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How to complete the Free Application for Federal Student Aid (FAFSA)

How to Complete the FAFSA
by

Benjamin Kohl

on 22 January 2016

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Transcript of How to complete the Free Application for Federal Student Aid (FAFSA)

How to complete the
Free Application for
Federal Student Aid

What is Federal Financial Aid?
Grants
Employment Opportunities
Loans
Grants
Money that does not need to be paid back
Awarded on the basis of financial need
Loans
Money students and parents borrow to help pay college expenses
Repayment usually begins after education is finished
Only borrow what is really needed
Look at loans as an investment in the future
Employment
Allows student to earn money to help pay educational costs
A paycheck
Non-monetary compensation, such as room and board
Federal Work-Study Funding
Sources of Financial Aid
Federal government
States
Private sources
Federal Government
Largest source of Financial Aid
Aid awarded primarily on the basis of financial need
Must apply every year using the Free Application for Federal Student Aid (FAFSA)
State
Residency requirements
Award aid on the basis of both merit and need
Use information from the FAFSA
Kansas funding can run out quickly so apply by the priority date of May 1.
Private Sources
Foundations, organizations, businesses, charitable organizations
Community service organizations, churches, employers, associations
Federal Aid Programs
Annual award amounts vary from $100 to $4,000 a year
Students with the lowest EFC’s are awarded first
Priority goes to Federal Pell Grant recipients
FSEOG
Awarded amount based on EFC, COA, and enrollment status (full-time, half-time, etc.)
Awarded to undergraduate students only, few exceptions
Maximum award for 2016-2017 = $5,775
Pell Grant
Priority to students who show exceptional need
Interest rate: 5% fixed
Nine month grace period, repayment up to 10 years
Deferment and cancellation provisions available
Maximum annual award
$4,000 for undergraduate students
$6,000 for graduate students
Federal Perkins Loan
Subsidized
must demonstrate need
U.S. Department of Education will pay (subsidize) the interest that accrues while in school
Unsubsidized
not based on need
most everyone can qualify
Federal Direct Loans
Limits (combined subsidized and unsubsidized)
Classification Dependent Independent
Freshman $5,500 $9,500
Sophomore $6,500 $10,500
Each remaining year $7,500 $12,500
Graduate/Professional N/A $20,500
Direct Loans –
Annual Loan Limits
Federal Work-Study
Provides part-time employment while you are enrolled in school
Employment may be on or off campus
Even if you don’t qualify for FWS you may still be able to have an on campus job!
Inquire about jobs at your college’s Student Employment Office
Direct PLUS Loan
Parents of dependent undergraduate students
Graduate/Professional students
Repayment begins immediately but can be deferred upon request
If a parent is unable to borrow (denied) a parent PLUS loan, a student may be eligible for additional unsubsidized loan
How to Apply for Federal Financial Aid?
www.fafsa.gov
QUESTIONS?
Benjamin Kohl
Kohlidescope LLC
Email Kohlidescope@gmail.com
Twitter @Kohlidescope
Web Kohlidescope.com
Phone 785.341.9842
Complete and submit FAFSA
fafsa.gov

Cost of Attendance
– Expected Family Contribution
= Financial Need

Federal Pell Grant
Supplemental Educational Opportunity Grant
TEACH Grant
Iraq & Afghanistan Service Grant
Federal Work-Study
Perkins Loan
Federal Direct Loans
Parent PLUS Loans
Free Application for Federal Student Aid
Full transcript