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High School Financial Aid Night

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by

Michele Lopez

on 9 January 2014

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Transcript of High School Financial Aid Night

Financial Aid for your College Education
You are now a College student!


Types of Financial Aid
How to Apply
Financial Aid
Tips, Common Problems and FAQs

The Award Process
and Making a Decision

FAFSA


Dependent or Independent?


Special Circumstances



What is Financial Aid?

F
ree
A
pplication

for

F
ederal

S
tudent

A
id

FREE
to apply and submit

Used by all schools administering federal financial aid.

FAFSA
Contact your financial aid office if:
A loss or reduction of family income

A death or illness

Unusual medical or dental expenses not covered by insurance

Other
unusual
circumstances

Special Circumstances:
What if I have a situation that the FAFSA didn’t ask about?
2 students in college –
federal formula provides a reduction in the parent contribution for each student in college.

Mortgage expenses –
value of the primary residence is excluded from formula including mortgage expenses
Situations that do NOT
need to be Appealed:
Private loans

Personal banks/credit unions


Schools


Alternative Loans
NOT need-based

Independent students have additional unsubsidized limits

Student responsible for interest payments

Interest begins on the date of the first disbursement

Fixed interest rate 3.86%
Federal Unsubsidized Loans
Parents can borrow for each dependent undergraduate student

School determines amount you can borrow
COA & amount of other aid received

Approval subject to parent credit check

Interest rate fixed at 6.41%
Federal PLUS Loan
Federal Subsidized Loans
Pell Grant

Undergraduates students

Need based

TEACH Grant

Plan to become a teacher

Required to teach for certain length of time
Federal Grants:
Institutional Grants
Complete your FAFSA Early!
FAFSA can be completed starting January 1.

Pay attention to school priority dates

Use estimated tax information if you or your parents have not filed yet
Don't assume that financial aid will cover 100% of your expenses

"0" EFC does not mean that you can attend any school for free.



***Institutional Grants, Scholarships, and Cost of Tuition will vary.
Get a PIN at www.pin.ed.gov
Your PIN serves as your electronic signature for use on the FAFSA and Direct Loan applications.
Dependent students: one of your parents will need a PIN
Choose a 4 digit number you will remember
Don’t tell anyone your PIN!
What do I have to do?
U.S. citizen or permanent resident
High school graduate/GED
Eligible degree/certificate program
Valid Social Security number
Males registered for Selective Service
Who can get federal student aid?
Get a PIN at www.pin.ed.gov

PIN is your electronic signature on the FAFSA and Direct Loan applications.
Dependent students: one of your parents will need a PIN

Choose a 4 digit number you will remember

Don’t tell anyone your PIN!
What do I have to do?
U.S. citizen or permanent resident

High school graduate/GED

Degree seeking

Valid Social Security number

Males registered for Selective Service
Who is eligible for federal aid?
www.FAFSA.ed.gov


How much of your balance will be paid for by financial aid?

What are the enrollment requirements of my awards?

What is renewable? Is anything subject to change each year?

How much of your award is comprised of Loans that need to be paid back? How much debt might you graduate with?

Will your career path allow you to pay off that debt?


Federal Student Aid
studentaid.ed.gov
Direct Loans
studentloans.gov
FAFSA
fafsa.ed.gov 1-800-4-FED-AID
National Student Loan Data System
www.nslds.ed.gov
College websites and departments
Scholarship websites

How much is tuition?
per semester?
per year? 4 years? could tuition increase

What fees might be assessed?

How much is tuition for
a full time student?
part time?
in-state vs. out of state?

Housing requirements?
How much is housing?
What different meal plans are offered?

What is the cost of living in the area?
Understand the costs of attending:
Grant funded through Department of Education

Sponsored by Colorado State University
Not CSU recruiters

FREE services to assist continuing, returning, first time, and prospective students
Money provided to the student and family to help pay for the student's education which is conditioned on the student's attendance at an educational institution.
COA
EFC
NOT www.FAFSA.com
Services include:
FAFSA help

Career exploration leading to education/choosing major

Admission applications to any school

Cost of Attendance(COA) - Expected Family Contribution(EFC)
= Financial Need
Cost of Attendance
Tuition and fees

Books and supplies

Room and board (may include meal plans)

Personal cost, transportation
**COA varies on different institutions and enrollment status
Expected Family Contribution
EFC calculated by a formula established by law

