FINANCIAL AID TRIO CONNECTIONS OF CENTRAL FLORIDA
BREAK Financial aid is money received from state and federal DOWN governments, private sources and non-profit organizations that is awarded to assist students in paying for college tuition and other educational expenses.
WHO CAN RECEIVE FINANCIAL AID? Eligible degree/certificate U.S. citizen or High school diploma program in eligible noncitizen or equivalent college/career school Satisfactory Valid Social Males registered for academic progress Security number Selective Service in college/career school
Gr Grants ants – Do not need to be repaid * • Pell Grant (Federal) • Stud Student Loa ent Loans ns – Must be repaid, plus interest • TYPES OF Subsidized (Federal) • Unsubsidized (Federal) • Parent PLUS (Federal) • FINANCIAL Private • Feder ederal al Wor ork Study k Study – Money is earned in the form • of a paycheck, does not need to be repaid AID Mostly on campus positions, can be off • campus If you qualify, you will still need to visit your • school’s Work Study office and apply Sc Scholar holarships ships – Merit or need based. Do not need to • be repaid Bright Futures • Private • School •
Fed eder eral P al Pell ell Gr Gran ant t Awar ards ds • Awarded based on financial need to low-income, undergraduates to promote access to higher education. FEDERAL • Grant amounts based on EFC, cost of attendance, enrollment status and whether or not the student attends for a full academic year or less. GRANTS Fed eder eral Supp al Supplemen lemental Educ tal Educationa tional l Op Oppo portun tunity ity Gr Gran ant t (F (FSEOG) SEOG) • Offered to Pell recipients with an EFC of 0. • Administered though your college’s financial aid office. • Not all schools participate - Check with your intended to college to see if they offer it.
LOANS Direct Direct Perkins Loans Subsidized Unsubsidized Direct PLUS for Graduate and Direct Plus Professional Students
Subsidiz Subsidized ed Loans Loans • Available to undergraduate student who demonstrate financial need. • Federal Department of Education DIRECT pays the interest while you are enrolled in school and for certain designated periods. LOANS Unsubsidized Unsubsidiz ed Loans Loans • Available to undergraduate and graduate students. • Not Not based on financial need. • Student is responsible for interest throughout the duration of the loan. Repayment of federal loans begins 6 months after graduation!
Par aren ent PL t PLUS US • Enable parents to borrow money for their children’s educational expenses. DIRECT • Based on credit worthiness. • Parents and students must meet PLUS student aid eligibility. Pr Prof ofess essiona ional l De Degree ee/ / Gr Grad adua uate te LOANS Stu Stude dents nts • Enables graduate/professional degree seeking students to borrow towards their education. • Must meet general eligibility requirements.
SCHOLARSHIPS Athletic Academic (Awarded to Career Oriented (Based on GPA) student athletes by colleges) Foundation or Private Donor school scholarships
Earn a standard HS diploma or equivalent Florida resident BRIGHT Enroll in an eligible degree program at FUTURES an eligible Florida postsecondary institution REQUIREMENTS Be enrolled in at least 6 non- remedial credit hours Funding for summer terms only available for FAS and FMS
Florida • 4 English, 4 Math, 3 Science, 3 Social Science, 2 World Language Academic • 3.5 weighted GPA Scholars • 29 ACT or 1290 SAT (FAS) • 100 hours of community service BRIGHT Florida • 4 English, 4 Math, 3 Science, 3 Social Science, 2 World Language Medallion FUTURES • 3.0 weighted GPA Scholars • 26 ACT or 1170 SAT (FMS) REQUIREMENTS • 75 hours of community service • 3 full credits in career and technical Gold Seal education programs and have a 3.5 GPA Vocational in those classes (GSV) 3.0 weighted GPA in non-electives • • 30 hours of community service
Florida Academic • 100% of tuition and applicable fees • $300 stipend (Fall and Spring) Scholars • Available in the Summer semester (FAS) BRIGHT FUTURES AWARD Florida AMOUNTS Medallion • 75% of tuition and applicable fees Scholars • Available in the Summer semester (FMS) Bright Futures funding is available for nonpublic, private institutions
FREE APPLICATION FOR FEDERAL STUDENT AID OR FAFSA IS THE GATEWAY TO FEDERAL AID WWW.FAFSA.ED.GOV
HOW TO COMPLETE THE FAFSA Create a FSA Apply for ID at Complete a Scholarships FSAID.ed.gov FAFSA at fafsa.ed.gov Receive Gather the confirmation documents FAFSA has you need to been apply processed
WHAT DO YOU NEED TO COMPLETE A FAFSA? PARENT STUDENT • Your FSA ID • Your FSA ID • Your Social Security Number and date • Your Social Security Number and of birth date of birth • Your Alien Registration Number (if you are not a U.S. citizen) • Your Alien Registration Number (if you are not a U.S. citizen) • Parent’s federal income tax returns, W-2s and other records of money • Student (if applicable) federal earned income tax returns, W-2s and • Driver's license or state ID other records of money earned • Month and year of marital status changes • Driver's license or state ID
USING THE DATA RETRIEVAL TOOL • The Data Retrieval Tool – or DRT transfers tax information directly from the IRS. • You will need an FSA ID to use. • Schools prefer you to use the DRT when completing a FAFSA.
