college night @ ahs. what is the fafsa? free application for federal student aid at this time, you...
Post on 21-Jan-2016
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College Night @ AHS
What is the FAFSA?
• Free Application for Federal Student Aid
• At this time, you cannot complete the FAFSA until after January 1st
– FAFSA must be filled out yearly– Don’t ever pay for it! – www.fafsa.gov
https://fafsa.ed.gov/
THE WEB PAGE YOU WANT!
THE WEB PAGE YOU DO NOT WANT !!
SCAM !! FAFSA.COM SCAM !!
AVOID THIS $79 Service Fee! PLEASE USE https://fafsa.ed.gov/
When Should I apply?
• There are FAFSA priority filing dates – Each school has their own filing date.
• The general filing period is from Jan. 1 to June 30. If you file late, you may have to pay up front and get reimbursed if you are eligible for aid.
• Many schools have a Feb 15th deadline
Eligibility Criteria
• Must:– Be graduating or have a GED
– Be a U.S. citizen or eligible non-citizen
– Be registered with Selective Services (males)
– Have a social security number
How is “need-based” calculated?
• All colleges use a basic equation to determine need:
Cost of Attendance (COA)
MINUS
Expected Family Contribution (EFC)
EQUALS
Student Need
Cost of Attendance (COA)
• Includes the following costs:– Tuition & fees– Room & board– Books, supplies– Personal expenses– Travel– CAN VARY GREATLY BETWEEN
SCHOOLS!
How is the Estimated Family Contribution (EFC)
determined?
• EFC is generated from information given on the FAFSA
• Calculated by combining parent contribution (income & assets) and student contribution (income & assets)
• All taxed and untaxed income is totaled
EFC Parental Calculations
Available Income
+ Available Assets- Number of children in college (not parents)
- Number in family
_____________________________
Parent Contribution
Dependent Student’s Contribution
• 50% of student’s available income is assessed as a contribution– Whether or not that income is looked at
depends on how much the parents make
• 20% of student’s assets are expected to be used to pay college costs
What assumptions will FAFSA make with need-based aid?
• Families will contribute to the extent they’re able, based on the EFC
• Unusual family circumstances considered-write to your financial aid office and provide any supporting documentation.
• More is expected from those with greater resources
But my situation has changed!!!
• Parent lay-offs or new jobs or other unforeseen situations such as medical bills, etc. can significantly change your family income from what your taxes show and what you enter on the FAFSA.
• You can appeal this. Please contact your school’s financial aid office to talk about their appeal process. They will need your appeal in writing.
Types of financial aid!
• Grants/Scholarships– No repayment… unless you withdraw
before completing 60% of the session or semester.
• Work Study– Money you earn through an on or off
campus job. This is a need based award.– No need for repayment– Must be enrolled in at least 6 credit hours
• Loans– Must be repaid– Plans vary based on need– Interest rates vary
Types of Aid
Grants
• Pell Grants– Intended for the neediest of students
– Based on EFC & enrollment level• Currently it is if EFC is less than $5,198
– Maximum amount is set annually by Congress• Current maximum is $5,775
Grants Continued…
• Federal Supplemental Educational Opportunity Grant (FSEOG)
– Awarded first to those with exceptional financial need
– Must be a Pell Grant recipient– Institution determines distribution and
amount ($100 min - 4,000 max.)
Specific SCHEV grants
– 2 Year College Transfer Grant• Must have a 3.0 GPA at Associate degree completion• $8,000 or less EFC• $1,000 grant or $2,000 if your majoring in science, teaching,
nursing, math, or engineering• Awarded by the 4 year state school to which a Virginia
community college graduate transfers
– Tuition Assist. Grant (VTAG) • Private colleges in VA only!• Application is available at the financial aid office of your
private college or online (non-need based)• Was $3,100, but may drop to $2,800 or lower next year!
Specific SCHEV Grants continued…
• COMA (Commonwealth Grant)– Must be an in-state student– Must be a US Citizen– Amounts vary/can run out
• VGAP– 2.5 minimum GPA– Must attend full time (12 or more credit hours)– Dependent students– Amounts can range up to the tuition cost– Can run out
Scholarships
• Need-based aid may be adjusted if scholarships are greater than unmet need.
• Loans are ususally adjusted first• Check your college’s website• Check with your high school guidance
counselor.
