This document provides information about a 2009 fall senior/parent night for an Upward Bound program, including an agenda covering topics like college applications, financial aid applications, scholarships, grants, and loans. It discusses the FAFSA, CSS Profile, VSAC grant application, Pell grants, scholarships, Stafford loans, Perkins loans, PLUS loans, and alternative loans. It emphasizes applying early for financial aid and scholarships, maximizing aid eligibility, and understanding financial responsibilities and options after receiving award letters.

1. 2009 Fall Senior/Parent Night Upward Bound at Johnson State College

2. Agenda College Applications CSS Profile The FAFSA – Free Application for Federal Student Aid VSAC Grant Application-Vermont Student Assistance Corporation Scholarships/Scholarship Scams Grants Loans

3. College Applications At least one Safe, Reach, and Dream Watch Deadlines Letters of Recommendation (LOR) Waivers available through UB – Do not pay Admissions application fees. UB Senior Challenge 12/12/09 Follow up, follow up, follow up w/your college/university. Early Action vs. Early Decision Regular Admission

4. The CSS Profile for 2010-2011 Some Private Institutions may require more financial information from you/your parents Listed on College Website if required – examples: Middlebury and St. Michael’s Available online at: www.collegeboard.com Once you pay the fee bring UB the receipt and we will reimburse you.

5. What is Federal Aid? Federal Aid is financial assistance through the U.S. Department of Education Federal Aid covers expenses associated with the Cost of Attendance (COA) as determined by your college: -Tuition and fees -Room and Board -Books and Supplies -Transportation -Computer

6. Free Application for Federal Student Aid: FAFSA Free, Free, Free www.fafsa.ed.gov or access through www.vsac.org Must be completed each year the student is in college. Available each year after January 1st January 9th 2010 FAFSA/VSAC Workshop at 10:00 AM

7. Personal Identification Numbers (PINs) FAFSA Pin for parent www.pin.ed.gov Same PIN for multiple children/each year Saves Time – get your PIN this November In cases of divorced parents: Parent who provides 51% or more support to the child completes the FAFSA. Online Processing 3-5 business days Paper version 5+ weeks (depending on number of errors, etc.)

8. WWW.FAFSA.ED.GOV

9. The FAFSA – What to Bring 2009 Tax Information (or most recent tax return) W-2s for 2009 TANF/SSI Paperwork PIN for parent and student A black pen

10. Sample Questions from The FAFSA Sections for the parent and the student Determination of a Dependent Student Number in the Household? For 2009 have you (the student/the parent) completed a tax return? How much did you (parent) earn in 2009? How much did your spouse earn in 2009? Did you received at least one: SSI, WIC, Free or Reduced Lunch, or Food Stamps? – Automatic Zero EFC

11. Results of The FAFSA SAR – Student Aid Report - Email EFC- Expected Family Contribution Many sections of the FAFSA can be changed/updated after submission. Select schools to electronically send your information. Determines Pell, Loan and some Grant eligibility

12. Federal Grants-Do Not Have to Be Repaid

13. From the FAFSA: The Federal Pell Grant EFC = 0 – 4600* If the EFC is 0, the student is enrolled in 12-18 credits then they are eligible for $5,350* in Pell Grants The lower the EFC the more aid you will qualify for if you fill out forms on-time. Each year eligibility will be determined by the latest FAFSA. *2009 figures

14. From The FAFSA: Academic Competitive Grant (ACG) Must Be Pell Eligible First and Second Year College Students Have completed a rigorous program of HS study Not enrolled in a degree program in college before Year 1: $750 Year 2: $1,300 (if you have a 3.0 GPA after year 1 of college and meet all the above criteria)

15. Supplemental Educational Opportunities Grant (SEOG) Intended for Pell Eligible Students; however students just out of Pell Eligible range may qualify. Grant Award offered is determined by the school. $100-$4,000 Award Limit Per Academic Year.

16. The Federal Science Mathematics and Access to Retain Talent (SMART Grant) Grant does not have to be repaid Student must be Pell eligible Full time Third or fourth year in college Have a 3.0 GPA Majoring in physical, life, or computer science, engineering, technology, or mathematics or a critical-need foreign language.