USING THE DATA RETRIEVAL TOOL • Make sure to enter the address from the tax return exactly how it appears. • If the DRT does not work, you will need to enter tax information manually.
The FAFSA is available to apply October 1 st – Check with your • school if they have a deadline. You need your parent’s tax information to complete it. If your tax • FAFSA information does not reflect current financial status, meet with your FA office. See the FAFSA worksheet to help you prepare. • Make sure that you enter the correct social security number, DOB, • and spelling of names for both the student and parent to avoid TIPS delays. If you plan on taking classes during the summer semester, you • will need to fill out 2 financial aid applications. Use the Data Retrieval Tool (DTR) when completing income • information. This transfers income information directly from IRS. If you are unable to use the DRT, request a tax transcript from the IRS to have in the event you get selected for verification. Double check that your marital status and your tax filing status • match. If there has been a change in marital status since the tax • year, you will be required to include financial information about new spouse or step parent. Be prepared to submit marital license to your schools FA office.
COMPLETE A FAFSA EVERY YEAR THAT YOU NEED TO USE FINANCIAL AID!
MAKE SURE TO CHECK YOUR CONFIRMATION PAGE AFTER COMPLETION!
STUDENT AID REPORT • Provides basic info about your aid. • Lists the answers you provided on the FAFSA. • You receive an email with instructions on how to access your SAR. • Scholarship Agencies may want to see your SAR.
Compare your financial aid packages from each school Calculate how much you will owe out of pocket
FINANCIAL AID VERIFICATION • You may be asked by your school to verify what you put on your FAFSA is correct. This can be random or caused by certain questions on the FAFSA. • You will be notified via email and/or it will be placed on your student account. • T o verify income, the school may ask for a Tax Transcript for the year used. • You can request one by mail from the IRS or have your local tax office print one. • Complete the verification process ASAP to avoid further delays in your aid. • Using the DRT while filling out the FAFSA will make this process easier.
FINANCIAL AID DISBURSEMENT • After you enroll in classes for the first time, your FA will be processed by the school you are attending. • You will need to “accept” your FA and “defer” your payment, this will extend your due date to pay for classes. • The school’s FA office will process your aid and pay for any tuition and eligible fees on your account and notify you if you still owe a balance. • Once this is done, and you have a balance of $0, the school’s FA office will disburse any remaining aid in the form of a refund.
SPECIAL CIRCUMSTANCES • You need your parent’s tax information to complete it. If your tax information does not reflect current financial status, meet with your FA office. • If you are unable to receive tax information from your parent, you will need to meet with your FA office. • If you have documentation indicating you were/are homeless or in foster care, you will need to turn that documentation into the school and answer FAFSA questions accordingly. • If you are under DACA, you are not eligible for federal aid.
MAINTAINING YOUR FINANCIAL AID OR STANDARDS OF ACADEMIC PROGRESS (SAP) Maintain a minimum 67% Maintain a completion rate of minimum 2.0 GPA attempted classes Do not exceed the Do not exceed the maximum time maximum credit frame for hours for degree or completion of 150% of credits degree needed
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