1 / 35

Finding Money for College Jazz Brunch November 15, 2008

Finding Money for College Jazz Brunch November 15, 2008. We will talk about:. Federal student aid State student aid Loyola Institutional Scholarships Scholarships from other sources. We will answer:. What is financial aid? Who can get it? How much can I get? How do I apply?

nalani
Download Presentation

Finding Money for College Jazz Brunch November 15, 2008

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. Finding Money for CollegeJazz BrunchNovember 15, 2008

  2. We will talk about: • Federal student aid • State student aid • Loyola Institutional Scholarships • Scholarships from other sources

  3. We will answer: • What is financial aid? • Who can get it? • How much can I get? • How do I apply? • What happens next? • Where can I get more info?

  4. What is financial aid? • Money to pay for college or career school • Scholarships – free money based on achievement • Grants – free money based on demonstrated need • Work-study • Loans

  5. Who can get federal and state student aid? • U.S. citizen or permanent resident • High school graduate/GED holder • Eligible degree/certificate program • Valid Social Security number • Males registered for Selective Service • Satisfactory academic progress

  6. Who can get other kinds of financial aid? • States, colleges, and private scholarships have their own eligibility criteria. • Be sure you know what you need to do to qualify (FAFSA, Profile, Institutional Applications) • Loyola University New Orleans utilizes the FAFSA to determine eligibility for all need based aid programs

  7. Check Out the “FAFSA4caster”http://www.fafsa4caster.ed.gov/ • Automatically generate a Federal Student Aid PIN for use when signing the FAFSA • Instantly calculate eligibility for federal student aid • Generate a FAFSA—a FAFSA populated with student FAFSA4caster data will be available when the student is ready to file the official FAFSA

  8. When Is Financial Aid Awarded? • The General Process is : • Students are Accepted for Admissions • Students are Awarded Institutional Merit Scholarships (if qualified and meet deadlines) • Students are then considered for “need-based” aid

  9. How does the school award aid? • Financial Aid Packages normally combine federal grants, loans, and work-study with any available state programs (like TOPS) and any institutional aid awarded. • Schools normally award merit scholarship aid first. APPLICATION DEADLINES are important if you want to receive priority consideration for all aid programs

  10. Loyola Deadlines • Priority application deadline for all Loyola University merit scholarship programs – December 1, 2008 • Priority application deadline for need-based aid programs at Loyola University - February 15, 2009 • You can use “estimated income” data on the FAFSA.

  11. How much federal student aid can I get?

  12. In general, depends on your financial need. • Financial need determined by Expected Family Contribution (EFC) and Cost of Attendance (COA) • EFC comes from what you report on FAFSA • COA is tuition, fees, room and board, transportation, etc. COA – EFC = financial need

  13. TRAVEL ROOM/BOARD PERSONAL TUITION/FEES BOOKS Cost of Attendance • Each school’s “cost of attendance” will be different

  14. Need Varies Based on Cost

  15. Example: first-year student in 2008-09 • Maximum amounts allowed: • Federal Pell Grant: approx. $4,731 • Academic Competitiveness Grant: $750 • Federal “TEACH” Grant: $4,000 • Federal Subsidized Stafford Loan: $3,500 • Federal Unsubsidized Stafford Loan: $2,000 • Federal Perkins Loan: $4,000 • Federal Supplemental Educational Opportunity Grant: $4,000 • Federal Work-Study: depends on funds available at school • Federal PLUS Loan (for parents): COA minus other aid received

  16. How much state scholarship money can I get?

  17. La. “TOPS” scholarships pay tuition at state schools or AVERAGE state tuition at private schools. ($2,686 for 2008-2009) • La. “Go” Grants: New Program for 2007-2008. $2,000 annual award for full-time study. Must be eligible for Pell Grant • “LEAP” Grants - Maximum of $2,000 /year- Schools receive funds based on total undergrad enrollment

  18. How do I apply for aid?

  19. Federal student aid: fill out Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov • State aid: Louisiana Office of Student Financial Assistance web site at http://www.osfa.state.la.us/ • “Outside Scholarships”: See http://www.loyno.edu/financialaid/outsidescholarships. html

  20. Be Careful to Avoid Scholarship Scams "The scholarship is guaranteed or your money back." "You can't get this information anywhere else." "I just need your credit card or bank account number to hold this scholarship." "We'll do all the work." "The scholarship will cost some money." "You've been selected by a 'national foundation' to receive a scholarship" or "You're a finalist" in a contest you never entered

  21. Financial Aid Consultants and Scholarship Search Services Fact Sheet http://www.nasfaa.org/redesign/FANight/consultantservices.doc

  22. FAFSA on the Web Homepage

  23. Before Beginning A FAFSA

  24. Frequent FAFSA Errors • Social Security Numbers • Divorced/remarried parental information • Income earned by parents/stepparents • Untaxed income • U.S. income taxes paid • Household size / Number in college

  25. Signature Page – Student and Parent

  26. Confirmation Page

  27. Special Circumstances • Change in employment status • Medical expenses not covered by insurance (nursing home expenses) • Change in parent marital status • Unusual dependent care expenses • Issues originating after a natural disaster

  28. Student Loans in the News • Always utilize federal student loan programs BEFORE turning to private, non- federal loans • You must choose your federal student loan lender. The financial aid officer cannot recommend a lender to you. • Parents should check their credit reports to make sure that all listed information is correct

  29. Resources to Help You Choose A Lender • “Look Before You Leap: Student Loan Shopping Techniques”- http://projectonstudentdebt.org/look_leap.vp.html • Choosing A Lender-https://studentaid2.ed.gov/getmoney/pay_for_college/loans_evaluate.html

  30. Check on Available Payment Plans Programs Offered at Loyola • Tuition Management Systems www.afford.com • TuitionPay from Sallie Mae www.tuitionpay.com

  31. Money Management Tips for Students Online Resources • http://www.cashcourse.org/loyno • http://loyno.edu/financialaid/parentlist-serv.html

  32. What Happens Next? • Each school will tell you how much aid you can get at that school. • Information on projected changes for 2009-2010 will be posted athttp://www.loyno.edu/financialaid/2009-10-Processing.html • Once you decide which school to attend, keep in touch with the financial aid office to find out when and how you will get your aid.

  33. Where can I get more info? • www.federalstudentaid.ed.gov • Information about aid programs • Free scholarship search • Free college search • 1-800-4-FED-AID • Information about aid programs • Help with the FAFSA

  34. Contact information: Cathy Simoneaux Director Office of Scholarships and Financial Aid E-mail: cmsimone@loyno.edu

More Related