1 / 20

The Financial Aid Process

The Financial Aid Process. Quakertown Senior High School Guidance Department. We will talk about:. Federal student aid State student aid Student aid from colleges Scholarships from other sources. What is Financial Aid?.

Télécharger la présentation

The Financial Aid Process

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. The Financial Aid Process Quakertown Senior High School Guidance Department

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

  3. What is Financial Aid? • Financial aid is any assistance to help students fund their education. It can take the form of: • Grants • Loans • Work-study • Scholarships

  4. Sources of Aid: • Federal • State • Educational Institution • Outside or Private Organizations • Civic Organizations • Parents • Employers • Schools

  5. Merit versus Need-Based Aid Merit-Based Aid = awarded to students • Strictly on the basis of merit. May be based on: Academic Record • Skills or Talent • Involvements or Service • Does not have to be repaid, usually renewable from year to year. Need-Based Aid = provided on the basis of financial need. Re-evaluated each year as financial situations may change.

  6. Gift Aid vs. Self-Help Aid Gift Aid: Grant/Scholarship = Aid awarded that does not have to be repaid. Self-Help Aid: Loans = Borrowed money that has to be repaid over a period of time, often after the student completes their degree. Work-Study = Money students earn by working on campus.

  7. The Costs of Attending College Direct Costs: • Tuition/Room and Board • Books/Fees Indirect Costs: • Transportation • Spending Money • Childcare/other responsibilities you took care of while living at home.

  8. How do I apply for aid? • Federal student aid: fill out Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov All Students/Parents Must Fill Out the FAFSA!!! • State aid: Students will be directed to the state aid questionnaire on the FAFSA confirmation page. Note: this will take to you AES (American Education Services). This is a division of PHEAA. • School aid: contact financial aid office at schools you are considering • Scholarships: visit scholarship Web sites (Naviance) and research private scholarships.

  9. What does the FAFSA form do? • The FAFSA will calculate your Expected Family Contribution (EFC) to help determine Financial Need • How is Financial need determined? Cost of Attendance – EFC = Financial Need* *Financial Need is the amount that the college financial aid offices will try to assist you in meeting, not the remaining EFC

  10. Need Varies Based on Cost: • The cost of college varies greatly, but your EFC will be the same. Financial need will be different based upon school cost: School ASchool BSchool C Cost: 6,000 18,000 35,000 EFC 4,000 4,000 4,000 Need 2,000 14,000 31,000

  11. Filling out my FAFSA Form: 1st Step: Get a PIN at www.pin.ed.gov • Your parent will need a PIN too • Choose your own PIN or let the site choose one for you

  12. Filling out my FAFSA Form: 2nd Step: Fill out your FAFSA online at www.fafsa.gov(double check address) • Apply on or after Jan.1 but as early as possible to meet all deadlines. • Need help? Use “Live Help” icon or call 1-800-4-FED-AID. • Don’t forget to print confirmation page.

  13. Filling out my FAFSA Form: 3rd Step: Watch for response by e-mail, from FederalStudentAidFAFSA@cpsemail.ed.gov, or by mail • Double-check your information online at www.fafsa.gov (use your PIN to log on) or on the paper Student Aid Report mailed to you • Correct any mistakes and update any information as necessary

  14. I’ve completed my FAFSA…..What now? Watch for e-mails or letters from the schools you are considering • Provide the schools with any additional paperwork they ask for • Meet all deadlines or you could miss out on aid!

  15. What happens next? • Each school will tell you how much aid you can get at that school (your financial aid package or award). • Once you decide which school to attend, keep in touch with the financial aid office to find out when and how you will get your aid.

  16. What Aid Can I Receive? • Federal Government: • Pell Grant (gift aid) • Stafford Loan (aka direct loan) • Must be paid back, may be subsidized • State Government: PHEAA Grant (gift aid) • Institutional Grants: (gift aid) Comes from the college financial aid office

  17. Sample Financial Aid Package   College A College B • Tuition/Fees      5,300    21,300 • Room and Meals   8,000      8,000 • Books        900        900 • Transportation        600        600 • Miscellaneous /Personal 1,200       1,200 • Total Cost $16,000 $32,000 • Less EFC   -3,200    -3,200 • Equals Need - $12,800 $28,800     • Financial Aid Offer (Package) • State Grants    2,200  2,200 • Federal Grants    4,700    4,700 • Other Scholarships/Grant   1,800   14,000 • Fed. Direct Loan    2,100    3,500 • Fed. Work Study    2,000   2,000 • Total Financial Aid Package $12,800 $26,400 • Percentage Loan and Work 32% 21% • Percentage Grant 68% 79% • Percentage of Need Met 100% 92%   • Add. Unsub. Direct Loan 3,400 2,000

  18. Other Sources of Funds • Federal Work Study Program • Private Business Scholarships • Civic Organization Scholarships • Additional college-based programs (be sure to fill out all requests for information from your college quickly and completely)

  19. Where can I get more info? • www.FederalStudentAid.ed.gov • Information about aid programs • Free scholarship search • Free college search • 1-800-4-FED-AID • Help with the FAFSA form. • www.Pheaa.org • Information about state aid programs

  20. Using Naviance to search for Scholarships • Naviance Account: Under the “colleges tab”, scroll to “scholarships and money”. Below are a couple of resources. • Scholarship List: maintains a list of scholarships entered by the guidance office that many of our students have applied for in the past. • National Scholarship Search: will ask you to answer some demographic questions and provide a list of national scholarships for which you may qualify.

More Related