Financing Your Education Shorewood High School: December 3rd , 2015 - - PowerPoint PPT Presentation
Financing Your Education Shorewood High School: December 3rd , 2015 High School Nights E N G A G I N G T H E C U L T U R E , C H A N G I N G T H E W O R L D . * What is financial aid? * Who is
Shorewood High School: December 3rd , 2015
E N G A G I N G T H E C U L T U R E , C H A N G I N G T H E W O R L D .High School Nights
* What is financial aid? * Who is eligible? * How is eligibility for need based aid determined? * How do I apply? * Where does it come from? * What aid is available?
The primary goal is to assist students with paying for their educational investment by:
equitable manner
FAFSA: AFSA:
Free Application for Federal Student Aid
COST COST OF OF ATT TTEND ENDANCE: E:
T
undergraduate: tuition, room, books, incidentals, etc. Varies widely from college to college.
EFC: EFC:
Expected Family Contribution
NEE NEED D BASE ASED D AID: AID:
Awarded based on the amount of financial resources
ME MERIT RIT BASE ASED D AID: AID:
Awarded for recognition (scholarships)
1) Enrolled at least half-time in an eligible program of study 2) Have a high school diploma or recognized equivalent 3) Pursuing a degree, certificate, or other recognized credential 4) U.S. citizen or eligible noncitizen 5) Registered with Selective Service (if male and required) 6) Valid Social Security Number (SSN) 7) May not be in default on a federal student loan 8) Must not owe an overpayment of federal grant or loan funds 9) Must be making satisfactory academic progress (as defined by school)
Free Application for Federal Student Aid (F (FAFSA) AFSA) is available on January 1st each year. SPU’s priority deadline is Feb. 1st
st.
online at www www.f .fafsa.go afsa.gov Paper FAFSA
financial aid deadlines
Ne Need ed Hel elp? ?
http://w ttp://www.r .readys ysetg tgrad.or .org/e /educato tors/g s/grad/c /coll llege-goal goal-washing ashington ton
Available JANUARY 1, 2016
signature
student need an FSA ID
to FAFSA, Student Loans, and other Federal Aid websites fsaid.ed fsaid.ed.go .gov
INCOME: Parent and student from base year ASSETS: Parent and student as of filing date ESTIMATE TAX INFORMATION to meet deadlines HOUSEHOLD SIZE/NUMBER IN COLLEGE AGE of the oldest parent
time request to IRS for tax data.
in a new window
File le your ur FAFS FSA by Fe
for r prio iority ity aid FAFS FSA is sent to the schoo hools ls you u select ct Your ur FAFS FSA A result ults are sent to you u vi via SA SAR
ice will l use FAFS FSA to determine ine elig igib ibili lity Financia ncial l Aid Offer will l be se sent late March/ ch/early ly April il Comple lete all requir uirement nts listed on your ur Of Offer Financia ncial l aid will l disbur urse 10 days prio ior to to th the sta tart of f each h quarter
START
members in college
Department of Education may randomly select students for verification
Verification Items can include:
Household size Number in College Adjusted Gross Income (AGI) US taxes paid Certain types of untaxed income and benefits
If you are a non-citizen, you may be eligible for Washington State Financial Aid by completing the WASFA application at www.readysetgrad.org/wasfa
IT IS REALLY IMPORTANT TO COMPLETE THIS APPLICATION AS EARLY AS POSSIBLE!
X Y Z
COST OF EXPECTED FAMILY NEED ATTENDANCE CONTRIBUTION (VARIABLE) (VARIABLE) (CONSTANT)
1 2 3 EFC EFC EFC EFC
Tuition Room and board Fees
Books/supplies Incidentals Transportation
at a minimum for one year of a child's college
FED EDER ERAL METHOD ETHODOLOGY GY: the formula created by
Congress to determine the EFC.
Calculates your estimated
aid at a given institution.
Uses the Cost of Attendance
estimated gift aid to arrive at the NET COST of that school.
This is available, at a
minimum, to calculate eligibility for first-time/full- time Freshmen.
Should be available at all
schools.
YES, ALL STUDENTS MUST PROVIDE PARENTAL INFORMATION UNLESS:
Unaccompanied Youth/Emancipated Minor Supporting a dependent child Active duty in the military Orphan/ward of the court 24 years old Married Veteran Graduate Student
If my parents are divorced or separated, whose information goes on the FAFSA?
DIV DIVOR ORCED: CED:
If your parents are divorced, you would report the parent and st and steppar epparent ent (if applicable) whom you lived with longer during the 12 months prior to the date you complete your FAFSA. If you lived with your parents equally or didn’t live with either one, you should report who provided more financial support.
