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Collegeboard - Navigating Financial Aid

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by

Heather Alexander

on 12 October 2015

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Transcript of Collegeboard - Navigating Financial Aid

Navigating Financial Aid
SCHOLARSHIPS
FREE MONEY!!! You have to work to get it though!
Take time to write good essays...every little bit adds up!
Still need help?!
Learning Goal
Students will understand
the different types of
financial aid and how to
complete the financial aid process.
What is Financial Aid?
Any grant or scholarship, loan, or work study offered to help a student meet his/her college expenses.


Types of Financial Aid
Grants
Money you DON'T have to pay back!
Loans
Money you DO have to pay back!
Scholarships
Money you DON'T have to pay back!
Work Study
Money you earn to pay for college!
How the money is determined on the FAFSA
Cost of Attendance (COA)

Estimated Family Contribution (EFC)
www.fafsa.gov
Available January 1st, 2016
Most colleges/universities set FAFSA filing deadlines...be aware of these!!
What is Estimated Family Contribution (EFC)?
Your family's taxed and untaxed income, assets, and benefits (such as unemployment or Social Security) are all considered .

Also considered are your family size and the number of family members who will attend college during the year.


EFC is not the amount of money your family will have to pay for college nor is it the amount of federal student aid you will receive.
Financial Need
will be awarded in the form of
GRANTS
and
LOANS
!
You may be eligible but you MUST apply to find out!
85%
of students are on some form of Financial Aid!
Filing your FAFSA is as easy as
Simply go to www.fafsa.gov and complete the form!
A few tips before you begin...
Items needed to complete the FAFSA
Student and Parent Social Security numbers.
Student Drivers License
Student and Parent tax returns and W-2 information
Student and Parent current bank statements
Current business and investment information, business and farm records, stock, bond and other investment records.
Student Section
Parent Section
*Examples of sections for the FAFSA. The color will change from parent to student.
Dependent vs Independent
You are INDEPENDENT if:
At least 24 years old by December 31st of award year
Graduate or Professional student
Married
Has children or dependents (of which the student provides over 50% of support)
Veteran of the US Armed Forces or currently serving on active duty
At age 13 or older, both parents deceased, in foster care, or ward/depended of the court
Emancipated minor (as determined by court in state of legal residency)
In legal guardianship (as determined by the court in state of legal residency)
Homeless
IRS Data Retrieval System
IRS will pull tax information directly into the FAFSA
Available in early February 2015 for the 2015-16 processing cycle
Participation is voluntary
Highly reduces the number of documents requested by the Financial Aid Office
School codes on the FAFSA
In order to have your FAFSA processed at the school you MAY attend you must enter a school code:
Each school code is a 6 digit number
You may enter up to 10 schools
Student Aid Report (SAR)
Sent to the student by the Department of Education after FAFSA has been processed
Summarizes all information reported on the FAFSA
Informs family of the EFC (Estimated Family Contribution)
Sent to all schools listed on the FAFSA
LOANS based on NEED:
Unsubsidized Loans
Subsidized Loans
Federal Perkins Loan
REMEMBER loans must be paid back...with interest!
Interest begins directly after taking out the loan
Interest rate does not start accruing until 6 months after graduation
Need based loan
Based on need and individual schools
School is the lender
www.fastweb.com

WORK STUDY
Provides part time employment to help with college expenses.
Paid by the hour and must be paid at least once a month.
Your check will be sent directly to you to pay for your tuition, room, meals, or other college fees. Or, if you request it, your check can be sent directly to the college.
FALSE
www.bigfuture.org
www.scholarships.com
NEVER pay to apply for any form of Financial Aid!
Be wary of companies that "guarantee" you'll receive a scholarship, especially if their offer was unsolicited and/or they require that you pay money for their services.
Never provide any personal or confidential identification information.
True or False
Students do not fill out the FAFSA if their parents make too much money.
FALSE
US Government awards over
$150 billion
in grants, loans and work study every year.
The FAFSA determines need as well as allows the schools to process your application for other grants, loans and scholarships.
Lower interest rates on loans through the federal government than from outside lenders.
A lot of other factors play a part; how many family members, siblings/parents in college, age of parents, etc.
True or False
Students with poor grades do not get financial assistance for college.
FALSE
While a high grade point average will help a student get into a good school and may help with academic scholarships, most of the federal student aid programs do not take a students' grade into consideration.
*You do need to keep your grades up and not withdraw from too many classes in order to keep your aid*
APPLY EARLY!
The earlier you apply the more aid you may receive
Check "will file" on your application
Estimate taxes from last year's taxes
Update after taxes are filed
True or False
Once you submit your FAFSA you have nothing else to do but wait for your MONEY.
FALSE
You receive your Student Aid Report 3 days to 3 weeks after submitting the FAFSA
You will receive an Award Letter in the Spring
If you are selected for verification you will have to send your Tax Transcript to the college
Check your school account to make sure everything has been finalized
True or False
You may have to pay a company to fill out your FAFSA accurately and/or receive scholarships.
Full transcript