Information reported on FAFSA used to calculate EFC

Information factored into EFC
Taxed/untaxed income
Assets
Benefits (unemployment or social security)
Family size
# of family members in college
For more info on how aid is calculated visit
studentaid.ed.gov/how-calculated
Grants

Scholarships

Loans

Work Study
Grants given by the School

Need and non-need based

Common at private institutions
*note do not exclude private schools due to COA, school might offer institutional grants
Scholarships
Do not need to repay

No scholarships
given
through FAFSA

Scholarships often less competitive at the school you want to attend

Merit based
Academics, artistic abilities, athletics, etc.

Need based
determined by completing FAFSA

Be aware of scholarship scams

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
Scholarships
WRONG!!!
Work Study
Part time work program

typically need-based

Government pays wages


Where To find find them?
Institution
school wide
department or major

State
www.collegeincolorado.org
highered.colorado.gov/Finance/FinancialAid

Local
employers, personal committees/organizations

National
www.scholarships.com
www.finaid.com
www.fastweb.com
Federal Student Loans
Apply through FAFSA

4 Types of Federal loans

Repaid 6 months after graduation or below half time enrollment

Entrance counseling required

Master Promissory Note
student signature
3 references

Need based

Federal government pays interest while in school/grace periods/deferment

Fixed interest at 3.86%

Federal Perkins Loans
School based

Interest free during school

Need based

School is the lender

Typically at 4 year institutions
Check the school you are interested
*Typically higher interest rates compared to federal loans
College Opportunity Fund
(COF)
Stipend for Colorado resident

Only at participating 2 year/4 year institutions

Must apply

Paid directly to school

145 credit max

Currently $62/credit hour
Documents needed to complete the FAFSA
Income Tax info
Apply!
Social Security Card
FAFSA needs name exactly as spelled on card

Drivers license

Current alien or permanent resident card

Current business/investments, mortgage information, business/farm records, stock, bonds and other investment records

Untaxed income records
Child support, workers comp, untaxed disability etc

1040 form & W2's for year prior

Actual data vs estimated data

Estimated data = estimated awards
may require additional paperwork & delays

IRS data retrieval tool
Start applying January 1st

Typically
priority deadline
Feb 15th - Mar 15
Varies at every school

First come, first serve

Must apply every year

Up to 10 schools choices

We can help! Step by step guidance
CAUTION!
Were before January 1, 1991?
Are you married?
Do you have children that will receive
50%
of their support from you?
Are you in the armed forces?
Are you an orphan, in foster care, homeless?
Do I have to provide my parents info?
If you answered YES to any Q's above you
may
an
Independent
student
Grants
Federal/State government

Colleges and private organizations

Need based
Need determined by FAFSA

Do not need to be repaid


What happens next after I submit the FAFSA?
CSP - Central Process System

Mistakes

Eligibility

Student Aid Report (SAR)
Student Aid Report
(SAR)
Paper or electronic

Basic eligibility info
EFC

Review of FAFSA answers

Review for mistakes

FAFSA Corrections
Incorrect spelling on names

Incorrect SSN

Tax estimates

Add schools
Role of the Financial aid office
Award Letter
You should compare:

Cost of Attending
direct expenses
(tuition, fees, and on campus room & board)

indirect expenses
(books, supplies, personal expenses, off campus living expenses, travel)
Amount and Type of Financial aid
Making a Decision
Determines aid eligibility using federal formula


Packages aid depending on availability of funds


May requests Verification
Receive from college

Details of financial aid package

Accept/decline awards

No standard format
FAFSA Info to Schools

FAFSA Processor

FAFSA

Award Letter

Student Aid Report

Journey of your FAFSA

Do your research
Compare cost

Compare Programs

Compare Services the school provides
Public, Private, and Proprietary
Proprietary - Private Occupational Institution
Rely on your "business"
Denver University (DU) =
Private
University

Front Range Community College (FRCC) =
Public
2 year College

Colorado State University (CSU) -
Public
4 year University

College America =
Proprietary
Online Resources:
www.collegeincolorado.org
Questions?
Please feel free to contact EOC for a one on one appointment!
Financial Need
Also known as "need" and "no need"
*These funds do not effect EFC/financial need
*Based on enrollment status (full-time vs part-time)
Full transcript