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Zion Benton Financial Aid
1. What You Need to Know About Financial Aid Ruth Pusich Elmhurst College
2. Topics We Will Discuss Tonight What is Financial Aid How to Apply for Financial Aid What is FAFSA, EFC, COA, Need Categories, Types and Sources of Financial Aid Special Circumstances Student/Family Responsibilities
3. What is Financial Aid? Financial aid is funds provided to students and families to help pay for postsecondary educational expenses
4. How to Apply Apply for admission to a college Complete the FAFSA (Free Application for Federal Student Aid) Complete any other forms required by the institution Internal Financial Aid/Scholarship Application CSS Profile
5. FAFSA - www.fafsa.gov A web-based standard form that collects demographic and financial information about the student and family Available in English and Spanish May be filed at any time during the school year, beginning January 1st Apply for a PIN number at www.pin.ed.gov – real time! Student and one parent must sign Colleges may set FAFSA filing deadlines Colleges use the calculation results to award financial aid
6. CSS/Financial Aid PROFILE www.collegeboard.com Colleges/universities and scholarship programs use to determine eligibility for non-federal student aid funds $25.00 initial application fee for one college or program plus additional $16 per additional college or program Review priority filing dates for all schools More questions regarding home equity and person assets Data is analyzed and sent to the colleges or scholarship programs Institutional Methodology (IM) is used to determine eligibility
7. FAFSA- Step 1 Complete the FAFSA Print off FOTW worksheet Complete taxes for easier filing Actual form may ask for additional information FOTW uses skip-logic Items needed: SSN# and birthdate of student and one parent Completed tax returns (parent & student) W-2s (parent & student) Assets (parent & student)
8. FAFSA Frequently Asked Questions Who is a dependent student? Who is a parent? Who lives in the house? Who counts as a college student? What if my taxes are not completed? What is additional financial data? What is untaxed income? What assets must be included?
9. FAFSA – Step 2 Watch for your Student Aid Report (SAR) Review for errors Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth Business and farm net worth Make corrections and/or update estimated information Do nothing if correct
10. FAFSA – Step 3 Institutions receive FAFSA results Can be sent to up to 10 different colleges College reviews data Verification (35% random selection) May request additional documentation
11. FAFSA – Step 4 Wait to hear from your colleges Once accepted to the college and the FAFSA has been received, the financial aid department gets busy Schools determine a student’s eligibility for all types of financial aid – including loans FAFASA and/or PROFILE are data analysis tools only Schools have different processing methods Watch for your financial aid package Sent either through mail to the home or via the student’s email
12. Expected Family Contribution (EFC) Amount family can reasonably be expected to contribute towards education for one year Calculated using FAFSA data and a federal formula Stays the same regardless of college Two components Parent contribution Student contribution
13. What is Cost of Attendance (COA) Direct and indirect costs combined into cost of attendance Direct costs – tuition, fees, room & board Indirect costs – books, travel expenses, etc Varies widely from college to college COA – EFC = Need
15. Categories of Financial Aid Need-based Grants – usually awarded on the basis of financial need Federal Work Study Loans – (Perkins, Subsidized) Non Need-based Scholarships – awarded on the basis of merit, skill, or unique characteristics Student employment Loans - (Unsubsidized, PLUS, Private Alternative)
16. Types of Financial Aid Gift Money that generally is not paid back Scholarships Grants Student Employment – Self-Help Allows student to earn money to help pay educational costs A paycheck, direct deposit or student account deduction Non-monetary compensation, such as room and board
17. Types of Financial Aid Loans – Self-Help Money students and parents borrow to help pay college expenses Look at loans as an investment in the future Repayment usually begins after education is finished Only borrow what is really needed
20. Federal Government Largest source of financial aid Aid awarded primarily on the basis of financial need Must apply every year using the FAFSA
21. Common Federal Aid Programs Federal Pell Grant FSEOG - Federal Supplemental Educational Opportunity Grant ACG - Academic Competitiveness Grant SMART - National Science and Mathematics Access to Retain Talent Grant TEACH- Teacher Education Assistance for College and Higher Education Grant Federal Work-Study Federal Perkins Loan Stafford Loans PLUS Loans
22. States Residency requirements Award aid on the basis of both merit and need Use information from the FAFSA Deadlines vary by state - check FAFSA Illinois recommends early filing
24. Private Sources Foundations, businesses, charitable organizations, employers Deadlines and application procedures vary widely Begin researching private aid sources early - usually spring of senior year
25. Suggested Websites www.collegezone.com State of Illinois Student Financial Assistance www.finaid.org FinAid on the web www.collegeboard.com Collegeboard www.gocollege.com The Collegiate Websource Small scholarships do add up!
26. Special Circumstances Cannot report on FAFSA Send explanation to financial aid office at each college Change in employment status Medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Private school expenses Student cannot obtain parent information
27. Financial Aid Scams Be skeptical if: A fee is charged You are told to attend an information session You are promised or guaranteed an amount of money… www.fastweb.com
28. Annual Renewal Each school will have guidelines for renewing institutional aid FAFSA must be filed each year of enrollment for need-based aid and loan consideration Student loan eligibility is determined by FAFSA results and student’s year in school
29. Take Charge Follow deadline recommendations Apply early to maximize eligibility Compare award packages Ask questions when in doubt
30. Conclusion Keep up good grades Research and visit schools of interest Check out local scholarship opportunities READ EVERYTHING – ASK QUESTIONS