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FINANCIAL AID TOP 10 HITS

FINANCIAL AID TOP 10 HITS. WHAT IS FINANCIAL AID TERMINLOGY DOCUMENTS DEPENDENCY STATUS PIN NUMBERS SIGNATURES DEADLINES FOLLOW UP SCHOLARSHIPS PIT FALLS MESSAGE. WHAT IS FINANCIAL AID. Financial aid is Federal, State, and Private funds. Pell grant Fseog State need grant

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FINANCIAL AID TOP 10 HITS

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  1. FINANCIAL AID TOP 10 HITS WHAT IS FINANCIAL AID TERMINLOGY DOCUMENTS DEPENDENCY STATUS PIN NUMBERS SIGNATURES DEADLINES FOLLOW UP SCHOLARSHIPS PIT FALLS MESSAGE

  2. WHAT IS FINANCIAL AID • Financial aid is Federal, State, and Private funds. • Pell grant • Fseog • State need grant • Direct loan, subsidized & unsubsidized • Institutional Grants • Scholarship

  3. TERMINOLOGY • EXPECTED FAMILY CONTRIBUTION (EFC) • This number is derived from what is known as the Federal Methodology, which is regulated by the Higher Education act of 1965. The EFC is a preliminary estimate that measures your family’s financial strength. It is subtracted from the Cost of Attendance of the school(s) you plan to attend to determine your eligibility for federal student aid.

  4. Terminology continued • COST OF ATTENDANCE (COA)/ BUDGET • NEED • The COA minus the EFC equals NEED • The value of the NEED is the amount of financial aid a student is eligible to receive.

  5. COA/BUDGET • The budget is established • Tuition 3,381.00 • Books & Supplies 972.00 • Rent/Food/Utilities 8,460.00 • Transportation 1,176.00 • Misc. Personal Costs 2,040.00 • TOTAL 16,029.00

  6. EXAMPLE OF NEED • COA/BUDGET = 16,029.00 • EFC = 200.00 • NEED = 15,829.00

  7. DOCUMENTS • Social security numbers for student, and both parents if parents are married to one another or parent and stepparent • W’2’s from the previous year and all documents to show income earned • Documents to show all untaxed income • Documents to show value of investments • Alien registration record if the student is not a US citizen

  8. Dependency status • Dependency Status Worksheet • Were you born before January 1, 1988 • As of today, are you married • At the beginning of the 2011-2012 school year, will you be working on a master's or doctorate program (such as an MA, MBA, MD, JD, PhD, EdD, or graduate certificate, etc.) • Do you have dependent children • Do you have dependents other than children • Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training • Are you a veteran of the U.S. Armed Forces

  9. Dependency status continued • SPECIAL CIRCUMSTANCES • At any time since you turned age 13, were both your parents deceased, were you in foster care or a dependent or ward of the court • Are you emancipated • Are you or were you in legal guardianship • On or after July 1, 2010 did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless

  10. Special circumstances continued • At any time on or after July 1, 2010 did the director of an emergency shelter or transitional housing program funded by the U.S. Dept. of Housing and Urban Development determine that you were an unaccompanied youth who was homeless • At any time on or after July 1,2010 did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless

  11. DEFINITION/HOMELESS • You are homeless, which means you are lacking, fixed regular and adequate housing, which includes living in shelters, motels or cars, or temporarily living with other people because you had nowhere else to go: and • You are unaccompanied, which means you are not living in the physical custody of your parent or guardian.

  12. PIN NUMBERS • A pin number is the student and parent’s electronic signature. You can also use your pin to review your personal records, and make corrections and updates to your FAFSA • The pin number can be used throughout your educational period and your parent can use the same pin number for themselves if they are currently attending college or plan on attending college

  13. signatures • Who must sign the FAFSA • The student • One parent, the parent the student has lived the last 12 months with • The attending institution if the student has been approved for a professional judgment

  14. DEADLINES • We must stress the importance of deadlines. Each institution will have their own set of deadlines, generally if a student completes the FAFSA in January or February of the school year they plan on attending they will meet the FAFSA deadline. However FAFSA is the FIRST step in applying for financial aid not the LASTstep so it is important to contact the potential schools regarding outstanding documents and deadlines

  15. FOLLOW UP • FOLLOW UP, FOLLOW UP, FOLLOW UP • Check the status of a submitted FAFSA at any time, but it is recommended you check the status at least one week after electronic submission. • Contact the schools regarding documents they may need to complete their financial aid file

  16. SCHOLARHSIPS • There are scholarships available through the attending high schools as well as the colleges and universities. Also there are scholarships offered by the State of Washington

  17. Scholarships continued • The listings below will provide you with detailed information about each of the Washington Opportunity Pathways financial aid programs. • American Indian Endowed Scholarship • College Bound Scholarship • Future Teachers Conditional Scholarship and Loan Repayment • Alternative Routes to Teacher Certification • GET Ready for Math and Science Conditional Scholarship • Health Professional Programs • John R. Justice Loan Repayment ProgramNEW • Opportunity Grants - Administered by the State Board for Community & Technical Colleges • Passport for Foster Youth Promise Program • State Need Grant (SNG) • State Work Study (SWS) • Washington Scholars • WAVE (Award for Vocational Excellence) • WICHE Student Exchange-Western Interstate Commission for Higher Education • See theWashBoard.org for more scholarship opportunities.

  18. PIT FALLS • Common problem areas: • FAFSA.GOV not FAFSA.NET • Parent signature ******* • Taxes vs AGI • Meaning of Graduate Professional • Selective service • Not checking the status of the FAFSA • Not checking for outstanding documents at the potential schools

  19. IMPORTANT MESSAGE • COLLEGE ACCESS FOR EVERYONE It is important to stress that funding does not have to be a barrier to higher education. There are opportunities available. There are counselors at the schools that are able to help the student make their way through the processes in order too; make it happen for them

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