avon and avon lake high school night wednesday, december 9, 2009 karen tijanich lorain county...
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Avon and Avon LakeHigh School Night
Wednesday, December 9, 2009
Karen TijanichLorain County Community College
Ginny BiadaStautzenberger College
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Agenda:
What is financial aid Cost of attendance (COA) What is financial need Categories, types, and sources of financial aid Expected Family Contribution (EFC) FAFSA4caster and FAFSA filing Special circumstances
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Financial Aid & Cost of Attendance
Financial aid is funds provided to students and families to help pay for postsecondary educational expenses
Direct and indirect costs combined into cost of attendance
Varies widely from college to college
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What is Financial Need
Cost of Attendance
– Expected Family Contribution
= Financial Need
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Categories of Financial Aid
Need-based
Non need-based
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Types of Financial Aid
Scholarships
Grants
Loans
Employment
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Grants
Money that does not have to be paid back
Usually awarded on the basis of financial need
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Loans
Money students and parents borrow to help pay college expenses
Repayment usually begins after education is finished
Only borrow what is really needed
Look at loans as an investment in the future
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Employment
Allows student to earn money to help pay educational costs
– A paycheck
– Non-monetary compensation, such as room and board
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Sources of Financial Aid
Federal government
States
Private sources
Civic organizations and churches
Employers
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Federal Government
Largest source of financial aid
Aid awarded primarily on the basis of financial need
Must apply every year using the Free Application for Federal Student Aid (FAFSA)
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Common Federal Aid Programs
Federal Pell Grant Academic Competitiveness Grant National Science and Mathematics Access to Retain
Talent Grant Teacher Education Assistance for College and
Higher Education Grant
Federal Supplemental Educational Opportunity Grant Federal Perkins Loan Federal Work-Study Stafford Loans PLUS Loans
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States
Residency requirements
Award aid on the basis of both merit and need
Use information from the FAFSA
Deadlines vary by state; check paper FAFSA or FAFSA on the Web site
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Scholarships
Money that does not have to be repaid Awarded based on merit, skill or unique
characteristic
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Private Sources
Foundations, businesses, charitable organizations
Deadlines and application procedures vary widely
Begin researching private aid sources early www.finaid.org
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Civic Organizations and Churches
Research what is available in community
To what organizations and churches does student and family belong?
Application process usually spring of senior year
Small scholarships add up!
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Employers
Companies may have scholarships available to the children of employees
Companies may have educational benefits for their employees
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Free Application for Federal Student Aid (FAFSA)
A standard form that collects demographic and financial information about the student and family
May be filed electronically or using paper form– Available in English and Spanish
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FAFSA
Information used to calculate the Expected Family Contribution or EFC– The amount of money a student and his or her
family may reasonably be expected to contribute towards the cost of the student’s education for an academic year
Colleges use EFC to award financial aid
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What is the Expected Family Contribution (EFC)
Amount family can reasonably be expected to contribute
Stays the same regardless of college Two components
– Parent contribution– Student contribution
Calculated using data from a federal application form and a federal formula
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FAFSA on the Web
Web site: www.fafsa.ed.gov 2010-11 FAFSA on the Web available on January 1, 2010 Colleges may set FAFSA filing deadlines FAFSA on the Web Worksheet:
– Used as “pre-application” worksheet– Questions follow order of FAFSA on the Web
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FAFSA on the Web
Good reasons to file electronically: Built-in edits to prevent costly errors Skip-logic allows student and/or parent to skip
unnecessary questions More timely submission of original application and
any necessary corrections More detailed instructions and “help” for common
questions Ability to check application status on-line Simplified application process in the future
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Student Financial Aid Personal Identification Number (SFA PIN)
Web site: www.pin.ed.gov Sign FAFSA electronically Request PIN before January 1, 2010 Speeds processing Used by students and parents throughout aid
process, including subsequent school years
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FAFSA on the Web Worksheet
2010-11 FAFSA on the Web Worksheet—8-page booklet containing:
Instructions
93 questions in 5 sections
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FOTW Worksheet: Section 2
Student’s dependency status (13 questions):
If all “No” responses, student is dependent
If “Yes” to any question, student is independent
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FOTW Worksheet:
Data for parents of dependent students:
Parents’ marital status
Date of parents’ marital status
Custodial parent information only on FAFSA
E-mail address (optional)
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FAFSA4Caster
www.fafsa4caster.ed.gov You may use FAFSA4caster to receive an
early estimate of your federal student aid eligibility.
FASFA4Caster will allow you to do a side-by-side comparison of schools
Information transferrable to 2010-2011 FAFSA form
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How many steps does it take to complete?
FAFSA4caster consists of:Step 1: Info About the StudentStep 2: Student StatusStep 3: Parents' Info Step 4: Student's FinancesStep 5: Student's College PlansStep 6: Review FAFSA4casterStep 7: Submit FAFSA4casterStep 8: Estimated Federal Student Aid EligibilityStep 9: Confirmation
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What are the advantages of providing personally identifiable information (for example, last name)?
• Obtain his or her Federal Student Aid PIN (if the student doesn't already have one), which the student can use to sign the FAFSA and to access his or her personal information on other Federal Student Aid Web sites.
• Receive a timely reminder to fill out a FAFSA for the next school year.
• Save time by creating a FAFSA application that includes some of the information you provided on the FAFSA4caster.
• Receive updates about changes to FAFSA4caster.
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Special Circumstances
Change in employment status
Medical expenses not covered by insurance
Change in parent marital status
Unusual dependent care expenses
Student cannot obtain parent information
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Special Circumstances
Cannot report on FAFSA
Send explanation to financial aid office at each college
College will review special circumstances– Request additional documentation– Decisions are final and cannot be appealed to
U.S. Department of Education
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Thank you for being here!
Questions?