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Introduction to Financial Aid

Gain insights into types of financial aid, the application process, and important tips for completing FAFSA. Learn about grants, scholarships, work-study programs, student loans, and more. Discover how to access resources for funding your education journey effectively.

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Introduction to Financial Aid

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  1. Introduction to Financial Aid www.collegenowgc.org

  2. Presentation Objectives • Learn about the different types of Financial Aid and how to access them • Understand the Financial Aid process • Understand why everyone should complete the FAFSA

  3. What is Financial Aid? • $$$ to help a student pay for: • Tuition and fees • Room and board • Books and supplies • Personal expenses • Transportation AKA: Cost of Attendance

  4. Types of Financial Aid

  5. Gift Money: Grants • Need Based • Given by Federal Government and many colleges – especially private • Do not need to be repaid

  6. Gift Money: Scholarships • Need-based • Merit-based • Circumstance-based • Do not need to be repaid

  7. Finding Scholarships • College and university websites • Local organizations • Employers and unions • Professional organizations • Your high school

  8. Earned Money: Federal Work Study • On-campus employment • Application and interview required • Yearly funding limits • Flexible schedule – student first • Aid comes in the form of a paycheck for living expenses • Earnings do not count on the next year’s FAFSA

  9. Borrowed Money: Student Loans • Federal Student Loans • Student is the borrower • No credit check or co-signer required • 16-17 Interest rate: 3.76% • Federal Parent Plus Loan • 16-17 interest rate:6.31% • Private Student Loans • Interest rate based on credit score • Likely to require a co-signer

  10. How do I apply for Financial Aid? • Create a Federal Student Aid (FSA) ID and password at : https://fsaid.ed.gov/npas/index.htm for student AND parent You will need: • Separate email addresses • Social security numbers • Legal name (as it appears on your social security card) • DOB

  11. How do I apply for Financial Aid? • Complete the FAFSA – Free Application for Federal Student Aid – at: fafsa.govafter October 1st

  12. What is the FAFSA? • Free-don’t pay someone to do it • Gives federal government and colleges a baseline for measuring student need • Completed every year that the student is in college

  13. How do I complete the FAFSA? You will need: • FSA ID and passwords • Balance of checking & savings accounts • Balance of investment accounts • Records of untaxed income • Retirement accounts are NOT included • Copy of 2015 tax return*

  14. FAFSA Tips • Know who your parent is https://studentaid.ed.gov/sa/fafsa/filling-out/parent-info

  15. FAFSA Tips • Look out for Verification: a process that requires the college to verify and correct information that is reported on the FAFSA. • Keep calm and send in the requested documentation ASAP. • Verification is very common.

  16. FAFSA Tips • Pay attention to priority filing deadlines Examples: • Kent State • Ohio State • College of Wooster

  17. FAFSA Tips • You may appeal certain “Special Circumstances”: Examples: • Divorce • Death of a parent • Job Loss • Loss of child support • Private school tuition

  18. What is the CSS Profile? • Very detailed application for institutional aid only • Required by some selective colleges • Examples in Ohio: • Kenyon, Case Western, Oberlin • Has a priority filing deadline • Fee required https://student.collegeboard.org/css-financial-aid-profile

  19. What is an Award Letter? • Sent by each college you added to your FAFSA • Includes institutional aid and Federal financial aid • May or may not reflect your Cost of Attendance • May include information on Federal Parent Plus Loan • Your College Now advisor can help review

  20. Questions??? • Talk to the College Now advisor at your school • Call or visit the College Now Resource Center on the 3rd floor of Tower City Center 216-241-5587

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