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HOW TO SURVIVE THE FINANCIAL AID PROCCESS

HOW TO SURVIVE THE FINANCIAL AID PROCCESS. THINGS YOU MAY ALREADY KNOW AND PROBABLY SOME YOU DON’T!. What is the FAFSA?. Free Application for Federal Student Aid. HOW TO APPLY. Visit www.fafsa.ed.gov .

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HOW TO SURVIVE THE FINANCIAL AID PROCCESS

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  1. HOW TO SURVIVE THE FINANCIAL AID PROCCESS THINGS YOU MAY ALREADY KNOW AND PROBABLY SOME YOU DON’T!

  2. What is the FAFSA? Free Application for Federal Student Aid.

  3. HOW TO APPLY • Visit www.fafsa.ed.gov. • Complete the FAFSA using your tax return and if considered a dependent student, use your parents tax return also. • Wait 7-14 business days for the application to process. • Return any paperwork requested by the Financial Aid Office.

  4. WHAT THE FAFSA COVERS. • Federal Funds - PELL, FSEOG • State Funds - NCSIG, NCCG, NCELS • Eligibility for Subsidized Direct Loans

  5. Things to Remember • The Department of Education assigns you an EFC (Expected Family Contribution) that determines your eligibility for federal and state funding. • The FAFSA must be completed for each new academic year. • Your financial aid is not complete when you submit your FAFSA. You must receive an award letter stating your award amount. • DO YOUR FAFSA AS EARLY AS POSSIBLE!!!!

  6. Financial Aid Breakdown • When you are assigned Pell Funding by the Federal Government, it is assigned at a full time student level. Your funding will be adjusted to reflect your credit hours.

  7. Student Loans Direct Subsidized Loans Direct Unsubsidized Loans Loan done through the Department of Education. Student is responsible for the loan interest from the moment it is dispersed. Loan done through Department of Education. Government pays the loan interest while the student is in school. Alternative Loans Loan is done through a Private Lender.

  8. REQUIREMENTS TO RETAIN ELIGIBILITY • Each institution will have a Satisfactory Academic Progress Policy (SAP) that will outline the requirements to retain Financial Aid Eligibility throughout your academic career!

  9. This is what happens if you lose your financial aid eligibility!

  10. Return to Title IV • If a student drops all of their credit hours before the 60% of the semester a calculation is performed to determine what percentage of his/her financial aid must be returned to the Department of Education. • This can cause a student to be ineligible for any additional financial aid in the future and block any transcript requests.

  11. Other functions of Financial Aid Office • Veteran’s Affairs • Work-Study • Scholarship Information

  12. Ever wonder how depressed your parents will be once your away at college?

  13. QUESTIONS?

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