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Financial Aid What I Need to Know

Financial Aid What I Need to Know. Brenda K. Dayhoff Executive Director, Financial Aid. What is Financial Aid?. Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses. www.25tipstoaffordcollege.com. Overview of Financial Aid.

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Financial Aid What I Need to Know

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  1. Financial AidWhat I Need to Know Brenda K. Dayhoff Executive Director, Financial Aid

  2. What is Financial Aid? Financial aid consists offunds provided to students and families to help pay for postsecondary educational expenses

  3. www.25tipstoaffordcollege.com

  4. Overview of Financial Aid • https://www.youtube.com/watch?v=kbJ55UWMEFE&list=PL23B9A23CD8DD82DD

  5. Federal Student Aidwww.studentaid.ed.gov

  6. FAFSA4caster

  7. www.fafsa.gov

  8. To Register for a PIN: www.pin.ed.gov

  9. FAFSA – apply for 2014-2015

  10. What Happens Next??? • Schools you list on FAFSA receive information • Look for communications from those colleges • Follow-up with financial aid office • Review financial aid page of college website • Know deadlines for each institution

  11. www.frederick.edu

  12. Verification – What do I need to do??? • Verification Group • Income – AGI - student and parent • U.S. Income tax paid – student and parent • Untaxed IRA distributions and IRA deductions and payments • Tax exempt interest income • Education Credits • Number of household members/number in college • Child support paid/received • SNAP – food stamps • High school completion • Identity/Statement of Educational Purpose

  13. Verification of AGI/Taxes Paid • IRS data retrieval on FOTW • Cannot be used when: • Married independent student and spouse filed separate returns • Married parents of dependent students filed separate tax returns • When student or parent had marital status change • When student, spouse, or parent filed an amended tax return • Tax Return transcript obtained from IRS

  14. Myths about Financial Aid • https://www.youtube.com/watch?v=K8JuaYVJ_LE&list=PL23B9A23CD8DD82DD

  15. Determination of Eligibility • Depends on program and source of financial aid • Need-based • Merit-based

  16. Cost of Attendance (COA) • Includes • Tuition & Fees • Room & Board • Books, supplies, transportation, and misc. personal expenses • Sometimes can include • Loan fees • Dependent care expenses • Varies widely from college to college

  17. Definition of Need Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

  18. Need Varies Based on Cost

  19. FCC Financial Aid Awarding Process • Student must be admitted to FCC • If student lists FCC on FAFSA, financial aid office will receive applicant data • Upon receipt and based on student’s eligibility, tracking letter is sent: • Checklist letter asking for documentation and/or financial aid award letter

  20. Types of Federal Student Aid • Federal Pell Grant • Federal Supplemental Opportunity Grant • Federal Work-Study • Direct Student Loans • Direct Plus Loans

  21. Direct Student Loans (Subsidized and Unsubsidized) • Subsidized: Based on demonstrated financial “need” (as per the FAFSA EFC) and no interest accrues during enrollment • Unsubsidized: Interest accrues during enrollment • Base annual loan limits (combined subsidized and unsubsidized) • $5,500 for 1st year undergraduates (only $3,500 can be subsidized) • $6,500 for 2nd year undergraduates (only $4,500 can be subsidized) Current interest rate – 3.86%

  22. Student Loans – Steps to apply

  23. PLUS Loans • Borrowers are parents of dependent undergraduate students • Annual loan limit: cost of attendance minus other aid • Repayment begins 60 days after loan is fully disbursed (typically spring semester) • Current interest rate – 6.41% • No grace period, but deferment available if parent is a student at least ½-time enrolled

  24. Alternative Loans Option to research Should only be applied for after all sources of federal financial aid have been exhausted www.simpletuition.com – additional student loan information

  25. Maryland Higher Education CommissionWWW.MHEC.MD.GOV

  26. Community Scholarships • High School Guidance Office • Check with the office for scholarship listings • Community Foundation of Frederick County • www.cffredco.org – Applications available Now – Deadline is February 15th

  27. You don’t know what you don’t know…….. • Research……. • Ask questions • Read everything the student receives

  28. QUESTIONS???????

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