Financial aid 101 Apply for Financial Aid

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College Parents of America brings you timely information on Financial Aid Application check list, key concepts and overall process.

College Parents of America brings you timely information on Financial Aid Application check list, key concepts and overall process.

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  • 1. Financial Aid 101-Apply for Financial Aid Making Dollars and Sense Don’t go to College without us….
  • 2. Financial Aid 101 – Apply for Financial Aid To be eligible for federal financial aid you must... Be a U.S. Citizen or eligible non-citizen Maintain satisfactory academic progress Be enrolled in a degree or certificate program Attend a participating college Male applicants must register with the Selective Service
  • 3. Financial Aid 101 – Apply for Financial Aid Where Should I Start with My Financial Aid Application?Request your pin Complete the Free Applying early and your parent Application for increases yourshould also apply Federal Student chances for grants for a pin: Aid (FAFSA) at and other types ofwww.pin.ed.gov www.fafsa.gov financial aid.
  • 4. Financial Aid 101 – Apply for Financial Aid What items do I need to fill out the Free Application for Federal Student Aid (FAFSA)? Records of Taxable You may also need the following records if such & Untaxable financial circumstances Income Received are applicable for you. W-2 Parent Investment Records W-2 Student Business / Farm Records Income Tax Forms Federal 1040 – Parent Federal 1040 - StudentFor more details on items needed to fill out FAFSA, please click here.
  • 5. Financial Aid 101 – Key Concepts What is the Expected Family Contribution (EFC)? It is determined by a federal formula calculated using data from1 the FAFSA. It is the amount of money family can reasonably be expected to2 contribute. It has two components: Parent Contribution and Student3 Contribution.4 All schools will get the same EFC.5 EFC may change from year to year.
  • 6. Financial Aid 101 – Key ConceptsWhat is the Cost of Attendance? Direct Indirect Costs Costs Cost of Tuition and Room and Fees Attendance board Books and Personal Supplies TravelCalculation of Need: Expected Cost of Attendance Family Need Contribution
  • 7. Financial Aid 101 – Key Concepts What is the Gift Aid? What is the Self-Help Aid? • Gift Aid is the aid that you don’t need to pay back. Student Loans Institutional Repayment Grants after graduationFederal Grants Parent Loans Scholarships Work Programs Pell Repayment Private Work up to 20 SEOG when loan is Institutional hours per week LEAP disbursed Gift Self- Help Aid Aid
  • 8. Financial Aid 101 – Apply for Financial Aid The process of Financial Aid Application Student submits FAFSA. Student receives a Student Aid Report (SAR) from the federal government by mail or by email. Processing center sends results with Expected Family Contribution (EFC) to the school (s) that the student indicated on the FAFSA. School(s) sends award letter to student with instructions on how to accept or decline aid offered.Content: courtesy of Francisco Granillo, Former Financial Aid Officer at Arizona State University.
  • 9. Financial Aid 101 – Apply for Financial Aid Don’t forget to… • List your college choices on your FAFSA. You can list up to ten schools on the FAFSA. • Contact the admissions representative at your preferred schools. • Work closely with the financial aid office at your preferred schools. Other Resources: • FAFSA on the Web: www.fafsa.gov • Parent Resource Center: www.collegeparents.org • General Information: www.studentaid.govContent: courtesy of Francisco Granillo, Past Financial Aid Officer at Arizona State University.
  • 10. You have questions, we have answers! College Parents of America and get more tips and advice on: How to understand your college student’s financial aid package; How to write a scholarship personal statement; When and where to search for scholarships; and Much More…For more information, please contact us the following ways: www.CollegeParents.org 888-761-6702