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Financial Aid 101: Assess, Research, and Select College Choices

This guide explains the first steps in navigating the financial aid process for college, including assessing personal interests, researching careers, identifying education needs, selecting institutions, and understanding the types and sources of financial aid available. It also provides information on accessing aid through the federal government, state programs, and private loans and scholarships.

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Financial Aid 101: Assess, Research, and Select College Choices

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  1. Financial Aid 101

  2. First Things First Assess personal and career interests Research occupations and careers Identify education or training needed Select institutions

  3. College Choice Assess personal financial contributions Have more than one option Academic standards and competiveness Affordable without a lot of debt

  4. College Choice

  5. Direct Indirect College Costs books and supplies tuition required fees off-campus room & board on-campus room & board transportation personal expenses

  6. Types and Sources of Financial Aid • federal • state • institution • private scholarships and grants work study loans

  7. Institution • Complete the FAFSA • Financial aid website Private • Networking • Free search engines Accessing Aid Federal Complete the FAFSA Follow up with institution State Complete the FAFSA Refer to programs reqs.

  8. Private loans for students and parents Alternatives College payment plans Education tax credits (IRS Publication 970)

  9. Beware of Scams Legitimate Offers Postsecondary institutions TRIO programs Misleading Offers Request payment for information or services Guaranteed aid

  10. FAFSA Website FSA IDs are the new PINs

  11. Go to StudentAid.gov/fsaid. • Click the “Create Your FSA ID Now” button. Federal Student Aid ID (FSA ID)

  12. Email: • Optional but strongly recommended • Each FSA ID must have a unique email address (you and your parent cannot use the same email address). • You must have access to this email account. Username: • Don’t include personal info such as date of birth or name. • If you see a message “Username taken, create a different username,” then someone has already used that username. CREATE YOUR FSA ID (USERNAME AND PASSWORD) Select “Show Text” to see what you’re typing.

  13. Dependency Status Students are independent if: 24 years old or older Serve on active duty in U.S. Armed Forces Since 13 both parents deceased Dependent or ward of the court since age 13 Married Veterans of U.S. Armed Forces In foster care since turning age 13 Currently or was an emancipated minor Will be working on a master’s or doctorate program Provide more than 50% support for children Provide more than 50% support for dependents who live with you Currently or was in legal guardianship Unaccompanied youth who is homeless or at risk of homelessness

  14. Parents Parent – dependent student’s biological or adoptive parent What parent’s information must be provided on the FAFSA? Both parents who are a legally married couple* The parent and the parent’s spouse if married/remarried* Both parents who are unmarried but living together Both parents who are separated but living together Both parents who are divorced but living together *regardless of gender – considered legally married in the state or other jurisdiction in which the marriage took place

  15. Special Circumstances Parents Changes in income What if this occurs? • Notify the financial aid office at school • Be prepared to provide documentation of financial impact

  16. NEW FAFSA CHANGES 1. The FAFSA will be available earlier (October 1 instead of January 1 of the upcoming school year). 2. The FAFSA will collect income information from an earlier tax year.

  17. IRS Data Retrieval Tool (DRT) To use the tool you must have: A valid social security number Filed a current year federal tax return Same marital status as of December 31 for the tax year Enter your address exactly as it appears when filed your taxes

  18. Satisfactory Academic Progress (SAP) Cumulative Grade Point Average (GPA) Students must earn a cumulative 2.0 GPA Please note that institutional or program GPA requirements may differ. Pace/Academic Progress Students must earn at least 67% of credit hours attempted Length of Eligibility Students may attempt up to 1.5 times (150%) the semester hours required for their program or a maximum of 180 hours, whichever comes first

  19. Interests • Strengths • College • Life • Needs • Costs Summary Estimate Expenses Know Yourself Select School • Federal • State • Private • File taxes • FAFSA • Deadlines • Meet SAP Standards Apply for Aid SAP Seek Aid

  20. Questions Contact Information MTC Airport Campus MTC Beltline Campus Lexington Hall 170 Student Center 227 803.822.3749 eoc@midlandstech.edu www.midlandstech.edu/eoc

  21. Questions Contact Information- Sharee Washington Educational Talent Search Advisor MTC Airport Campus Lexington Hall 167 803.822.3623 washingtons@midlandstech.edu www.midlandstech.edu/ets

  22. Questions Contact Information- JamiLynn Elrod Upward Bound Counselor MTC Airport Campus Lexington Hall 171 803.822.3384 elrodj@midlandstech.edu www.midlandstech.edu/ub

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