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Helpful Hints for Applying for Financial Aid 2009-2010

Navigating the financial aid process can be daunting. This guide provides crucial steps for applying for financial aid, including preparing your documents, completing the FAFSA, and reapplying annually. Start preparing in your junior or senior year by exploring scholarships and free resources like Fastweb and College Answer. Ensure you gather necessary documents, understand eligibility criteria, and recognize common mistakes to avoid. Stay organized and informed to maximize your chances of receiving financial aid.

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Helpful Hints for Applying for Financial Aid 2009-2010

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  1. Helpful Hints for Applying for Financial Aid 2009-2010 Presented by Valencia Community College

  2. Steps to Applying R(7) • Get Ready • Re-apply/Apply • Review • Respond • Receive • Remain Eligible • Repeat Every Year

  3. Get Ready • Start Practicing your Junior or Senior year • Look over scholarships and free scholarship web services and sites • www.fastweb.com • www.collegeanswer.com • www.hsf.net/Scholarship.aspx • Complete the Free Application for Federal Student Aid (FAFSA) 4Caster @ www.fafsa4caster.ed.gov

  4. Get Ready – Documents Needed • Social Security Number (make sure it’s correct) • Your Drivers License (if any) • Your Tax Returns • Your Parents Tax Returns • W-2 Forms • Untaxed Income Records • Social Security • Temporary Assistance for Needy families • Welfare • Veterans Benefits • Bank Statements • Business and Investment Statements • Alien Registration or Permanent Resident Card (non-US Citizen)

  5. Re-apply or Apply • Apply for a PIN (student and parent) @ www.pin.ed.gov • Complete the Free Application for Federal Student Aid (FAFSA) @ www.fafsa.ed.gov • On or After January 1st – Every Year • Check Schools & State Priority Dates and Application Requirements Helpful Hint 1 – Complete the FAFSA by Valentines Day Every Year Helpful Hint 2 – Apply for Scholarships beginning in February

  6. Re-apply or Apply - Eligibility • Who is eligible to receive Federal Student Aid? • Be a U.S. citizen or eligible non-citizen • Have a valid Social Security Number • Register with Selective Service if you are male and 18 to 25 years of age (go to www.sss.gov for more information). • Have a high school diploma or a General Education Development (GED) Certificate or pass an exam approved by the U.S. Department of Education.

  7. Re-apply or Apply - Eligibility • Who is eligible to receive Federal Student Aid? • Be enrolled or accepted in an eligible degree or certificate program • Not have a drug conviction for an offense that occurred while you were receiving federal student aid (such as grants, loans, or work-study)

  8. Parents Income/Household Married Separated/Divorced Divorced (Widowed) and Remarried Use both Parents Use Parent Student lived with the most in last 12 Months Use Parent and Step-parent Student lived with the most in last 12 months

  9. Never use as Parents unless they Legally Adopt You • Legal Guardians • Grandparents, Aunt, Cousins, Sibling, or other relative • Non-relative/friend of family • Foster parents

  10. Dependency Questions for 2009-2010 If you answer yes to any of these questions you are considered independent • Born before 1/1/1986 • Married • Graduate student • Active duty military • Veteran of the armed services • Children who you support

  11. Dependency Questions for 2009-2010 If you answer yes to any of these questions you are considered independent • Other dependents who you support • Foster care or orphan/ward of the court • Emancipated minor • In legal guardianship • Unaccompanied youth who was also homeless (58, 59 & 60)

  12. Common Mistakes on the FAFSA*Important –read instructions on the FAFSA • Nicknames • Divorced/remarried parents • Income earned by mother and father • Other untaxed income – must be reported • Household size • Number in family attending college • U.S. income taxes paid • Real estate and investment net worth

  13. Dependency Override • Request a Dependency Override at the Institution • Not Considered a Reason • Parent’s income is too high • Parents refuse financial information for the FAFSA • Parents refuse to support student financially • Student supports self financially • Parent in another country • Considered a Reason • No contact with the parents and; • Unusual circumstances – abandonment or abuse

  14. Analysis of Need – Federal Method • Cost of Attendance (COA) (college) • - Expected Family Contribution (EFC) (FAFSA) • =Need (Per Regulation) • COA • EFC • = Need

  15. Special Circumstances-Professional Judgment - Check with the Institution the student is attending • Loss of Income/Assets used in the formula • Divorce or Loss of Parent • Unusual Medical Expenses – only debt considered in needs analysis PJ • Daycare/Private School Cost • Extenuating Financial Circumstances – does not include any debt for needs analysis PJ • All circumstances must be documented

  16. Cost of Attendance • Components • Fixed or Estimated Cost (Check with your Institution on the Specific Budget) • Tuition and Fees • Books and supplies • Loan Fees • Room and Board • Personal Expenses • Transportation • Study Abroad Cost • Dependent Care Expenses • Disability Related Expenses

  17. Cost of Attendance Example • Room and Board $ 4,843 • Transportation $ 2,820 • Personal $ 637 • Tuition and Fees $ 2,500 • Books & Supplies $ 1,200 • Total $12,000

  18. Student Need Examples • COA 12000 12000 • EFC (-) 2000 15585 • Need 10000 -3585 Student A Student B

  19. Need Varies Based on Cost (Variable) (Constant) (Variable) Cost of Attendance Expected Family Contribution NEED 15000 11500 12500 9000 10000 6500 3500 3500

  20. Re-apply or Apply - Scholarships • Apply Every Year (best months between February – April) • Scholarships Criteria • Varies – Ethnicity, Gender, Merit, Talent, Adversity, Community Service, Career Goals, etc. • May not have to meet federal eligibility criteria • Don’t have to be straight A student

