Welcome...

1. Welcome... • All information in this presentation should be applicable at any school you are considering!

2. Before you get started • Create a professional email account • Begin checking your email regularly • Get to know your SS # • Update your voicemail

4. College Opportunity Fund • https://cofweb.cslp.org/cofapp/ • Can apply for at any time • Not financial aid • Tax money • 2012-13 = $62/credit hour • Reduces resident tuition • Colorado Residents/Schools Only

5. Financial Aid Overview • Determine Cost of Attendance • How am I going to Pay for This? • What is financial aid? • Where does it come from? • Who is eligible? • How do I apply?

6. Cost of Attendance (COA) Fixed Costs • Tuition and Fees • Books and Supplies* • Room and Board* Estimated Costs • Books and Supplies* • Room and Board* • Transportation • Miscellaneous and Personal Expenses

7. Goals of Financial Aid • Primary goal is to assist students in paying for college and is achieved by: • Evaluating family’s ability to pay educational costs • Distributing limited resources in an equitable manner • Providing balance of gift aid and self-help aid

8. Putting the Pieces together What is Financial Aid? SCHOLARSHIPS GRANTS PUTTING THE PIECES TOGETHER WORKSTUDY LOANS

9. How are we Going to Pay for this? • Don’t miss deadlines • Educate yourself • www.finaid.org • www.collegeincolorado.org • www.fafsa4caster.ed.gov • Apply for scholarships • Apply for Federal and State aid • www.fafsa.gov • Don’t pay for scholarships or FAFSA

10. CSS PROFILE The CSS PROFILE is designed to give private member institutions and other organizations of the College Board a closer look into the finances of a student and family. **The main assumption of the CSS PROFILE is that assets are a measure of family financial strength.** https://profileonline.collegeboard.com

11. FAFSA www.fafsa.gov • Free Application for Federal Student Aid

12. Application Process • Submit FAFSA prior to school’s priority deadline • Most aid awarded on “first-come, first-served” basis • To ensure maximum consideration for federal, state, and institutional aid, check information from each school to determine: • Required application materials • Application deadlines

13. FAFSA – www.fafsa.govAnnual Process • Collects family’s personal and financial information used to calculate student’s EFC • Available in English and Spanish • May file FAFSA in one of two ways: • Electronically via FAFSA on the Web • Paper FAFSA

14. EFC • All data used to calculate a student’s EFC comes from the information the student and/or parents provide on the FAFSA. Your EFC helps the school determine your eligibility for financial aid ...

15. Getting Started Obtain PIN – www.pin.ed.gov • Student • Parent • PIN – serves as a signature • Can apply for at any time • If lost, a duplicate can be obtained

17. Principles of Need Analysis • To extent they are able, parents have primary responsibility to pay for dependent child’s education • Students also have responsibility to contribute to educational costs • Families should be evaluated in their present financial condition • Family’s estimated ability to pay educational costs must be evaluated in equitable and consistent manner, recognizing that special circumstances may affect family’s ability to pay

18. Definition of Need Cost of attendance (COA) – Expected family contribution (EFC) = Need

19. Tax Return Transcripts • If your file is selected for verification • NEW - Requirements!!! • No longer accept tax returns • Must obtain from IRS • IRS Data Retrieval Tool • Tax Return Transcript

20. IRS tax return data • Electronically filed tax return information should be available from the IRS in 1-2 weeks, data from paper tax returns will be available in 6-8 weeks. • Request for tax filing extension may delay financial aid.

21. IRS Data Retrieval Tool • Some Families Will Not Be Able to Use This Tool • A married independent applicant and spouse who filed separate tax returns; • When the parents of a dependent student filed separate tax returns. • An applicant or applicant’s parent who have had a change in marital status after the end of the tax year on December 31, 2011. • The applicant, or parent or spouse, as applicable, who have filed an amended tax return. • The applicant or the applicant's parent and or spouse, as applicable, have an unpaid federal tax liability.

