Financial Aid for College

1. Financial Aid for College Financial Aid Presentation NCASFAA/ NCSEAA

2. Scope of this Workshop • What is financial aid? • College costs • Applying for financial aid • Alternatives • How to complete a FAFSA Financial Aid Presentation NCASFAA/ NCSEAA

3. What isFinancial Aid? • Grants • Scholarships • Loans • Employment Financial Aid Presentation NCASFAA/ NCSEAA

4. College Costs • Tuition • Required fees • Room • Meals • Books and Supplies Financial Aid Presentation NCASFAA/ NCSEAA

5. College Costs • Transportation and miscellaneous personal expenses, including documented costs for a personal computer • Loan fees Financial Aid Presentation NCASFAA/ NCSEAA

6. Applying for Federal Financial Aid • Free Application for Federal Student Aid (FAFSA) • Required for all types of federal aid • Use the worksheets available from high schools & financial aid offices to complete the online form. • 99% of forms are filed online! • Paper forms can be obtained by calling 800-4-FED-AID (1-800-433-3243) • Complete on the Web at www.fafsa.ed.gov after January 1st, preceding the academic year • Results sent electronically to institutions listed by student on FAFSA and to the student (if you provide your email address) Financial Aid Presentation NCASFAA/ NCSEAA

7. Applying for State Financial Aid • The FAFSA is the application for most major state programs: • NC Education Lottery Scholarship • UNC Need-Based Grant • NC Student Incentive Grant • EARN (new in 2008-2009) Financial Aid Presentation NCASFAA/ NCSEAA

8. Where can you find trulyfree information about financial aid? • Contact College Foundation of North Carolina at CFNC.org or toll free at 866-866-CFNC • Service of the State of North Carolina • Talk to the financial aid administrator at the college of choice • Ask your high school counselor or visit the local library • Apply for federal financial aid at FAFSA.ed.gov • (notice it is not FAFSA.com!) Financial Aid Presentation NCASFAA/ NCSEAA

9. Applying for Financial Aid • Additional documentation may be required… for VERIFICATION of information • Tax returns • Untaxed income (Social Security, Child support, other) • Family size • Family members attending college • Other... Financial Aid Presentation NCASFAA/ NCSEAA

10. Special Circumstances • Significant change in your family… • Unemployment of a parent • Death in the family • Change in parents’ marital status • Medical expenses not covered by insurance • Student cannot obtain parent information Notify the financial aid office at your college of any special circumstances. Be prepared to provide documentation of any change, including the financial impact of the change. Financial Aid Presentation NCASFAA/ NCSEAA

11. Sources of Financial Aid • Federal Government • State Programs • Institutional funds • Outside agencies Financial Aid Presentation NCASFAA/ NCSEAA

12. Gift Scholarships Grants Self-help Loans Employment Types of Financial Aid Financial Aid Presentation NCASFAA/ NCSEAA

13. Federal Aid Programs • Federal Pell Grant • Academic Competitiveness Grant • National SMART Grant • Federal Supplemental Educational Opportunity Grant • Federal Work-Study • Federal TEACH Grant (loan) • Federal Perkins Loan • Federal Stafford Loan Financial Aid Presentation NCASFAA/ NCSEAA

14. North Carolina Aid Programs (partial listing) • NC Student Incentive Grant • NC Education Lottery Scholarship • UNC Need-Based Grants • Nurse Scholarships/Loans • Teacher Scholarships/Loans Financial Aid Presentation NCASFAA/ NCSEAA

15. Outside Agencies Local organizations Churches Civic Groups Parents’ employers Veterans Administration Vocational Rehabilitation Services Outside Aid Financial Aid Presentation NCASFAA/ NCSEAA

16. Is that all there is? • Federal Stafford Loans • Federal PLUS Loans for parents of dependent students Financial Aid Presentation NCASFAA/ NCSEAA

17. Is that all there is? • Private Alternative Loans for students • Last resort--Always apply for federal loans first! • College Payment Plans • Outside Scholarships Financial Aid Presentation NCASFAA/ NCSEAA

18. Additional Information • College Foundation of North Carolinawww.cfnc.org • The Student Guide • Published by US Department of Education www.ed.gov/prog_info/SFA/StudentGuide • Student Financial Aid for North Carolinians • www.cfnc.org/fabook • www.finaid.org • Publications in local libraries Financial Aid Presentation NCASFAA/ NCSEAA

19. FAFSA on the Web’s Homepage

20. Before Beginning a FAFSA Overview • Gather the documents you need • Print a FAFSA on the Web Worksheet • Plan how to sign your FAFSA • Apply for a PIN now! • Check your eligibility for federal student aid Financial Aid Presentation NCASFAA/ NCSEAA

21. Personal Identification Number (PIN) • Web site: www.pin.ed.gov • Sign FAFSA electronically • Can request PIN now. • Not required, but speeds processing • Students and parents each need a PIN. Will be used multiple years. Financial Aid Presentation NCASFAA/ NCSEAA

22. Signing the FAFSA • After completing the FAFSA, student and parent (if dependent) must sign by: • Entering PIN • Both student and one parent should each have PINs OR • Print signature page, sign and mail to address provided within 7 days Financial Aid Presentation NCASFAA/ NCSEAA

23. Summary • Lots of aid available from federal and state governments • Get a PIN now! www.pin.ed.gov • Student and parent must each have a PIN • Complete forms by deadlines • Use www.fafsa.ed.gov to complete, sign and submit application. Financial Aid Presentation NCASFAA/ NCSEAA

24. Summary • Respond promptly if additional information requested • Tax returns or other information • College will notify via email, Web or mail of aid eligibility • Student should follow colleges’ instructions to accept or decline aid offered. Financial Aid Presentation NCASFAA/ NCSEAA

25. Questions? Financial Aid Presentation NCASFAA/ NCSEAA