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Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
Federal Student Aid presentation 091812
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Federal Student Aid presentation 091812

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Financial aid basics

Financial aid basics

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  • 1. Financial Aid 101What The FAFSA Can Do For You!
  • 2. Today’s Topics• Federal Financial Aid Programs• What Is the FAFSA?• When and How to Apply• What to Expect After Applying• Where to Get Help and Information• Questions???
  • 3. Myths About Financial Aid“…only students with good grades get financial aid.” Reality: High school diploma, GED and home schooling certificate... … more scholarship opportunities available…4
  • 4. Myths About Financial Aid“...the financial aid form is too hard to fill out.” Reality: The FAFSA is easier than ever, especially if you fill it out online Official website is FAFSA.GOV Free Application for Federal Student Aid.5
  • 5. Where Does Aid Come From?•Federal Government•State Government•Schools•Private6
  • 6. Types of Financial Aid• Gift Aid - Need or Merit based: • Grants and Scholarships• Self-Help Aid: • Work Study - Employment opportunities • Loans7
  • 7. Federal Financial Aid Programs • Federal Grants • Federal Work-Study • Federal Student Loans There is more than $150 billion availablein federal aid to help students pay for postsecondary education8
  • 8. Gift Aid - Federal Grant Programs • Teacher Education• Federal Pell Grant Assistance for Program - $5550 College and Higher Education (TEACH) Grant - $4000• Iraq and Afghanistan Service Grant - $5550 • Federal Supplemental Educational Opportunity Grant, or FSEOG - $40009
  • 9. Federal Loan ProgramsConsiderations: • Subsidized vs. Unsubsidized • Interest rate • Grace period • Death or Permanently DisabledKnow: • Deferment & Forbearance • Loan Repayment Plans • Public Service Loan Forgiveness (PSLF) Program • Teacher Loan Forgiveness10
  • 10. FAFSA (Free Application for Federal Student Aid) • Can file Jan. 1st of senior year • Must file every year • PIN (Parent/Student) • Check with college to determine if additional applications need to be completed. I.E. CSS Profile application • FAFSA.GOV NOT FAFSA.COM 11
  • 11. IRS Data Retrieval Tool12
  • 12. IRS Data Retrieval Tool13
  • 13. Federal Student Aid Information Center Contact Us• Live help• Toll-free number• Online Chat• E-mail14
  • 14. Detailed College Info and Comparison• College’s website• School type• Tuition and fees• Net price average• Graduation rates• Retention rates• Transfer rates 15
  • 15. Basic Eligibility RequirementsStudents must be:• U.S. citizen or eligible non-citizen• Registered with Selective Service (Males) (18-25)• Social Security Number (with limited exceptions)• High school diploma, home schooling certificate or GED• No drug related convictions while receiving Aid• Matriculated – enrolled in an eligible program• Maintain ‘Satisfactory Academic Progress’• Not in Default or Overpayment Status16
  • 16. Dependency Status• If any of the following criteria applies, the student is considered independent: 24 years or older Married Master’s or Doctorate Program Children and you provide ½ support In foster care since turning 13, or ward of the court Emancipated minor or was in legal guardianship Homeless Serving Active Duty in U.S. Armed Force17
  • 17. Which Parent(s) fill out FAFSA?• If biological/adoptive parents married, report information for both parents• If biological/adoptive parents are divorced or separated, provide information for parent that: • the student lived with the most in past year • or, if lived equal periods with each parent, parent who provided the most financial support in last year • parent, if remarried, include stepparent’s information, even if stepparent did not adopt student18
  • 18. Unusual Circumstances • Professional Judgment • Personal injury • Death • Job loss • High medical expenses • Case-by-case basis • Document19
  • 19. College Costs & Financial NeedCost of Attendance• Tuition & Fees Parent Contribution• Room & Board + Student Contribution• Books & Supplies• Equipment & Transportation = Expected Family• Miscellaneous Personal Expenses Contribution (EFC)• Child Care Cost of Attendance (COA) - Expected Family Contribution (EFC) = Financial Need20
  • 20. How Much Aid will I Receive?Financial Need = $13,000 Scholarships $2,000 Institutional Grant $2,000 Federal Grants $5,000 State Grants $2,000 Loans $2,000 - Unmet need TOTAL = $13,000
  • 21. What To Expect After Applying • High Level Overview FAFSA is Student processed reviews award SomeStudent/ College package; applications are by FSA;parent(s) reviews info compares to selected for Student verification.completes receives a and other awardthe FAFSA SAR; assembles letters; Attach taxand signs College award letter student returns, W2 receives for the determines statements andwith FSA information student. which college other supportingPIN(s). documentation if if listed on to attend. the FAFSA. requested. 22
  • 22. StudentAid.gov Homepage
  • 23. Prepare For College
  • 24. Facebook
  • 25. @FAFSA on Twitter
  • 26. YouTube
  • 27. Connect With Us! PHOTO PHOTO PHOTO PHOTO PHOTO PHOTO FACEBOOK TWITTER YOUTUBE Federal Student Aid @FAFSA Federal Student Aid www.twitter.com/FAFSAwww.facebook.com/FederalStudentAid www.youtube.com/FederalStudentAid
  • 28. QUESTIONS?29

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