Financial Aid Workshop

1. Financial Aid Workshop Financial Aid 101

2. Sources of Financial Aid

3. Financial Aid Includes: • Grants: Gift, doesn’t have to be repaid • Loans: Must be repaid with interest • Work-study: Earn money while in school

4. Florida State Financial Aid • Application available in December of senior year at www.floridastudentfinancialaid.org • Students must apply to be considered for: • Bright Futures Scholarship • Florida Student Assistance Grant • Florida Work Experience Program • Jose Marti Scholarship

5. CSS Profile • The PROFILE is used to help award nonfederal student aid funds from certain colleges and universities • The CSS/Financial Aid PROFILE is only available online starting October of senior year at: https://profileonline.collegeboard.com • There is a fee to apply and only a limited number of fee waivers are granted based on the financial information provided on the PROFILE

6. How to Apply for Federal Aid • Complete an electronic or paper Free Application for Federal Student Aid (FAFSA) on or after January 1st (Contact college/university for exact deadline dates) • Students will be able to obtain a paper FAFSA by calling the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) or by visiting www.edpubs.org. • FAFSA on the Web at: www.fafsa.gov

7. How does it all work?

8. Get a PIN (Personal Identification Number) • Your PIN is your electronic signature • Request PIN • one PIN for the student • one PIN for the parent www.pin.ed.gov • Use PIN to file and make online corrections

9. Documents Needed • Social Security Number • Driver's license (if any) • 2011 W-2 Forms and other records of money earned • Student’s (and spouse's if married) 2011 Federal Income Tax Return –(IRS Form 1040, 1040A, 1040EZ) • Parents' 2011 Federal Income Tax Return (if dependent student) • 2011untaxed income records - Social Security, Temporary Assistance to Needy Families, welfare, or veterans benefits records • Most recent bank statements • Most recent business and investment mortgage information, business and farm records, stock, bond, and other investment records • Alien registration number or permanent residence card (if you are not a U.S. citizen) . • Keep these records! You may need them again. Do not mail your records with your signature page.

10. Federal Student Aid Grants • Federal Pell Grant (max- $5,550) • Florida Supplemental Educational Opportunity Grant (FSEOG): Available to families who demonstrate high financial need (ranging from $100 to $4,000) • Academic Competitiveness Grant (ACG)-completed a rigorous secondary school program, 1st year (up to $750) or 2nd year student (up to $1,350) • National SMART Grant: undergraduate students enrolled in the 3rd or 4th year and pursuing an eligible program of study • TEACH Grant: recipients must sign an Agreement to Serve (ATS) with the guidelines

11. Federal Work-Study (FWS) • Provides part-time employment to earn money for your education • Available to undergraduate and graduate students • Available to full-time or part-time students • Available on campus and off campus • Students earn at least the federal minimum wage • The amount you earn can’t exceed the FWS award

12. Loans Federal Perkins Loan • Demonstrate financial need • Available to undergraduate and graduate students • Part-time or full-time enrollment • Repaid to the school • Interest rate 5% • Limited funds

13. Stafford Loans • Available to undergraduate and graduate students • Enrolled at least a half-time • 6.8% interest rate • There are two types: • Subsidized: financial need ($3,500-$5,500) No need to pay the interest that accrues while in school • Unsubsidized : Financial need is not required ($5,500- $25,000) Responsible for paying the interest that accrues while in school

14. Plus Loan • Available to parent of dependent undergraduate student (7.9% interest rate) • Enrolled at least half-time • Applicant should not have an adverse credit history • The maximum PLUS Loan amount that a parent can borrow is the student’s cost of attendance minus any other financial aid the student may have received

15. http://www.fafsa.ed.gov/ • Need help? Use “Live Help” icon or call 1-800-4-FED-AID. • Don’t forget to print confirmation page.

16. FAFSA on the Web Worksheet • The FAFSA on the Web Worksheet allows you to read and complete the questions before entering your information online. The questions are listed in the same order as they appear on the Web site. • www.fafsa.gov

17. Application Deadline • It is important to note the type of deadline you are up against. Ask your college/university about their definition of an application deadline, whether it is the receipt date and time or the process date and time of the application.

18. Which FAFSA form do I file?

19. After you submit your FAFSA… • Students will receive a Student Aid Report (SAR) indicating Expected Family Contribution (EFC). Review information and make corrections if necessary • If there is an asterisk next to your EFC, this means that your SAR has been selected for verification.

21. Selected for verification? • There are several possibilities for being selected for FAFSA verification such as: • You were selected randomly • The submitted FAFSA application has incomplete data • The data on the FAFSA application appears to contradict itself • The FAFSA application has estimated information on it • If you are selected for FAFSA verification, you need to return the information and requested documentation as soon as possible to the financial aid office at the college/university

22. Forms and Documents that may be requested by the college for the verification process If you are selected for verification your college may ask for: • Parent tax returns • Student tax returns • Divorced or separated parent information • Other information to verify: • Income • Assets • Family size • Special circumstances

23. Award Letters • Students will be receiving an award letter from each institution they listed on the FAFSA, and to which they have been admitted • Award letters will tell them how much money in grants, loans, and work study they are receiving • If they think they did not get enough aid, they may request a review • Students need to read it carefully, and follow any instructions that pertain to them. If they wish to accept or decline the aid awarded, they must indicate it on the form. Make sure to keep a photocopy for your records

24. What Determines the Amount of Aid You Receive? • The primary factor in determining the amount of aid you receive is your financial need. The following formula shows how financial need is calculated: Cost of Attendance – Expected Family Contribution __________________________ = Financial Need

25. Florida International UniversityCost of attendance

26. Miami-Dade CollegeCost of attendance

27. Florida State UniversityCost of attendance

28. Fl Academic (BF) $3,030 Pell Grant $5,550 Stafford Loan $3,500 Work Study $2,000 Other Sch. $1,000 $15,030 Estimated Cost -FSU $19,354 Short ----------- $4,324 Sample of an Award Letter for Student with EFC:000

29. Sample Award Letter

30. Things to Remember…. • Apply for the State Financial Aid after December 1st at www.floridastudentfinancialaid.org • Apply for the CSS Profile (if required) as soon as possible before deadline set by school (registration opens in October) at www.collegeboard.com • Request PIN number as soon as possible for FAFSA at www.pin.ed.gov • Apply for FAFSA after January 1st at www.FAFSA.ed.gov (Contact schools for exact deadline dates)