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Figuring out Financial Aid

Join Leila G. Krutt from CONNTAC-EOC for an informative session on financial aid. Learn about federal and state student aid, available grants, loans, scholarships, and how to apply. This presentation covers key questions about financial aid eligibility, types of support, application steps, and what to expect after applying. Whether you're a high school graduate or looking to further your education, this comprehensive guide will help you navigate the financial aid landscape to secure funding for your educational journey.

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Figuring out Financial Aid

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Presentation Transcript

  1. Figuring out Financial Aid Presented by Leila G. Krutt From CONNTAC-EOC

  2. We will talk about: • Federal student aid • State student aid • Student aid from colleges • Scholarships from other sources

  3. We will answer: • What is financial aid? • Who can get it? • What are the types of financial aid? • How much can I get? • How do I apply? • What happens next?

  4. What is financial aid? • Financial aid is any type of money you receive to help fund your education

  5. 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 • Satisfactory academic progress

  6. What are the types of financial aid? • Gift Aid: Grants / Scholarships – money is not paid back • Loan Aid: Borrowed money • Work Aid: Money earned as payment for a job

  7. Grants vs. Scholarships • Grants - Money that is given based on need • Scholarships - Money that is usually given based on merit or performance of some kind, sometimes in combination with a person’s need

  8. Types of federal grants • Federal Pell Grant – Up to $5,550 a year • Federal Supplemental Educational Opportunity Grant (FSEOG) – Up to $4,000 a year • TEACH Grant – Up to $4,000 a year

  9. Types of federal loans • Federal Perkins Loan – Up to $5,500 a year • Federal Stafford Loans • Subsidized - $3,500 to $8,500 a year depending on grade level • Unsubsidized - $5,500 to $12,500 a year depending on grade level • PLUS loans – Up to amount of unmet financial need.

  10. Federal Work Study • Part time job • Normally work for the school or a public service position • Can not earn more than what was stated in the award letter

  11. Connecticut State Aid • Connecticut Aid for Public College Students - Up to amount of unmet financial need. • CT Independent College Student Grant Program (CICS) - Up to $8,166 a year • Connecticut Minority Teacher Incentive Program – Grants up to $5,000 a year for 2 years

  12. Financial Aid from the School • Different scholarships and grants are available from school to school • May need to complete an institutional financial aid form or the CSS Profile

  13. Scholarship resources • Fastweb.com • Collegeboard.com • Search for “Scholarship Search” in upper left hand corner • CT Department of Higher Education: • http://www.ctdhe.org/SFA/default.htm • College websites – lists found on the school’s financial aid page

  14. How to apply for financial aid Fill out the FAFSA – Free Application for Federal Student Aid www.fafsa.ed.gov BEWARE OF SCAMS!!! Do NOT use: • fafsa.com • fafsaonline.com • NO dot coms!!

  15. What documents you need: • Federal Income Tax Return (if you filed one) • IRS 1040, 1040A, or 1040EZ • Foreign Tax Return • Tax Return from Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federal States of Micronesia, or Palau • W-2 Forms and other records of money earned

  16. (cont’d) What documents you need: • Any untaxed income records, such as: • Workers compensation • Disability • Child support received • Veterans non-education benefits

  17. How to determine dependency: • Answer NO to all dependency questions – You are a dependent • Answer YES to one or more dependency questions – You are an independent

  18. ONLY if you’re a DEPENDENT Parental information you will need: • Full name • Social Security Number • Date of birth • Address • Alien registration number (if not a U.S. citizen)

  19. (cont’d) ONLY DEPENDENTS: Parental information you will need: • Date of parents’ marriage, separation, or divorce (month and year) • Parents’ total amount of money in checking, savings, cash, etc.

  20. Step 1: Apply for a PIN Go to www.fafsa.gov and click on START HERE and follow the steps Or go to: www.pin.gov

  21. Who needs a PIN? • The student needs a PIN • One parent needs a PIN (if the student does not qualify as an independent) • The parent can re-use a PIN created for a sibling’s FAFSA

  22. The FAFSA homepage

  23. Step 2: Fill out the FAFSA Fill in Login Information and make sure to double check it!

  24. Filling out the FAFSA… Choose “Start 2012-2013 FAFSA” • Don’t leave questions blank • Read questions carefully • Pay attention to the years that are mentioned

  25. Submitting the FAFSA • Check FAFSA for mistakes • Enter your PIN and a parent’s PIN and submit the FAFSA • An estimated EFC (Expected Family Contribution) is generated • Pell Grant eligibility is predicted

  26. After the FAFSA • Receive a Student Aid Report (SAR)

  27. My contact information • Leila Krutt – Educational Counselor • Main office: (860)412-7263 • Willimantic office: (860)423-1824 • Email: LKrutt@qvcc.commnet.edu

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