Eastern Michigan University 2008-2009 - PowerPoint PPT Presentation

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Eastern Michigan University 2008-2009

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  1. Financing Education Beyond High School Eastern Michigan University 2008-2009

  2. Agenda • How to apply for Financial Aid • Cost of Attendance • Definition of Financial Aid • Federal Financial Aid programs • Michigan Scholarships and Grants • Institutional Scholarships • Where to look for information about private sources of aid

  3. Applying for Financial Aid • ALL colleges will require the Free Application for Federal Student Aid (FAFSA) • Some schools may also request the “Profile” application from CSS to award institutional aid/scholarships

  4. Application Process • Submit the Free Application for Federal Student Aid (FAFSA) prior to school’s deadline • FAFSA must be submitted annually (January/February is best) • Most aid awarded on a, “first-come, first-served” basis • To ensure maximum consideration for federal, state, & institutional aid, contact each school to ask about their: • Required application materials • Application deadlines

  5. FAFSA • Collects family’s personal & financial information in order to determine a student’s Expected Family Contribution (EFC) • May file FAFSA in one of two ways: • Electronically via FAFSA on the Web • Paper FAFSA

  6. PIN Registration for Electronic Signature • Web site: www.pin.ed.gov • Sign FAFSA electronically • Can request PIN before January 1, 2008 • Not required, but speeds processing • May be used by students and parents throughout aid process, including subsequent school years

  7. FAFSA on the Web • Web site: www.fafsa.ed.gov • 2008-09 FAFSA on the Web available on January 1, 2008 • FAFSA on the Web Worksheet: • Used as “pre-application” worksheet • Questions follow order of FAFSA on the Web

  8. General Student Eligibility Criteria • Must be pursuing degree, certificate, or other recognized credential • Must be U.S. citizen or eligible non-citizen • Must be registered with Selective Service (if male & required) • May not have eligibility suspended or terminated due to drug-related conviction • Must meet Satisfactory Academic Progress requirements

  9. Satisfactory Academic Progress (SAP) Schools are required to have a SAP policy which monitors successful progress towards graduation • Qualitative (GPA) requirement • Quantitative (course completion) requirement • Maximum timeframe for each degree

  10. FAFSA Questions - Student • Name, address, SSN, DOB, citizenship, marital status, Selective Service, grade level, degree type, etc. • 2007 wages, AGI, taxes paid, untaxed income, assets and income exclusions • Colleges to receive the results (up to six) • Dependency Status

  11. Dependency Status – Independent If: • At least 24 years old by December 31st of the award year covered by the FAFSA • Graduate or professional student • Married (at the time of application) • Has children or legal dependents other than a spouse for whom the student provides more than half of their support • Both parents deceased or ward of the court • Veteran of the U.S. Armed Forces or currently serving on active duty (for other than training purposes) in the Armed Forces • Determined to be “independent” by the financial aid administrator based on unusual circumstances

  12. FAFSA Questions – Parent(s) • Name, SSN, marital status (at the time of application), household size, number in college in 2008-09 • 2007 wages, AGI, taxes paid, untaxed income (SSB, 401k/403b, child support received, etc.), income exclusions (child support paid, Education Tax Credits, etc.), assets

  13. Frequent FAFSA Errors • Parent and Student Social Security Numbers • Divorced/remarried parent information • Income earned by parents/stepparents • Untaxed income (401k/403b, SSB & child support received for all family members) • U.S. income taxes paid (not withheld) • Missing signatures

  14. Special Circumstances Request a re-evaluation of a processed FAFSA due to: • Loss of employment • Loss of untaxed income benefits (Social Security, child support, etc.) • Separation or divorce • Unusual uninsured medical or dental expenses

  15. What Happens After I Submit the FAFSA? • The FAFSA is processed by the Department of Education. • The Expected Family Contribution (EFC) is determined. • Results are sent to the student and the schools listed on the FAFSA.

  16. FAFSA Processing Results • Students are notified of FAFSA results by: • E-mail notification containing a direct link to the student’s on-line Student Aid Report (SAR) if the student’s e-mail was provided on paper FAFSA or FAFSA on the Web • A paper SAR will be sent if no email address was provided • Students with a PIN can view their on-line SAR at www.fafsa.ed.gov

  17. What is the Expected Family Contribution (EFC) • Amount family can reasonably be expected to contribute • Stays the same regardless of college • Two components • Parent contribution • Student contribution • Calculated using FAFSA data and a federal formula

  18. Role of the Financial Aid Office • Determines eligibility for financial aid • Packages/awards aid • Sends an award notification* which includes: • Programs and amount from each program for which the student is eligible • How and when aid will be disbursed • Terms and conditions of student’s award * May be sent by letter or E-mail notification

  19. Cost of Attendance • Tuition and Fees • Room and Board (on campus or off) • Books and Supplies • Transportation • Personal Expenses