  21. Re-apply or Apply - Scholarships • Scholarship Free Searches (many are FREE! – Don’t get scammed) • www.fastweb.com • www.collegeanswer.com • www.hsf.net/Scholarships.aspx

  22. Re-apply or Apply - Scholarships • Other places to look for Scholarships? • Foundations • Community Organizations/Churches • National Organizations • Local/National Labor Unions • Colleges and Universities • Large Companies • Many Others

  23. Review after you Apply • You will receive a Student Aid Report (SAR) • Review the SAR for accuracy • Make any necessary corrections on the Web @ www.fafsa.ed.gov (for faster results)

  24. Respond to your School • Your school may ask for additional documentation • Verification Worksheet • Copy of Taxes • Respond as soon as possible – this could get you more money! • You may just get awarded – Follow instructions carefully

  25. Receive your Financial Aid • Review you Award Notification • Follow all instructions carefully – ask the school for help if you need it • Enroll in school • Attend all classes • You will then receive your financial aid to pay for classes and books – check your schools disbursement policies

  26. Remain eligible for Financial Aid • You must maintain Satisfactory Academic Progress (SAP) • Regardless of Receiving Aid or Not! • At Valencia: • Complete Successfully 67% of all attempted credit hours • Maintain a 2.0 GPA (C Average) • Not attempted 150% of the length of your program of study • Check your Schools SAP Policy

  27. Repeat Every year • Remember the HINT! Apply for Federal Aid and Scholarships Every Year around February 14th

  28. Common Need-based Award • Pell Grants $4731 maximum for 2008-2009 • ACG & Smart Grants (variable based on Year in School) • Bright Futures (Florida Residents) • FSAG (Florida Residents) • SEOG • Scholarships • Subsidized Stafford/Perkins Loans • Institutional Need and Merit-Based Aid

  29. Pell Grants • Pell grant awards are based on semester & enrollment • School defines fulltime – awards are prorated • 12+credit hours is equal to fulltime • 9+ but <12 is ¾ time • 6+ but < 9 is ½ time • <6 is equal to less than ½ time • Pell = 2 fulltime semesters or a combination. Example FA 9 hrs, SP 9 hrs, SUM 6 hours (24 hrs) • Pell $ amount is same regardless of Institution and costs in most cases

  30. Florida Bright Futures • Florida Academic Scholar • 100% Tuition and Fees – Public Institution/CC • Private School = 100% Average Public School Cost • College Related Expenses $375 per year (prorated) • Florida Medallion Scholar • 100% Tuition and Fees – Community College • 75% Tuition and Fees – Public Institution • Private School = 75% Average Public School Cost • Florida Gold Seal Vocational Scholar • 75% Tuition and Fees – Public Institution/CC • Private School = 75% Average Public School Cost

  31. Common Cost Based Awards • Unsubsidized Stafford Loans • Parent Loans for Undergraduate Students (PLUS) – up to cost of attendance – credit based • Private Education Loans – Alternative Loans* • TEACH Grant – see institution for participation • http://studentaid.ed.gov/PORTALSWebApp/students/english/TEACH.jsp *Basic Rule – If attendance at a postsecondary institution is required for the loan, it must be counted as a resource for financial aid purposes.

  32. Stafford Student Loan Limits –Dependent StudentsSubsidized and Unsubsidized – FFELP or Direct Amount Sub Max PLUS Denial Freshman $5500 $3500 $ 9500 Sophomore $6500 $4500 $10500 Junior $7500 $5500 $12500 Senior $7500 $5500 $12500

  33. Loan Interest Rates • Please note that the College Cost Reduction and Access Act (CCRAA) of 2007 cut the fixed interest rates on newly originated subsidized Stafford loans for undergraduate students to: • 6.0% (2008-09) • 5.6% (2009-10) • 4.5% (2010-11) • 3.4% (2011-12) • Returns to 6.8% in 2012-13

  34. Remain Eligible– Once Again • You must maintain Satisfactory Academic Progress (SAP) – Check with your institution • Regardless of Receiving Aid or Not! • See institution for SAP standards • At Valencia: • Complete Successfully 67% of all attempted credit hours • Maintain a 2.0 GPA (C Average) • Not attempted 150% of the length of your program of study

  35. Ways to Pay @ Valencia • Financial Aid • Florida Pre-pay and 529 Plans • Cash, check, money order, credit card • Tuition Payment Plan • You must pay by the due date or the student will be dropped for non-payment • Getting classes – it’s a tough year in Florida

  36. FERPA – It’s the Law  • Family Educational Rights and Privacy Act • Educational records become the students when they turn 18 or attend a postsecondary education institution at any age • Students may give parent permission to receive educational record information by completing a release at the college – see institution for office locations (Answer Center)

  37. Useful Web Sites for Students and parents • www.fafsa.ed.gov(Free application) • www.fafsa.ed.gov/help.htm(Application help) • www.pin.ed.gov(PIN-e-Signature application) • http://www.valenciacc.edu/finaid(Resources) • www.studentaid.ed.gov(All about fed. Aid) • www.fafsa4caster.ed.gov(Juniors & Seniors) • www.nslds.ed.gov(Track your aid)

  38. Scholarship Resources (Merit & Need Based) • www.fastweb.com • www.collegeanswer.com • www.scholarships.com • http://www.hsf.net/Scholarships.aspx • Check Institutions, Colleges within the Universities and Majors, Local Organizations and Businesses, National Organizations and Businesses, and Local & National Foundations

  39. COLLEGE GOAL SUNDAY

  40. Contact & Website • Valencia Community College – Answer Center • Phone Number: 407-299-5000 • Website: www.valenciacc.edu/finaid • College Website: www.valenciacc.edu • High School Night Resource Website: • www.valenciacc.edu/finaid/HSN.cfm

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