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“Follow the Yellow Brick Road to financial aid…”

“Follow the Yellow Brick Road to financial aid…”. A presentation about Financial Aid Hosted by: GWHS Guidance Department. The first step to figuring out financial aid is…. TO TAKE A DEEP BREATH! Have you done that? Yes? Okay, now we can move on to the fun stuff!

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“Follow the Yellow Brick Road to financial aid…”

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  1. “Follow the Yellow Brick Road to financial aid…” A presentation about Financial Aid Hosted by: GWHS Guidance Department

  2. The first step to figuring out financial aid is… TO TAKE A DEEP BREATH! • Have you done that? Yes? Okay, now we can move on to the fun stuff! • If you have questions, please write them on the handouts and save them until the end.

  3. How am I supposed to pay for college?

  4. There are so many possibilities! • Savings • Private Loans • Part-time Job • Financial Aid Programs • Federal Student Aid • Scholarships • Work Study • Federal Grants • State Grants • Federal Loans • It is all based upon how YOU want to pay for it!

  5. What is Financial Aid, anyway? • Refers to institutional, private, federal, or state money that will help you pay for your education. • Different types exist – loans, scholarships, work-study, and grants – all of which will covered in-depth later on. • Some of it is “free money” and some you have to pay back, but it is all there to help you go to college!

  6. Federal Grant Programs for 2012-2013 • Most Federal Grants are need-based. • Federal Pell Grant: • For students with exceptional financial need • Maximum of $5,550 (subject to change) • Federal Supplemental Educational Opportunity Grant (FSEOG): • Also for students with exceptional need • Maximum of $4,000 • Teacher Education Assistance for College and Higher Education (TEACH) Grant: • Not need based • Maximum of $4,000 • If you do NOT follow through with becoming a teacher, it becomes a LOAN! So, be very careful with this.

  7. State Grant Programs • Virginia Tuition Assistance Grant (VTAG) • For Virginia residents who choose to attend a participating private college or university in the Commonwealth of Virginia. • EVERYONE can receive this! • Total of $2600 for this academic year (may change next year). • Virginia Guaranteed Assistance Program and Commonwealth Award • A state grant for the neediest of student.

  8. Federal Work Study Program • You work a part-time job either on- or off-campus and earn a paycheck. • Jobs range from office assistants and cafeteria workers to library assistants and helping out with an afterschool program! • It depends on available funds.

  9. Federal Loan Programs • You must check that you would like to receive federal loans. • Federal Direct Loans • Subsidized (Need-based) • Unsubsidized (Not based upon need) • Perkins Loan (is subsidized) • Parent PLUS Loan (is unsubsidized) • Flexible repayment options. • Should exhaust BEFORE pursuing a private loan!

  10. Private Loans • Typically provided by banking institutions • Interest rates tend to be higher than the federal loan programs • Will probably need a co-signer on the loan • Not as flexible with repayment options

  11. Scholarships • Apply for scholarships all throughout the year • When you receive an outside scholarship, you must let your school know! • Might cause your Award Letter to change, and you may even lose some federal, state, or institutional aid.

  12. Merit-Based vs. Need-Based Aid • Merit-based aid is determined by your academic performance, community involvement, and extracurricular activities (like athletics). • Most scholarships are merit-based • Need-based aid is determined solely by your financial need as a family. • Many Federal and State Aid Programs are need-based

  13. Savings • If your family has saved up for your postsecondary education, it should be the first place to go for your college costs. • The rest of the costs can be covered with financial aid and/or a part-time job.

  14. Let us take a moment to breathe… Inhale… Exhale… Inhale… We are halfway done!

  15. What if I do not have savings? How am I going to pay for college? Quick answer: Fill out the FAFSA so that you can qualify for federal and most state student aid! 

  16. Okay, so how do I get Financial Aid? • There are a variety of ways to get financial aid! • The most important step, after you take that first deep breath, is by filling out the “Free Application for Federal Student Aid” or FAFSA, for short. • Some schools employ institutional forms IN ADDITION to the FAFSA. • Other schools require something called the CSS/Financial Aid Profile, IN ADDITION to the FAFSA. More on The Profile later. • Do you see the trend here?  (If you noticed the FAFSA is the common theme, that is great!)

