THE FAFSA A N A N D O D OT H E R H E R F I N A N C I A L A I - - PowerPoint PPT Presentation
THE FAFSA A N A N D O D OT H E R H E R F I N A N C I A L A I D B F I N A N C I A L A I D B A S A S I C S I C S www.collegenowgc.org PRESENTATION OUTCOMES Know and understand the financial aid basics Understand the FAFSA and
A N A N D O D OT H E R H E R F I N A N C I A L A I D B F I N A N C I A L A I D B A S A S I C S I C S
www.collegenowgc.org
PRESENTATION OUTCOMES
Know and understand the financial aid basics Understand the FAFSA and why it is important to file
www.collegenowgc.org
TYPES OF FINANCIAL AID
Gr Grant nts a and nd Scho hola larshi hips
Gi Gift M Mone ney y
Federal l work s k study y
E D U C A E D U C A T I O N I O N L O L O A N S
Earne ned M Mone ney y Borrowed M Mone ney y
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GIFT MONEY: GRANTS AND SCHOLARSHIPS
Need-based Eligibility determined by the FAFSA
(Free Application for Federal Student Aid)
Can be: Merit-based Need-based Circumstance-based *Grants and scholarships do NOT need to be repaid!
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Thi hink S nk SPECIF IFIC IC
students
TIPS FOR SCHOLARSHIP SEARCHING Thi hink L nk LOCAL
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Conne nnection.na n.navianc nce.c .com/ m/no norma mand ndyhs yhs
EARNED MONEY: FEDERAL WORK STUDY
It is the student’s responsibility to apply and interview for a job on campus Students are paid by a check, and may use the money in a variety of ways *Payment does not go directly towards tuition.
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BORROWED MONEY: LOANS Federal Student Loans: awarded upon completion of the FAFSA
Federal Parent Plus Loan: 6.31% fixed interest Private or Alternative Loans: Loans from banks and
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*Federal interest rates are set every
disbursed before June 30, 2017.
WHAT IS THE FAFSA?
FREE Application for Federal Student Aid
www.f .fafsa.ed.g .gov
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WHY FILE THE FAFSA?
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Generates every type of aid; is used to determine amount
Everyone will be offered something Many scholarships require a completed FAFSA
DETAILS
FAFSA is available October 1, 2017 You should complete by December 1st Needs to be completed every year Send up to 10 colleges
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STEP ONE
nt a and nd p parent nt e each a h appli lies f for FSA ID ID
WHO IS A PARENT ON FAFSA?
nts f file le w with t h the he p parent nt/step p parent nt t the hey li y live w with h
If p parent nts a are d divorced, t , the he s student nt f file les w with t h the he c custodial l parent nt ( (and nd s step p parent nt i if r rema married). It . It d does no not ma matter who ho c cla laims ms t the he s student nt o
n tax r returns ns, b , but w whe here t the he student nt r resides. .
If p parent nts a are N NOT ma married, b , but li live t togethe her b both p h parent nts go o
n the he F FAFSA
nts w who ho a are i in c n court a appoint nted le legal g l guardians nshi hip o
foster c care f file le a as i ind ndepend ndent nt s student nts
STEP 2: GATHER YOUR INFORMATION
Social Security Numbers Most recent income tax returns, W-2s Bank statements and records of investments Records of untaxed income Asset information (assets do not include retirements plans, the home you live in, or life insurance)
US USE T THE IR IRS D DATA RETRIE IEVAL!!
STEP THREE File le F FAFSA!
FAFSA.g .gov Us Usually t lly takes a about 1 10-2
minu nutes t to c comple lete ** **Make s sure i it g gets s signe ned a and nd s submi mitted! Student nt w will g ll get a an e n ema mail w l whe hen i n it i is p processed ( (3 d days ys) See GE GEAR UP UP A ADVIS ISOR t to ma make s sure i it i is c correct o
if the here a are i issues
WHAT THE FAFSA TELLS YOU
EFC, a number calculated by the Department of Education based on the information provided in the FAFSA.
*Your EFC will be the same for every school. *Your EFC determines the type of aid you are eligible for.
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WHAT THE FAFSA TELLS YOU
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Will let you know if you are eligible for the Pell Grant (up to $5,920) Lists Stafford loans (up to $5,500)
VERIFICATION
Schools are required to verify information. Usually involves sending tax paperwork. Must follow through with the required paperwork ASAP! If delayed, it will delay the award letter.
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SPECIAL CIRCUMSTANCES
Loss of income Divorce or separation Medical expenses Death of parent or spouse Private school expenses *These are separate forms you will have to file with your college. Contact your school’s financial aid department.
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AWARD LETTERS
Compare your award letters from each school for gift money, earned money, and borrowed money Unmet need and true cost of attendance Delivered from January- April
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CSS PROFILE
nline ne a appli lication t n tha hat c colle llects i inf nforma mation f n for s specific i ins nstitutions ns
Used t to a award p private a and nd i ins nstitutiona nal a l aid
DO DO I N I NEED T D TO F FIL ILE T THE C CSS P PROFIL ILE??
heck y k your c colle llege’s ’s f fina nanc ncial a l aid w website
can f n find nd p participating ng s scho hools ls o
n Colle llegeboard.o .org C CSS profile le p page
Western, O n, Oberli lin C n Colle llege, , Kenyon C n Colle llege, W , Wooster, De , Deni nison n
HAVE QUESTIONS? SCHEDULE AN APPOINTMENT WITH YOUR GEAR UP ADVISOR:
Norma mand ndy Stepha
hani nie B Busa sbusa@colle llegeno nowgc.o .org
Parma ma H High Cathe
herine ne Gr Graha ham m cgraha ham@ m@colle llegeno nowgc.o .org
Valle lley F y Forge Hilla
llary W y Walk lker hw hwalk lker@colle llegeno nowgc.o .org