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Financing Your Education

Financing Your Education. What we plan to discuss tonight: How do scholarships and financial aid differ When should we apply for financial aid How do we apply for financial aid What financial aid options are available Who determines our aid Deadlines and timeframes.

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Financing Your Education

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  1. Financing Your Education • What we plan to discuss tonight: • How do scholarships and financial aid differ • When should we apply for financial aid • How do we apply for financial aid • What financial aid options are available • Who determines our aid • Deadlines and timeframes

  2. Scholarships vs. Financial Aid • Scholarships are monies universities have to award at their discretion. The universities determine criteria for awarding merit based scholarships, and values of scholarships • Scholarships can be general academic, departmental, alumni, special talent, and/or community based • Financial aid is government funded aid awarded on the basis of “Demonstrated Financial Need”. A federally derived formula determines your financial need

  3. When should we apply for aid? • It is important to remember to apply early!!! Priority application deadline is April 1st • The Free Application for Federal Student Aid (FAFSA) is available online after January 1st at www.fafsa.ed.gov .Paper application is typically available mid-January • You must be admitted to the university prior to applying for financial aid • Important to remember to apply every year your child is in enrolled in college

  4. What the FAFSA determines • The FAFSA determines your Expected Family Contribution • Your Expected Family Contribution does not change based upon the cost of attendance at a university Cost of Attendance -EFC (Expected Family Contribution) =Demonstrated Financial Need

  5. What is my EFC • Your EFC (Estimated Family Contribution) is the value of your income earned from the previous tax year, your taxes paid, and the value of your assets. • Your EFC does not include the value of your home. Cost of attendance includes both direct and indirect cost!!

  6. Do’s and Don'ts • Do not estimate! Use your completed Federal Income Tax returns to complete the FAFSA. If you estimate, you may be required to correct your information, which could cause delays. • If the questions says “leave blank”, then leave blank. If the questions says “Insert Zero” then insert a zero. • Keep photocopies for your personal records. • Make sure your social security # is correct.

  7. Types of Aid • Grants • Grants are “free money” that you actually qualify for because of demonstrated financial need • Pell Grants are grants that do not have to be repaid . Typically hard to qualify for; few do, so don’t panic. • Maximum Pell Grant award $4310

  8. Loans • Federal Perkins Student Loan (5%) • Stafford Student Loan (6%) • Subsidized is need-based and government pays the interest while student is enrolled at least ½ time • Unsubsidized is not need-based and interest will accumulate from date of origination and be capitalized • PLUS Loans (8.5%) Be prudent and only take what you need. Loans make college a viable option and should be viewed as an investment!

  9. Loans (continued) • Loan amounts undergraduate dependents can borrow through the Stafford Student Loan • $3500 – freshmen year maximum • $4500 – sophomore year maximum • $5500 – junior & senior year maximum Loan eligibility amounts increase as you demonstrate your ability to progress successfully through college

  10. Work Study • Federal Work Study Program provides jobs for students with financial need. It is considered financial aid because the government pays 75% of the student’s salary and the college pays the remaining 25% • Encourages community service and work related to course of study • At least minimum wage • Paid by the hour in regular pay period • Jobs are both on and off campus Studies show college students who work 10-14 hours per week have higher GPA’s and more likely to graduate

  11. FAFSA on the Web • Good reasons to file electronically: • Built-in edits to prevent errors • Skip-logic allows for skipping of unnecessary questions • Provides timely submission of original application and any necessary corrections • More detailed instructions and “help” for common questions • Ability to check application status on-line • Simplified renewal application process You will need your PIN which can be obtained at www.fafsa.ed.gov

  12. Search the Web • FastWeb Scholarship Search www.fastweb.com • Peterson's/NASFAA www.collegequest.com • FinAid www.finaid.org • Super College www.supercollege.com

  13. Contact Information Greg Embry Associate Director of Undergraduate Admissions University of Montevallo embryg@montevallo.edu 205.665.6030

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