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Completing the FAFSA

Completing the FAFSA. Montgomery Bell Academy January 19, 2012. Brent Tener Director of Undergraduate Scholarships Vanderbilt University 615-322-3591 b.tener@vanderbilt.edu. Categories of Aid. Gift Aid: Grants or scholarships that are not repaid

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Completing the FAFSA

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  1. Completing the FAFSA Montgomery Bell Academy January 19, 2012 Brent Tener Director of Undergraduate Scholarships Vanderbilt University 615-322-3591 b.tener@vanderbilt.edu

  2. Categories of Aid • Gift Aid: Grants or scholarships that are not repaid • Loan Aid: Borrowed money to be repaid with interest • Work Aid: Money earned as payment for job • Loan and Work Aid considered “Self-Help” And... • Merit Aid - Money awarded based upon various qualifications • Need-based Aid - Must show eligibility through pre-determined formula

  3. Sources of Financial Aid • Federal Aid Programs • Free Application for Federal Student Aid (FAFSA) • Institutional applications (if required) • Stafford and/or PLUS applications • State Programs • FAFSA • Specific scholarship forms • Institutional Aid • FAFSA • College Board Financial Aid PROFILE (if required) • Special institutional applications • Private Opportunities • Depends upon awarding entities • FAFSA and/or PROFILE

  4. Potential Problems in Process • Application Errors • Name, date of birth, social security number • Adjusted Gross Income • Non-taxable income • Income tax paid • Earning from work • Household size/number in college • Deadlines • Be aware of each school’s deadline • Apply early, but accurately • Estimate income if necessary to meet deadline • Documentation • Student and parent tax returns (if required) • Federal Verification Worksheet (if required) • Any other requested information

  5. Tuition and Fees Books and Supplies Room and Board Transportation + Miscellaneous Expenses = Cost of Attendance Expected Family Contribution Parent’s Contribution from Income Parent’s Contribution from Assets Student’s Contribution from Income Student’s Contribution from Assets How Financial Need is DeterminedCost of Attendance- Expected Family Contribution= Financial Need

  6. Need Varies Based on Cost

  7. Free Application for Federal Student Aid (FAFSA) • Family’s personal and financial information required to perform need analysis is collected on FAFSA • Electronic version of FAFSA • www.fafsa.ed.gov • FAFSA is completed after January 1

  8. FAFSA - Tips • The correct name, date of birth, and social security number are crucial • Round off figures to the nearest dollar • “You” and “Your” refers to the student • Read the instructions

  9. Information Sources • Resource Books • College Cost Book. The College Board. • Don’t Miss Out: The Ambitious Student’s Guide to Financial Aid. Octameron Press. • The Scholarship Book: The Complete Guide to Private-Sector Scholarships, Grants and Loans for Undergraduates. Daniel Cassidy, National Scholarship Research Service.

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