Presentation is loading. Please wait.

Presentation is loading. Please wait.

Financing Education Beyond High School. Applying for Financial Aid ALL colleges will require the Free Application for Federal Student Aid (FAFSA) Some.

Similar presentations

Presentation on theme: "Financing Education Beyond High School. Applying for Financial Aid ALL colleges will require the Free Application for Federal Student Aid (FAFSA) Some."— Presentation transcript:

1 Financing Education Beyond High School

2 Applying for Financial Aid ALL colleges will require the Free Application for Federal Student Aid (FAFSA) Some schools may also request the PROFILE application from College Scholarship Service (CSS) to award institutional aid/scholarships

3 Submit the Free Application for Federal Student Aid (FAFSA) prior to schools deadline FAFSA must be submitted annually (January/February is best) Most aid awarded on a first-come, first-served basis To ensure maximum consideration for federal, state, and institutional aid, contact each school to ask about their: –Required application materials –Application deadlines Application Process

4 Collects familys personal & financial information in order to determine a students Expected Family Contribution (EFC) May file FAFSA in one of two ways: –Electronically via FAFSA on the Web (preferred method) –Paper FAFSA FAFSA

5 PIN Registration for Electronic Signature

6 Web site: Sign FAFSA electronically Can request PIN before January 1, 2011 Not required, but speeds processing May be used by students and parents throughout aid process, including subsequent school years PIN Registration for Electronic Signature

7 Web site: – FAFSA on the Web available on January 1, 2011 – FAFSA on the Web Worksheet: Used as pre-application worksheet Questions follow order of FAFSA on the Web FAFSA on the Web

8 General Student Eligibility Criteria Must be U.S. citizen or eligible non-citizen Must be pursuing degree, certificate, or other recognized credential Must be registered with Selective Service (if male and required) Eligibility may be suspended or terminated due to drug-related conviction Must meet Satisfactory Academic Progress requirements

9 Satisfactory Academic Progress (SAP) Schools are required to have a SAP policy which monitors successful progress towards graduation: Qualitative (GPA) requirement Quantitative (course completion) requirement Maximum timeframe for each degree

10 FAFSA Questions – Six Steps Step One – Student information: name, address, SSN, marital status, citizenship status, etc. Step Two – Colleges to receive the FAFSA results Step Three – Dependency Questions

11 Step Four – Parent information: name, SSN, marital status, 2010 income, assets, # in household, # in college, etc. Step Five – Student income and asset information Step Six – Signatures (PIN for student and PIN for parent) and application submission FAFSA Questions – Six Steps

12 At least 24 years old by December 31st of the award year covered by the FAFSA (born before January 1, 1988) Married (at the time of application) Will be in a Masters or PhD program in On Active Duty in the U.S. Armed Forces for purposes other than training Is a Veteran of the U.S. Armed Forces Has children or legal dependents other than a spouse for whom the student provides more than half of their support in FAFSA Questions: Dependency Status

13 Both parents are deceased At age 13 or older, student was in foster care or was a dependent of the court (ward of the court) Is an Emancipated Minor as determined by a court Is in a Legal Guardianship (court approved) Is an Unaccompanied Youth (homeless) Determined to be independent by the financial aid administrator based on unusual circumstances FAFSA Questions: Dependency Status

14 Frequent FAFSA Errors Parent and Student Social Security Numbers Divorced/remarried parent information Untaxed income (401k/403b & child support received for all family members) U.S. income taxes paid (not withheld) Missing signatures (PIN)

15 Special Circumstances You may request a re-evaluation of a processed FAFSA due to: Loss of employment Loss of untaxed income or benefits (such as child support, unemployment, etc.) Separation or divorce Unusual uninsured medical or dental expenses

16 What Happens After I Submit the FAFSA? The FAFSA is processed by the Department of Education The Expected Family Contribution (EFC) is determined Results are sent to the student (via ) and the schools listed on the FAFSA

17 What is the Expected Family Contribution (EFC)? Calculated using the FAFSA data and a federal formula EFC is a measure of the familys financial strength and what they can reasonably be expected to contribute towards the educational expenses in Stays the same regardless of college

18 Cost of Attendance Tuition and Fees Room and Board (on campus or off) Books and Supplies Transportation Personal Expenses

19 Definition of Need Cost of Attendance (COA) (minus) Expected Family Contribution (EFC) = Financial Need

20 Role of the Financial Aid Office Determines eligibility for financial aid Packages (awards) financial aid Sends an award notification* which includes: –Programs and amount from each program for which the student is eligible –How and when aid will be disbursed –Terms and conditions of students award(s) * May be sent by letter or notification

21 Types of Funding Grants – gift aid, generally based on need Scholarships – gift aid, generally based on academic achievement or special talent Loans – must be repaid Work Study – employment, student earns money to help with educational expenses

22 The FAFSA is required for: Federal Grants Pell Grant ($5,550 max award ) Supplemental Educational Opportunity Grant (SEOG) ($4,000 max award) Teacher Education Assistance for College and Higher Education (TEACH) Grant ($4,000 max award)

23 FAFSA also required for: Work Study & most loans College Work Study Perkins Loan Stafford Loans Some scholarships depending on the school policy State need-based aid

24 Subsidized and Unsubsidized Direct Stafford Loans Student Borrower (no co-signer or credit history required) Subsidized: Must demonstrate need –No interest during in-school period, 3.4% in repayment Unsubsidized: Need is not a consideration –Interest at 6.8% is paid by student or allowed to capitalize Repayment begins 6 months after graduation

25 Parent PLUS Loan Parent is Borrower Annual loan limit: cost of attendance minus student financial aid Fixed interest rate of 7.9% Repayment may begin 60 days after loan is fully disbursed or can be deferred if requested by parent

26 State of Michigan Programs Michigan Competitive Scholarship –Based on ACT score and financial need –FAFSA filing deadline March 1, 2011 –Maximum award in is $600 –Renewable with a 2.0 college GPA and continued financial need

27 State of Michigan Programs Michigan Educational Trust (MET) –Prepaid college tuition plan that locks in future tuition rates at in-state public colleges at current prices – or Michigan Educational Savings Program (MESP) –Investment program for college costs – or

28 Institutional Scholarships Contact schools to determine their application requirements –Sometimes an application is required –May want an essay from the student –May require a FAFSA to determine need –May require an audition or portfolio

29 Avoid Being Scammed The scholarship is guaranteed or your money back You cant get this information anywhere else I just need your credit card or bank account number to hold this scholarship Well do all the work The scholarship will cost some money Youve been selected by a national foundation to receive a scholarship or youre a finalist in a contest you never entered

30 Next Steps - Summary Obtain and review admission and financial aid materials from each school being considered Meet all application deadlines Complete FAFSA and any additional application materials, such as the College Scholarship Services PROFILE application Investigate other sources of aid

31 College Goal Sunday Sunday, February 13, :00 – 4:00 p.m. Some of the Host Sites: –Eastern Michigan University –Oakland Community College –U of M Dearborn –Baker College of Jackson –U of M Flint –Monroe Community College (Sign up for a reminder & entry for a laptop)

32 LAST ONE! Websites: – FAFSA4caster for an early introduction to the FAFSA & estimated - PowerPoint Presentation Financing Education Beyond High – scholarship – Search & – U.S. DOE - EFC estimator, search and

Download ppt "Financing Education Beyond High School. Applying for Financial Aid ALL colleges will require the Free Application for Federal Student Aid (FAFSA) Some."

Similar presentations

Ads by Google