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  • 1. The Minnesota Association of Financial Aid Administrators presents… September 2009 <ul><ul><ul><li>Financial Aid </li></ul></ul></ul><ul><ul><ul><li>101 </li></ul></ul></ul><ul><li>… an introduction to financial aid </li></ul>
  • 2. Financing Your Future <ul><li>What does college cost? </li></ul><ul><li>How do I apply for financial aid? </li></ul><ul><li>What types of aid are available? </li></ul><ul><li>Where can I get more information? </li></ul>September 2009
  • 3. What does college cost? (annual tuition and fees) <ul><li>Private Colleges: $29,023 </li></ul><ul><li>Private Career Colleges: $13,254 </li></ul><ul><li>University of Minnesota: $11,466 </li></ul><ul><li>State Universities: $6,639 </li></ul><ul><li>Community & Technical Colleges: $4,708 </li></ul><ul><li>Source – MN Office of Higher Education </li></ul>September 2009
  • 4. Cost of Attendance (COA) <ul><li>The cost of attending an institution includes more than just tuition and fees. Also included are: </li></ul><ul><li>Room and Board Books and Supplies </li></ul><ul><li>Transportation Personal Expenses </li></ul>September 2009
  • 5. How will I pay for it? <ul><li>Family support </li></ul><ul><li>Savings </li></ul><ul><li>Work </li></ul><ul><li>Grants </li></ul><ul><li>Scholarships </li></ul><ul><li>Loans </li></ul>September 2009
  • 6. What is financial aid? <ul><li>Merit-based aid </li></ul><ul><li>Grants </li></ul><ul><li>Loans </li></ul><ul><li>Employment Opportunities </li></ul><ul><li>Outside Scholarships </li></ul>September 2009
  • 7. Where does it come from? <ul><li>Federal Government </li></ul><ul><li>State Government </li></ul><ul><li>Colleges and Universities </li></ul><ul><li>Private and public sources </li></ul>September 2009
  • 8. How do I apply for financial aid? <ul><li>Obtain a Federal Personal Identification Number </li></ul><ul><li>Complete the Free Application for Federal Student Aid (FAFSA) </li></ul><ul><li>Complete school financial aid application (if required) </li></ul><ul><li>Meet application deadlines </li></ul><ul><li>Apply for scholarships </li></ul><ul><li>Contact your financial aid administrator if you have special circumstances </li></ul>September 2009
  • 9. PIN Registration www.PIN.ed.gov September 2009
  • 10. FAFSA on the Web www.fafsa.ed.gov September 2009 <ul><li>Completing and processing the FAFSA </li></ul><ul><li>are free! </li></ul><ul><li>Never pay a fee to file the FAFSA. </li></ul><ul><li>Contact your school’s financial aid office if you need help. </li></ul>
  • 11. FAFSA on the Web www.fafsa.ed.gov September 2009
  • 12. Be careful… <ul><li>Put your name and SSN on FAFSA exactly how it appears on your social security card </li></ul><ul><li>Refer to completed federal income tax return and consult instructions for proper line references </li></ul><ul><li>If entry is zero or none, enter 0--don’t leave blank </li></ul><ul><li>Enter school code(s) </li></ul><ul><li>Student and one parent must both sign dependent student’s FAFSA </li></ul>September 2009
  • 13. What makes a student “independent”? <ul><li>At least 24 years old by December 31 st of the award year covered by the FAFSA </li></ul><ul><li>Graduate or professional student </li></ul><ul><li>Married </li></ul><ul><li>Has legal dependents other than a spouse who receive more than one half of their support from the student </li></ul><ul><li>Is an orphan, in foster care, or ward of the court </li></ul><ul><li>On active duty or veteran of the U.S. Armed Forces </li></ul><ul><li>Emancipated minor or in legal guardianship as determined by a court </li></ul><ul><li>Has been determined to be homeless by an authorized official </li></ul>September 2009
  • 14. Expected Family Contribution (EFC) <ul><li>The EFC is calculated from the information you provide on the FAFSA according to a formula established by law. </li></ul><ul><li>You can get an estimate of your EFC using the FAFSA 4-caster tool at www.fafsa.ed.gov . </li></ul>September 2009
  • 15. EFC Components <ul><li>Dependent Student </li></ul><ul><li>Parents’ income and assets </li></ul><ul><li>Household size </li></ul><ul><li>Number of dependents attending college </li></ul><ul><li>Student’s income and assets </li></ul><ul><li>Independent Student </li></ul><ul><li>Student’s (and spouse’s) income and assets </li></ul><ul><li>Household size </li></ul><ul><li>Number in household attending college </li></ul>September 2009
  • 16. How does a school determine my financial aid award? September 2009 Cost of Attendance (COA) - Expected Family Contribution (EFC) = Eligibility for need-based financial aid
  • 17. Grants <ul><li>Federal Pell Grant: need-based; annual award range for a full-time student is $976 - $5,350 </li></ul><ul><li>Federal SEOG Grant: limited funding; priority given to students with exceptional need; annual award range is $100 - $4,000 </li></ul><ul><li>Academic Competitiveness Grant (ACG): completed rigorous secondary curriculum; GPA requirement; freshman/sophomore award range is $750 - $1,300 </li></ul>September 2009
