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Helping Families Find Money for College

Join Christopher Newport University as we discuss federal and state student aid, scholarships, and the application process. Learn about eligibility, financial need, and where to find more information.

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Helping Families Find Money for College

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  1. Helping Families Find Money for College Basics of Financial Aid and the FAFSA Presented by: Christopher Newport University

  2. We will talk about: • Federal student aid • State student aid • Student aid from colleges • Scholarships from other sources

  3. We will answer: • What is financial aid? • Who can get it? • How much can a student get? • How does a student apply? • What happens next? • Where can a student get more info?

  4. What is financial aid? • Money to pay for college or career school • Grants • Work-study • Loans • Scholarships

  5. Who can get federal student aid? • U.S. citizen or permanent resident • High school graduate/GED holder • Enrolled in an eligible degree/certificate program • Valid Social Security number • Males registered for Selective Service • Those meeting satisfactory academic progress in college/career school

  6. Who can get other kinds of financial aid? • States, colleges, and private scholarships have their own eligibility criteria. • Be sure you know what you need to do to qualify.

  7. How much federal student aid can a student get? In general, depends on a students financial need. • Financial need determined by Expected Family Contribution (EFC) and cost of attendance (COA) • EFC comes from what you report on FAFSA(Free Application for Federal Student Aid) • COA is tuition, fees, room and board, transportation, etc. COA – EFC = financial need

  8. How much federal student aid can a student get? Maximum amounts for the major programs for a dependent freshman in 2015-16: • Federal Pell Grant: $5,775 • Federal Work-Study: depends on funds available at school • Direct Subsidized and Unsubsidized Loans: $5,500 total • Direct PLUS Loan (for parents): COA minus other aid received Funds from other programs are available; see StudentAid.gov/needmoney for details.

  9. How much federal student aid can a student get? For early estimate, use FAFSA4caster: • Go to fafsa.gov and find link in “Thinking About College?” section (lower right of home page) • Enter some financial information • Get an estimate

  10. How much state, school, and private scholarship money can a student get? Depends on the program; do your research! • Our state aid (Virginia): http://www.schev.edu/students/undergradFinancialaidPrograms.asp • Ask college financial aid offices for info about aid available at their schools • Free scholarship searches at: StudentAid.gov/scholarships www.scholarshipsharing.org www.fastweb.com

  11. How does a student apply for aid? • Federal student aid: fill out Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov • Review priority filing deadline at each school you apply to • State aid • School aid: contact financial aid offices at schools you are considering • Scholarships: visit scholarship website or call contact number for information • Alternative Loans-banks, credit unions, etc.

  12. How does a student apply for federal student aid? 1. Create an FSA ID Both the student and a parent will be required to apply for an FSA ID to complete the FAFSA. If you don’t have one by the time you fill out your FAFSA, you will be prompted to apply for one. • The FSA ID process consists of three main steps: • Enter your log-in information. • Enter your personal information. • Submit your FSA ID information. Your FSA ID is used to sign legally binding documents electronically. It has the same legal status as a written signature. Don't give your FSA ID to anyone—not even to someone helping you fill out the FAFSA. Sharing your FSA ID could put you at risk of identity theft!

  13. How does a student apply for federal student aid? • Gather the documents needed to apply. • Tax information, w2’s, social security numbers, etc. for both student/parent • Optional: Use the FAFSA on the Web Worksheet to prepare your answers. (Get worksheet at StudentAid.gov/resources#worksheet)

  14. How does a student apply for federal student aid? • Fill out the FAFSA at www.fafsa.gov • Apply on or after January 1st but as early as possible to meet all deadlines. • School deadlines are listed on schools’ websites. • Need help? Use the help functions within the FAFSA (including live chat) or call 1-800-4-FED-AID. • Don’t forget: watch for the confirmation page that says your FAFSA has been submitted. THEN log out. Bonus tip: Find out how to automatically import tax info from the IRS into your FAFSA: StudentAid.gov/irsdrt.

  15. How does a student apply for federal student aid? • Watch for response by e-mail or by mail, confirming that your FAFSA was processed. • Double-check that your info is correct by logging on at the FAFSA site and reviewing your data. • Correct any mistakes and submit the corrected info. • Estimated tax info on your FAFSA? Use the IRS Data Retrieval Tool to import info from your federal return into your FAFSA. More: StudentAid.gov/irsdrt

  16. How does a student apply for federal student aid? • Watch for e-mails or letters from the schools you are considering. • Give the schools any additional paperwork they ask for. • Meet all deadlines or you could miss out on aid!

  17. What happens next? • Each school will tell students how much aid they can get at that school. • Once a student decides which school to attend, keep in touch with the financial aid office to find out when and how they will get their aid.

  18. General Tips and Reminders: • Start scholarship searches early! Check within the local community at businesses, churches, clubs, etc. and online for national scholarships. • Inform financial aid administrators at chosen school about unusual financial circumstances such as job loss, divorce, etc. that differs from when the FAFSA was originally submitted for the year. • Students/parents must complete a new FAFSA every year they wish to use student aid for college/career school. • Starting with the 2017/2018 FAFSA changes will be coming to include using prior-prior tax year and the application date will open earlier than January 1st.

  19. Where can I get more info? • StudentAid.gov • Info about aid programs • Links to free scholarship and college searches • 1-800-4-FED-AID • Info about aid programs • Help with FAFSA

  20. Questions?

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