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Financial Aid 101: FAFSA

HS Financial Aid Night

Kristen Limb

on 26 March 2013

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Transcript of Financial Aid 101: FAFSA

If you answer YES to any of these questions, then you are officially INDEPENDENT. 1. Are you 24?
2. Are you married?
3. Do you have children?
4. Are you in the armed forces?
5. Are you an orphan, in foster care, homeless? What is it? How to get it? Kristen Limb, Scholarship Coordinator, EOU #1 #2 #3 How will you pay for school? Financial Aid is ... Types of Financial Aid ... Free Money
Grants (Pell Grant/Oregon Opportunity Grant/FSEOG)
Scholarships (Private/Institution/State) Money you use to financially assist you with paying for college and does not originate from your personal savings OR family savings OR friends/relatives savings ... Loans
Student Loans (Subsidized/Unsubsidized)
Parent Loans (PLUS) Work Programs
Federal Work Study How much do I need? www.fafsa.gov why do they need my private information? Government uses this to calculate what they "expect" your family to contribute.

EFC = Expected Family Contribution Do I have to claim my parents? Other People's Money Free Money No scholarships awarded by FAFSA
Pell Grant (Federal)
FSEOG (Federal)
Oregon Opportunity Grant (State) determined by EFC Loans Student Loans
Subsidized Loan - EFC
Unsubsidized Loan Credit Required? Parent Loans
PLUS Loan Parent Loans - YES Student Loans - NO Work Study determined by EFC Government pays your wages Scholarships ... the best FREE Money There are no scholarships for average people
Only athletes and geniuses get scholarships
My parents make too much money for me to get scholarships
I’m not a good writer, so I can’t get a scholarship if it requires an essay WRONG!! Where to find them? How to apply for them? Tips and Tricks Institution
Local National Scholarship Search Engines bigfuture.collegeboard.org
www.scholarships.com/ State Sponsored Scholarships oregonstudentaid.gov
oregoncf.org Consider the criteria liberally
Spend time on the essay
Don't rush the entry...no prize for being first
Watch for scams Don't say ... because I need the money
Don't say ... to get a degree
Don't misspell words
Do say ... why this is important to you
Do say ... what you're passionate about
Do complete the application What to expect ... Colleges are required to provide a "cost of attendance" also known as COA
COA - Financial Aid = Out of Pocket Cost Example ... EOU's Cost of Attendance (approximate) = $20,325 annual
Example Financial Aid Package: $14,500 annual
Pell Grant = $5500
Subsidized Loan = $3500
Unsubsidized Loan = $6000
Estimated Out of Pocket = $20,325 - $14,500 = $5,825 annual Don't Wait ... Timeline of Events December – Write a basic scholarship essay; find places to apply
January – Complete FASA; apply to as many scholarships as possible
February - Many scholarships have a February 1st deadline
March - Financial Aid offers will be sent out from the schools you listed on your FAFSA
May – Make the decision: Most schools ask students to accept/decline their award offer by May 1st.
June - Don’t forget to request your final high school transcript be sent to the school of your choice.
August – Your aid disburses the week before classes; charges post three weeks before term Types of Financial Aid PIN should be requested before you complete your FAFSA Takes a few days to be active Enter "0" (zero) if it doesn't apply to you ... Don't leave anything blank. What is COA? Tuition and fees
Room and Board
Personal Expenses
Loan Fees
Full transcript