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What is Financial Aid?

What is Financial Aid?. Gift Aid *Scholarships *Grants Self-Help Aid *Work Study *Loans. Who is Eligible for Aid ?. Citizens or eligible non-citizens of the U.S. Students enrolled in degree or certificate program on at least a half-time basis

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What is Financial Aid?

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  1. What is Financial Aid? • Gift Aid • *Scholarships • *Grants • Self-Help Aid • *Work Study • *Loans

  2. Who is Eligible for Aid ? Citizens or eligible non-citizens of the U.S. Students enrolled in degree or certificate program on at least a half-time basis Student not in default or needing to repay a federal grant Males who are registered with Selective Service

  3. How to Apply forStudent Financial Aid Apply for a PIN at www.pin.ed.gov. Complete the Free Application for Federal Student Aid (FAFSA) in January or early February

  4. Can I Get Help? YES! Make an appointment with your ACCESS Advisor. Let your ACCESS Advisor file your FAFSA for you. Eliminate the chance of errors resulting in financial aid award delays.

  5. What kind of information will I need to provide at my appointment? Student and Parent Name Student and Parent SSN Household Size Student and Parent Adjusted Gross Income, Untaxed Income and Taxes Paid Student and Parent Bank Account Balances College(s) to which Student has Applied

  6. Information to provide, cont. Parent Educational Background Number of Parent’s Dependents Number of Dependents Concurrently Enrolled in College Student and Parent Date of Birth

  7. What Documents WillI Need to Bring? Parent and Student 2007 tax returns Parent and Student 2008 W-2 forms or most current pay stubs Parent and Student’s most recent bank statement(s)

  8. Updating Your FAFSA Your ACCESS Advisor will file an estimated FAFSA in January or early February based on 2007 tax return. After your 2008 tax return is filed, your ACCESS Advisor will make corrections based on the new tax information.

  9. Priority Filing Deadlines!! For most colleges, the priority filing deadline is February 15th ; for some colleges, it is February 1st Virginia colleges award state grants based on their priority filing deadline

  10. Most Common Mistakes • Use of income tax withheld versus U.S. income tax paid • Net worth of investments, business or farm • Untaxed income (Worksheet A) • Parent marital status

  11. Most Common Mistakes Not accurately recording Social Security Number for Student and Parent Not using name as it appears on Social Security Card Not listing colleges on the form Parent not signing the form with PIN

  12. Other FAFSA Considerations • Dependent Student – students must provide parent’s income on the FAFSA unless the student: • Is 24 years old • Is married • Is active duty military • Has a legal dependent for whom they provide support • Is an orphan or ward of the court • Independent Student – students may be considered independent if they meet any of the above conditions.

  13. Other FAFSA Considerations • Household Size • Stepparent’s Income • Drastic Changes in Income • Retirement • Loss of job • Death of parent

  14. Consult the Financial Aid Professionals atYour College

  15. What’s the COA? Cost of Attendance Tuition and Fees Room and Board Books and Supplies Travel Loan Fees Personal Expenses Other Educational Expenses

  16. What’s the EFC? Expected Family Contribution An analysis of a family’s ability to contribute to a college education based upon their income and assets Used by colleges to calculate the type and amount of financial aid for which you qualify

  17. What’s Financial Need? COA – EFC = Need

  18. Comparing the Effectsof EFC on COA Assume a family with an EFC of $4,000 applies to 3 different schools:

  19. Whose bill is it anyway? Parents? The Government? The College?

  20. What Happens afterthe FAFSA? The student will receive a Student Aid Report (SAR) from the processor showing the EFC and any edit errors Any institutions listed on the FAFSA will receive an electronic copy of the SAR

  21. Financial Aid Process Filed EFC • Grant • Loan • Work study

  22. Then What? Accept the aid offer from the college of your choice Attend to any additional documents that may need to be signed or any loan counseling required by the college

  23. ACCESS Scholarship Every high school in South Hampton Roads Application due May of each year See ACCESS Advisor for application

  24. 5 Keys to Success File the FAFSA early with your ACCESS Advisor! Search for scholarships Keep copies of everything Use the Financial Aid Officer at your college as a resource Don’t forget to visit the ACCESS office during winter break to file your FAFSA for the next school year!

  25. In Conclusion… What questions do you have about financial aid?

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