lord fairfax community college
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Lord Fairfax Community College. Financial Aid. Financial Aid Process. What is Financial Aid ?. Financial aid is funding provided to students and families to help pay for postsecondary educational expenses. When to Apply. - PowerPoint PPT PresentationTRANSCRIPT
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Set up Departme
nt of Education
PIN number
for student
(and parent)
Fill out FAFSA on the Web•Recommended to use IRS Data Retrieval Tool to import Tax Return Information into FAFSA
FAFSA Processes Application sends
confirmation e-mail
College Receives
FAFSA Informati
on
College Processes
FAFSA
College Checks
Financial Aid
Eligibility (Type of Award(s) & SAP)
College Awards
Financial Aid
Financial Aid Office
and Business
Office Reconcile Accounts
2800-906-LFCC / www.lfcc.edu
Financial Aid Process
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Financial aid is funding provided to students and families to help pay for postsecondary educational expenses.
3800-906-LFCC / www.lfcc.edu
What is Financial Aid?
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Complete ASAP using the 2012-13 FAFSA with your 2011 tax return
4800-906-LFCC / www.lfcc.edu
When to Apply
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Complete the Free Application for Federal Student Aid (FAFSA) form
1. www.pin.ed.gov Student Parent
2. www.fafsa.gov
Complete application online and submit online.
5800-906-LFCC / www.lfcc.edu
How To Apply
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6800-906-LFCC / www.lfcc.edu
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7800-906-LFCC / www.lfcc.edu
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Social security card and driver’s licenseW-2’s from the previous tax yearCompleted 2011 tax return
Self Spouse Parent(s)
8800-906-LFCC / www.lfcc.edu
What Is Needed
LFCC’s School Code: 008659
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Untaxed income (child support, combat pay)Veteran’s, military or clergy benefits/allowancesBusiness or farm recordsInvestments and checking/savings
account balancesAlien registration number if not a U.S. citizen
9800-906-LFCC / www.lfcc.edu
What Is Needed
LFCC’s School Code: 008659
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While completing FOTW, applicant may submit real-time request to IRS for tax data
IRS will authenticate taxpayer’s identityIf match found, IRS sends real-time results to
applicant in new windowApplicant chooses whether or not to transfer data to FOTW
10800-906-LFCC / www.lfcc.edu
IRS Data Retrieval Tool _________________________________________________
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FEDERALPell Grant
Federal Supplemental Education Opportunity Grant (FSEOG)
Federal Work-study Program11800-906-LFCC / www.lfcc.edu
Financial Aid Programs_________________________________________________
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FEDERALPell Grant
Actual award amount is based on the number of credits in which you are enrolled.
12800-906-LFCC / www.lfcc.edu
Financial Aid Programs_________________________________________________
Enrollment Status Credits NeededFull Time 12 Credits +
Three-quarters (3/4)Time 9-11 CreditsHalf (1/2) Time 6-8 Credits
Less than Half Time 1-5 Credits
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FEDERALFederal Supplemental Education Opportunity
Grant (FSEOG)Out of state students onlyMust be enrolled in at least 6 credits
Federal Work-study Program Employment on campus with most positions
average 10-15 hours a week.
13800-906-LFCC / www.lfcc.edu
Financial Aid Programs_________________________________________________
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*STATECommonwealth Award (COMA)Part-time Tuition Assistance Program (PTAP)Virginia Guaranteed Assistance Program
(VGAP)
*All state programs have limited funding – it is best to apply early to get the maximum award for which you are eligible.
14800-906-LFCC / www.lfcc.edu
Financial Aid Programs_________________________________________________
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*STATE
Commonwealth Award (COMA)•Only for legal residents of VA •Must be enrolled in at least 6 credits
*All state programs have limited funding – it is best to apply early to get the maximum award for which you are eligible.
15800-906-LFCC / www.lfcc.edu
Financial Aid Programs
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*STATE
Part-time Tuition Assistance Program (PTAP)•Only for legal residents of VA •Must be enrolled in 1-8 credits
*All state programs have limited funding – it is best to apply early to get the maximum award for which you are eligible.
16800-906-LFCC / www.lfcc.edu
Financial Aid Programs
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*STATE
Virginia Guaranteed Assistance Program (VGAP)• Provides funds to graduating high school seniors • Dependent only students• Must be enrolled full-time (12 credits)• Minimum GPA: 2.5
*All state programs have limited funding – it is best to apply early to get the maximum award for which you are eligible.
