welcome to financial aid & scholarship night. tonight’s topics what is financial aid types...
Post on 19-Dec-2015
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WELCOME TO
FINANCIAL AID & SCHOLARSHIP NIGHT
WELCOME TO
FINANCIAL AID & SCHOLARSHIP NIGHT
TONIGHT’S TOPICS
What is Financial Aid
Types of Financial Aid
How is Financial Aid Awarded
The Financial Aid Process
WHAT IS FINANCIAL AID?WHAT IS FINANCIAL AID?
WHAT IS FINANCIAL AID?Financial Aid is:
Money to help you pay for college
From: Federal Government
State Government
CollegesLocal
Organizations Private
Organizations
WHAT IS FINANCIAL AID?
To be eligible, you must:
Be a citizen or eligible non-citizen of the U.S.
Have a high school diploma or GEDBe enrolled at least half-time at an eligible institution
Register with the Selective Service (men only)
Not be in default on any federal education loans or owe a refund on any grants
TYPES OF FINANCIAL AID
Three types of Financial Aid:
Gift MoneyEarned MoneyBorrowed Money
TYPES OF FINANCIAL AID
Gift MoneyGrants
Based on financial needFrom government and collegesTwo federal grants: Pell and Supplemental Educational Opportunity Grant (SEOG)
ScholarshipsBased on various criteriaFrom colleges and other organizations
TYPES OF FINANCIAL AID
Earned Money
Federal Work-Study ProgramStudents work part time, usually on campus
Money earned helps pay for college
TYPES OF FINANCIAL AID
Borrowed MoneyTwo types of loans
FederalPersonal
Must be paid back
TYPES OF FINANCIAL AID
Federal Loans – Perkins
Borrower: Student
Based on Need: Yes
Interest Rate: Fixed – 3.4%
Repayment Begins:
9 months after graduating or dropping below half-time
TYPES OF FINANCIAL AID
Federal Loans – PLUS
Borrower: Parent
Based on Need: No
Interest Rate: Fixed – 8.5%*
Repayment Begins: After the final disbursement
*Fixed interest rate applies to loans with first disbursement on or after 07/01/2011.
TYPES OF FINANCIAL AID
Federal Loans – Stafford
Borrower: Student
Based on Need:
Subsidized = YesUnsubsidized = No
Interest Rate: Fixed – 6.8%*
Repayment Begins:
6 months after graduating or dropping below half-time
SCHOLARSHIPS
YOU CAN ACCESS SCHOLARSHIPS FROM TWO LOCATIONS: THE WASHINGTON- LEE WEBPAGE UNDER COUNSELING AND YOUR NAVIANCE FAMILY CONNECTIONS ACCOUNT. THE MOST UP-TO-DATE LIST WILL ALWAYS BE YOUR NAVIANCE FAMILY CONNECTIONS ACCOUNT.
HOW IS FINANCIAL AID AWARDED?HOW IS FINANCIAL AID AWARDED?
HOW IS FINANCIAL AID AWARDED?
Financial NeedMany (but not all) types of aid are based on financial needGrantsPerkins loansSubsidized Stafford loansFederal Work-Study Program
How much aid do you need to pay for college?
HOW IS FINANCIAL AID AWARDED?
Cost of Attendance
TuitionRoom and boardBooksTransportationPersonal expenses
HOW IS FINANCIAL AID AWARDED?
Expected Family Contribution (EFC)
The EFC is the amount you may be expected to contribute
You don’t pay it up frontUsed to determine how much aid you’re eligible for
Calculated from information you provide
THE FINANCIAL AID PROCESSTHE FINANCIAL AID PROCESS
THE FINANCIAL AID PROCESS
Applying for Financial Aid
To get aid, you have to applyThe Free Application for Federal Student Aid (FAFSA)
Additional formsScholarships
Apply regardless of family incomeYou and your family don’t make too much or too little to apply
The new program is the latest step in Penn’s effort to widen access for students from all economic backgrounds, expanding its no-loan program beyond low- and lower-middle-income families to include middle- and upper-middle-income families.
PENN'S NEW FINANCIAL–AID PROGRAM
In the fall of 2010, students from families with annual incomes of less than
$100,000 who qualify for need-based aid will no longer receive loans as part of their
financial aid package.
By fall 2011, all undergraduate students eligible for financial aid will receive loan-free
aid packages, regardless of family income level.
Tuition Charges Covered for Parents with Income Below $150,000
For parents with total annual income below $150,000 and typical assets for this income range, Stanford will ensure that all tuition charges are covered with need-based scholarship, federal and state grants, and/or outside scholarship funds. In most cases, the parent contribution will be no higher than the standard cost of room and board (around $11,000). Many parents in this group will see contribution amounts far lower than $11,000.
THE FINANCIAL AID PROCESS
The FAFSA It’s free!Complete as soon as possible after January 1st
Online (www.fafsa.ed.gov) or on paperOnline benefits
Instant access to help Built-in error checking Skip questions that aren’t required Faster processing time Easier to check status Easier renewal process
CSS / FINANCIAL AID PROFILE
WHAT is the PROFILE?
The PROFILE is an online application that collects information used by certain colleges and scholarship programs to award institutional aid funds.
WHEN DO I FILE THE PROFILE?
You may file the PROFILE as early as Oct. 1, 2011. However, you
should file no later than two weeks before the EARLIEST priority filing
date specified by your colleges or programs.
WHAT DOES THE PROFILE COST?
The fee for the initial application and one college
or program report is $25. Additional reports are $16.
THE FINANCIAL AID PROCESS
Preparing for the FAFSA
Apply for a Department of Education PIN (www.pin.ed.gov) Can be used each year applying for aidYou and your parents need separate PINs
Complete the FAFSA on the Web Available January 1st Organized like the FAFSA on the WebCollect information and prepare answers
THE FINANCIAL AID PROCESS
FAFSA Tips
Don’t pay! Remember it’s Free at www.fafsa.ed.gov
Interested in student loans?
Interested in work-study?
College possibilities
THE FINANCIAL AID PROCESS
Additional Forms and Scholarships
Are additional forms needed?Check with individual colleges
Apply for scholarships!Use free scholarship searches
www.collegeboard.comwww.fastweb.monster.comwww.finaid.orgwww.gocollege.comwww.srnexpress.com
THE FINANCIAL AID PROCESS
Student Aid Report (SAR)
Sent to you after FAFSA is processedIf you provided an email address, you get a notification containing a link to it online
Contains your Expected Family Contribution (EFC)
Info sent automatically to colleges you listedVerify information is correct and make necessary corrections
THE FINANCIAL AID PROCESS
Award Letters and Offers
Received from the financial aid office
Compare offers
Amount of aid vs. cost of attendance
Gift money vs. borrowed money
Types of loans
Accept an offer from the college you will attend
THE FINANCIAL AID PROCESSComparing Award OffersPackage B has advantages despite being $1000 less
Type of Aid Package A Package B
Grants $1,500 $3,500
Perkins $2,500 $2,500
Sub. Staff $1,000 $2,625
Unsub. Staff $1,625 $0
Work-Study $3,000 $0
Total Aid $9,625 $8,625
THE FINANCIAL AID PROCESS
PLUS Loans or Home Equity Loan
Options if you need additional funds after seeing how much aid you are offered by the college
Applications and information available from colleges or lenders
THE FINANCIAL AID PROCESS
Let’s Review:Apply for a Department of Education PINSubmit the FAFSAAsk colleges if other forms are requiredApply for scholarshipsReview your SARCompare award packagesAccept an award packageLook into PLUS Loan if necessary
