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Finding Money for College

Finding Money for College. Financial Aid and the FAFSA. Gary Schindler – Dean of Student Affairs and Financial Aid Director Riverland Commuity College. We will talk about:. Types of Aid Available Eligibility Criteria

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Finding Money for College

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  1. Finding Money for College Financial Aid and the FAFSA Gary Schindler – Dean of Student Affairs and Financial Aid Director Riverland Commuity College

  2. We will talk about: • Types of Aid Available • Eligibility Criteria • FAFSA overview….How to avoid trouble and assure SPEED in the processing of our financial aid. • START YOUR CONVERSATIONS

  3. What is financial aid? Money to HELP Pay for College (Cost of Attendance) • Grants – Federal and State • Loans – Federal, State, and Private • Work-study – Federal, State, and Institutional • Scholarships – Local, Regional, State, and National NOTE…#1 source Parent and Student

  4. Who can get federal student aid? • U.S. citizen or permanent resident • High school graduate/GED holder • Eligible degree/certificate program • Valid Social Security number • Males registered for Selective Service Key to eligibilityIncome, Assets, Family Size

  5. How much federal student aid can I get? In general, depends on your financial need (eligibility). • Financial need determined by Expected Family Contribution (EFC) and cost of attendance (COA) • EFC comes from what you report on FAFSA • COA is tuition, fees, room and board, transportation, etc. COA – EFC = Financial Need (Eligibility)

  6. Cost of Attendance • Two-year public - $5,500 • State University - $8,000 • University of MN - $14,000 & Private Career • Private College/U - $30,000+ Note – Reciprocity (ND, SD, WI)

  7. How much federal student aid can I get? For early estimate, use FAFSA4caster: • Go to www.fafsa4caster.ed.gov • Enter some financial information • Get an estimate

  8. How much state, school, and private scholarship money can I get? Do your research! • Ask college financial aid offices • High school counselors • Free scholarship search at: StudentAid.gov/scholarships Fastweb.com Minnesota Office of Higher Education

  9. How do I apply for aid? • Federal student aid: fill out Free Application for Federal Student Aid (FAFSASM) at www.fafsa.gov • College application: contact financial aid offices at schools you are considering

  10. How do I apply for federal student aid? • Get a PIN at www.pin.ed.gov. • Your parent might need a PIN too. • Choose your own PIN or let the site choose one for you.

  11. How do I apply for federal student aid? • Gather the documents you need to apply. • Use FAFSA on the Web Worksheet to prepare your answers. (Get the Worksheet at StudentAid.gov/resources#worksheet) • 2013 taxes • Untaxed income docs, retirement contribution docs, child care related payments/receipts

  12. How do I apply for federal student aid? • Fill out your FAFSA at www.fafsa.gov. • Apply on or after January 1 but as early as possible to meet all deadlines.

  13. FAFSA Tips and Trouble Spots • Page One: • IRS Data Retrieval • Do the PIN • NOTE – state deadlines • Page Two: • Citizenship Status • Selective Service • Dependency

  14. FAFSA Tips and Trouble Spots Page Three – Parent Page • Biggest Change – Parent Status • Dislocated Worker • Tax filing • Did anyone….receive? • Additional Financials - Subtraction • Untaxed Income – Addition • Assets

  15. FAFSA Tips and Trouble Spots Page Four – Student Page • Ditto • Recommendation….file a tax form

  16. Financial Aid – Process Notes • FAFSA (Student e-mail Dept. of Ed) 2. Data to college 3. Verification – 30% of students (Tracking letters or notices) 4. Award letter (e-services, outline of awards)

  17. Questions?

  18. Thanks for coming Contact information: Gary Schindler • Phone: (507) 433-0829 • E-mail: gary.schindler@riverland.edu

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