17. The VSAC GRANT Separate Application Apply online with us January 9th at WWW.VSAC.ORG Available after January 1st VSAC will often request documentation from you by mail. Follow up!!! Asks some different questions than the FAFSA because of Vermont Law. You choose the one school you want this sent to and must follow up if you change your mind. Must be done each year. Grants Range from $400-$4000 per year

18. VSAC Grant – Available 1/01/10

19. Loans: In most cases must be repaid to the lender

20. Federal Stafford Loans Subsidized Loans – Interest is not charged while student is in college. UnsubsidizedLoans-Interest is charged on the money borrowed while the student is in college. Pay back occurs 6 months after the student graduates or leaves college. Low interest Loan in student’s name and Promissory Note is completed with the lender. Graduated amount to borrow $3,500+

21. VERY IMPORTANT If the parent applies for the PLUS loan and they are denied for CREDIT reasons: The student is then eligible for $4,000 more in Unsubsidized Stafford Loans if you have the lender fax the denial letter to your college. Follow up with the college: Ask for the $4,000 more to be put on your award letter when they receive the denial letter.

22. Federal Perkins Loans Loan Amount and eligibility is determined by FAFSA and the College. Separate from a Stafford Loan so you would pay your college directly back for this loan. Typically go to first or second year students. Interest is charged at 5% Loan is not charged interest while in school (subsidized). Loan Forgiveness Eligible for some teachers. Maximum loan per year is $4,000 but don’t rely on a lot of $ from this program.

23. Federal PLUS Loan Loan in Parent’s name Maximum Amount of loan (including handling fees) is determined by the college. Repayment begins approximately 6 months after student begins school. Lender varies and is selected by the borrower: VSAC, Wachovia, AAA or your college’s preferred lender. There is an approval process by the lender. Unsubsidized so parents are always paying interest. Consolidation can occur with these loans for concurrent years. Student is not on this loan.

24. Alternative Loans In the student’s name Parent (or family friend) as co-signor School determines maximum eligibility Highest Interest Rate of all loans Lender: VSAC or from the college’s preferred lender list.

25. Why Graduate in 4 Years? $$$ Average Cumulative Debt for Vermont students from 2003-2009 when graduating from college. This is only Federal Debt. Alternative, Private, Institutional, and PLUS loans are not added into these figures. Source: VSAC

26. Scholarships – Do not have to be repaid I'm a great believer in luck, and I find the harder I work the more I have of it. ~Thomas Jefferson

27. VEOP ESSAY How has UB influenced you in making the decision to attend a post-secondary school? 500 words or less (2 pages) Scholarship Due: Wednesday, January 27th, 2010 You could win up to $600 to pay for college!

29. The Dell Scholarship $20,000 to be used up to six years for an undergraduate degree and a laptop. Must be enrolled 2 YRS in a college readiness program - Like UB! 2.4 HS GPA You must have financial need! Express your individuality! Applications became Available November 1st, 2009 Deadline: January 15th 2010

30. New Student Scholarships at the College you are applying to www.meritaid.com Many colleges offer these to students, but very few actually apply. Do you have new student scholarships? Ask Financial Aid offices – Do you have more available aid? Do you have a wait list for aid?

31. Scholarship Resources www.meritaid.com www.fastweb.com www.vsac.org www.finaid.org www.collegeboard.com www.srnexpress.com www.dellscholars.org www.phillips-scholarship.org

32. So the FAFSA and VSAC Grant is done-what next?? The student must be accepted to the college to get an award letter The award letter should be in the mail from the college in February/March depending on the college. Do not deposit at a college until we can review the award letter. Remember this is not real money and many times there is a gap that you will need to pay.

33. Now the Questions Only the Family Can Answer: Can the parent take on the PLUS loan? Who will co-sign with the student if the parent cannot? UB Students most scholarships have an early spring deadline: What are you doing over your two holiday breaks??

34. In January 2011 Take Advantage of Tax Credits When Completing Your Tax Return The Hope Credit (available to parents of freshmen and sophomores if the family qualifies) The Lifetime Learning Credit Home Equity Lines of Credit used for education purposes may have tax deductable interest. The Upward Bound Program/Johnson State College cannot give tax/financial advice.