provided by discussion topics types of aid how to apply how aid is awarded
Post on 22-Dec-2015
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Provided by
Discussion Topics
Types of Aid
How to Apply
How aid is awarded
Types of Aid
Grants Scholarships
Employment
Loans
Grants
Free or gift aid Need-based Some grants have limited funds Enrollment status
Federal Pell Grant
FSEOG – (Federal Supplemental Educational Opportunity Grant)
State or Other Grants
Types of Grants
Federal College Work Study
Need-based On or off-campus
Institutional Employment Off campus jobs
Employment
Merit
Activities
Community
Institutional
Hathaway
Be aware of Priority Deadlines!!!!!
Scholarships -- Types
Hathaway ScholarshipsFour scholarship LevelsMerit and need-based
awards at each levelAwards based on GPA,
GED score, and ACT score and meeting the Hathaway success curriculum
Hathaway Scholarship Levels
Honors, $1600 a semesterGPA 3.5, GED 575, & ACT 25
Performance, $1200 a semesterGPA 3.0, GED 540, & ACT 21
Opportunity, $800 a semesterGPA 2.5, GED 500 & ACT 19
Provisional Opportunity, $800 a semesterGPA 2.5, GED 500, & ACT 17Or WORKKEYSMust begin at a community collegeMust get a degree/certificate
Scholarships --Criteria
Career interests Academics/talents Community Involvement Financial need
Scholarship Searches High School Counselors Colleges Professional Associations Local Organizations Internet Parent’s or Your EmployerBe Aware of Scams!!!!
Loan Eligibility
Most students are eligible
Enroll at least halftime
Satisfactory academic progress
Loan Types
Subsidized Direct Loans Unsubsidized Direct Loans
PLUS - Parent Loan for Undergraduate Students
Loan Types Cont.
Federal Perkins Loan
Private Loans
Alternative Loans
Subsidized Direct Loans
Student is Borrower Need-Based Government Pays Interest 6-Month Grace Period
Multiple Disbursements
Unsubsidized Direct Loan
Not based on need
Borrower is responsible
for all the interest
Direct Loan Amounts Dependant Students
Freshman
Sophomore
Junior Senior
Subsidized
Unsubsidized
$3,500 $2,000
$ 4,500 $2,000
$5,500
$2,000
$5,500 $2,000
Independent Student
Subsidized
$3,500 $4,500 $5,500
$5,500
Unsubsidized $6,000 $6,000 $7,00
0$7,000
Total $9,500 $10,500
$12,500
$12,500
PLUS (PARENT Loan)
Parent is borrower Non-need based Interest accrues upon disbursement Credit check No grace period
PLUS Loan AmountsParents can borrow up to the
cost of attendance minus any financial aid for each student that is eligible
* If Parent loan is denied, there is additional eligibility for the student in loan amounts
PLUS Loan Example
Cost of Attendance $16,000Pell Grant ($ 5,550)Scholarship ($ 1,000)Direct Loan ($ 3,500)PLUS Loan $ 5,950
Federal Perkins Loan
School is the Lender Subsidized Need-Based 9-Month Grace PeriodLimited funds program
Other Loan TypesAlternative or Private
Government is not a player
Higher interest rates
Less flexible repayment
Credit check
Free Application for Federal Student Aid
(FAFSA)
Completing the FAFSA Online
www.pin.ed.gov www.fafsa.ed.gov
Parents and students each need to have their own pin. If parents have another child enrolled in college previously, they may use the same pin for both children.
IRS Data Retrieval– New for the 2012-2013 award year
* February 1st – earliest you can use this process
– Students/Parents should file their taxes before submitting the FAFSA if possible
– Students/Parents should choose to link up to the IRS database when prompted
– Real time tax data retrieval into FAFSA form * will populate all tax information cells on the
FAFSA form – If married filing separately, student will not be
allowed to use this format
IRS Data RetrievalParticipation is completely voluntary
STRONGLY RECOMMENDED!Why should you do the IRS Data Retrieval?• Pre-populate FAFSA form with tax information for ease of
completion• Less paperwork needed to be submitted to Financial Aid
Office• *Verification
Dependency Status
24 years of ageVeteran of Armed ServicesWorking on Professional/Graduate degree programHave a minor child that student supports more than 50%– Supporting a parent
Orphan/Ward of court– Homeless or at risk of being homeless
Married
Financial Aid Award Process
Complete & submit FAFSA
Federal processor determines EFC
School receives Information
School determinesneed
School createsFinancial Aid
Award Package
Student receivesAward notification
Cost of Attendance
Tuition & FeesRoom & BoardBooks & SuppliesTransportationMiscellaneous/Personal
Need Calculation
Cost of Attendance (COA)Expected Family Contribution (EFC)
= Unmet Need
Institution Deadlines
Admissions Financial Aid Scholarships Priority Housing
Some schools required a confirmation/enrollment fee
SummaryKNOW….. When to complete the FAFSA Types of Financial Aid How Aid is Awarded Who to contact for help
Contact
High School Counselor
School Financial Aid Office