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Avon and Avon Lake High School Night Wednesday, December 9, 2009

Avon and Avon Lake High School Night Wednesday, December 9, 2009. Karen Tijanich Lorain County Community College Ginny Biada Stautzenberger College. Agenda:. What is financial aid Cost of attendance (COA) What is financial need Categories, types, and sources of financial aid

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Avon and Avon Lake High School Night Wednesday, December 9, 2009

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  1. Avon and Avon LakeHigh School NightWednesday, December 9, 2009 Karen Tijanich Lorain County Community College Ginny Biada Stautzenberger College

  2. Agenda: • What is financial aid • Cost of attendance (COA) • What is financial need • Categories, types, and sources of financial aid • Expected Family Contribution (EFC) • FAFSA4caster and FAFSA filing • Special circumstances

  3. Financial Aid & Cost of Attendance • Financial aid is funds provided to students and families to help pay for postsecondary educational expenses • Direct and indirect costs combined into cost of attendance • Varies widely from college to college

  4. What is Financial Need Cost of Attendance –Expected Family Contribution = Financial Need

  5. Categories of Financial Aid • Need-based • Non need-based

  6. Types of Financial Aid • Scholarships • Grants • Loans • Employment

  7. Grants • Money thatdoes not have to be paid back • Usually awarded on the basis of financial need

  8. Loans • Money students and parents borrow to help pay college expenses • Repayment usually begins after education is finished • Only borrow what is really needed • Look at loans as an investment in the future

  9. Employment • Allows student to earn money to help pay educational costs • A paycheck • Non-monetary compensation, such as room and board

  10. Sources of Financial Aid • Federal government • States • Private sources • Civic organizations and churches • Employers

  11. Federal Government • Largest source of financial aid • Aid awarded primarily on the basis of financial need • Must apply every year using the Free Application for Federal Student Aid (FAFSA)

  12. Federal Pell Grant Academic Competitiveness Grant National Science and Mathematics Access to Retain Talent Grant Teacher Education Assistance for College and Higher Education Grant Federal Supplemental Educational Opportunity Grant Federal Perkins Loan Federal Work-Study Stafford Loans PLUS Loans Common Federal Aid Programs

  13. States • Residency requirements • Award aid on the basis of both merit and need • Use information from the FAFSA • Deadlines vary by state; check paper FAFSA or FAFSA on the Web site

  14. Scholarships • Money that does not have to be repaid • Awarded based on merit, skill or unique characteristic

  15. Private Sources • Foundations, businesses, charitable organizations • Deadlines and application procedures vary widely • Begin researching private aid sources early • www.finaid.org

  16. Civic Organizations and Churches • Research what is available in community • To what organizations and churches does student and family belong? • Application process usually spring of senior year • Small scholarships add up!

  17. Employers • Companies may have scholarships available to the children of employees • Companies may have educational benefits for their employees

  18. Free Application for Federal Student Aid (FAFSA) • A standard form that collects demographic and financial information about the student and family • May be filed electronically or using paper form • Available in English and Spanish

  19. FAFSA • Information used to calculate the Expected Family Contribution or EFC • The amount of money a student and his or her family may reasonably be expected to contribute towards the cost of the student’s education for an academic year • Colleges use EFC to award financial aid

  20. What is the Expected Family Contribution (EFC) • Amount family can reasonably be expected to contribute • Stays the same regardless of college • Two components • Parent contribution • Student contribution • Calculated using data from a federal application form and a federal formula

  21. FAFSA on the Web • Web site: www.fafsa.ed.gov • 2010-11 FAFSA on the Web available on January 1, 2010 • Colleges may set FAFSA filing deadlines • FAFSA on the Web Worksheet: • Used as “pre-application” worksheet • Questions follow order of FAFSA on the Web

  22. FAFSA on the Web Good reasons to file electronically: • Built-in edits to prevent costly errors • Skip-logic allows student and/or parent to skip unnecessary questions • More timely submission of original application and any necessary corrections • More detailed instructions and “help” for common questions • Ability to check application status on-line • Simplified application process in the future

  23. Student Financial Aid Personal Identification Number (SFA PIN) • Web site: www.pin.ed.gov • Sign FAFSA electronically • Request PIN before January 1, 2010 • Speeds processing • Used by students and parents throughout aid process, including subsequent school years

  24. FAFSA on the Web Worksheet 2010-11 FAFSA on the Web Worksheet—8-page booklet containing: Instructions 93 questions in 5 sections

  25. FOTW Worksheet: Section 2 Student’s dependency status (13 questions): • If all “No” responses, student is dependent • If “Yes” to any question, student is independent

  26. FOTW Worksheet: Data for parents of dependent students: • Parents’ marital status • Date of parents’ marital status • Custodial parent information only on FAFSA • E-mail address (optional)

  27. FAFSA4Caster • www.fafsa4caster.ed.gov • You may use FAFSA4caster to receive an early estimate of your federal student aid eligibility. • FASFA4Caster will allow you to do a side-by-side comparison of schools • Information transferrable to 2010-2011 FAFSA form

  28. How many steps does it take to complete? • FAFSA4caster consists of:Step 1: Info About the StudentStep 2: Student StatusStep 3: Parents' Info Step 4: Student's FinancesStep 5: Student's College PlansStep 6: Review FAFSA4casterStep 7: Submit FAFSA4casterStep 8: Estimated Federal Student Aid EligibilityStep 9: Confirmation

  29. What are the advantages of providing personally identifiable information (for example, last name)? • Obtain his or her Federal Student Aid PIN (if the student doesn't already have one), which the student can use to sign the FAFSA and to access his or her personal information on other Federal Student Aid Web sites. • Receive a timely reminder to fill out a FAFSA for the next school year. • Save time by creating a FAFSA application that includes some of the information you provided on the FAFSA4caster. • Receive updates about changes to FAFSA4caster.

  30. Special Circumstances • Change in employment status • Medical expenses not covered by insurance • Change in parent marital status • Unusual dependent care expenses • Student cannot obtain parent information

  31. Special Circumstances • Cannot report on FAFSA • Send explanation to financial aid office at each college • College will review special circumstances • Request additional documentation • Decisions are final and cannot be appealed to U.S. Department of Education

  32. Thank you for being here! • Questions?

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