Fo For Col olleg lege Renee DelConte Director One Stop Student - - PowerPoint PPT Presentation

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Renee DelConte Director One Stop Student Services

Intr troduction

• duction

1

Wh What t is Financial ncial Aid?

2

Who is eligi gible le to re receiv ive e Financia ncial l Aid?

3

Where re does Financia ncial l Aid come me fro rom?

Financial Aid is any resource which can assist in paying the costs of attending college. All eligible U.S. citizens, permanent residents, and eligible non-citizens admitted to a participating post-secondary institution in a degree-seeking program. Federal and state government, schools, employers, and other public and private sources like clubs and organizations.

FAF AFSA SA Ap Applic lication ation

• Takes approximately 20 to 30 minutes to complete.
• Required items: Student and Parent PIN (www.pin.ed.gov)

and tax documents if you are ineligible to use the IRS data match.

• Remember: the FAFSA needs to be renewed each year.

www ww.faf fafsa sa.ed. .ed.gov gov

• IRS data matching available.
• It only takes 3 to 5 business days to be processed.
• Results in a Student Aid Report sent to you via email.
• Results can be sent to up to 10 colleges.

FAFSA = Free Application for Federal Student Aid

Example ples:

• Parents

ents

• Siblin

lings

• Others

rs for whom parents ts provid vide e more than 50% of support

• rt

financia iall lly Example ples:

• Invest

stme ments ts excludin ing retir ireme ement t plans and IRAs

• Real estate

te excludin ing primary ary residen ence Example ples:

• Adjust

sted ed gross s income

• Amount of

money in cash, check cking ing or savin ings Example ples:

• Exclud

lude e parents ts who are in college ege

• Include

e sibling ings s who are in college ege

FAFSA SA de determ ermines ines financ ncial ial aid e d eligibi ibility ity using g multiple ple co compon

• nents.
• ents. So

Some exa xamples les:

Incom come Assets sets

Househ ehold ld Size College ege Studen ents ts In Househ ehold ld

Expected Family Contribution (EFC)

• Determined by U.S. Department of Education
• Used to calculate your “need” for need-based

financial aid programs Cost of Attendance (COA)*

• Expected Family Contribution (EFC)

= Eligibility for need-based for financial aid *COA is different from school to school, but a student’s EFC stays the same. Therefore, a student’s need will be different from school to school.

Th The F e FAFSA A will ll de determ ermine ine yo your Exp xpected ected Fam amily ly Con

• ntribu

ributi tion

• n (EFC)

FAFSA SA Errors s = SAR reject ct

Fr Frequ quent ent FA FAFS FSA A Errors

• rs

Social cial Security curity numbers mbers not t matchin tching Missi ssing ng paren rental tal infor formatio mation Missi ssing ng steppa epparent rent incom come e Missi ssing ng PIN e-sign signature atures Misrep sreportin rting g incom come e tax x paid id

Misrepo

sreport rtin ing hous useho ehold ld size ze Misrep sreportin rting g numbe mber r of hous useho ehold ld members mbers in coll lleg ege Missi ssing ng real al estate tate and d inves estm tment ent net worth rth

Fi Finan ancial cial Ai Aid Cyc d Cycle le

After admissi ssion

• n

the colleg ege(s e(s) awa wards financi ancial al aid Student ent completes etes/r /rene enews ws FAFSA each ch yea ear FAFSA is process ssed ed by DOE and EFC FC is determine ined Student ent submit submits s any ny additiona

• nal paperwor

work to final alize ize their ir awa ward package SAR sent to all colleg eges es requested sted

Myth ths s about ut completin pleting g th the FAFSA SA

I won’t qualify for anyt nything hing, , my parent nts s make e too much h money ey. I only y want nt state and institut utiona

• nal money

ey, , so I don’t need to complete ete it. FAFSA will only y awar ard me loan n money ey, which ch I will have ve to accep ept. The FAFSA SA is too long and too hard to complete ete.

Disp spelli elling g myt yths s ab abou

• ut com
• mpleting

eting the e FAFSA

Types of Financial Assistance Available

Gift Aid

Scholarships & Grants

• Repayment is not

required.

• Federal, state, private,

and institutional money available.

Self Help: Employment Self Help: Loans

Work-study Programs

• Part-time, on or off

campus jobs.

• Educational experience.
• Get paid for working

through financial aid Loans

• Repayment is required.
• UNF offers Federal and

private loans.

• UNF participates in Federal

Direct Lending for student and PLUS loans.

Gif ift t Ai Aid: d: Grants ants

FSEOG Pell l Grant nt

Awarded to undergraduate students with EFCs less than $5081 (2013-2014 EFC cutoff). Award ranges from $600 - $5645 depending on EFC. Pell Grant awards pro-rate based on hours

• enrolled. In most cases students must enroll in at least 3 hours. In

the case of the smaller Pell awards, 6 hours may be required.

