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Razor COACH Financial Aid

Razor COACH Financial Aid
by

Heather Spickard

on 9 April 2014

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Transcript of Razor COACH Financial Aid

Razor C.O.A.C.H.
Paying for College
Agenda
FAFSA
Grants
Loans
Work Study
Scholarships
Undocumented Students and/or Undocumented Parents
Generally everyone qualifies for some form of financial aid
FAFSA
Types of aid
Grants
Work-Study
Loans
Scholarships
www.fafsa.gov (English and Spanish)
Apply to receive money from federal, state, and institutions
Dependent - need parents' information and is not related to tax filing
Independent - do not need parents' information (have children or dependents or married or in DHS custody or homeless)
Apply your senior year (as soon after January 1 as possible)
Complete FAFSA every year you want to receive financial aid
Free money!
Need-based
Examples:
Pell Grant (Federal)
GO! Opportunity Grant (State)
Students work to earn money while enrolled in school
You apply and are available through the institution
2 and 4 year institutions
Workers receive regular paycheck
Jobs
are generally on campus
have flexible schedules
provide valuable experience
Borrowed money that must be repaid with interest
Federal
Only eligible after completing the FAFSA
Are available for students and parents
Have low interest rates
Provide various repayment terms (pay tax while in school, pay nothing in school, pay back while in school)
Free money!
Different types:
Merit-based: academic, class rank, GPA, test scores, volunteer/community service
Special skills: music, athletics, drama, art
Random drawing or first come, first served
Contest Scholarship: art, essay, etc.
Examples:
Arkansas Academic Challenge Scholarship (Lottery)
Students
PIN Number (request 2 weeks before beginning FAFSA)
Social Security number
Completed IRS tax return
W-2
Record of untaxed income
Current bank/financial statements
Parents
PIN Number
Completed IRS Tax return
W-2
Record of untaxed income
Record of investments
Current bank/financial statements
Student Loans
Subsidized (Government pays interest) or Unsubsidized (you pay interest)
Student borrows loan
No credit check required
Repayment starts after 6 months
after graduation
after withdrawing or dropping below half time
Deferment
Student in school
PLUS
Parent borrows loan
Credit check required
Parent receives funds
Parent responsible for repayment
Repayment starts 60 days after 2nd disbursement
Deferment
Student or parent is in graduate school
Basic Eligibility
High School diploma or GED
Enrolled in degree or certificate program
Satisfactory academic progress
US Citizen/national
Registered with Selective Service (for males)
Tips for Applying
Apply early
Look for local sources
Reapply or renew if applicable
Know the rules (due dates, essays)
Proofread, then send all materials getting return receipt
My parents are divorced or separated?
Use the parent that provided most financial support or primary residence
If that parent is remarried, use spouse's information also
I get married
DHS
Foster care
Emancipated
Homeless
What if?
What do I need?
Undocumented Students
Types of Aid
Important Terms
Full transcript