financial aid nights presented by pacfaa tonight was sponsored by: pacific financial aid association...

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FINANCIAL AID NIGHTS

Presented by PacFAA

Tonight was sponsored by:

Pacific Financial Aid Association

Hawaii Community Foundation

GEAR UP Hawaii

Bank of Hawaii

The Current Federal Financial Aid Delivery System (Simplified View)

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What is Financial Aid?

Funds to help students & families pay for educational expenses.

Financial aid funds consist of: Grants Employment Scholarships Loans

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August – December (Search/Apply)

Research school costs College planning Start searching for scholarships Estimate financial aid award

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College Costs (Cost Of Attendance)

Tuition (Resident, non-resident) Books & Supplies Living Costs – room & board,

personal expenses Transportation Computer Travel (interisland, mainland,

holidays) Other(Dependent care, disability

related expenses, study abroad)

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Cost of Attendance Varies

$9,643

$26,834

$64,761

$2,736$2,736

$9,840$9,840

$48,347$48,347

Total Cost Total Cost Tuition Tuition

Public 4-year University

Live on-campus

Community CollegeLive with parent

Private 4-year University

Live on-campus

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Sources of Financial Aid

Federal Government State Government Institution or College Private sources

Charitable organizations Civic organizations Churches Employers/Unions

High School Counselor Computer

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Scholarship Searches

• hawaiicommunityfoundation.org• ksbe.edu/finaid• fastweb.com• finaid.org

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Estimate your financial aid award

Use FAFSA4caster to estimate your financial aid award.

www.fafsa4caster.ed.gov

You should always apply for the

financial aid, even if you don’t think

you’ll qualify.

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January - March (Apply)

Complete the financial aid application (FAFSA).

Review your results. Files taxes and update FAFSA. Follow up on your application. Continue to apply for scholarships.

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Financial Aid Application

WWW.FAFSA.GOV

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FAFSA PIN- Electronic Signature

Sign FAFSA electronically Student and parents can request PIN now Not required, but speeds processing May be used in subsequent school years

PIN.ED.GOV

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Expected Family Contribution (EFC)

Calculated using a federal formula and data from the FAFSA

Determines need

Stays the same regardless of college

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What happens after I apply?

Review your FAFSA comments and results.

Information sent to colleges Work with schools to complete any

additional documentation Receive financial aid award

notification

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IRS Data Retreival /Updating your FAFSA

After you file taxes you should go into your FAFSA and update with actual figures

If you file electronically wait 2-4 weeks and then do the IRS data retrieval

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College Goal 808

Free assistance in submitting the FAFSA - Oahu

Sunday, January 25, 2015 1:00 pm – 4:00 pm

McKinley High School Castle High School Waipahu High School Farrington High School Mililani High School

Wednesday, February 04, 2015 6:00 pm – 8:00 pm

Roosevelt High School Kapolei High School Moanalua High School Leilehua High School

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College Goal 808

Free assistance in submitting the FAFSA

Maui - University of Hawaii – Maui College

Sunday, February 08, 2015 1:00 pm – 4:00pm

Hawaii – University of Hawaii – Hilo

Sunday, January 25, 2015 1:00 pm – 4:00pm

Hawaii – Kealakehe High School Library - Kona

Sunday, February 08, 2015 1:00 pm – 4:00pm

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April - May (Decide)

Review and compare your financial aid award packages.

Determine how much you may still need to cover of your costs.

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Types of Financial Aid

Need Based – must demonstrate need

Non Need Based – based on merit, service, etc

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How to calculate ‘Need’

Cost of attendance (COA)

– Expected family contribution (EFC)

_______________________________

= Need

26,834

5,500

21,334

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Award Types – Free Money

Grants – Free Money that you don’t have to pay back.

Pell Grant– Based on financial need from FAFSA. Same at every school.

SEOG Grant– Eligible for students with the highest need. Amount varies.

Work Study– Student employment paid by federal funds. Answer ‘yes’ on FAFSA and check with Financial Aid Office for procedures.

$5730 Max

$4000 Max

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State Programs

Hawaii B+ scholarship (UH schools only) 3.00 HS GPA, HS transcripts needed Public HS with rigorous curriculum Financial Need

Western Undergraduate Exchange (WUE) Program Reduced tuition rate Check for participating colleges Application process varies by college

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Loans– Money to pay back

Federal Direct Loans – 4.66% Subsidized-Need based, no interest while in school Unsubsidized-Non-need based, continuous interest

accrual Amount based on grade level classification (credit

amount) Interest determined every new school year Begin repayment 6 months after graduation or

withdrawal

Federal Perkins Loan – 5% Subsidized – Need based, no interest while in school Begin repayment 9 months after graduation or

withdrawal

$3500 - $12500

$4000 Max

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PLUS Loans and tips

Loan borrowing tips! Borrow only what you need. Graduate on time (SULA) Take college credit while in high

school.

PLUS loans (Parent Loans) – 7.21% Remaining COA•Accrues Interest•Loans that parents borrower for dependent students•Credit check needed for eligibility

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Financial Aid Timeline-Recap

FALL (Search/Apply) August – December

Determine potential schools Gather and compare school costs Begin scholarship searches Estimate your financial aid awards

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Financial Aid Timeline

January (Apply) Complete Financial Aid Application

February File taxes

March Follow up on financial aid application IRS data retrieval

April (Decide) Compare Award Packages Makes decisions on your awards

2015 – 2016 FAFSA

2015 – 2016 FAFSA

2015 – 2016 FAFSA

2015 – 2016 FAFSA

2015 – 2016 FAFSA

2015 – 2016 FAFSA

2015 – 2016 FAFSA

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Strategies for Success!

Search for scholarships and college costs early!

Apply for FAFSA early, some aid is first come first serve!

Track financial aid and scholarship deadlines.

Inform the financial aid office of special circumstances.

Follow up on your application as it is your responsibility.

Don’t be afraid to ask questions.

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Mahalo!

Questions???

Tonight was sponsored by: Pacific Financial Aid Association Bank of Hawaii Hawaii Community Foundation GEAR UP Hawaii