FSAG First

Florida Student Assistant Grant: Awarded to undergraduate students identified as Florida residents. Must be Pell eligible. Must enroll in at least 6 credit hours. Up to $2000 a year (2013-2014 maximum), pro-rated based on hours enrolled. Funds available basis. Federal Supplemental Educational Opportunity Grant: Awarded to undergraduates with priority given to Pell eligible students. Must enroll for at least 3 credit hours. Up to $4,000 a year (2013-2014 maximum), pro-rated based

• n hours enrolled. Funds available basis.

Some colleges, like UNF, offer need- based grants to students who demonstrate unmet financial need. Priority is given to the highest need students on a funds available basis. Applying for financial aid early and being admitted early are key in being considered for this type of grant funding. Awarded to undergraduate students identified as Florida residents whose parents have not earned bachelors

• degrees. Priority is given to students

who are Pell eligible and funding is limited, so applying for financial aid early is key in being considered for this

• Scholarship. Students must enroll in at

least 6 credit hours.

Need ed-Based ased UNF Grants Generation

Gif ift t Ai Aid: d: Scho holar larships ships

Academ demic ic Ba Based ed Talen lent t Ba Based ed

Awards given to students by colleges based on demonstrated excellence in things like sports, music, art, dance and many others. Awards given to students based on academic excellence. GPA, SAT/ACT test scores and in some cases, community service are all factors in determining eligibility.

Br Bright ight Futures tures

Academic/merit based scholarship funded by the State of Florida. Tiered awarding structure with awards ranging from $44.00 to $103.00 per credit hour. Student must be deemed a Florida Resident by their college/university. Student MUST complete a Florida Financial Aid Application prior to to high scho hool

• l gradua

duatio ion: www.floridastudentfinancialaid.org.

Gif ift t Ai Aid: d: Private ivate Scho hola larships rships

Chambe mber r of Comme mmerce rce

Scholarships are specialized funding designed to support college

• education. They originate from a variety of sources, such as:

Privat vate e Organi ganiza zations/

• ns/

Corporat porations

• ns

Religi gious

• us

Organi ganiza zations

• ns

Civic c Group ups/ s/ Unions

• ns

Schoo

• ol Dist

stri rict ct

Don’t pay for scholarship searches! Free online scholarship resources: FinAid on the web: www.finaid.org College Board: www.collegeboard.com FastWeb: www.fastweb.com Go College: www.gocollege.com And don’t forget your college’s financial aid website!

Self lf Help lp: : Flor lorida ida Pre e Paid id

www.myf yflori loridap aprep repaid id.com .com

There are many different college pre-paid plans with many different financing options:

Florida 529 Plan

C2 Plan C4 Plan 2+2 Plan U4 Plan

Florida Savings Plan that allows you to choose from 11 different investment options and to decide just how much and how often you contribute. 2 Year Florida Prepaid College Plan that covers tuition and most fees for 60 credit hours at a Florida College 4 Year Florida Prepaid Plan that covers tuition and most fees for 120 credit hours at a Florida College Florida Prepaid Plan that covers tuition and most fees for 60 credit hours at a Florida College and for 60 credit hours at a State University Florida Prepaid Plan that covers tuition and most fees for 120 credit hours at a State University The Take-Away: Not all Pre-Paid Plans are alike, and not all plans will cover 100% of college expenses each term. The good news: Pre-Paid and Bright Futures work together. Students do not get penalized on either program for having both!

Self lf Help lp Ai Aid: d: Fede deral ral Work rk Stu tudy dy

• Work Study funds are available on a first-come-first-served basis. File your

FAFSA early!

• Students must indicate interest in Federal Work Study when filing their

FAFSA.

• Work Study is self-help aid in the form of a part-time job awarded to

students who demonstrate financial need.

• Work Study jobs are available for students both on and off campus.
• Awarded students must enroll in and maintain at least half-time status to

remain eligible.

• Work Study provides you with great work experience.
• Work Study is a great resume enhancer!

Self lf Help lp Ai Aid: d: Loans

• ans

Descript ription Eligi igibili lity Amount t availa lable le Repayment ment Direct ect Subsidi idized zed Loan

Available only to undergraduate students who demonstrate unmet financial need. DOE pays the interest while the borrower is enrolled at least half-time. Student must be a U.S. citizen

• r permanent resident enrolled

in at least 6 credit hours in a degree seeking program Dependent /Independent students: 0-29 credit hours: $3,500 30-59 credit hours: $4,500 60+ credit hours: $5,500 Graduate/professional: $8,500 6 months after the student graduates, drops below half- time status or ceases to enroll.

