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SFS-002_09.18.2012

SFS-002_09.18.2012. Secrets of Financial Aid For College-Bound Students (and Their Parents) Revealed Here . . . Tonight!. What is Financial Aid, Anyway?. Money to help you pay the educational and living costs at the college, university, or career school you want to attend.

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SFS-002_09.18.2012

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  1. SFS-002_09.18.2012 Secrets ofFinancial Aid ForCollege-BoundStudents(and Their Parents)Revealed Here . . . Tonight!

  2. What is Financial Aid, Anyway? Money to help you pay the educational and living costs at the college, university, or career school you want to attend. Good News! Financial aid is available for students from all families, no matter what the income level.

  3. Estimated Annual College Costs Community Colleges . . . . . . . . . . $3,000 - $4,000 Missouri Public Colleges and Universities . . . . . . . . . . $13,500 - $17,000 Non-Missouri Public Colleges and Universities . . . . . . . . . . $18,000 - $24,000 Private Colleges and Universities . . . . . . . . . . $25,000 - $60,000

  4. Categories of Financial Aid

  5. Sources of Financial Aid Federal Government State Governments Colleges and Universities Foundations Civic/Community Donors Churches/Employers … and many more!

  6. Financial Aid can be based on …

  7. DeterminingFederal Aid Eligibility Cost of Attendance (Varies by School) - Expected Family Contribution (FAFSA) =Financial Need Financial Aid ‘Package’: Several types of scholarship, grant, loan and/or employment aid offered by a school to help meet your ‘Financial Need’ and the school’s ‘Cost of Attendance’.

  8. Misconceptions • I have to earn all ‘A’s and ‘B’s’ in high school and have a high ACT score to receive any financial aid. • My friend/neighbor/sister/boyfriend didn’t qualify for much assistance, so I probably won’t either. • My parent’s income is way too high for me to receive any financial aid.

  9. More Misconceptions • I’ll no longer be living with my parents, so they won’t be asked to help me with my college expenses. • I won’t be expected to use any of my own income or savings to pay my expenses. • I’ll wait until this summer to apply for financial aid. There’s plenty of time.

  10. Fundamental FAFSA Principles • Your parent(s) have the primary responsibility of paying for your education, to the extent they can. • You (the student) also have some responsibility to help pay your own educational costs, to the extent you can. • Families have an expectation of the school and a partnership is needed.

  11. Who Files the FAFSA? • Student • Biological/adoptive parent • If parents are divorced, need parental information (and spouse if remarried) of the parent student resides with

  12. Demographics • Student Information: address, e-mail, SSN, DOB, citizenship status • Parent’s Information: address, e-mail, SSN, DOB, marital status • Student & parent household size and number in college • Year in college: freshman • Income & Assets for both parent & student. • Student may register with Selective Service when completing FAFSA if not already done • Student status information: Most high school seniors will answer NO to orphan, WOC, foster care, legal guardianship, unaccompanied youth

  13. Then What Happens? • You’ll receive an e-mail response from the national FAFSA processing agency, with a website link to your 2013/14 FAFSA data. Make corrections, if necessary. • Each school you entered on your FAFSA will receive your FAFSA data. • You’ll receive mailed or emailed information from the financial aid office at each school. • Complete FAFSA Verification (if you’re selected). • Watch for a Financial Aid Notification or Award Letter (by mail or email) from each school you entered on your FAFSA.

  14. Checklist • Narrow the number of colleges in which you’re interested. Apply for admission to all these schools. • Find out all you can about each school (and the city where it’s located). Schedule a personal visit. Talk to the students who attend. • Take the ACT (and/or SAT) at least twice if possible by the February 2013 test date. • Visit your high school guidance office, often!

  15. Checklist • Apply for a Federal PIN (parents too). Use www.pin.ed.govonly. • Complete 2012 federal income tax return(s) as early as possible (yours and your parent’s). • Complete and submit the 2013/14 FAFSA. Use www.fafsa.govonly. • Be aware of deadline and priority dates set by schools, scholarship donors, the state of Missouri, etc., especially April 1, 2013.

  16. Need More Information? • High school guidance office! • studentaid.ed.gov, finaid.org and gocollege.com • College and university websites, brochures, and viewbooks • Free of charge scholarship and financial aid search services, such as collegeanswer.com, scholarshipexperts.com and fastweb.com • Federal Aid Eligibility Estimator: www.fafsa4caster.ed.gov

  17. Questions?

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