Financial Aid Presentation NCASFAA/ NCSEAA

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Financial Aid for College

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Scope of this Workshop

• What is financial aid?

• College costs

• Applying for financial aid

• Alternatives

• How to complete a FAFSA

What isFinancial Aid?

• Grants• Scholarships• Loans• Employment

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College Costs

• Tuition

• Required fees

• Room

• Meals

• Books and Supplies

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College Costs

• Transportation and miscellaneous personal expenses, including documented costs for a personal computer

• Loan fees

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Applying for Federal Financial Aid

• Free Application for Federal Student Aid (FAFSA)– Required for all types of federal aid – Use the worksheets available from high schools &

financial aid offices to complete the online form.

•99% of forms are filed online!

– Paper forms can be obtained by calling 800-4-FED-AID (1-800-433-3243)

– Complete on the Web at www.fafsa.ed.gov after January 1st, preceding the academic year

– Results sent electronically to institutions listed by student on FAFSA and to the student (if you provide your email address)

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Applying for State Financial Aid

• The FAFSA is the application for most major state programs:

– NC Education Lottery Scholarship– UNC Need-Based Grant– NC Student Incentive Grant– EARN (new in 2008-2009)

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Where can you find truly free information about

financial aid?

• Contact College Foundation of North Carolina at CFNC.org or toll free at 866-866-CFNC– Service of the State of North Carolina

• Talk to the financial aid administrator at the college of choice

• Ask your high school counselor or visit the local library

• Apply for federal financial aid at FAFSA.ed.gov

(notice it is not FAFSA.com!)

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Applying for Financial Aid

• Additional documentation may be required… for VERIFICATION of information

– Tax returns

– Untaxed income (Social Security, Child support, other)

– Family size

– Family members attending college

–Other...

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Special Circumstances

• Significant change in your family…– Unemployment of a parent

– Death in the family

– Change in parents’ marital status

– Medical expenses not covered by insurance

– Student cannot obtain parent information

Notify the financial aid office at your college of any special circumstances. Be prepared to provide documentation of any change, including the financial impact of the change.

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Sources of Financial Aid

• Federal Government

• State Programs

• Institutional funds

• Outside agencies

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Types of Financial Aid

GiftGift

Scholarships

Grants

Self-helpSelf-help

Loans

Employment

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Federal Aid Programs

• Federal Pell Grant

• Academic Competitiveness Grant

• National SMART Grant

• Federal Supplemental Educational Opportunity Grant

• Federal Work-Study

• Federal TEACH Grant (loan)

• Federal Perkins Loan

• Federal Stafford Loan

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North Carolina Aid Programs (partial listing)

• NC Student Incentive Grant

• NC Education Lottery Scholarship

• UNC Need-Based Grants

• Nurse Scholarships/Loans

• Teacher Scholarships/Loans

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Outside Aid

Outside AgenciesOutside AgenciesLocal organizations

Churches

Civic Groups

Parents’ employers

Veterans

Administration

Vocational Rehabilitation Services

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Is that all there is?

• Federal Stafford Loans

• Federal PLUS Loans for parents of dependent students

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Is that all there is?

• Private Alternative Loans for students

– Last resort--Always apply for federal loans first!

• College Payment Plans

• Outside Scholarships

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Additional Information

• College Foundation of North Carolina www.cfnc.org

• The Student Guide– Published by US Department of Education

www.ed.gov/prog_info/SFA/StudentGuide

• Student Financial Aid for North Carolinians– www.cfnc.org/fabook

• www.finaid.org

• Publications in local libraries

FAFSA on the Web’s Homepage

Before Beginning a FAFSA Overview

• Gather the documents you need

• Print a FAFSA on the Web Worksheet

• Plan how to sign your FAFSA

• Apply for a PIN now!

• Check your eligibility for federal student aid

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Personal Identification Number (PIN)

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• Web site: www.pin.ed.gov• Sign FAFSA electronically• Can request PIN now.• Not required, but speeds processing• Students and parents each need a PIN. Will be used

multiple years.

• After completing the FAFSA, student and parent (if dependent) must sign by:

– Entering PIN • Both student and one parent

should each have PINs

OR

– Print signature page, sign and mail to address provided within 7 days

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Signing the FAFSA

Summary

• Lots of aid available from federal and state governments

• Get a PIN now! www.pin.ed.gov

• Student and parent must each have a PIN

• Complete forms by deadlines

• Use www.fafsa.ed.gov to complete, sign and submit application.

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Summary

• Respond promptly if additional information requested

– Tax returns or other information

• College will notify via email, Web or mail of aid eligibility

• Student should follow colleges’ instructions to accept or decline aid offered.

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Questions?