  • 18. … more on grants <ul><li>Minnesota State Grant: MN resident enrolled at eligible MN school; for students from low and moderate income families; annual award range is $100 - $9,444 </li></ul><ul><li>Minnesota Achieve Scholarship: MN resident enrolled for 15 or more credits at eligible MN School; must be Pell Grant or Minnesota State Grant eligible; must complete a rigorous high school curriculum; one-time award of $1,200 - $4,022 to be used within the first academic year immediately following high school graduation; apply on-line no later than 30 days after the term starts at: www.getreadyforcollege.org/achieve </li></ul><ul><li>Institutional Grant: college or university funds awarded to students with financial need </li></ul>September 2009
  • 19. Types of Loans September 2009   Interest Rate Repayment Additional Info Federal Perkins Loan 5% Fixed 9 months after school Federal Stafford/ Direct Loan Subsidized 4.5% Fixed Unsubsidized 6.8% Fixed 6 months after school Subsidized: no interest charged while in school Unsubsidized: interest accrues while in school Federal Parent PLUS Loan 8.5% Fixed FFEL Schools; 7.9% Fixed Direct Lending Schools May be deferred until 6 months after school Interest accrues while student is in school Minnesota SELF Loan Variable rate 12 months after school Must pay quarterly interest while in school Requires a co-signer Alternative/ Private Loans Variable rate Variable repayment terms Interest accrues while student is in school
  • 20. Minimize your debt <ul><li>Graduate on time </li></ul><ul><li>Create a budget and stick to it </li></ul><ul><li>Avoid credit card debt </li></ul><ul><li>Look for ways to limit spending </li></ul><ul><ul><li>(Coffee shop vs. Coffee maker; Bus/Bike vs. Car) </li></ul></ul><ul><li>Get help if you get into debt trouble </li></ul>September 2009 For most students borrowing is part of making college affordable. Here are some strategies for responsible borrowing :
  • 21. Work-Study <ul><li>Part-time student employment </li></ul><ul><li>Earnings paid to student </li></ul><ul><li>Work-Study earnings not included when determining EFC on next year’s FAFSA </li></ul>September 2009
  • 22. Scholarship Searching <ul><ul><li>High school counselor’s office or career center </li></ul></ul><ul><ul><li>Community, church, civic, and business organizations </li></ul></ul><ul><ul><li>Employers </li></ul></ul><ul><ul><li>Colleges and universities </li></ul></ul><ul><ul><li>On the Web </li></ul></ul>September 2009
  • 23. Avoid Scholarship Scams <ul><li>Legitimate scholarships never charge fees and the application information is available to everyone </li></ul><ul><li>Don’t fall for guarantees or claims that someone has information you can’t get anywhere else </li></ul>September 2009
  • 24. MNCollegeGoalSunday.org September 2009 Get free help completing the FAFSA. Visit the web site for dates and locations.
  • 25. Other Resources <ul><li>Reciprocity Programs </li></ul><ul><ul><li>Wisconsin, North and South Dakota, Manitoba </li></ul></ul><ul><ul><li>Midwest Student Exchange Program (MSEP): </li></ul></ul><ul><ul><ul><li>Kansas, Michigan, Missouri, Nebraska </li></ul></ul></ul><ul><li>Federal Tax Benefits for Higher Education </li></ul><ul><ul><li>Deduction for Qualified Education Expenses </li></ul></ul><ul><ul><li>Employer Paid Tuition Assistance </li></ul></ul><ul><ul><li>Hope and Lifetime Learning Tax Credits </li></ul></ul><ul><ul><li>Student Loan Interest Deduction </li></ul></ul>September 2009
  • 26. Other Resources, cont. <ul><li>Other Government Programs </li></ul><ul><ul><li>Americorps Program </li></ul></ul><ul><ul><li>Bureau of Indian Affairs Grants </li></ul></ul><ul><ul><li>Dislocated Worker Programs </li></ul></ul><ul><ul><li>ROTC Scholarships and/or Stipends </li></ul></ul><ul><ul><li>Veterans Benefits </li></ul></ul><ul><ul><li>Vocational Rehabilitation Programs </li></ul></ul>September 2009
  • 27. Where can I get more information? <ul><li>U.S. Department of Education: www.ed.gov and www.college.gov </li></ul><ul><li>Minnesota Office of Higher Education : www.ohe.state.mn.us </li></ul><ul><li>Internet System for Education & Employment Knowledge: www.iseek.org </li></ul><ul><li>FinAid! - The Financial Aid Information Page: www.finaid.org </li></ul><ul><li>Minnsota Association of Financial Aid Administrators: www.mafaa.org </li></ul><ul><li>The College Board: www.collegeboard.org </li></ul>September 2009
  • 28. What should I do and when? <ul><li>Apply for scholarships now and throughout college </li></ul><ul><li>Apply for admission to your school(s) of choice </li></ul><ul><li>Apply for your PIN number </li></ul><ul><li>Complete the FAFSA each year and be aware of school financial aid deadlines </li></ul>September 2009
  • 29. What should I do and when? <ul><li>Review your Student Aid Report (SAR) for accuracy </li></ul><ul><li>Respond promptly if your school requests more information </li></ul><ul><li>Respond to financial aid award notice </li></ul><ul><li>Complete loan promissory notes and work-study forms </li></ul>September 2009
  • 30. Financing Your Future … an investment in you ! September 2009

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