financial aid workshop
DESCRIPTION
Financial Aid Workshop. Financial Aid 101. Sources of Financial Aid. Financial Aid Includes:. Grants: Gift, doesn’t have to be repaid Loans: Must be repaid with interest Work-study : Earn money while in school. Florida State Financial Aid. - PowerPoint PPT PresentationTRANSCRIPT
Financial Aid Workshop
Financial Aid 101
Sources of Financial Aid
F ed era l F in an cia l A id S ta te F ina n cia l A id In sti tu t ion a l F in an cia l A id
F ina nc ia l A id P rog ram s
Financial Aid Includes:
Grants: Gift, doesn’t have to be repaid
Loans: Must be repaid with interest
Work-study: Earn money while in school
Florida State Financial Aid
Application available in December of senior year at www.floridastudentfinancialaid.org
Students must apply to be considered for:– Bright Futures Scholarship– Florida Student Assistance Grant– Florida Work Experience Program– Jose Marti Scholarship
CSS Profile
The PROFILE is used to help award nonfederal student aid funds from certain colleges and universities
The CSS/Financial Aid PROFILE is only available online starting October of senior year at: https://profileonline.collegeboard.com
There is a fee to apply and only a limited number of fee waivers are granted based on the financial information provided on the PROFILE
How to Apply for Federal Aid
Complete an electronic or paper Free Application for Federal Student Aid (FAFSA) on or after January 1st (Contact college/university for exact deadline dates)
Students will be able to obtain a paper FAFSA by calling the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) or by visiting www.edpubs.org.
FAFSA on the Web at: www.fafsa.gov
How does it all work?
Get a PIN (Personal Identification Number)
Your PIN is your electronic signature
Request PIN – one PIN for the student– one PIN for the parent
www.pin.ed.gov
Use PIN to file and make online corrections
Documents Needed
Social Security Number Driver's license (if any) 2011 W-2 Forms and other records of money earned
Student’s (and spouse's if married) 2011 Federal Income Tax Return –(IRS Form 1040, 1040A, 1040EZ)
Parents' 2011 Federal Income Tax Return (if dependent student) 2011untaxed income records - Social Security, Temporary Assistance to Needy
Families, welfare, or veterans benefits records Most recent bank statements Most recent business and investment mortgage information, business and farm
records, stock, bond, and other investment records Alien registration number or permanent residence card (if you are not a U.S. citizen) . Keep these records! You may need them again. Do not mail your records with
your signature page.
Federal Student Aid Grants
Federal Pell Grant (max- $5,550) Florida Supplemental Educational Opportunity
Grant (FSEOG): Available to families who demonstrate high financial need (ranging from $100 to $4,000)
Academic Competitiveness Grant (ACG)-completed a rigorous secondary school program, 1st year (up to $750) or 2nd year student (up to $1,350)
National SMART Grant: undergraduate students enrolled in the 3rd or 4th year and pursuing an eligible program of study
TEACH Grant: recipients must sign an Agreement to Serve (ATS) with the guidelines
Federal Work-Study (FWS)
Provides part-time employment to earn money for your education
Available to undergraduate and graduate students
Available to full-time or part-time students Available on campus and off campus Students earn at least the federal minimum
wage The amount you earn can’t exceed the FWS
award
Loans
Federal Perkins Loan Demonstrate financial need Available to undergraduate and graduate
students Part-time or full-time enrollment Repaid to the school Interest rate 5% Limited funds
Stafford Loans
Available to undergraduate and graduate students Enrolled at least a half-time 6.8% interest rate There are two types:
– Subsidized: financial need ($3,500-$5,500)
No need to pay the interest that accrues while in school
– Unsubsidized : Financial need is not required ($5,500- $25,000)
Responsible for paying the interest that accrues while in school
Plus Loan
Available to parent of dependent undergraduate student (7.9% interest rate)
Enrolled at least half-time Applicant should not have an adverse credit
history The maximum PLUS Loan amount that a
parent can borrow is the student’s cost of attendance minus any other financial aid the student may have received
•Need help? Use “Live Help” icon or call 1-800-4-FED-AID.•Don’t forget to print confirmation page.
http://www.fafsa.ed.gov/
FAFSA on the Web Worksheet
The FAFSA on the Web Worksheet allows you to read and complete the questions before entering your information online. The questions are listed in the same order as they appear on the Web site.
www.fafsa.gov
Application Deadline
It is important to note the type of deadline you are up against. Ask your college/university about their definition of an application deadline, whether it is the receipt date and time or the process date and time of the application.
Which FAFSA form do I file?
Attending CollegeAttending College Use FAFSA FormUse FAFSA FormUse IRS Income Use IRS Income Tax FromTax From
Beginning Summer 2012Beginning Summer 2012
Then Fall 2012 Then Fall 2012 2011 – 2012 2011 – 2012 FAFSA FAFSA
2012 – 2013 2012 – 2013 FAFSAFAFSA
20102010
20112011
Beginning Fall 2012Beginning Fall 2012 2012 – 2013 2012 – 2013 FAFSAFAFSA
20112011
After you submit your FAFSA…
Students will receive a Student Aid Report (SAR) indicating Expected Family Contribution (EFC). Review information and make corrections if necessary
If there is an asterisk next to your EFC, this means that your SAR has been selected for verification.
Selected for verification?
There are several possibilities for being selected for FAFSA verification such as:
You were selected randomly The submitted FAFSA application has incomplete data The data on the FAFSA application appears to
contradict itself The FAFSA application has estimated information on it If you are selected for FAFSA verification, you need to
return the information and requested documentation as soon as possible to the financial aid office at the college/university
Forms and Documents that may be requested by the college for the verification process
If you are selected for verification your college may ask for:
Parent tax returns Student tax returns Divorced or separated parent information Other information to verify:
Income Assets Family size Special circumstances
Award Letters
Students will be receiving an award letter from each institution they listed on the FAFSA, and to which they have been admitted
Award letters will tell them how much money in grants, loans, and work study they are receiving
If they think they did not get enough aid, they may request a review
Students need to read it carefully, and follow any instructions that pertain to them. If they wish to accept or decline the aid awarded, they must indicate it on the form. Make sure to keep a photocopy for your records
What Determines the Amount of Aid You Receive?
The primary factor in determining the amount of aid you receive is your financial need. The following formula shows how financial need is calculated:
Cost of Attendance – Expected Family Contribution __________________________= Financial Need
Florida International UniversityCost of attendance
Miami-Dade CollegeCost of attendance
Florida State UniversityCost of attendance
Sample of an Award Letter for Student with EFC:000
Fl Academic (BF) $3,030
Pell Grant $5,550
Stafford Loan $3,500
Work Study $2,000
Other Sch. $1,000
$15,030
Estimated Cost -FSU $19,354
Short ----------- $4,324
Sample Award Letter
Things to Remember….
Apply for the State Financial Aid after December 1st at www.floridastudentfinancialaid.org
Apply for the CSS Profile (if required) as soon as possible before deadline set by school (registration opens in October) at www.collegeboard.com
Request PIN number as soon as possible for FAFSA at www.pin.ed.gov
Apply for FAFSA after January 1st at www.FAFSA.ed.gov (Contact schools for exact deadline dates)