Presentation on theme: "We Need Money!!!! Financial Aid 101 Information Session Class of 2014 GSMST."— Presentation transcript:
We Need Money!!!! Financial Aid 101 Information Session Class of 2014 GSMST
Session Objectives Become familiar with FAFSA Discuss scholarships, grants HOPE Scholarship Spring Semester important dates Typical Financial Aid Letter
FAFSA Free Application for Federal Student Aid WHO fills this out? HOW do you fill it out? WHEN do you fill it out?
FAFSA - Who Fills It Out? Parents and Students – EVERYONE!* No matter the income, it must be filled out Colleges use this for their own financial aid packages You may not qualify for Federal monies, but you may qualify for the college money *Requires SSN
FAFSA – How To Fill Out? Online is easiest! www.fafsa.gov Paper copy available also Lets take a look…
FAFSA – When?? RIGHT NOW!!! As soon as possible Most colleges have February 1-15 as their deadlines Do not wait until you file 2013 Taxes FAFSA allows for 2013 estimates, but asks for validation when you file IRS DATA RETRIEVAL
FAFSA – Not Scary Paper copy contains all of the FAQ for each question FAFSA has excellent customer service Best help? The Federal Governments own site: www.studentaid.ed.gov
Scholarships & Grants Tons of scholarships available, becomes 2 nd job www.fastweb.com, College Board, even Google provides outlets for finding scholarships www.fastweb.com Go to the college financial aid website for college-specific aid Three HUGE ones in our school: PTSA Area II, $750 for one student at GSMST. GSMST PTA usually offers one each year ($1000 last year) Kay Harvey Scholarship – peer nominated, information coming soon Scholarship applications should never have high fees GSMST posts announcements about scholarships we receive from outside sources
HOPE Scholarship Two tiers of scholarship Zell Miller Scholars – 3.7 GPA, 1200 M/CR SAT regular HOPE – 3.0 GPA HOPE GPA is not what you see on your transcript GaCollege411 has all information Apply through methods shown on GaCollege411 Lets look… www.gacollege411.orgwww.gacollege411.org Go to the HOPE Scholarship Program link on the right side of the page
This Semester Gather your tax items for 2013, and file FAFSA as soon as possible College decisions arriving after March 1 may have financial aid letters with them Unless you signed a binding agreement for Early Decision, you do NOT have to commit to a college until May 1. Some schools ask for a housing deposit, but this only guarantees housing. Colleges cannot take your admissions away just because you wait until May 1. Colleges can take away decisions if grades are bad, legal issues, etc.
Typical Financial Aid Letter Colleges are supposed to be moving towards more consistent letters They are all required to list Cost of Attendance This must be an analyzed estimate of the average TOTAL cost for a student, including food, books, etc Watch for the LOAN word. Some awards will actually contain loans Lets look… http://www.finaid.gatech.edu/content/understanding-letter
Loans? Loans can be scary, but keep them in perspective Types of loans How much you can afford to take out for a loan is a FAMILY decision and very personal Guideline I use is car payment If student can pay off the loan in 5-6 years, with a monthly payment resembling a car payment, its probably okay Also confirm the intended career payscale with the loan – what salaries can the student expect, and is it comparable to what you spend on the degree?
Ready? Remember that all of you are going through the FAFSA If you know someone with college students, reach out to them. Theyve done the FAFSA! Community organizations often have resources to help Dont pay someone to do your FAFSA. Thats not money well spent. Use the help line and website Your students will be tremendously successful.