College Specific Scholarships
• PVCC has a whole web page dedicated to scholarships!!– www.pvcc.edu/financial_aid/educational_found
ation_scholarships.php• Check after the first of the year.
– See anytime:• www.pvcc.edu/financial_aid/scholarships.php
• Ask your guidance counselor for more information
Just A Sampling From PVCC:
• Army ROTC Program • Nursing Scholarship Information
– Mary Marshall Scholarship • NASA MUST Scholarship Application • SCITE Scholarship Information • Virginia Foundation for Community College Education Scholarships • Health Resources and Services Administration - Nursing Scholarship • Hispanic Scholarship Program • Virginia Latino Scholarship • Jack Kent Cooke Foundation Scholarship • VACTE High School Scholarship
Work Study• Federal Work Study
– This is a need-based program.– Students work part time on or off campus– Jobs may or may not relate to students
major/minor– FWS funds are allocated to schools. They do
run out.– Will NOT count as income on future EFC’s
Loans
• Subsidized Loans– Are in the students name– No co-signers– Not based on credit
– Interest begins to accrue 6 months after student ceases to be enrolled or graduates• Repayment begins at that time too
Loans Continued…
• Unsubsidized Loans– Not need based
• Intended to provide assistance to students who may not demonstrate need
– Available to students who file a FAFSA
– Interest accrues from the moment the loan is disbursed• You may pay interest as it accrues or have it
added to the loan principal
Can I lose my aid?• Yes!!!
• Must maintain “Satisfactory Academic Progress”– Pass at least 67% of your classes– Maintain 2.0 GPA– 150% Rule
What happens after completing the FAFSA?
• FAFSA sends information to the colleges you listed within 3 days
• Colleges will process the information and look over it for errors, flags, etc– Follow-up requests for information– Financial aid offer letters
FINAL STEPS!!!
• Complete FAFSA• If you need a student loan go to:
www.studentloans.gov• Some schools require a loan request form• Complete your Entrance Loan Counseling
and sign for your Master Promissory Note• Parents – you will go to this site if you
choose to do a Parent Plus loan
Where you can get more information
• Websites– www.studentaid.gov
– www.collegeboard.org
– www.fafsa. gov
– www.finaid.org
Special Thanks ..
To YOU for coming!
Questions?
Citizenship
Eligible Categories
• U.S. Citizen• U.S. permanent resident• Eligible noncitizens
Eligible noncitizens
• Be in the U.S. for other than a temporary purpose
• Legal immigrants with an alien registration number and a social security number
• Once FAFSA is filed, a citizenship match is checked for both social security and DHS for students providing alien registration number.
Eligible noncitizens and documentation
• I-94• I-55 (green cards)• Unexpired foreign passport with an MRIV
and endorsed with the admission stamp, constitutes a temporary I-551. Valid for 1 year from the date of endorsement on the stamp.
Other acceptable documentation
• U.S. Passport• Certificate of Citizenship• Certificate of Naturalization
Conditional resident aliens
• Valid I-551• Valid I-94• Valid I-94A• Passport with MRIV bearing the statement
“Upon endorsement serves as temporary I-551 evidencing permanent residence for 1 year.”
Refugee
• Status continues unless revoked by DHS or until lawful permanent resident status is granted.
• Permanent resident status id applied for after one year.
• May have a Form I-94 or I-94A annotated with a stamp showing admission under Section 207 of the INA
Persons granted asylum
• Can apply for permanent residence after one year
• Asylee status continues unless revoke by DHS or until permanent residence status is granted.
• May have I-94 or I-94Awith a stamp showing admission under Section 208
Others with proper documentation
• Persons paraoled into the U.S. for at least one year
• Cuban-Haitian entrants• Conditional entrants• Victims of human trafficking• Battered immigrants-qualified aliens
Ineligible statuses and documents
• Nonimmigrant visas such as work visas, students, visitors, and foreign government officials
• F-1, F-2, M-1, NATO Visas, A2 and A3• B-1, B-2, J-1, J-2• H series or L series Visa, G series Visa• Notice of Approval to Apply for Permanent
Residence (I-171 or I-464)
Not eligible, continued
• Family unity status with form I-817• Temporary residents• Illegal aliens under amnesty programs• Students with “Temporary Protected Status”
stamped on their I-94 forms• DACA• Students with a “withholding of removal” order• “U-Visa” holders
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