  17. Who can receive financial aid? • EVERYONE! • Not only are most scholarships merit-based; some institutional scholarships are as well! • All you have to do is apply! • Never be worried that you are the only student on financial aid – the truth is that a vast majority of students receive some form of financial aid!

  18. Okay, nice! Now when can I get it? • You may begin filing the FAFSA after January 1, 2012. • The CSS Profile can be filed as soon as you would like. It became available in October 2011. • It is very, VERY important to know when your prospective school’s priority filing date for financial aid is. • Typically, applying after this date could mean you might receive less aid than you are eligible for. • So, apply EARLY! If you need help finding those dates, come see me or your counselor and we will be more than happy to help you find them.

  19. How will I know how much I received? • Your school will send you an Award Letter. • Lists the Cost of Attendance for the school, how much financial aid you will receive, and how much you will be expected to pay with scholarships and out of your own pocket. • Typically comes shortly after you finish the Financial Aid application process. • A college/university will NOT create an Award Letter or Financial Aid package until AFTER you complete the FAFSA, CSS Profile, and/or any Institutional Financial Aid forms!

  20. Okay, you have just confused me…. FAFSA… CSS Profile… Institutional forms… This is so much!

  21. What is the FAFSA? • It is a questionnaire that determines how much the government feels your family can contribute to paying for your education. • This is the Expected Family Contribution (EFC) • EFC is a number that has two parts: Student Contribution and Parent Contribution

  22. Filling out the FAFSA • Can be filed any day after January 1, 2012. • You need 2010 or 2011 tax records, driver’s licenses and social security numbers for both the student AND at least one parent. • Students under Legal Guardianship are Independent Students; no parent information needed! • You also need a Personal Identification Number (PIN), so that you may submit the FAFSA online!

  23. More on the FAFSA • When you are filing the FAFSA, never pay anyone to help you with it! • I am available to help you, line-by-line, with filling out the form. • If you are a Male Student and you are 18 (or will be ), you must register for the Selective Service in order to file the FAFSA and receive federal aid. • The web address to apply for a PIN is http://www.pin.ed.GOV. • The web address for filing the FAFSA is http://www.fafsa.GOV. • Do not go to http://www.fafsa.COM as they will ask you to pay, yet the first word in FAFSA is FREE.

  24. Okay, so, the CSS Profile… • This is a form that some schools use to grant institutional financial aid. • It is completed on the College Board website; the same site you use to sign up for the SAT and view your scores! • There is a fee to complete it: • $9 for the general application • $16 for each school you submit to • Even if you feel your family income is too high for need-based aid, realize that some school’s institutional MERIT-based aid may be determined by the CSS Profile – if the school requires it.

  25. Institutional Forms • If the college or university has an extra form they would like for you to fill out, DO IT! • Failure to complete all required forms will reduce the likelihood you will receive the best package based on your need. • Check the Financial Aid websites for the schools you are considering to see if they have these additional forms. • Some schools will then ask for copies of your tax forms, bank statements, et al in order to process your request for financial aid. Send them ASAP!

  26. Just some additional information for you!

  27. Some Important Websites • http://www.fafsa.gov – Official website to fill out the FAFSA. • http://pin.ed.gov – Official website to apply for and receive the PIN you need to file the FAFSA. • http://studentaid.ed.gov – Official website listing all the Federal Student Aid Programs. • http://www.schev.edu – Official website that lists all the Virginia Student Aid Programs. • http://www.ncseaa.edu/ - Official website that lists all North Carolina Student Aid Programs. • http://profileonline.collegeboard.com – Official website to file the CSS/Financial Aid Profile.

  28. Some Extra Tips • It is very important to realize that federal and state funds can change from year-to-year, so you should apply for local, regional, and national scholarships to help offset the rising costs of education. • Mr. Winfrey, the College Adviser, is available anytime during the school day to help with financial aid or general college admissions inquiries. • If you need to meet with him after school, call him at George Washington High School and let him know. All you have to do is make an appointment.

  29. Questions? Concerns? Take another deep breath. We are all done with the hard stuff for the night.

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