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Financial Aid

Financial Aid. What You Need To Know!. PRESENTED BY: Your Name. Director of Financial Aid YOUR COLLEGE. AGENDA. What is financial aid? How need is determined. Who do you call? Web sites for help. Step by step directions for filling out the Free Application For Student Aid (FAFSA).

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Financial Aid

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  1. Financial Aid What You Need To Know!

  2. PRESENTED BY: Your Name Director of Financial Aid YOUR COLLEGE

  3. AGENDA • What is financial aid? • How need is determined. • Who do you call? • Web sites for help. • Step by step directions for filling out the Free Application For Student Aid (FAFSA).

  4. TWO CATEGORIES OF AID • Merit-Based • Need-Based

  5. Scholarships Merit based Free Money Grants Need based Free Money Loans Need based Must Be Repaid Employment Need based Work For Pay TYPES OF AID

  6. SCHOLARSHIPS • Michigan Merit Scholarship • Hope Scholarship • Michigan Competitive Scholarship • Sports • Academic • Other

  7. Federal Grants Pell Grant Need based (family contribution) Entitlement SEOG/Supplementary Educational Opportunity Grant Need based Given at discretion of each college GRANTS

  8. GRANTS continued • Academic Competitiveness Grant (ACG) Pell Grant Recipient Full Time Student Show Need First or Second Year Student Rigorous Secondary School Curriculum

  9. GRANTS continued • National SMART Grant Pell Grant Recipient Enrolled in 4 Year Degree Program Full Time Enrollment Show Need In 3rd or 4th academic year of program

  10. GRANT continued • SMART Grant continued… 3.0 GPA In an Eligible Major

  11. State Grants MEOG/Michigan Educational Opportunity Grant Need based Given on first come first serve basis APTG/Adult Part Time Grant Out of high school two years Independent status Michigan Tuition Grant Need based Must be attending a Michigan private college GRANTS CONTINUED

  12. LOANS • Federal Loans • Subsidized Stafford and Direct Loan • Federal government will pay the interest until student is no longer enrolled at least one-half time (6 Credits). • Interests rate will be 6.80 % • Student can pay on principal while in school and pay no interest. • Principal payments begin 6 months after student is no longer enrolled at least one-half time (6 credits).

  13. LOANS CONTINUED • Unsubsidized Stafford and Direct Loans • Federal government does not pay interest. • Interest rates are 6.54% during in-school, grace, and deferment periods, and 6.80% during repayment. • Student must begin paying interest upon approval of loan. • Principal payments begin six months after the student is no longer enrolled in at least one-half time(6 Credits).

  14. LOANS CONTINUED • Perkins loans • Plus loans – 8.50% APR • State loans • Institutional loans

  15. EMPLOYMENT • Federal College Work Study • State College Work Study • Need based • Usually work 25 hours or less per week while taking classes. • Can work around class schedule.

  16. DETERMINING NEED • Cost of attendance or budgets • Each college determines own budget • Will have dependent and independent budget • You can find each college’s budget in school catalog or other informational material.

  17. COST OF ATTENDANCE • Tuition & fees • Room & board • Books & supplies • Transportation • Miscellaneous personal expense

  18. COST OF ATTENDANCE CONTINUED • Study abroad • Child care • Handicap expenses • Cost of computer

  19. EXPECTED FAMILY CONTRIBUTION (EFC) • Determination based on information family submits on FAFSA (Free Application For Student Aid) • Each family will have it’s own EFC • EFC number can be anywhere from 0 to 99,999 • Each family will receive a Student Aid Report (SAR) and the EFC will be listed on this form.

  20. Applying for a Pin • Go to www.fafsa.ed.gov • Enter Personal Information • Provide address • Parent and Student both must have PIN • Pin will be electronic signature

  21. ESTIMATED COLLEGE COST OF ATTENDANCE COMPARISON

  22. DEFINITION OF NEED

  23. DETERMINING DEPENDENT OR INDEPENDENT STATUS • To be independent student must meet at least one of the these qualifications. • Where you born on or before Jan 1, 1983? • Are you a veteran of the U.S. Armed Forces? • Will you be working on a degree beyond a bachelor’s degree in 2006-2007? • As of today, are you married? • Are you an orphan or a ward of the court, or were you a ward of the court until age 18? • Do you have • Children who receive more than half their support from you • Dependents (other than your children or spouse) who live with you and receive more than half their support from you, now and through June 30, 2007

  24. CONTINUED • If student cannot meet one of these, the student will be considered dependent and financial information of both student and parents will be used to determine EFC. • Financial Aid Office can review dependency based on professional judgment. • Only used in unusual circumstances • Abuse, Death of both parents, etc. • Must talk directly to FA Office to see if they will consider this possibility. Everything will need to be documented.

  25. WHO DO YOU CALL? • High school counselor for questions • Call my office at Montcalm Community College (989)328-1205 • Call your college Financial Aid Office • Please be very careful of companies telling you they will guarantee financial aid if you will send them money.

  26. WEB SITES FOR HELP • Web site to send FAFSA electronically • WWW. FAFSA.ED.GOV • Will get information much quicker • Must get a PIN number for both student and parent. This will be used as signatures. • Make a copy of your form for your records. • You will receive your copy of SAR within a month. • College will send Award Letters in early Spring.

  27. OTHER WEB SITES • Www.michigan.gov/mistudentaid • Michigan Department of Education MI-SEARCH • www.studentaid.ed.gov • U.S. Department of Education • www.finaid.org • Mark Kantowitz Financial Aid Information Page • www.msfaa.org • Michigan Student Financial Aid Association

  28. College Goal Sunday • Will be held February 11, 2007. • Locations throughout the State. • Professionals available to answer questions about completing the FAFSA. • More information at www.MICollegeGoal.org

  29. QUESTIONS • Any questions you have should be asked. • There is never a question about financial aid that is stupid! It could mean the difference between getting money or not getting money!

  30. Your Name Your College Your Phone THE END

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