Direct ect Unsub ubsi sidized dized Loan

Available to both graduate and undergraduate

• students. DOE does not

pay the interest on this

• loan. Borrower can choose

to make interest-only payment or allow interest to accrue and compound. Student must be a U.S. citizen

• r permanent resident enrolled

in at least 6 credit hours in a degree seeking program Dependent/Independent students: 0-29 credit hours:$2,000/$6,000 30-59 credit hours:$2,000/$6,000 60+ credit hours: $2,000/$7,000 Graduate and professional: $12,000 6 months after the student graduates, drops below half- time status or ceases to enroll.

www.studentloans.gov

Descript ription Eligi igibili lity Amount t availa lable le Repayment ment Direct ect PLUS Loan

Available to parents dependent undergraduate

• students. Parent credit check

required. Student must be a U.S. citizen or permanent resident enrolled in at least 6 credit hours in a degree seeking program. Up to the student’s cost of attendance minus other financial aid awarded. 60 days after loan is fully disbursed. It is the parent’s responsibility to repay this loan.

Direct ect Grad PLUS Loan

Available to graduate

• students. Credit check

and/or co-borrower required. Student must be a U.S. citizen or permanent resident enrolled in at least 6 credit hours in a degree seeking graduate program. Up to the student’s cost of attendance minus other financial aid awarded. 60 days after loan is fully disbursed.

Private vate Loan

Educational loan available to students though a commercial banking

• institution. Credit check
• required. Co-borrower may

be required. Eligibility varies by lender and credit worthiness. In most cases the student must be enrolled in at least 6 credit hours. Up to the student’s cost of attendance minus other financial aid awarded. Varies based on

• program. Some

programs allow deferment of payment until after the student leaves school.

Self lf Help lp Ai Aid: d: Oth ther er Loan

• an Ty

Types pes

So How Does It All Work?

Sample Per Term Cost of Attendance Budget Based on 15 Credit Hours Per Term Tuition $3,255 Books $600 Room/Board $4,331 Miscellaneous $1,314 Transportation $866 Total al $10,3 ,366 Note: this is a budget, not a representation of actual out of pocket expenses. Sample Per Term Financial Aid Award Based on 15 Credit Hours Per Term Federal Pell Grant $2823 FL Student Assistance Grant $1000 FL Medallion Award ($77/credit hour) $1155 FL First Generation Scholarship $1000 UNF Housing Grant $1500 UNF Need Based Grant $1000 Total al $8,478 ,478 Sample Per Term Bill Based on FL Resident rate and15 Credit Hours Per Term Tuition: $3,255 Housing: $2650 Meal Plan: +$1681 Total al Term rm Charges arges =$7,5 ,586 Total al Fin inan ancia ial Aid

• $8,478

,478 =($892) ) (available for books and other expenses)

Financial Aid Shopping Sheet

http://collegecost.ed.gov/shopping_sheet.pdf

College Scorecard

http://collegecost.ed.gov/scorecard /

The U.S. Department of Education’s “College Scorecards” make it easier for you to search for a college that is a good fit for you. You can use the College Scorecard to find out more about a college’s affordability and value so you can make more informed decisions about which college to attend. The Scorecard will allow you to select factors that are important in your college search. You can find scorecards for colleges based on factors such as programs or majors

• ffered, location, and enrollment size.

COLLEGE Navigator

http://nces.ed.gov/collegenavigator/

Please check with your college financial aid office to make sure that you have completed all of the appropriate paperwork. Become familiar with the literature published by The DOE as well as your college financial aid office. Grants and scholarships go quickly, so be sure to complete and submit your FAFSA early!

To receive the best financial aid package possible…

Be Prepared Be Informed Be Timely Best financial aid package possible

Remember…

The FAFSA is free. Opt to use the FAFSA data match if you are

• eligible. If not, follow the FAFSA instructions
• strictly. Don’t second guess the form.

You need to renew your FAFSA each academic year to receive financial assistance. Submit your FAFSA early!

Web Resources

Feder eral al and State e Aid Websi sites: s:

FAFSA: www.fafsa.ed.gov FAFASA PIN #: www.pin.ed.gov State Grant nts s and Scholar

• larshi

ships: s: www.floridastudentfinancialaid.org Finan ancia ial Aid Toolkit: it: http://financialaidtoolkit.ed.gov/tk/ FAFSA 4Cas aster er: : www.fafsa4caster.ed.gov Federal al Direct ct Student ent Loans ans: : www.studentloans.gov Florida da PrePaid id: : www.myfloridaprepaid.com

Schol holars arshi hip p and d Afforda rdability bility Webs bsites: es:

FinAid d On The Web: www.finaid.org Colleg ege e Board: : www.collegeboard.com Fast stWeb Web: www.fastweb.com Go Colleg ege: www.gocollege.com Colleg ege e Navig igato ator: http://nces.ed.gov/collegenavigator/ Colleg ege e ScoreCa Card: http://collegecost.ed.gov/scorecard Finan ancia ial Aid Shopping ing Sheet et: http://www2.ed.gov/policy/highered/guid/aid-offer/index.html

And don’t forget your college’s financial aid website!

Questions?