FINANCIAL AID 101 How to prepare for financing college 1 How much - - PowerPoint PPT Presentation

FINANCIAL AID 101

PRESENTATION AVAILABLE AT: maui.hawaii.edu/financial/presentations

How to prepare for financing college

1 How much does college cost 2 3

How to apply for FAFSA Types of financial aid

How much does college cost

1

Airfare Transportation Food Housing Textbooks Supplies Tuition

WHAT COSTS DO YOU HAVE FOR COLLEGE?

Cost of Attendance (COA)

Provided by schools to help estimate the costs. Takes into account more than just tuition. School and Type COA Tuition

University of Hawaii Maui College Resident, Live at Home University of Hawaii at Manoa Resident, Dorms University of Oregon Non-Resident, Dorms University of Southern California Private, Dorms

$15,380 $29,860 $51,870 $74,825 $3,084 $11,088 $35,478 $55,320

How to apply for FAFSA

2

WWW.FAFSA.GOV

Federal Financial Aid Application

You’re starting the 2019-20 FAFSA,

• pens October 1, 2018

JUST RELEASED! APP VERSION

Available for IOS or Android Search ‘myStudentAid’

FSAID.ED.GOV

Federal Username and Password

• Sign FAFSA electronically
• Needed to do IRS Data Retrieval
• Both student and one parent need one
• Needed for multiple years
• Create one at Data Retrieval or Signature Page

WHAT YOU NEED TO APPLY

Legal Personal Information (SSN, DOB, etc) Know the name on your Social Security Card! FAFSA asks for parents first name initial. 2017 Federal Tax Forms (No State) Checking, Savings Balances

Net Value of Assets (Do not include retirement accounts. Include stocks/bonds, homes/land not used for your primary residence, 529 Plans in parent/student name.)

Colleges the students are applying to FSA ID’s username and password

FAFSA APPLICATION HELP

CLICK THE ‘?’ MARK HELP AND HINTS BOX

Tax information

IRS DATA RETRIEVAL

• Automatically pulls IRS information in

to FAFSA

• Need FSA ID (electronic sig.) to start
• Will not show you data pulled in
• Based on 2017 tax information

WHAT HAPPENS AFTER I APPLY?

1 REVIEW 2 FOLLOW UP 3 AWARD

• Review your FAFSA comments and

results.

• FAFSA information sent to colleges.
• Work with each college to complete

process.

• Receive aid award information.
• Review and compare awards.
• See what costs aren’t covered.
• Make decisions on your awards.

TIPS

Track financial aid/scholarship deadlines. Inform financial aid office of special circumstances (ex: drastic change in income, change in household situation.) FAFSA doesn’t award you, colleges do. Apply Early Double check all information, no typos, before you submit your FAFSA. The application should be started by the student and with student information.

Types of aid

3

GRANTS – FREE MONEY

Pell Grant – Based on financial need from FAFSA. Same at every school. SEOG Grant – Eligible for students with the highest need. $6095 Max $4000 Max

OTHER PROGRAMS

Work Study – Student employment paid by federal

• funds. Check with Financial Aid Office for

procedures. Western Undergraduate Exchange (WUE) –

• Reduced tuition rate.
• Check for participating colleges.
• Application process/requirements varies by

college. Scholarships – Money which can be based on merit, need or other factors.

hawaiicommunityfoundation.org ksbe.edu/finaid hawaii.edu/tuition/scholarships/

Other local sources (Private, Charitable, Civic, Employers/Unions, etc)

LOANS – MONEY TO PAY BACK

Federal Direct Loans – 5.05%

• Subsidized – Need based, no interest in school
• Unsubsidized – Non-need based, immediate interest accrual
• Amount based on grade level
• Interest determined every new year
• Begin repayment 6 months after leaving school
• Accrues interest immediately
• Loans that parents borrow for dependent students
• Credit check needed for eligibility

PLUS Loan (Parents Loan) – 7.60%

Mahalo!

ANY QUESTIONS? UH Maui Financial Aid Office 984-3277 mauifa@hawaii.edu

PRESENTATION AVAILABLE AT: maui.hawaii.edu/financial/presentations