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What is FINANCIAL AID? NEED BASEDNON NEED BASED INCLUDING MERIT GIFT AIDSELF-HELP AID SCHOLARSHIPS GRANTS WORK-STUDY LOANS HIGHER EDUCATION TAX CREDITS.

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Presentation on theme: "What is FINANCIAL AID? NEED BASEDNON NEED BASED INCLUDING MERIT GIFT AIDSELF-HELP AID SCHOLARSHIPS GRANTS WORK-STUDY LOANS HIGHER EDUCATION TAX CREDITS."— Presentation transcript:

1 What is FINANCIAL AID? NEED BASEDNON NEED BASED INCLUDING MERIT GIFT AIDSELF-HELP AID SCHOLARSHIPS GRANTS WORK-STUDY LOANS HIGHER EDUCATION TAX CREDITS MONEY FROM A SOURCE OTHER THAN THE FAMILY TO ASSIST WITH THE COST OF ATTENDING COLLEGE.

2 Sources of Aid: Colleges Private Sources State Federal Government

3 Federal Financial Aid Grants Awarded Based on Financial Need –Federal Pell Grant –Federal Supplemental Educational Opportunity Grant (FSEOG) Non-Need Based Grants –Teacher Education Assistance for College and Higher Education (TEACH) Grant **Federal Grants do not require repayment with the potential exceptions for TEACH grants.**

4 Federal Financial Aid Federal Student Loans –Both Need Based and Non-Need Based –Loans must be repaid upon graduation –Two programs available to undergraduate students: Direct Loan and Perkins Loan Programs –One Program available for Parents of Dependent Undergraduate Students: Parent PLUS

5 Federal Financial Aid Federal Work-Study –Need based employment program –Student is paid an hourly wage –Funds are earned as the student works; no “up front” disbursement –Majority of employment positions are on campus

6 Qualifying for Need-Based Aid Definition of Financial Need: Cost of Attendance − Expected Family Contribution (EFC) = Financial Need

7 What will it cost? Cost of Attendance figures are typically an average calculation, rather that actual costs for an individual student including: –Tuition and Fees –Books and Supplies –Room and Board –Miscellaneous & Personal Expenses **May also include allowances for dependent care, study abroad & expenses associated with a disability**

8 Expected Family Contribution (EFC) Is a Result of Federal Needs Analysis Formula… Which includes the following components: –Student contribution from income –Student contribution from assets –Parent contribution from income –Parent contribution from assets **EFC may be zero!!

9 Apply For Federal Aid Fall 2015 Freshmen complete the FAFSA Available January 1, 2015

10 + Sources for Scholarships Local, Regional and National Organizations Colleges and Universities

11 Create your Scholarship Resume Education & Scholastic Achievement Experience, Training, Internships, and Employment Honors, Awards & Memberships in Professional Organizations Leadership and Community Service Extra-curricular Activities Career Ambition: Statement of Goals Develop Your Personal Brand

12 Scholarship Tips It’s a numbers game Small is the new big Pay attention to details Searching is a year round sport There are scholarships for everyone!

13 One application for all ADHE programs Must be an Arkansas Resident Must be US Citizen or lawful permanent resident Accepted for admission to a degree program Deadline for Governor’s Scholarship program is February 1 Application Deadline for other programs currently June 1 st of senior year

14 Students Graduating from a Private High School, Out-of-State High School or Home School  Achieve at least a 19 on the ACT or equivalent  Composite score from a single test date  No combined, blended, or “super” scores  May substitute a comparable score from SAT, COMPASS or ASSET tests Academic Challenge Scholarship Academic Eligibility Criteria

15 Academic Challenge Award 4 Year Institutions2 Year Institutions $2,000 Freshman$2,000 Freshman & Sophomore $3,000 Sophomore $4,000 Junior $5,000 Senior **Maximum award is eight (8) Semesters with five (5) maximum of eight at 2 Year Institution**

16 Governor’s Scholars Governor’s Distinguished Scholarship –Rank based on Test Score, GPA, Rank in Class and Leadership –Up to $10,000 per year and 300 awards statewide –32 ACT/1410 SAT and 3.5 academic GPA or National Merit or National Achievement Finalists Governor’s Scholarship - $4,000 per year and 75 awards - 27 ACT/1220 SAT or 3.5 academic GPA

17 STUDYwww.adhe.edu Application available January 1, 2015

18 Changes Possible The Arkansas State Legislature meets in January 2015 Possible changes to ADHE financial aid programs - In the past, new regulations have affected graduating seniors

19 Higher Education Tax Benefits Tax Credits directly reduce the amount of tax you pay: –The American Opportunity Tax Credit –The Lifetime Learning Tax Credit Tax Deductions reduce the amount of your income that is taxed: - Tuition and Fees Tax Deduction - Student Loan Interest Tax Deduction

20 Financial Aid Tips Apply early and respond to requests for additional data promptly. Remember communication will be addressed to the students –Family Education Rights & Privacy Act Know additional requirements to receive and keep aid - Be a responsible consumer - Avoid Scams

21 Contact Information Carlia Smith Director of Financial Aid Telephone: (501)


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