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Financial Aid 101

Financial Aid 101

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Financial Aid 101

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  1. Financial Aid 101 Presented by the Adult Education Department at Indian River State College

  2. Virtual Workshop Orientation

  3. Orientation

  4. Orientation

  5. Orientation

  6. Orientation

  7. Orientation

  8. Orientation

  9. Objectives • Navigate the financial aid process • Locate and complete the Free Application for Federal Student Aid (FAFSA) • List sources of financial aid and understand financial aid terminology

  10. Financial Aid topics • What is financial need • Cost of attendance (COA) • Expected Family Contribution (EFC) • Types and sources of financial aid • Free Application for Federal Student Aid (FAFSA)

  11. What is Cost of Attendance Includes: • Tuition & Fees • Room & Board • Books, supplies, transportation, etc.

  12. What is Expected Family Contribution or EFC • Amount family can reasonably be expected to contribute • Cost of Attendance – Expected Family Contribution =Financial Need • Parent contribution/Student contribution • Calculated using data from a federal application form and a federal formula • Stays the same regardless of college

  13. Types of Financial Aid • Scholarships – Aid that is awarded on the basis of merit, skill, or unique characteristic that does not have to be repaid • Grants – Aid awarded on the basis of financial need that does not have to be repaid • Loans- Money students and parents borrow to help pay college expenses • Repayment usually begins after education is finished • Only borrow what is really needed • Look at loans as an investment in the future

  14. Sources of Financial Aid • Federal government • States • Private sources • Civic organizations and churches

  15. Government Aid Federal • Largest source of financial aid • Aid awarded primarily on the basis of financial need • Must apply every year using the Free Application for Federal Student Aid (FAFSA)

  16. Government Aid State • Residency requirements • Award aid on the basis of both merit and need oftentimes • Use information from the FAFSA • Deadlines vary by state; check FAFSA on the Web site

  17. Private Sources • Foundations, businesses, charitable organizations, civic & community organizations & churches • Begin researching private aid sources early • Deadlines and application procedures vary widely • IRSC Foundation Scholarships STARS application at https://stars.irsc.edu/STARS/ • Websites such as http://www.collegeboard.com/student/pay/index.html

  18. Common Federal Aid Programs • Federal Pell Grant • Federal Supplemental Educational Opportunity Grant • Federal Work-Study • Subsidized and Unsubsidized Loans

  19. Federal Pell Grant • Awarded amount based on EFC, COA, and enrollment status (full-time, half-time, etc.) • Maximum award for 2011-2012 = $5,550 FSEOG - Federal Supplemental Educational Opportunity Grant • Annual award amounts vary from $100 to $4,000 a year • Students with the lowest EFC’s are awarded first • Priority goes to Federal Pell Grant recipients and is often based on the date you submit your FAFSA

  20. Federal Work Study -FWS • Provides part-time employment while you are enrolled in school • Employment may be on or off campus • Inquire about work-study jobs at IRSC’s Financial Aid Office

  21. Federal Direct Loans • Subsidized – must demonstrate need – U.S. Department of Education will pay (subsidize) the interest that accrues while in school • Unsubsidized – not based on need – most everyone can qualify – Interest accrues while in school

  22. Private Loans • Banks and credit card companies may provide education loans • These type of educational loans will likely have a higher interest rate than government student loans • Requires credit-worthiness • Loans have maximum amounts based on your year in college

  23. Free Application for Federal Student Aid (FAFSA) • Collects demographic and financial information about the student and family • Information used to calculate the Expected Family Contribution or EFC–money a student and parent may reasonably be expected to contribute to the cost of the student’s education per academic year • Colleges use EFC to award financial aid • This form is the basis for all need-based financial aid • Website: www.fafsa.gov • IRSC federal school code is 001493

  24. FAFSA Assistance • Indian River State College’s financial aid department • College Goal Saturday • FAFSA website – • Toll-free 1-800-4FED AID 1-800-433-3243 • Online live assistance • Email (Assistance available M-F 8 am – 12pm Sat 9am-6pm)

  25. How much did you learn? • 1) Do you complete the FAFSA form only once while you are attending college? • 2) Do grants have to be repaid? • 3) Does the cost of attendance include room and board?

  26. How did you do? • 1) Do you complete the FAFSA form only once while you are attending college? No, it is completed every year that you are in college. • 2) Do grants have to be repaid? No. • 3) Does the cost of attendance include room and board? Yes, regardless of whether or not you stay on campus.

  27. Any questions regarding financial aid or the FAFSA?

  28. Thank you for your attendance!