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Scholarships and Financial Aid

Scholarships and Financial Aid. Paying for College. Cost of Attendance. Estimated Cost of Attendance provides students an idea of annual costs to attend that institution Costs are estimates based on averages Not all budget items listed are direct costs Main Budget Components

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Scholarships and Financial Aid

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  1. Scholarships and Financial Aid Paying for College

  2. Cost of Attendance • Estimated Cost of Attendance provides students an idea of annual costs to attend that institution • Costs are estimates based on averages • Not all budget items listed are direct costs • Main Budget Components • Tuition and Fees • Housing and Food (Room and Board) • Transportation • Miscellaneous • Books and Supplies • Additional Components may include but not limited to: • Differential Tuition, Course Fees, Student Health Insurance

  3. FAFSA

  4. Applying for Federal Financial Aid • Free Application for Federal Student Aid (FAFSA) • Online at fafsa.ed.gov • Available January 1st every year • Must be completed every year • Each school may have their own priority filing deadline for the FAFSA • The University of Arizona’s priority filing deadline is March 1st • UA’s School Code: 001083

  5. Applying for Federal Financial Aid • Tax information is required for the FAFSA for students and parents • Tax information is from the previous year • Students are encouraged to use estimates if taxes have not yet been filed • An Expected Family Contribution (EFC) is generated • The EFC is a snapshot of the previous year’s income data • It is the basis on which federal financial aid is awarded • Special Circumstances • Examples: Loss of employment, change in financial situation, death of custodial parent, medical & dental expenses, etc.

  6. Type of Financial Aid • Scholarships • National • Institutional • Donor • Grants • Federal • State • Institutional • Federal Work Study • Loans • Subsidized and Unsubsidized Student Loans • Perkins • Parent PLUS Loans • Private Educational Loans

  7. Merit Scholarships • Apply for admission to the schools you are interested in • Check with the schools you are interested in on how to apply for merit scholarships • Have your official SAT or ACT scores sent to the schools you are applying to • Ask schools if they prefer or require one test over the other • Know school deadlines for admission and acceptance

  8. Scholarships • Search and apply for scholarships • National Scholarships • Institutional, Academic and Department Scholarships • Donor and Third Party Scholarships • Schools have Scholarship Resources available for students

  9. Grants: Need Based Aid • Federal Pell Grant • Determined by FAFSA • Lifetime limit of 6 years* • *Full time enrollment • Other Federal Grants • State Grants • Institutional Grants • Often based on Need as determined by the institution • Reach out to schools to find out additional information: • Is there a Priority Filing Deadline • Is there an additional application or process? i.e. CSS PROFILE

  10. Federal Work Study • Allows students to work on or off campus • Provides skills not learned in the classroom • Resume building experience and training • Opportunities to enhance: • Communication skills • Time management skills • Jobs are limited and not guaranteed

  11. Student Loans • Subsidized Loans • Need based • Interest does NOT accrue while in School • Unsubsidized Loans • Interest DOES accrue while in school • Guaranteed (no credit check) • Repayment deferred while enrolled in school • 6 month grace period • Amounts • Freshmen: $5,500 • Sophomore: $6,500 • Juniors & Seniors: $7,500 • These amounts can be a combination of subsidized and unsubsidized loans

  12. Parent PLUS Loans • Credit Check required* • If a parent’s credit is denied, they have options • Get a credit worthy endorser • Appeal the credit decision • Student may request an additional unsubsidized loan • Can request loan be deferred while student is enrolled in school or can begin repayment while student is in school • Steps to Accept Parent PLUS Loans • Parents accept the amount of a Parent PLUS Loan they would like to borrow • How to accept the Parent PLUS Loan may vary with the school • Complete a Master Promissory Note (MPN) on studentloans.gov

  13. Financial Aid Resources • Financial aid websites http://www.fafsa.ed.gov/ https://fafsa.ed.gov/FAFSA/app/f4cForm http://studentaid.ed.gov/ https://studentloans.gov/myDirectLoan/index.action http://www.ed.gov/ http://www.nslds.ed.gov/nslds_SA/ http://www.collegeboard.org/ School’s financial aid website for financial aid and scholarship resources, dates and deadlines

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