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What You Need to Know about Financial Aid 2012-2013

What You Need to Know about Financial Aid 2012-2013. What is Financial Aid?. Financial aid is money provided to students and families to help pay for educational expenses. Types of Financial Aid?. Grants- do not need to be repaid, based on financial need

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What You Need to Know about Financial Aid 2012-2013

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  1. What You Need to Know about Financial Aid2012-2013

  2. What is Financial Aid? • Financial aid is money provided to students and families to help pay for educational expenses.

  3. Types of Financial Aid? • Grants- do not need to be repaid, based on financial need • Loans- money that must be repaid, parents/students can qualify • Work-study- employment on campus to off-set the cost of college • Some Scholarships- do not need to be repaid, awarded on merit, and some on financial need

  4. The path to financial aid • Apply for a PIN number • Fill out Free Application to Federal Student Aid (FAFSA) • Expected Family Contribution is determined (EFC) • Information only sent to those colleges the student selected • College’s Financial Aid determines financial need • College notifies student of Financial Aid Award Package • Bring copies of Award Letters/Offers to the High School Counselor • Accept or Deny the offers with the College

  5. How to qualify for financial aid? • fill out a Free Application for Federal Student Aid • send to the colleges student applied to • meet the deadlines (first come first serve) • display financial need

  6. What is financial need? Cost of Attendance –Expected Family Contribution = Financial Need

  7. What is Cost of Attendance (COA)? • Tuition & Fees • Room & Board • Books, supplies, transportation, and misc. personal expenses • Varies widely from college to college

  8. What is the Expected Family Contribution (EFC)? • Amount family is expected to contribute • Calculated using data from the Free Application for Federal Student Aid (FAFSA)

  9. Free Application for Federal Student Aid (FAFSA) • must complete FAFSA to qualify for Financial Aid • fill out electronically/paper • English or Spanish • it is free • beginning January 1, 2013 • colleges have their own FAFSA deadlines

  10. FAFSA • form collects demographic & financial information • federal government calculates the Expected Family Contribution or EFC • colleges use the EFC to determine aid eligibility and award financial aid

  11. Federal Student Aid Personal Identification Number (FSA PIN) • Website: www.pin.ed.gov • sign FAFSA electronically • speeds processing

  12. FAFSA on the Web • Website: www.fafsa.ed.gov • Benefits: • use Internal Revenue Service data retrieval • timely submission • detailed instructions and “help” • check application status on-line

  13. WWW.FAFSA.ed.GOV Click Here >

  14. Student Portion STUDENT Demographic Information Help & Hints

  15. Student Portion Heard this before? “I am not sure which college!” List up to 10!

  16. Parent portion Did Parents File Taxes?

  17. Parent portion • Link to IRS • quick, easy • reduces documents requested by financial aid office • no need to order TAX TRANSCRIPT • avoid delays

  18. FAFSA Processing Results • student notified of FAFSA processing results on-line or email • review Student Aid Report (SAR) data for accuracy • update tax information- can now link to IRS • meet all deadlines • follow up with financial aid office at colleges • turn in any other documents requested by college • wait for Award Letters • bring copy of all Award Letters to Counselor’s • accept or decline Award offers

  19. What to do now… • Student takes SAT or ACT (send scores directly to college) • Check College Application Deadlines • Complete College Applications (send scores, transcript, essays, etc.) • Work on Scholarships • Attend College Forums, Scholarship meetings, • Apply for PIN numbers for FAFSA (parents and students) • Plan on doing taxes early in order to use IRS Link on FAFSA • FAFSA opens January 1st • Attend FAFSA nights

  20. Questions?

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