17800-906-LFCC / www.lfcc.edu
Financial Aid Programs
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VETERANSDepartment of Veterans Affairs benefitsVirginia Military Survivors and Dependents
Education Program
Veterans Affairs Coordinator:Kelsey Byard ([email protected])
18800-906-LFCC / www.lfcc.edu
Other Financial Assistance
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TUITION PAYMENT PLANRequires a down payment and an enrollment feeNot a loan – no interest is chargedThe earlier you sign up, the longer the payment periodwww.lfcc.edu – select F.A.C.T.S. from the Quick Links menu
19800-906-LFCC / www.lfcc.edu
Other Financial Assistance
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20800-906-LFCC / www.lfcc.edu
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Money students and parents borrow to help pay college expenses Repayment usually begins after education
is finishedOnly borrow what is really neededLook at loans as an investment in the future
21800-906-LFCC / www.lfcc.edu
Loans
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Subsidized Stafford Loan
Unsubsidized Stafford Loans
Parent PLUS Loan
22800-906-LFCC / www.lfcc.edu
What types of loans are offered?
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For students with demonstrated financial need, as determined by federal regulations.
Interest is charged while a student is in school at least half-time (6 credits), during the grace period, and during approved deferment periods.
23800-906-LFCC / www.lfcc.edu
Subsidized Stafford Loans
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Not based on financial need
Interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.
24800-906-LFCC / www.lfcc.edu
Unsubsidized Stafford Loans
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Unsubsidized loans for the parents of dependent students.
Help pay for education expenses up to the cost of attendance minus all other financial assistance.
Interest is charged during all periods.
25800-906-LFCC / www.lfcc.edu
Parent PLUS Loan
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Parents may defer payments until 6 months after the student graduates or leaves school (must request this option)
This loan is the parent’s responsibility – it cannot be transferred to the student.
Credit check required; cannot have adverse credit history
26800-906-LFCC / www.lfcc.edu
Parent PLUS Loan
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www.lfcc.edu/scholarshipsApply once each year• Jan – March application awards for upcoming fall and spring
All award notifications are sent to your LFCC student e-mail address.Must have the 2013-14 FAFSA completed as you will need to provide the EFC # on the scholarship app.
27800-906-LFCC / www.lfcc.edu
Scholarships
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Awards based on:Essay ratings – be sure to spell check!
Current GPA (college or high school)•Must submit high school transcript if you have never attended LFCC
28800-906-LFCC / www.lfcc.edu
Scholarships
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Requirements for scholarships:• Program of study; locality; single parent; first-generation college student; etc.
Not all are merit based, some are based on financial need
Do not have to be full-time or have a high GPA**Unless required by scholarship donor. Minimum GPA to maintain award is a 2.0
29800-906-LFCC / www.lfcc.edu
Scholarships
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Federal regulations require students receiving financial aid to meet Satisfactory Academic Progress (SAP) standards:• GPA• Completion Rate (must be at least 67%)• 150% of program maximum
Take the classes you need. Pass the classes you take.Utilize the drop and withdrawal dates in the academic calendar Audited classes are not eligible for financial aidIf you stop attending classes, you may owe money back to LFCC
30800-906-LFCC / www.lfcc.edu
Satisfactory Academic Progress______________________________________________________________
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GPA Requirement: Must maintain a certain GPA depending on the number of credits attempted
67% Completion Rate: Calculated by dividing the number of completed credits by the total number of credits attempted.
• Must be or exceed 67%150% credit maximum: Cannot exceed attempting 150% of
credits required for your degree program (including transfer credits)
31800-906-LFCC / www.lfcc.edu
Satisfactory Academic Progress
Credits Attempted
Minimum GPA
1-15 Credits 1.516-30 Credits 1.7531+ Credits 2.0
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If not meeting one or more of the SAP Standards, you will be notified via your LFCC student e-mail account.
If you do not submit a valid appeal letter by the due date all financial aid for the upcoming semester will be cancelled.
32800-906-LFCC / www.lfcc.edu
Satisfactory Academic Progress
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BookstoreSpring bookstore accounts open through Feb. 11
(reminder for 2nd 8 week courses)Loan only students have through Jan. 25Copy of your schedule, student ID number and a
photo ID are requiredLimited to $1,000 per semesterOnline ordering through Textbook rental is also offeredwww.lfcc.edu/bookstore
33800-906-LFCC / www.lfcc.edu
Bookstore & Other Information
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Other InformationAccounts will show pending or past due
until after the Financial Aid Office and the Business Office reconcile all accounts
Remainder checks are sent approximately half-way through the semester to your address on file
34800-906-LFCC / www.lfcc.edu
Other Information
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?35800-906-LFCC / www.lfcc.edu
Questions
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36800-906-LFCC / www.lfcc.edu
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37800-906-LFCC / www.lfcc.edu
Lord Fairfax Community CollegeYour Future. Our Focus.