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FINANCIAL AID AWARENESS 2000

FINANCIAL AID AWARENESS 2000. WHAT IS FINANCIAL AID?. Scholarships Grants Loans Employment Opportunities. TYPES OF NEED-BASED AID. Gift Aid Self-help Aid. GIFT AID. Grants Pell Grant Supplemental Educational Opportunity Grant (SEOG) Federal/State (LEAP) State Institutional Private.

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FINANCIAL AID AWARENESS 2000

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  1. FINANCIAL AID AWARENESS 2000

  2. WHAT IS FINANCIAL AID? • Scholarships • Grants • Loans • Employment Opportunities

  3. TYPES OF NEED-BASED AID • Gift Aid • Self-help Aid

  4. GIFT AID • Grants • Pell Grant • Supplemental Educational Opportunity Grant (SEOG) • Federal/State (LEAP) • State • Institutional • Private

  5. GIFT AID (cont) • Scholarships- Byrd- Douglas- NSSP- Presidential Access- NEISP • State • Institutional • Private

  6. FEDERAL PELL GRANT PROGRAM • Undergraduates pursuing first baccalaureate degree • Portable/Transferable • “Foundation” of financial aid package • Amount based on Cost of Attendance, enrollment status and EFC • Do not have to be a full-time student

  7. FEDERAL SEOG • Undergraduates pursuing first baccalaureate degree • Awarded first to students with exceptional financial need as determined by the institution • Priority to Federal Pell Grant recipients • Campus Based (NOT transferable) • Awards based on institutional policy and funding availability • Do not have to be a full-time student

  8. OHIO INSTRUCTIONAL GRANT (OIG) • State funded grant • Based on need • Must be an Ohio Resident • Pursuing an undergraduate degree • Must be a full-time student • FASFA data transmitted to State for consideration

  9. PART-TIME STUDENT INCENTIVE GRANT • State funded grant • Based on need determined by institution • Must be an Ohio Resident • Pursuing an undergraduate degree • Must be a part-time student

  10. OHIO PROFICIENCY SCHOLARSHIP • Must be an Ohio Resident • Must have passed all parts of the 12th grade proficiency test • $500 Scholarship • Ohio college of your choice

  11. INSTITUTIONAL GRANTS/SCHOLARSHIPS • Usually additional institutional application required • Contact each Financial Aid Office for applications • Check guidelines and deadlines • Early applications are critical

  12. PRIVATE GRANTS/SCHOLARSHIPS • Check with local clubs/organizations • Parent’s employers • Local newspaper • Local libraries • High school guidance counselors • Web (FASTWEB.COM etc) • Student’s responsibility

  13. SELF-HELP AID • FEDERAL PERKINS LOAN • STATE LOANS • INSTITUTIONAL/PRIVATE LOANS • FEDERAL STAFFORD LOAN • Federal Family Education Loan Program • Federal William D. Ford Direct Loan Program

  14. FEDERAL PERKINS LOAN • Priority to exceptional need • Undergraduate OR Graduate student • Determination of Federal Pell Grant eligibility • Campus Based (not transferable) • Interest rate: 5% • Nine month grace period

  15. FEDERAL STAFFORD LOAN • Federal Family Educational Loan - Bank as lender • William D. Ford Direct Loan - Institution/Department of Ed lender • Subsidized - Need based • no interest/no payments until 6 months after attendance in school • unsubsidized - Non-need based • no payments until 6 months after attendance in school • payments begin 30 days after disbursement

  16. FEDERAL STAFFORD LOAN (cont) • Dependent Student Loan limits • Freshman $2625 • Sophomore $3500 • Junior & Senior $5500 • Graduate/professional $8500 • Federal Plus Loan Program (Parent Loan for Undergraduate Students) • Interest and Repayment begin immediately after disbursement • Non-need based • Limited to cost of education

  17. COST OF BORROWING FEDERAL STAFFORD LOAN • Stafford (subsidized and unsubsidized • Variable interest rate not to exceed 8.25% • Origination fee charged by lender = 3% taken off top of loan • PLUS • Variable interest rate not to exceed 9% • Origination fee charged by lender = 3%

  18. FEDERAL WORK STUDY • On or off campus employment • Wages at least minimum wage • Usually 15 to 20 hrs per week (not to interfere with class schedule) • Taxable income

  19. COMPLETION OF THE FAFSA • COMPLETE AND MAIL BY US MAIL • www.fafsa.ed.gov • COMPLETE WITH INSTITUTION, INSTITUTION TRANSMIT ELECTRONICALLY

  20. ROLE OF THE FINANCIAL AID OFFICE • Determine final eligibility for need-based aid • Package aid • Send award notification which details: • Cost Of Attendance • Expected Family Contribution • Need • Types, amounts, and conditions of aid • Disbursement procedures

  21. COST OF ATTENDANCE • Tuition • Room and Board • Books & Supplies • Transportation • Miscellaneous /personal expenses • Loan Origination fees • Study abroad costs

  22. DEFINITION OF NEED • Cost of Attendance • - Expected Family Contribution • = Financial Need

  23. SAMPLE NEEDS ANALYSIS • COST OF ATTENDANCE $ 5944 • -FAMILY CONTRIBUTION 0 • = ESTIMATED NEED $5944 • - PELL GRANT $3000 • -STATE GRANT $ 334 • - OTHER GRANTS & SCHOLARSHIPS 0 • = REMAINING NEED $ 2610 • - SELF HELP (WORK OR LOANS) $2610 • = REMAINING NEED ( PLUS LOAN OR UNMET NEED)

  24. SAMPLE NEEDS ANALYSIS • COST OF ATTENDANCE $ 5944 • -FAMILY CONTRIBUTION 3049 • = ESTIMATED NEED $ 2895 • - PELL GRANT $ 0 • -STATE GRANT $ 0 • - OTHER GRANTS & SCHOLARSHIPS $ 0 • = REMAINING NEED $ 2895 • - SELF HELP (WORK OR LOANS) $ 2625 • = REMAINING NEED ( PLUS LOAN OR UNMET NEED) $ 270

  25. SAMPLE NEEDS ANALYSIS • COST OF ATTENDANCE $ 10,000 • -FAMILY CONTRIBUTION $13,590 • = ESTIMATED NEED $ 0 • - PELL GRANT $ 0 • -STATE GRANT $ 0 • - OTHER GRANTS & SCHOLARSHIPS $ 5,000 • = REMAINING NEED $ 0 • - SELF HELP (unsubsidized loan) $ 2,625 • = REMAINING NEED ( PLUS LOAN OR UNMET NEED) $ 2,375

  26. QUESTIONS ???

  27. THANK YOU • JANEEN S. DEATLEY, Financial Aid Director • Southern State Community College • 1-800-628-7722 ext 2612

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