Presentation Transcript

1. Everything you wanted to know about FINANCIAL AID*

   *but did not know who to ask By Maria Cervoni
2. Your schools of interest Visit their websites and financial aid sections Obtain all pertinent cost details Require specifics about tuition, room & board, extra fees Determine which financial aid documentation is required Jot down deadlines for all documents
3. Making sense of FAFSA/PROFILE/ Institutional forms FAFSA- Free Application for Federal Student Aid The only form accepted by the Federal Government for gathering the information used to determine a family’s ability to pay and eligibility for federal funds PROFILE- form established by the College Scholarship Service Collects data and determines eligibility to pay for institutional funds Institutional forms- required for families by various colleges; may even ask some information already found in FAFSA
4. The biggest differences between CSS PROFILE and FAFSA are: Submission dates CSS PROFILE can be submitted in the fall; FAFSA cannot be submitted before January 1 Specific questions CSS PROFILE contains questions specific to the school or program you’re applying to; FAFSA contains the same questions for everyone Different methodology CSS PROFILE determines your financial need differently than FAFSA, taking into account some factors as whether your family owns a home. In general, CSS PROFILE asks for more detailed information than FAFSA
5. Minimum student contribution CSS PROFILE requires this; FAFSA doesn’t Greater reliance on professional judgment CSS PROFILE gives financial aid counselors greater freedom to grant aid based on a student’s particular circumstances Cost CSS PROFILE costs $5 plus $18 for each school or scholarship selected; FAFSA, as name implies, is free
6. Necessary personal documents needed for submissions Student’s drivers license and S/S card Student’s and parents’ income tax returns, W-2 forms, 1099 form for the previous year Current bank statements and mortgage information Records relating to stocks, bonds, mutual funds, and other investments Documentation of non-taxable income, such as S/S income, AFDC and Veterans Benefits
7. Business and form records Records relating to any unusual family financial circumstances, such as medical and dental expenses not covered by health insurance, tuition expenses at elementary or secondary schools, unusually high child care costs, death, divorce, and loss of employment
8. Who is eligible to receive financial aid? http://studentaid.ed.gov/students/publications/completing_fafsa/2010_2011/elig.html Who is eligible as a non-citizen? A US permanent resident who has a permanent resident card (I-551 or I-151), otherwise known as a green card A conditional permanent resident (I-551C) A non-citizen with an I-94 record showing either of the following designations: “Refugee,” “Asylum granted,” “Paroled,” “Conditional Contract,” or “Cuban-Haitian contract, status pending” A non-citizen holding a T-visa or whose parents were granted a T-visa
9. What kinds of aid are available? Scholarship grants http://www.finaid.org/scholarships/ Loans http://www.finaid.org/loans/ Work study Federally sponsored, campus-based program where participating colleges provide employment opportunities for students with demonstrated financial need. In assigning work to aid recipients, colleges take into account the student’s skills, schedule, academic progress, and interest in community service. Employment may be on or off campus. A typical commitment per week is 10 to 15 hours.
10. Learning about acronyms and important technology http://www.finaid.org/questions/glossary.phtml Answering your questions not covered in glossary definitions: http://www.finaid.org/questions/faq.phtml
11. Application process Applying for a federal PIN number You can obtain one electronically Sign the FAFSA form by visiting http://www.pin.ed.gov/PINWebApp/pinindex.jsp
12. Familiarize yourself with PR income tax returns to be able to complete FAFSA Submitted income tax forms for Puerto Rico do not have line items which correspond exactly to the line items of the US income tax forms Be aware of this when filling out your FAFSA. Some FAFSA line items will require you to go beyond the main PR income tax form to seek line items in the different “schedule forms” provided
13. Example: Miscellaneous income (Schedule F individual) Income from annuities and pensions (Schedule H individual) Interest income (Schedule I Individual) Next slide you will find table that relates line items in FAFSA with corresponding line items in the PR Income Tax short and long forms. For further questions see your accountant
14. FAFSA: Before Beginning To apply for financial aid you must know the federal school code of the school you are applying to. You may search for it at: http://www.fafsa.ed.gov/FOTWWebApp/FSLookupServlet Completing FAFSA worksheets http://www.fafsa.ed.gov/before012.htm Filling out your FAFSA http://www.fafsa.ed.gov/FOTWWebApp/complete013.jsp Tips for maximizing college student financial aid http://www.eduguide.org/Parents-Library/Ace-the-FAFSA-2241.aspx
15. Evaluating and comparing financial aid awards http://apps.collegeboard.com/fincalc/compare_aid.jsp Compare percentages of awards that are Gift aid Loan Work Generally you want the awards with the highest percentage of gift aid However, you must be aware whether the school covers your total cost of attendance or whether there is a GAP between the COA and the total financial aid
16. Appeal letter Should be submitted to the Financial Aid office of the school you have received the award from As soon as you receive the award and realize that there are extreme circumstances which were not taken into consideration when the award was given Letter should include: Description of special circumstances you wish to have considered Documentation you are submitting in support of the request Why you think this special circumstance is worthy of consideration
17. Resources Meeting College Costs UCLA Financial Aid Class lectures (Quinn), Spring 2010 Completing the FAFSA document, 2010-11 Counselors and Mentors Handbook on Federal Student Aid 2009-10
18. http://apps.collegeboard.com/fincalc/compare_aid.jsp http://www.eduguide.org/Parents-Library/Ace-the-FAFSA-2241.aspx http://www.fafsa.ed.gov/before012.htm http://www.fafsa.ed.gov/FOTWWebApp/complete013.jsp http://www.fafsa.ed.gov/FOTWWebApp/FSLookupServlet
19. http://www.finaid.org/loans/ http://www.finaid.org/questions/faq.phtml http://www.finaid.org/questions/glossary.phtml http://www.finaid.org/scholarships/ http://www.pin.ed.gov/PINWebApp/pinindex.jsp http://studentaid.ed.gov/students/publications/completing_fafsa/2010_2011/elig.html