22. IRS Data Retrieval Tool • Detailed instructions provided to your Guidance Counselor

23. Need Varies Based on Cost

24. Where Does it Come From? GRANTS • Grants – need based (FAFSA) • Federal Pell Grants and Supplemental Education Opportunity Grants • State – Various Colorado Student Grants • Institutional Grants • Private and Foundation Grants

25. Work-study • Federal Workstudy • State Need and Non-Need based Work-study • Institutional Work-study • Work approximately 10-20 hours per week while in class • May be related to degree program • Valuable experience–looks great on your resume • Paid by hours worked, at variable wage rate, around class schedule

26. Student Loans • Student Loans - deferred • Subsidized – 1% fee • Interest paid while in school • Unsubsidized – 1% fee • Not interest free • Federal Perkins Loan • School is the lender • Parent Loans • Federal PLUS Loan – 4% fee

27. General Student Eligibility Criteria • Must be enrolled or accepted for enrollment in eligible program of study • Must be pursuing degree, certificate, or other recognized credential • Must be U.S. citizen or eligible non-citizen • Must be registered with Selective Service (if male and required) • May not have eligibility suspended or terminated due to being convicted of a drug-related offense

28. General Student Eligibility Criteria • Must have valid Social Security Number (SSN) • May not be in default on a federal student loan • Must not owe an overpayment of federal grant or loan funds • Must be making satisfactory academic progress (as defined by school)

29. Where Does it Come From? – cont. • Scholarships • Academic • Talent • High School • Civic Organization • Companies

30. Scholarship Portfolio • Recent tax return(s) for you and your parents • Your resume • Academic transcripts • Financial aid award notices • Student Aid Report (Documentation of the FAFSA application) • Your Personal Profile

31. Scholarship Portfolio, cont. • Copy of scholarship checklist • Copy of all applications you have gathered • Timeline for your scholarship search • A great general scholarship essay • Copies of your recommendation and/or nomination letters

32. The Essay • Plan ahead • Be creative • Create an outline • * Answer any specific question(s) asked * • Hook the reader within the first few sentences of your essay • Use vivid, descriptive language • Use action words • * Reiterate the language used in the question * • Try to define yourself outside and inside the classroom • Copy, for your records, all of your submissions • Proofread, proofread, proofread and have someone else read it, too!!!

33. What makes you Unique? • Where do you come from? • What is your family history? • Where are you employed? • What organizations do you belong to? • What is your family situation? • What makes you Unique?

34. Create a Resume Important Information To Include On Your Resume • Name, phone number, email address • Employment history with dates and accomplishments • Honors, awards, or recognitions you have received • Volunteer, leadership, and extracurricular activities • Specialized skills or abilities • Interests and hobbies • GPA if it is a 3.0 or better Talk to friends, mentors, employers and parents to also edit and make corrections on the resume

35. Resume

36. Letter of Recommendation and/or Nomination Letter • Letter of Recommendation: A letter written by someone who admires you and can testify to your scholarship worthiness. • Nomination Form: A document completed by someone who has the power and authority to recommend you for a scholarship. This may or may not accompany letters of recommendation. • Teachers • Employers • People whom you have volunteered for • Formal • Informal • Member/leader in club/organization you are involved in • Instructors for activities outside of school

37. The Scholarship Search • Inquire about scholarships through: • High School • College(s) student is interested in attending • Local businesses • Religious organizations • Places of employment • Internet • www.collegeincolorado.org • www.fastweb.com • CollegeInvest • www.collegeinvest.org

42. Duct Tape Scholarship Winners

43. Other Unusual Scholarships • The Chick and Sophie Major Memorial Duck Calling Contest • Tall Clubs International Scholarship • Frederick and Mary F. Beckley Scholarship for left-handed students • National Marbles Tournament Scholarship

44. Where Do I Go From Here? • Obtain and review admissions and financial aid web sites and materials for each school to which you are applying • Meet all application deadlines • Complete FAFSA and other application materials, such as College Scholarship Service’s PROFILE application, if required by school or state agency • Submit all requested follow-up documents • Investigate other sources of aid

45. Questions??? Peg Mason Assistant Director of Financial Aid Colorado School of Mines 303-273-3551 Thank you!