  20. Definition of Need Cost of Attendance - Expected Family Contribution (EFC) Financial Need

  21. Need Varies Based on Cost

  22. Types of Funding • Grants – gift aid, generally based on need • Scholarships – gift aid, generally based on academic achievement or special talent • Loans – must be repaid • Work-study – employment, student earns money to help with educational expenses

  23. The FAFSA is required for: • Pell Grant • Academic Competitiveness Grant (ACG) -1st & 2nd year in college - students must complete a “rigorous program of study” in high school • National Science and Mathematics Access to Retain Talent (SMART) Grant - 3rd & 4th year in college, be pursuing a major in fields of study that are considered critical to the national security of the United States • Supplemental Educational Opportunity Grant (SEOG)

  24. FAFSA also required for: • College Work Study • Perkins Loan • Stafford Loans • Some Scholarships depending on the school policy • State need-based aid

  25. Subsidized and Unsubsidized Stafford Loans (Student Borrower) • Subsidized: Must demonstrate “need” • No interest during in-school period • Unsubsidized: Need is not a consideration • Interest paid by student or allowed to capitalize • Fixed interest rate of 6.8% • Repayment begins 6 months after graduation

  26. Parent PLUS Loan • Borrowers are parents of dependent undergraduate students or graduate and professional students • Annual loan limit: cost of attendance minus student financial aid • Fixed interest rate • Federal Family Educational Loans: 8.5% • Direct Loan: 7.9% • Repayment begins 60 days after loan is fully disbursed

  27. Michigan Competitive Scholarship • Eligibility Criteria • Enrolled at Michigan Public/Private Institution • Take the ACT Test by December of senior year • Qualifying ACT Score (sum of 90) • FAFSA received by March 1 • Financial Need • Michigan Resident www.michigan.gov/studentaid

  28. Michigan Competitive Scholarship • Renewable by filing the FAFSA each year and continuing to show “need” • Must maintain a college GPA of 2.0 or higher • $1,300 Public Institutions • $2,100 Private Institutions www.michigan.gov/studentaid

  29. Michigan Tuition Grant • Maximum $2,100 per year award amount • File FAFSA by March 1st for priority consideration • Demonstrate financial need • Enroll at least half time at an approved independent, (private) college/university • Michigan resident • U.S. citizen or permanent resident • Meet Satisfactory Academic Progress (SAP) policy www.michigan.gov/studentaid

  30. Michigan Nursing Scholarship • Eligibility Criteria: • Admitted to a nursing program (LPN, ADN, or BSN) • U.S. citizen or permanent resident • Michigan resident • Maximum annual award is $4,000 • Must sign an agreement to work in Michigan or scholarship must be repaid www.michigan.gov/studentaid

  31. Michigan Promise Scholarship (formerly MI Merit Award) • Receive qualifying scores (Level 1 or 2) on the MI Merit Exam (MME) • $1,000 per year for first two years • Additional $2,000 after “successful completion” of two years (Associate Degree or 50% of bachelors degree) with at least a 2.5 GPA • Four years to claim award www.michigan.gov/studentaid

  32. Michigan Educational Trust(MET) • Prepaid college tuition plan that locks in future tuition rates at in-state public colleges at current prices • All prepaid tuition plans must be included as an investment in the asset portion of the FAFSA • Contact the MET program to notify them what school the student will attend www.michigan.gov/studentaid 800-MET-4-KID

  33. Michigan Education Savings Program (MESP) • Investment program for college costs including tuition, fees, room, board, books, supplies, etc. • 529 plans must be included as an investment in the asset portion of the FAFSA • www.misaves.com or 877-861-MESP

  34. Institutional Scholarships Contact schools to determine their application requirements: • Sometimes an application is required • May want an essay from the student • May require a FAFSA to determine “need” • May require an audition or portfolio

  35. Avoid Being Scammed • The scholarship is guaranteed or your money back • You can’t get this information anywhere else • I just need your credit card or bank account number to hold this scholarship • We’ll do all the work • The scholarship will cost some money • You’ve been selected by a ‘national foundation’ to receive a scholarship or you’re a finalist in a contest you never entered

  36. Next Steps - Summary • Obtain and review admission and financial aid materials from each school being considered • Meet all application deadlines • Complete FAFSA and any additional application materials, such as the College Scholarship Service’s PROFILE application • Investigate other sources of aid

  37. College Goal Sunday Sunday, February 10, 2008 2:00 – 4:00 p.m. Host Sites: • Eastern Michigan University • Oakland Community College • U of M Dearborn • Wayne State University • Jackson High School • Lawrence Tech University • Macomb Community College http://www.MICollegeGoal.org/ (Sign up for a reminder & entry for a laptop)

  38. LAST ONE! Websites: • www.emich.edu/finaid - PowerPoint Presentation Financing Education Beyond High School • www.fastweb.com – scholarship search • www.collegeboard.com – Search & Planning • www.studentaid.ed.gov – U.S. DOE info • www.finaid.org/calculators/ - EFC estimator • www.gocollege.com - The Collegiate Websource