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The Minnesota Association of Financial Aid Administrators presents…

The Minnesota Association of Financial Aid Administrators presents…. Financial Aid 101: The Basics … an introduction to financial aid. Financing Your Future. What does college cost? How do I apply for financial aid? What types of aid are available?

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The Minnesota Association of Financial Aid Administrators presents…

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  1. The Minnesota Association of Financial Aid Administrators presents… • Financial Aid 101: The Basics • …an introduction to financial aid 2012

  2. Financing Your Future What does college cost? How do I apply for financial aid? What types of aid are available? Where can I get more information? 2012

  3. What does college cost?(2011-2012 annual tuition and fees for MN colleges) Private colleges: $31,862 Private career schools: $14,042 University of Minnesota: $13,062 Minnesota state universities: $7,323 MN community & technical colleges: $5,173 Source – MN Office of Higher Education 2012

  4. Cost of Attendance The cost of attending an institution includes more than just tuition and fees. Also included are: Room and Board Books and Supplies Transportation Personal Expenses 2012

  5. How will I pay for it? Family support Savings Financial Aid 2012

  6. Where does financial aid come from? Federal Government State Government Colleges and Universities Private and public sources 2012

  7. What is financial aid? Merit-based aid (Scholarships) From within the college/university From private/public sources outside the college/university Grants Loans Employment Opportunities 2012

  8. Obtain a Federal Personal Identification Number (PIN) Complete the Free Application for Federal Student Aid (FAFSA) Complete school financial aid application (if required) Meet application deadlines Apply for scholarships both within and outside of the college/university Contact your financial aid administrator if you have special circumstances How do I apply for financial aid? 2012

  9. PIN Registrationwww.pin.ed.gov 2012

  10. FAFSA on the Webwww.fafsa.gov • Completing and processing the FAFSA is free! • Never pay a fee to file the FAFSA. • Contact your school’s financial aid office - if you need help. 2012

  11. FAFSA on the Webwww.fafsa.gov 2012 October 2010

  12. Be careful… Put your name and SSN on FAFSA exactly how it appears on your social security card Refer to completed federal income tax return and consult instructions for proper line references If entry is zero or none, enter 0--don’t leave blank Enter school code(s) Student and one parent must both sign dependent student’s FAFSA 2012

  13. What makes a student “independent”? At least 24 years old by December 31st of the award year covered by the FAFSA Graduate or professional student Married Has legal dependents other than a spouse who receive more than one half of their support from the student Is an orphan, in foster care, or ward of the court On active duty or veteran of the U.S. Armed Forces Emancipated minor or in legal guardianship as determined by a court Has been determined to be homeless by an authorized official 2012

  14. Expected Family Contribution (EFC) The EFC is calculated from the information you provide on the FAFSA according to a formula established by law. You can get an estimate of your EFC using the FAFSA 4-caster tool at: www.fafsa.gov 2012

  15. FAFSA data that tends to have the most impact on EFC calculation • Dependent Student • Parents’ income and assets • Household size • Number of dependents attending college • Student’s income and assets • Independent Student • Student’s (and spouse’s) income and assets • Household size • Number in household attending college 2012

  16. How does a school determine my financial aid award? Cost of Attendance (COA) - Expected Family Contribution (EFC) = Eligibility for need-based financial aid 2012

  17. Grants Federal Pell Grant: need-based; annual award range for a full-time student is $976 - $5,550 Federal SEOG Grant: limited funding; priority given to students with exceptional need; annual award range is $100 - $4,000 Minnesota State Grant: MN resident enrolled at eligible MN school; for students from low and moderate income families; annual award range is $100 - $9,620 Institutional Grant: college or university funds awarded to students with financial need 2012

  18. Types of Loans 2012

  19. Work-Study • Part-time student employment • Earnings paid to student • Work-Study earnings not included when determining EFC on next year’s FAFSA 2012

  20. High school counselor’s office or career center Community, church, civic, and business organizations Employers Colleges and universities On the Web Scholarship Searching 2012

  21. Avoid Scholarship Scams Legitimate scholarships never charge fees and the application information is available to everyone. Don’t fall for guarantees or claims that someone has information you can’t get anywhere else. 2012

  22. MNCollegeGoalSunday.org Get free help completing the FAFSA. Visit the web site for dates and locations. 2012 October 2010

  23. Other Resources Reciprocity Programs Wisconsin, North and South Dakota, Manitoba Midwest Student Exchange Program (MSEP): Kansas, Michigan, Missouri, Nebraska Federal Tax Benefits for Higher Education Tuition and Fees Tax Deduction American Opportunity Tax Credit Student Loan Interest Deduction Lifetime Learning Tax Credit 2012

  24. Other Resources, cont. Other Government Programs Americorps Program Bureau of Indian Affairs Grants Dislocated Worker Programs ROTC Scholarships and/or Stipends Veterans Benefits Vocational Rehabilitation Programs 2012

  25. Where can I get more information? U.S. Department of Education: www.ed.govand www.college.gov Minnesota Office of Higher Education: www.ohe.state.mn.us Internet System for Education & Employment Knowledge: www.iseek.org FinAid! - The Financial Aid Information Page: www.finaid.org Minnesota Association of Financial Aid Administrators: www.mafaa.org The College Board: www.collegeboard.org 2012

  26. What should I do and when? • Apply for scholarships now and throughout college • Apply for admission to your school(s) of choice • Apply for your PIN number • Complete the FAFSA each year and be aware of school financial aid deadlines 2012

  27. What should I do and when? • Review your Student Aid Report (SAR) for accuracy • Respond promptly if your school requests more information • Respond to financial aid award notice • Complete loan promissory notes and work-study forms 2012

  28. Financing Your Future…an investment in you ! 2012

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