFC = higher Pell award • SEOG • Awards range from $100 – $4,000 • Only awarded to Pell recipients • Very limited funds for each institution • Typically only awarded to lowest EFCs

  12. Federal Grants • TEACH Grant • $4,000/year based on enrollment • Must have a FAFSA completed • Education majors • Strict requirements for post-graduation job selection • 75th percentile or higher on college admissions test, 3.25 GPA for renewal or transfer students

  13. Federal Loans • Subsidized Stafford Loan • Need-based loan • Does not accrue interest while student is enrolled at least half-time • Six-month grace period • Unsubsidized Stafford Loan • Does not require financial need • Does accrue interest while the student is enrolled • Six-month grace period

  14. Federal Loans • Perkins Loan • “First come, first served” due to limited funds • Does not accrue interest while student is enrolled at least half-time • Nine-month grace period • Awarded by the school • Parent PLUS Loan • Option for parents of dependent students • Based on parent’s credit • Repayment begins while student is in school

  15. Annual Stafford Loan Maximums for Dependent Students *Students are not required to accept full loan amounts offered.

  16. Federal Interest Rates

  17. State Awards • Bright Flight Program • ACT of 31 or above / SAT verbal 800 or above and math 790 or above • $1,500/year for 2011-2012 • 2.5 cum GPA for renewal • Access Missouri Grant • April 1st FAFSA deadline • EFC range: 0 – 12,000 • Public 2-year: $300 – $1,000 • Public 4-year: $1,000 - $2,150 • Private: $2,000 - $4,600

  18. Scholarships • Institutional • ACT/SAT based (Merit) • Application based (Competitive) • Apply for admission early • Research deadlines • Employers/Organizations • Parent(s) place of employment • Clubs, activities, memberships • Typically very limited resources

  19. Scholarships • Online • Fastweb.com • BrokeScholar.com • CollegeScholarships.com • CollegeBoard.com • St. Louis Scholarship Foundation (sfstl.org) • Encourage students to always complete the essay portion!

  20. Loans Work-Study Scholarships Grants FAFSA Internet ASKING QUESTIONS! Outside Assistance

  21. Questions? Matthew Newlin University of Missouri-St. Louis newlinm@umsl.edu 314.516.5528

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