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FINANCIAL AID WORKSHOP PowerPoint Presentation
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FINANCIAL AID WORKSHOP

FINANCIAL AID WORKSHOP

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FINANCIAL AID WORKSHOP

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  1. FINANCIAL AID WORKSHOP

    PORTLAND HIGH SCHOOL Wednesday, December 8, 2010
  2. What is Financial Aid? Funding intended to help students pay educational expenses including tuition and fees, room and board, books and supplies, etc. for education at a college, university, or private school. Supplied by a source other than the family to help pay for education costs. Financial aid may be "need-based" or awarded based on the financial need you possess. It can also be "merit-based" or awarded for special talents or achievements you've made.
  3. Types Of Financial Aid Scholarships Grants Loans Work Study
  4. What Makes You Eligible? EFC (Estimated Family Contribution) Determined by Free Application For Federal Student Aid (FAFSA) Estimated cost the government determines a family can afford to pay for school Determined by several factors: Student/Parent Income Assets Investments Number in household Number in college
  5. SOURCES OF FINANCIAL AID FEDERAL GOVERNMENT STATE GOVERNMENT INSTITUTIONAL PRIVATE SOURCES EMPLOYERS
  6. SCHOLARSHIPS AND GRANTS Scholarships Based on merit, skill or unique characteristic Does not have to be paid back Grants Based on financial need Does not have to be paid back
  7. Federal Pell Grant Federal grant sponsored by the U.S. Department of Education based on a families income. Up to $ 5550 Grant for intend to teach in a public or private school that serves students from low-income families. students who TEACH Grant Up to $4000 Michigan Tuition Grant Grant awarded to students who attend a Private College $ 1512 Supplemental Education Opportunity Grant (SEOG) Award differs per institution $ 280 $ 750 First Year $ 1300 Second Year Academic Competitiveness Grant Completion of rigorous secondary education curriculum
  8. Federal Direct Loans SUBSIDIZED UNSUBSIDIZED 1STYEAR $3500 $2000 2ND YEAR $4500 $2000 3RD YEAR $5500 $2000 4TH YEAR $5500 $2000 Subsidized means no interest while in school 4.5% interest rate Unsubsidized means interest is accruing while in school 6.8% interest rate No payment due until 6 months after leave school
  9. OTHER LOANS PARENT PLUS PARENTS BORROW FOR STUDENT 8.5% INTEREST UP TO ENTIRE REMAINING BALANCE FEDERAL PERKINS 5% INTEREST UP TO $4000 PER YEAR ALTERNATIVE LOANS BORROW CAUTIOUSLY!
  10. WORK STUDY EMPLOYMENT (WORK STUDY) Students can apply for various positions on campus Work up to 20 hours per week Receive reduction in tuition statement Receive a paycheck to use for living expenses or pay toward bill
  11. THE FAFSA FREE APPLICATION FOR FEDERAL STUDENT AID
  12. AID APPLICATION PROCESS
  13. PREPARING FOR THE FAFSA WHAT IS THE FAFSA ? FREE APPLICATION FOR FEDERAL STUDENT AID IMPORTANT TO COMPLETE BETWEEN JANUARY AND MARCH 1ST CALCULATES ELIGIBILITY FOR FEDERAL AID, STATE AID, LOANS AND SOME INSTITUTIONAL AID ESTIMATED FAMILY CONTRIBUTION (EFC) INTENDED TO REPRESENT WHAT THE FAMILY CAN PAY TOWARD COLLEGE DEPENDS ON THE COST OF COLLEGE AND AMOUNT OF SCHOLARSHIPS FROM SCHOOL
  14. HOW TO APPLY Web site: www.fafsa.gov 2011-12 FAFSA on the Web available on January 1, 2011
  15. APPLYING FOR A PIN NUMBER Web site: www.pin.ed.gov Sign FAFSA electronically Can request PIN before January 1, 2011 Used by students and parents throughout aid process, including subsequent school years
  16. WHAT DO YOU NEED TO COMPLETE THE FAFSA? FAFSA PIN NUMBER FOR STUDENT AND PARENT (www.pin.ed.gov) MOST RECENT FEDERAL TAX FORM FOR PARENT AND STUDENT W-2 FORMS FOR PARENT AND STUDENT SOCIAL SECURITY NUMBERS FOR STUDENT AND PARENTS DRIVER’S LICENSE FOR STUDENT UNTAXED INCOME INFORMATION CURRENT INFORMATION ON BUSINESS, INVESTMENTS AND FARM CURRENT BANK STATEMENT
  17. WHAT IF I CAN’T PROVIDE PARENT INFORMATION? DETERMINING IF YOU ARE INDEPENDENT OR DEPENDENT MARRIED 24 YEARS OLD HAVE CHILDREN & PROVIDING 50% SUPPORT VETERAN OF ARMED FORCES ACTIVE MEMBER OF ARMED FORCES (NOT TRAINING) FOSTER CHILD, ORPHAN OR WARD OF THE COURT UNACCOMPANIED HOMELESS YOUTH IN LEGAL GUARDIANSHIP OR EMANCIPATED MINOR
  18. Step One: Student Information Name Address Date of birth Social security number Driver’s license number General enrollment information
  19. Step Two: Student Income Information Information from tax form (watch for references to the line you should take information from) Balance of cash, savings, checking Investments (Does not include retirement) Net worth of business Untaxed income
  20. Step Three: Parent Information Name Address Date of birth Social security number Number in Household Number in college Income information
  21. Step Four: Parent Income Information Type of form filed Information from tax form (watch for references to the line you should take information from) Balance of cash, savings, checking Investments Net worth of business Untaxed income
  22. Step Five: List your Colleges Can list up to ten colleges on the FAFSA College receive information, determine eligibility and send award letter Can change college choices anytime Must put private college in #1 spot for state grant Housing plans
  23. Step Six: Sign your FAFSA Must be signed by student and parent Create a 4-digit PIN# at www.pin.ed.gov Option to print signature page at end of online FAFSA Get results much quicker if you use online FAFSA and sign with PIN#
  24. SPECIAL CIRCUMSTANCES SEND EXPLANATION TO FINANCIAL AID OFFICE AT EACH COLLEGE COLLEGE REVIEWS SPECIAL CIRCUMSTANCES MAY REQUEST ADDITIONAL DOCUMENTATION
  25. AVOID SCAMS DO NOT USE WWW.FAFSA.COM SIGNS OF FRAUDULENT SCHOLARSHIP SERVICE “GUARANTEED” INFORMATION IS NOT AVAILABLE ANYWHERE ELSE PROVIDE CREDIT CARD NUMBER THEY WILL DO ALL THE WORK COSTS MONEY FINALIST IN A CONTEST YOU NEVER ENTERED
  26. IMPORTANT DATES January 1st 2011 – FAFSA is available March 1st 2011 – FAFSA is due Date: February 23rd from 7 pm to 9 pm Location: Lakewood High School Event: Financial Aid Workshop Date: February 13th from 2 pm to 4 pm Location: Kellogg Community College Event: College Goal Sunday
  27. Questions?