The Road To Financial Aid Success Presented By: The Road To - PowerPoint PPT Presentation

The Road To Financial Aid Success Presented By:

The Road To Financial Aid Success Your PLAN: • Prepare • Look for Options • Apply • Never give up your dreams

What is the first step? How do I get financial aid? PREPARE – EARLY! Fill out the Free Application for Federal Student Aid (FAFSA) to start on the road to Financial Aid Success!

What is the FAFSA? • The Free Application for Federal Student Aid (FAFSA). • Uses household income, assets, # in family, etc. to determine Expected Family Contribution (EFC) using a Federal Methodology. • Required to determine eligibility for most Federal and State Financial Aid and other grant/scholarships.

While completing the FAFSA be sure you have: Federal tax information n W-2 Forms n Driver ’ s License *Parent information is required on the FAFSA each year, unless a student is: n 24 years old n Married / or has legal dependents n an orphan / or ward of the court n a veteran of the United States Armed Services n a graduate / or professional student

Expected Family Contribution • From the information provided on the FAFSA, the Federal Government determines how much money the applicant and his/her family is expected to contribute to the educational expenses of the student • The EFC is not an “ up front ” expense. It merely describes the estimated value of self-supported costs that may occur throughout the academic year.

PREPARE • Federal Tax Return(s) • FAFSA • Essay • Letters of Recommendation • ALL College Applications

Additional College Applications • Application for Admission (accepted) • Check with your College to see if they have additional forms that are required • College Board Profile if required by the College • ALWAYS submit forms by the deadline date

Seeking Letters of Recommendation • Include achievement, community and volunteer activities • Express student uniqueness, qualities and characteristics that make the student special • Include trials and tribulations, extenuating circumstances that may support need • Always use letterhead, keep to one page and include contact information

Writing a Winning Essay • Outline who you are and why you ’ re applying for a scholarship • Include volunteer, community, school activities, merit and achievements • Describe characteristics, situations and stories that make you unique • Observe the proper format, grammar, spelling, typed and double spaced..etc…

TYPES OF FINANCIAL AID • GRANTS • WORK STUDY • LOANS • SCHOLARSHIPS

Types of Grants – Does not have to be repaid • Need based – based on financial (FAFSA) need • Federal Pell and Supplemental Grants • State – Colorado Student Grants, CLEAP, SLEAP • Institutional Grants • Private and Foundation Grants

Types of Workstudy • Federal Workstudy • State Need and Non-Need based Workstudy • Work approximately 20 hours per week while in class • Related to degree program • Valuable experience–looks great on your resume • Paid by hours worked, at variable wage rate, around class schedule

Earnings From Employment • 10 hours/week @ $7.25/hour = $2,610/academic yr • Work study • Campus Hourly • Off campus

Types of Loans Student Loans • Subsidized • Interest paid while in school and grace period • Unsubsidized • Not interest free • Federal Perkins Loan • School is the lender Parent Loans • Federal PLUS Loan

Types of Scholarships • Merit and Achievement (such as athletic) • Major • Affiliations, gender, ethnicity, potential • College, Corporate, Private, Government • Generally do not have to be repaid • Can receive more than one based on qualifications

Scholarship Application Create a Scholarship Resume • Extracurricular Activities • Community Involvement • Hobbies • Memberships • Goals and Aspirations Remember! the scholarship essay is a story about you!

The Scholarship Essay Be Honest and Unique • Tell them something about you that makes you stand out • Describe your needs! Scholarship applications are read by REAL people – not machines!!!!!

Where will the money come from??? Look for neighborhood sources!

Common Places • Local TV Station • Local Newspaper • Magazines • Products • Places of Business • Professional organizations • Local church

Apply! Apply! Apply! You won ’ t know what you could qualify for if you don ’ t apply!!!! Apply even if you think your family makes too much money!!!

Application Tips • Complete tax returns as early as possible • Apply even if you don ’ t think you ’ ll qualify • Read instructions carefully, do not leave any item blank • Keep copies of everything!!! • Write down names of contacts • Use Financial Aid Counselor as a resource

Priority Dates • Complete FAFSA as soon as possible after January 1 of each year • Know college ’ s deadline date for priority awarding of funds (most priority dates occur in February or March) • Begin obtaining and completing scholarship applications in September of Senior year of High School • Know Scholarship Deadline date on Applications

How is my aid eligibility calculated ???

Federal Methodology COA (Cost of Attendance) - EFC (Expected Family Contribution) __________________ Student Financial Need

What the Cost Consists Of Tuition and Fees Room and Books/supplies and Board Personal Miscellaneous

RESIDENT BUDGET EXAMPLE: • T&F $ 7,493 • B&S 1,162 • Pers/Misc. 3,105 • Room/Board 10,500 • TOTAL $ 22,260

Non Resident Budget EXAMPLE • T&F $ 23,347 • B & S 1,162 • Pers/Misc. 3,231 • Room/Board 10,500 • TOTAL $ 38,240

Sample Award Resident COA $ 14,091 EFC 5,000 Need 9,091 Grant 1,000 Work Study 2,375 Student Loan 2,625 Student has $3,091 in unmet need. The Parent can borrow a PLUS loan to make up the difference.

Sample Award Non Resident COA $ 25,845 EFC 5,000 Need 20,845 Inst Grant 1,000 Workstudy 2,375 Student Loan 2,625 Student has $14,845 in unmet need. Parent can borrow a PLUS loan to make up the difference

Never Give Up • Think big picture • Continue to update your scholarship resume • Check with institution for continuing student scholarships • Academic college • Department • Financial Aid Office

NEVER Ø GIVE UP ON THE PROCESS Ø GIVE UP ON YOUR OPTIONS Ø GIVE UP ON YOUR DREAMS

Useful Financial Aid Websites • www.pin.ed.gov Obtain pin number to complete FAFSA • www.fafsa.ed.gov Complete FAFSA on-line • www.finaid.org General information about financial aid • www.collegeincolorado.org Information about Colorado Colleges/Financial aid • www.cslp.org Student Loan information • The College website where you are considering enrolling

Deadlines • Know what the College deadlines are for: • Admissions • Financial Aid • Housing decisions • Scholarship • Know what those dates mean • Research how long forms take to process • ASK QUESTIONS if you don ’ t know something about the application process!

In Summary APPLY EARLY You can ’ t get what you don ’ t apply for NEVER be afraid to ask questions Know what the deadlines are and what they mean NEVER GIVE UP YOUR DREAMS! And… DO ALL OF THE ABOVE EVERY YEAR YOU ARE IN COLLEGE!!!!

PLAN ü PREPARE – FORMS ü LOOK – FOR OPTIONS ü APPLY – ON TIME ü NEVER – GIVE UP YOUR DREAMS

Questions?

The Road To Financial Success Special Thanks To Ruben Guerrero CESDA Judy Ransom ASAP Union Bank & Trust Jim Contreras Arapahoe Community College Katie Kramer Boettcher Scholarship Program Amy Turner Boettcher Scholarship Program