1 / 23

Completing the FAFSA

Completing the FAFSA. Montgomery Bell Academy January 19, 2012. Brent Tener Director of Undergraduate Scholarships Vanderbilt University 615-322-3591 b.tener@vanderbilt.edu. Categories of Aid. Gift Aid: Grants or scholarships that are not repaid

shelby-fry
Télécharger la présentation

Completing the FAFSA

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. Completing the FAFSA Montgomery Bell Academy January 19, 2012 Brent Tener Director of Undergraduate Scholarships Vanderbilt University 615-322-3591 b.tener@vanderbilt.edu

  2. Categories of Aid • Gift Aid: Grants or scholarships that are not repaid • Loan Aid: Borrowed money to be repaid with interest • Work Aid: Money earned as payment for job • Loan and Work Aid considered “Self-Help” And... • Merit Aid - Money awarded based upon various qualifications • Need-based Aid - Must show eligibility through pre-determined formula

  3. Sources of Financial Aid • Federal Aid Programs • Free Application for Federal Student Aid (FAFSA) • Institutional applications (if required) • Stafford and/or PLUS applications • State Programs • FAFSA • Specific scholarship forms • Institutional Aid • FAFSA • College Board Financial Aid PROFILE (if required) • Special institutional applications • Private Opportunities • Depends upon awarding entities • FAFSA and/or PROFILE

  4. Potential Problems in Process • Application Errors • Name, date of birth, social security number • Adjusted Gross Income • Non-taxable income • Income tax paid • Earning from work • Household size/number in college • Deadlines • Be aware of each school’s deadline • Apply early, but accurately • Estimate income if necessary to meet deadline • Documentation • Student and parent tax returns (if required) • Federal Verification Worksheet (if required) • Any other requested information

  5. Tuition and Fees Books and Supplies Room and Board Transportation + Miscellaneous Expenses = Cost of Attendance Expected Family Contribution Parent’s Contribution from Income Parent’s Contribution from Assets Student’s Contribution from Income Student’s Contribution from Assets How Financial Need is DeterminedCost of Attendance- Expected Family Contribution= Financial Need

  6. Need Varies Based on Cost

  7. Free Application for Federal Student Aid (FAFSA) • Family’s personal and financial information required to perform need analysis is collected on FAFSA • Electronic version of FAFSA • www.fafsa.ed.gov • FAFSA is completed after January 1

  8. FAFSA - Tips • The correct name, date of birth, and social security number are crucial • Round off figures to the nearest dollar • “You” and “Your” refers to the student • Read the instructions

  9. Information Sources • Resource Books • College Cost Book. The College Board. • Don’t Miss Out: The Ambitious Student’s Guide to Financial Aid. Octameron Press. • The Scholarship Book: The Complete Guide to Private-Sector Scholarships, Grants and Loans for Undergraduates. Daniel Cassidy, National Scholarship Research Service.

More Related