HHM Finance Night - College Enrollment

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Tips for consideration when choosing and enrolling into a college program.

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HHM Finance Night - College Enrollment

  1. 1. 1 College Registration and 1098s Presented by: Jennoa R. Graham, Ph.D. Friday, June 14, 2013
  2. 2.  FAFSA – Free Application for Federal Student Aid  Independent Student  Be 24 years of age or older by December 31 of the award year  Be an orphan (both parents deceased), ward of the court, in foster care or was a ward of the court when 13 years or older  Be a veteran of the Armed Forces of the United States or serving on active duty for other than training purposes 2
  3. 3.  Independent Student (cont.)  Be a graduate or professional student  Be a married individual  Have legal dependents other than a spouse  Be an emancipated minor or in legal guardianship  Be a homeless youth  Be a student for whom a financial aid administrator makes a documented determination of independence by reason of other unusual circumstances 3 http://www.fastweb.com
  4. 4.  Selection Tips  Registration Process  FAFSA  Georgia Student Finance Commission (GSFC)  Tax Information 4
  5. 5.  Program of interest  Must be an accredited institution and program  http://ope.ed.gov/accreditation/Search.aspx  Certificate vs. Degree  Medical transcription or computer programing  Bachelor of Science or Master of Business Admin  On-line vs. traditional classroom  Cost  Per credit hour  Semester  Full academic year 5
  6. 6.  Admission application  Online  Print and mail  High School transcripts  Housing application (if applicable)  FAFSA application  GSFC application  Additional requirements (if applicable)  Credit for life experience – placement test  Letter(s) of recommendation  Statement of purpose 6
  7. 7.  Application at www.fafsa.ed.gov  Student demographics  School selection  Dependency status (see Slides 3 & 4)  Parent demographics (if applicable)  Financial information (if applicable)  Parent  Student  Due February 1st for fall, spring, and winter  Required for all financial aid, scholarship and loan consideration 7
  8. 8.  Grants – Free; do not pay back  Federal Pell  Federal Supplemental Educational Opportunity  Federal Work Study  Loans – Must pay back; credit check may apply  Stafford Loans  PLUS Loans  Private loans may still be required  Banks  Credit Unions 8
  9. 9.  State & Lottery-funded scholarships, grants and service cancelable loans  Application at https://secure.gacollege411.org  Requires same information as FAFSA  No due date, but should correspond with FAFSA  2013/2014 Scholarship Programs  HOPE Scholarship  HOPE Grant Scholarship  Zell Miller Scholarship  GA Tuition Equalization Grant Program  Robert C. Byrd Honors Program 9
  10. 10.  1098-E: Student Loan Interest Statement  Box 1: $600 or more of student loan interest (NOT Principle) repaid to the school during the tax year  1098-T: Tuition Statement  All qualified tuition and related expense  Box 1: Payments – all sources (including scholarships) less any refunds/reimbursements repaid to borrower  Box 2: Billed – total amount billed less any reductions (does not include scholarships) in charges  Input in Box 1 or 2 NOT BOTH  Box 5: Scholarships are listed separately for disclosure purposes 10
  11. 11. 11
  12. 12.  1098-E: Student Loan Interest Statement  Box 2: Change in methodology at September 1,2004  Call your school if this box is checked  1098-T: Tuition Statement  Box 3: Change from payment to billed method  Box 4: Adjustments to payments or billed amounts  Box 6: Adjustments to scholarship amounts  Box 7: Payments received this year are for next year  Box 8: Are you at least half time?  Box 9: Are you a graduate student?  Box 10: Insurance purposes for loan default 12
  13. 13.  Select an accredited college or university  Select a career for life  Management (Time, Finances, Life)  Registration  College application  FAFSA  GSFC  Remember Tax Time!  Repaying: 1098-E  Attending: 1098-T 13
  14. 14. 14
  15. 15.  The Database of Accredited Postsecondary Institutions and Programs, Retrieved June 3, 2013, from http://ope.ed.gov  FAFSA and the Independent Student (2012). Retrieved June 3, 2013, from http://www.fastweb.com  IRS (2013). Tax forms and definitions. Internal Revenue Code, Retrieved June 3, 2013, from http://www.irs.gov  GAcollege411 Financial Aid Applications, Retrieved June 3, 2013, from https://secure.gacollege411.org 15

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