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Free Application for Federal Student Aid (FAFSA)

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by

Drew Cooper

on 6 January 2016

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Transcript of Free Application for Federal Student Aid (FAFSA)

Why INVEST in College/School NOW?
Let's do the math for your 1st 5 years out of high school...
How much does REALLY College cost?
College tuition, fees, room, and board "Sticker Price" -
what they are asking
How much does College REALLY cost?
College tuition, fees, room, and board "Net Price" -
average students paid after applying aid, grants, and scholarships.

Achieve.org, 2014, http://www.achieve.org/files/IllinoisCCR_FactSheet-Sept2012.pdf
Work 1st
$26K + $26K + -$6K + -$6K + -$6K
Total: $34,000
College 1st
-$6K + -$6K + -$6K + $29K + $29K
Total: $40,000
Source: Trends in College Pricing 2012, The College Board
Source: Trends in College Pricing 2012, The College Board
What is Financial Aid?
Financial Aid makes college affordable...
Financial aid refers to specific
borrowed
,
given
, or
earned
money that can be obtained from various sources to help pay for college.

It is intended to make up the difference between what your family can afford to pay and what college costs.

MUST fill out the Free Application for Federal Student Aid (FAFSA) to have the opportunity to receive aid.

Types of Financial Aid
Gift Aid
Grants
Scholarships
Free and do not need to be repaid
Need-Based: student's financial need
Merit-Based: student's academics or athletics
See handout for others
Self-Help Aid
Loans
Federal = 44%

State = 9%

Colleges = 37%
Why Fill Out the FAFSA? The BIG 3...
State of Illinois Monetary Program (MAP)
Up to $4,968
Federal Pell Grant
Up to $5,775
Federal Supplemental Education Opportunity Grant (FSEOG)
Up to $4,000
Total = $14,743
Types of Financial Aid
Fed. Subsidized Stafford
35%
Fed. Unsubsidized Stafford
40%
MUST BE REPAID
It's an INVESTMENT in yourself, which appreciates!
Must fill out the FAFSA to qualify.
See handout for others
Why fill out the FAFSA? Loan Qualification...
Total: $23,000 MAX
Total: $8,000 MAX
Consider Your Return on Investment (ROI)
Engineering
Philosophy
Accounting
Dental Hygienist
Study where the jobs are...
How Does the FAFSA Calculate My Financial Need?
Your Expected Family Contribution or EFC
Financial Need Varies from College to College
After You Fill Out Your FAFSA...
How America Pays for College...
Sallie Mae, 2013,
How America Pays for College
, http://news.salliemae.com/research-tools/america-pays-2013
What is Needed to Fill Out the FAFSA?
Social Security Number. Be sure that it is correct!
Records of income, such as income earned from work and business, child support paid or received, and any other untaxed income. If available, refer to the W-2 Forms and the Federal Income Tax Return IRS 1040, 1040A, or 1040EZ.
Information about assets, such as savings, certificates of deposit, stock options, bonds, 529 plans and other college savings programs, and investment real estate, business, and farm.
Driver’s license number, if the student has one.
Alien Registration Number, if not a U.S. citizen.

Parent(s) and Student's Information...BOTH!
Can be electronically linked in the application!
Myths About the FAFSA...
Goals for Today...
Understand the various ways and methods people pay for college.
Understand the definition of financial aid.
Understand the various types of financial aid.
Understand the difference between a college or universities sticker and net price.
Understand the general amount of gift and self-help aid that could be obtained by filling out the FAFSA.
Understand the financial aid process and steps.
Encouraging students to start filling out their FAFSA.
Encouraging students to start applying for scholarships.
Pretest
Survey
www.fafsainfo.weebly.com
www.fafsainfo.weebly.com
Keep Calm
and
Pay for College

The Bottom Line...
You don't know if you can get any financial aid or loan money unless you fill out the FAFSA.
College is an investment in yourself that appreciates.
Not like a car that depreciates.
The FAFSA takes only 30 minutes to fill out and can be electronically linked to your tax forms.
Successful completion of the FAFSA increases college enrollment and completion.
Steps in the FAFSA Process
Get your PIN: www.pin.ed.gov
This will let you electronically sign your FAFSA
Start your FAFSA: www.fafsa.ed.gov
"Start a New FAFSA"
Follow the directions...
Already Filed Your FAFSA?
www.mchenryeastcounseling.com/scholarships.html
Scholarship List & Websites:
Fed. Work Study
Questions Around Logistics...
How does a college or university distribute financial aid?
What about accepting or declining loan money?
What happens with left over loan money?
What's a Federal Work Study look like?
Renewing the FAFSA?
What about private loans?
FAFSA Night at McHenry East
When:
Wednesday February 25th, 5:30-7:30 pm
Where:
East Campus, C320 Lab
Who:
MCC Financial Aid Reps
What do I Bring:
Parents, Tax Information, Social Security #'s, Drivers License
How Long:
~30-60 minutes
Career Cruising Scholarship Search
Full transcript