SE SEPAR ARATION TION: :
Same rules as divorced parent scenario, but your parents would need to be living in separate residences or be legally separated to mark this option on the FAFSA.
What do I do with 529/Qualified Tuition Programs on the FAFSA?
the investments section on the FAFSA.
parent information on the FAFSA should list 529 plans (student or parent-owned) as a parent asset.
required to report parent information would only include 529 plans as a student asset if the student is the owner
student is the owner, then distributions from the plan are reported on the following year’s FAFSA under “money received/paid on your behalf”.
Calculates an estimate of your family's EFC Instantly calculates eligibility for Federal aid Saves info: data submitted on the FAFSA4caster will automatically pre- populate on the
school year www www.f .fafs afsa.g a.gov
FAFSA represents a snapshot in time
private schools → UPS, Whitman and Heritage in WA state
non-government financial aid: institution's
scholarships
College Board website
UBMISSION DATES TES: PROFILE can be submitted October 1
FAFSA cannot be submitted before January 1.
PECIF IFIC IC QUESTIONS QUESTIONS: PROFILE contains questions specific
to the school or program you're applying to; FAFSA contains the same questions for everyone.
IFFERENT FERENT METHODOL METHODOLOGY OGY: PROFILE determines your
financial need differently than the FAFSA, in general asking for more detailed information than FAFSA.
OST: PROFILE costs $25 plus $16 for each school or
scholarship program selected; the FAFSA, as the name implies, is free.
pr profileonlin
e.college geboar board.com d.com
COLLEG OLLEGES ES:
scholarships, grants, part-time jobs, loans
FEDERA FEDERAL GO GOVERNMENT ERNMENT:
Pell grants, work- study, Direct loans
WAS WASHI HING NGTON ON ST STATE TE: grants,
scholarships, work study
PRIV PRIVATE TE:
scholarships and loans
WHAT IS A SCHOLARSHIP?
MONEY awarded to students, based
to be paid back.
AKA ALSO FREE MONEY
Let schools know about outside scholarship awards Continue seeking outside scholarships
WHAT IS A GRANT?
MONEY awarded to students, based
by their FAFSA, that does NOT have to be paid back. Awards divided evenly between quarters
AKA FREE MONEY
UNDERGRADUATES with exceptional need who are pursuing their first college degree
COA, EFC, AND ENROLLMENT STATUS
$5,775
If Pell eligible:
FS FSEOG EOG: School determined, $100-4,000
If teaching is the goal:
TE TEACH: CH: High need field in a high need area, $4,000, service obligation where grant can become a loan
WHAT IS A LOAN?
MONEY borrowed from the Federal government, schools, and/or outside lenders that has to be repaid after graduation. Interest rates are typically low.
CHECK OUT WWW.STUDENTAID.GOV
Two Types…
–
$5,500 for 1st year undergraduates
–
$6,500 for 2nd year undergraduates
–
$7,500 for each remaining undergraduate year
additional Unsubsidized Loan
school year (or by request, six months following graduation)
Direct PLUS Loans
approval
and interest rate are dramatically improved with co-signer
WHAT IS WORK STUDY?
MONEY earned through employment
Benefits:
* Gain work experience, improve your skills, and build your resume * Explore possible career opportunities * Help pay your way through school * Some earnings may not count against you on the following year’s FAFSA
Employment may be on or off campus
Earn that $$$
ht http tp:// ://www www.r .rea eady dyse setg tgrad ad.or .org
Study
the website!
FREE FREE Internet scholarship search engines:
WWW.FI FINAID AID.OR ORG
WWW.FAST ASTWEB WEB.MON MONSTER STER.COM COM
WWW.PETER PETERSONS SONS.COM COM
THEWASHBO HBOAR ARD.OR ORG
WWW.MY MYSCHOL SCHOLLY.COM COM
(AmeriCorps) ww
www.amer .americor icorps.go ps.gov
www.gibi .gibill. ll.va.go va.gov
www.oi .oiep ep.bia.edu .bia.edu/
Bureau of Health Professions ww
www.bhp .bhpr.hr .hrsa.go sa.gov/d v/dsa sa
ALWAYS FILE YOUR FAFSA!
Unsubsidized Loan
THERE ARE ALSO OTHER OPPORTUNITIES:
www.readysetgrad.org
$96 mi million llion in grant, scholarship, loan and employment aid
95% of all undergraduates received student aid in 2014-15
052 is the average award for undergraduates with financial need in 2014-15
To Work On….
YOUR TO-DO LIST:
Be aware of any financial aid and admissions due dates at the schools you are thinking about applying to. Complete the FAFSA as soon as possible
Submit all requested follow-up documentation to the school(s). Most importantly – ask questions – don’t be shy, we’re here to help.