hhm finance night - college enrollment
DESCRIPTION
Tips for consideration when choosing and enrolling into a college program.TRANSCRIPT
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HEAVENS HARVEST
MINISTRIES – FINANCE NIGHT
College Registration and 1098s
Presented by: Jennoa R. Graham, Ph.D.
Friday, June 14, 2013
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KEY TERMINOLOGY FAFSA – Free Application for Federal Student
Aid
Independent StudentBe 24 years of age or older by December 31
of the award yearBe 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
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KEY TERMINOLOGY (CONT.) Independent Student (cont.)
Be a graduate or professional studentBe a married individualHave legal dependents other than a spouseBe an emancipated minor or in legal
guardianshipBe a homeless youthBe a student for whom a financial aid
administrator makes a documented determination of independence by reason of other unusual circumstances
http://www.fastweb.com
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OVERVIEW Selection Tips
Registration Process
FAFSA
Georgia Student Finance Commission (GSFC)
Tax Information
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SELECTION TIPS 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
Management- Time- Finances- Life
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REGISTRATION PROCESS 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 testLetter(s) of recommendationStatement of purpose
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FAFSA 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
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FAFSA (CONT.) Grants – Free; do not pay back
Federal PellFederal Supplemental Educational
OpportunityFederal Work Study
Loans – Must pay back; credit check may applyStafford LoansPLUS Loans
Private loans may still be requiredBanksCredit Unions
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GSFAC 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 ProgramsHOPE ScholarshipHOPE Grant ScholarshipZell Miller ScholarshipGA Tuition Equalization Grant ProgramRobert C. Byrd Honors Program
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TAX INFORMATION 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
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TAX INFORMATION (CONT.) 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
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SUMMARY Select an accredited college or
university Select a career for life Management (Time, Finances, Life) Registration
College applicationFAFSAGSFC
Remember Tax Time!Repaying: 1098-EAttending: 1098-T
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REFERENCES 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