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Financing your Education Big Bend Community College.

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Presentation on theme: "Financing your Education Big Bend Community College."— Presentation transcript:

1 Financing your Education Big Bend Community College

2 Questions we will answer. What is financial aid? Where does it come from? What aid is available? Who is eligible? How do I apply?

3 What is Financial Aid? Scholarships Grants Loans Employment opportunities

4 Types of Aid Gift aid: Grants and scholarships (need- based or merit-based) Self-help aid: Loans and employment (need- based or non-need-based)

5 General Student Eligibility Criteria Must be enrolled or accepted for enrollment in eligible program of study Must be pursuing degree, certificate, or other recognized credential Must be US citizen or eligible noncitizen Must be registered with Selective Service (if male)

6 General Student Eligibility Criteria cont. Must have valid Social Security Number May not be in default on a federal student loan Must not owe an overpayment of federal grant or loan funds Must be making satisfactory academic progress (as defined by school)

7 Goals of Financial Aid Primary goal is to assist students in paying for college and is achieved by: -Evaluating familys ability to pay educational costs -Distributing limited resources in an equitable manner -Providing balance of gift aid and self-help aid

8 Definition of Need Cost of attendance (COA) or Budget minus Expected family contribution (EFC) ___________________________________= Need

9 Cost of Attendance Tuition and fees Room and board Books, supplies, transportation, and miscellaneous personal expenses Loan fees Study abroad costs Dependent care expenses Disability-related expenses Documented costs for a personal computer

10 Need Varies Based on Cost Y Z EFC Cost of Attendance (Variable) Expected Family Contribution (Constant) Need (Variable) X

11 Principles of Need Analysis To extent they are able, parents have primary responsibility to pay for dependent students education Students also have responsibility to contribute to educational costs

12 Independent Student Definition At least 24 years old by Dec. 31 of award year covered by the FAFSA Married Has children or dependents (other than a spouse) for whom the student provides more than half support Orphan or ward/dependent of the court Veteran of US Armed Forces Determined to be independent by financial aid administrator based on unusual circumstances

13 Federal Pell Grants Awarded to eligible undergrads pursuing first bachelors degree Portable Maximum award for = $4,731 Academic Competitiveness Grant-has to be Pell eligible and completed rigorous secondary classes

14 Federal Supplemental Educational Opportunity Grants (FSEOG) Eligible students: -Undergraduates pursuing first bachelors or professional degree - Awarded first to students with exceptional financial need (students with lowest EFCs at that school) -Priority to Federal Pell Grant recipients

15 Federal Work-Study (FWS) Earnings Eligible students: Undergraduate, graduate, and professional students Employment may be on or off campus

16 Federal Perkins Loans Eligible students: Undergraduate, graduate, and professional students -Priority to students who show exceptional need as defined by school Maximum annual loan amounts: - $4,000 per year undergrad students - $6,000 grad and professional students

17 Stafford Loan Student loans available under: -Federal Family Education Loan (FFEL) program with funds provided by lenders -Federal Direct Student Loan program with funds provided directly by federal government via participating schools School determines loan eligibility and delivers loan proceeds to students

18 Stafford Loans Subsidized: Must demonstrate need Unsubsidized: Not based on need Base annual loan limits (combined sub and unsub - $ 5,500 for 1 st year dependent undergrads - $ 9,500 for 1 st year independent undergrads - $ 6,500 for 2 nd year dependent undergrads - $10,500 for 2 nd year independent undergrads - $ 5,500 for each remaining undergrad year

19 Stafford Loans Additional unsub loan eligibility for independent undergrad, grad, and dependent students whose parent are unable to borrow PLUS: -$4,000 per year for 1 st and 2 nd year -$5,000 per year for remaining years of under-grad study

20 Application Process Submit FAFSA prior to schools deadline Most aid awarded on first-come, first- served basis To ensure maximum consideration for federal, state, and institutional aid, check information from each school to determine: – Required application materials – Application deadlines

21 FAFSA Collects familys personal and financial information used to calculate students EFC Available in English and Spanish Electronically via FAFSA on the Web

22 FAFSA on the WEB Web site: FAFSA on the Web available on or after Jan. 1, 2009 Pre-application Worksheet: available early November at high schools Questions follow order of FAFSA on the Web Apply as soon after Jan. 1 as income can be estimated

23 PIN Registration Web site: Can get PIN before Jan. 1, 2009 Not required, but speeds processing May be used by students and parents throughout aid process, including subsequent school years

24 CAUTION! Avoid being charged a fee to file the FREE application for Federal Student Aid Completion and processing of the FAFSA are FREE If filing via FAFSA on the Web, go directly to Contact financial aid office for help completing the FAFSA

25 FAFSA Processing Results Central Processing System (CPS) notifies student of FAFSA processing results by: -Paper Student Aid Report (SAR) if paper FAFSA was filed and students address was not provided -SAR Information Acknowledgement if filed electronically via FAFSA on the Web

26 Where Do I Go From Here? Obtain and review admissions and financial aid Web sites and materials for each school to which you are applying Meet all application deadlines -Complete FAFSA and other application materials if required by school -Submit all requested follow-up documents Investigate other sources of aid

27 Other Government Resources Corporation for National and Community Service (AmeriCorps) Veterans ROTC scholarships or stipends Bureau of Indian Affairs (BIA) grants State Division of Vocational Rehabilitation US Dept. of Health and Human Services(HHS) Bureau of Health

28 Other Sources of Funds State grants, scholarships, loans, and work programs (usually only need the FAFSA) State Need grant and State Work Study in WA School need-based and non-need-based programs (academic, athletic and other talent-based scholarships and grants) Private business scholarships (Wal-Mart, Gates Foundation, etc) Civic organization scholarships (Elks, PTA, etc)

29 Private Scholarship Search Free Internet scholarship search engines: Finaid on the Web: College Board: FastWeb: Scholarship Resource Network Express: GoCollege: The Collegiate Websource:

30 Private Scholarship Search Local library resources Local businesses and civic organizations Parents employers High school counselor or career office

31 Avoid Being Scammed To check legitimacy of scholarship search services or individual, for information about financial aid scam, and tips to avoid being scammed visit these Web sites: US Dept. of Education: Federal Trade Commission: Better Business Bureau:

32 Questions? André Guzman(509) Rita Delgado (509) José A. Esparza(509) BBCC Financial Aid(509) BBCC toll free #:(877) Big Bend Community College

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