FINANCIAL AID and SENIORITIS…

1. FINANCIAL AID and SENIORITIS…

2. How do Colleges get my information? Federal Government YOU Colleges

3. Then what? Financial Packages

4. How do colleges determine your financial aid package? • EFC (estimated family contribution) • COA (cost of attendance) – This number will be different at each college. COA – EFC = FINANCIAL NEED Example: Cost of attendance is $15,000 EFC: $5,000 Financial need is $10,000

5. Required Financial Aid Forms • Free Application for Federal Student Aid (FAFSA) • VTAG Application (Private institutions only) • Individual College’s financial aid form • College Scholarship Service (CSS) Profile

6. FAFSA Parent Income Parent Assets Student Income Student Assets Age of older parent Number in household Number of children in college

7. What are the steps? • Apply for PIN (personal identification number) for you and your parent. • Gather information (tax documents, etc) • You can fill out the paper worksheet (DO NOT SEND THIS FORM) • Fill out the FAFSA form after January 1st, 2013 • Sign electronically

8. How do I get a PIN? • Go to the web site www.fafsa.gov • Check apply for PIN. You will need a birth date and social security number for both you and your parent • Select two 4 digit numbers, one for you and one for your parent, and write them down • If you have an older sibling in college, chances are your parent already has a PIN, so get that number from them • BE SURE TO KEEP THOSE NUMBERS BECAUSE YOU WILL NEED THEM EVERY YEAR YOU ARE IN COLLGE!

9. Tips for filling out the FAFSA • Fill out the FAFSA every year you are in college • Make sure to enter your info under the student section and your parent’s under the parent section • Include all the colleges to which you are applying • Check info before you submit • Be sure to sign electronically before you submit • Print a copy of the FAFSA and the confirmation page • Get help if needed

10. What Parent Information? • Date of birth and social security number • Completed 2012 tax forms – if they have not yet filed you can use 2011 forms to estimate, but you will have to correct once the 2012 tax forms are done • Highest grade level of father’s and mother’s education • Parents’ date of marriage, divorce, or separation • Assets • Cash, savings, checking • Child support received or paid • Tax exemptions or credits received

11. What Student Information? • Date of birth and social security number – it is very important to have these correct! • If you will be filing taxes, completed 2012 tax forms – if you have not yet filed you can use 2011 forms to estimate, but you will have to correct once the 2012 tax forms are done • Assets • Cash, savings, and checking

12. What happens next? • Submit the FAFSA • Receive and review the STUDENT AID REPORT • Make note of your EFC and DRN (data release number) on the SAR – You will need them for future references • Review carefully all college financial aid award letters • Complete all verification documents as requested

13. Types of Financial Aid • Scholarships • Grants • Loans – you will need to repay • Work Study

14. Scholarships • Academic • Athletic • Special skills and talents

15. Grants • Pell Grant (up to $5500/year) • FSEOG – Federal Supplemental Educational Opportunity Grant • VTAG – Tuition Assistance Grant (VA private colleges) • CSAP – College Scholarship Assistance Program • VGAP – VA Guaranteed Assistance Program

16. Loans • Parent Loans • PLUS Loan • Alternative Loans • Student Loans • Stafford Loans: $5,500 ($3,500 subsidized/$2,000 unsubsidized) • Perkins Loans: Not all schools are participants – up to $5,500/year up to a total of $27,500/4-years

17. Work Study • Based on financial need • Coordinated by individual college • Average 10-15 hours per week • Minimum wage or higher

18. Tips for hassle-free financial aid • START EARLY • Meet priority deadlines • Keep photocopies of everything • If the college asks for additional information – send it ASAP! • Re-apply every year • Document any communication with financial aid officers

19. Sample Aid Packages STUDENT A comes from a family where both parents are employed with a combined income of $23,000 and assets totaling $2,000. The student is an only child. College costs: $55,370 FINANCIAL AID PACKAGE: What the family pays: $1,900 School Scholarship: $43,920 Federal Pell Grant: $5,500 Federal SEOG Grant: $4,000 Financial need: $53,470 Total Aid Package: $53,470

20. Sample Aid Packages STUDENT B comes from a two-parent family with both employed with a combined income of $70,600 and assets equal to $16,500. The student has one sibling in college and one younger sibling not in college. College costs: $55,370 FINANCIAL AID PACKAGE: What the family pays: $4,200 School Scholarship: $46,920 Federal Pell Grant: $1,100 Work Study + Loan: $3,000 Financial need: $51,170 Total Aid Package: $51,170

21. Sample Aid Packages STUDENT C comes from a family with two working parents and a younger, non-college aged sibling. The parents earn a combined income of $125,000 and has $118,600 in assets. College costs: $55,670 FINANCIAL AID PACKAGE: What the family pays: $21,400 School Scholarship: $28,270 Work Study: $3,000 Student Loan: $3,000 Financial need: $34,270 Total Aid Package: $34,270

22. Sample Aid Letter

23. SENIORITIS noun. A crippling disease that strikes high school seniors. Symptoms include: laziness, an over-excessive wearing of track pants, old athletic shirts, sweatpants, athletic shorts, and sweatshirts. Also features a lack of studying, repeated absences, and a generally dismissive attitude. The only known cure is a phenomenon known as graduation.

25. SENIORITIS The diary of an infected senior:Dear diary. I have finally come to terms with my life-threatening case of senioritis. And while my parents and teachers tell me I should "get back on the horse" and study hard, I can only spit out the battle cry of my generation:“SENIORITIS: We'd find a cure, but we just don't care.”

27. SENIORITIS When you leave your backpack in your car trunk from 3pm - 8am.

29. SENIORITIS symptoms of senioritis are variable. Most cases of senioritis tend to start after college applications and mid-year reports have been sent in. This entails a student not doing any work whatsoever, skipping class a lot, getting stoned/drunk for the first time ever, being apathetic about everything, and resenting taking all those hard classes to impress your favorite college which you won't get in most likely because it's too expensive.

31. SENIORITIS This virus can be deadly to one's grades, as the carrier becomes totally apathetic about their grades, classes, homework etc. This results in many "Zeros ( 0 )" or failing grades - ultimately leading to the drastic lowering of the grade in the carrier's classes. Side effects include: Failure to give a poop, complete and utter apathy, and not graduating with the carrier's class.

32. How to Combat SENIORITIS • Take care of yourself • Stay organized • Get motivated • Be realistic • Visit the Guidance Office

33. Take Care of Yourself • Don’t skip meals • Exercise • Take time for yourself

34. Stay Organized • Time management • Use of a planner – plan things out.

35. Get Motivated • Motivation at the end of your senior year is a good indication of your motivation towards the next stage of your life. • If you are not motivated – Get There. • Think $$$... For those college bound – merit based scholarships sometimes are based on end of the year reports. • For those work bound – employers typically don’t hire those who do not graduate.

36. Be Realistic Enjoy your senior year… you have worked hard to get to this point. Be realistic about the options that are beyond graduation. Have fun – but remember there are consequences for every decision you make.

37. Visit Guidance Senior year can be sad and exhilarating at the same time. You and your friends catalog all the "lasts"—the last first day of school, the last football game, the last prom. But you're also looking forward to graduating and starting another chapter of your life… don’t be afraid to swing by my office and talk about what you are excited about and what you fear.