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 Common Acronyms  Types of Aid  Cost of Attendance  Examples of Financial Aid Packages  Frequently Asked Questions  Resources.

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Presentation on theme: " Common Acronyms  Types of Aid  Cost of Attendance  Examples of Financial Aid Packages  Frequently Asked Questions  Resources."— Presentation transcript:

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2  Common Acronyms  Types of Aid  Cost of Attendance  Examples of Financial Aid Packages  Frequently Asked Questions  Resources

3  FAFSA ◦ Free Application For Financial Aid  Apply Every Year  SAR ◦ Student Aid Report  Estimates Pell eligibility, EFC and additional requirements

4  EFC ◦ Expected Family Contribution  Amount student and/or family can pay determined by Federal Government  COA ◦ Cost of Attendance  Tuition, books, supplies, transportation, room, board and personal expenses  Yearly amount

5  DL ◦ Direct Loan  AKA Stafford or FFELP  Subsidized and Unsubsidized  PLUS ◦ Parent Loan Undergraduate Student  Parent borrows for student  Parent responsible for repayment

6  Grants ◦ Federal Pell Grant ◦ Federal Supplemental Opportunity Grant ◦ State Need Grant ◦ Institutional Grants  Work-Study ◦ Federal ◦ State

7  Loans ◦ DL ◦ PLUS ◦ Private/Alternative  Scholarships ◦ Institutional ◦ General

8  Total Cost of Attendance$15858 ◦ Tuition & Fees$3210 ◦ Books & Supplies $972 ◦ Room & Board$8460 ◦ Transportation$1176 ◦ Personal Expenses$2040

9  COA $15858  EFC- $1000  Unmet Need=$14858 ◦ Aid officer tries to meet unmet need with a “package” of aid need based aid

10  Unmet Need$14858 ◦ Pell Grant$4600 ◦ FSEOG $600 ◦ Work-Study$4500 ◦ Subsidized DL$3500 ◦ Unsubidized DL$1658  Total Aid$14858 THIS STUDENT CAN GO TO SCHOOL!

11  Reduce COA ◦ Live at Home ◦ Utilize Public Transportation ◦ Carpool ◦ Purchase Used Books  Apply For Scholarships

12  Why do I need to use my parents income? ◦ Independent Requirements  Born before January 1, 1988  Married  Completed BA degree  Veteran  Children  Legal Guardianship  Both Parents Deceased

13  Who’s information do I need to use if my parents are divorced? ◦ The parent you lived with more during the past 12 months ◦ Or the parent who provided more financial support during the past 12 months ◦ Or during the most recent year that you actually received support ◦ If this parent is remarried must include the stepparent information

14  What if I cannot get my parents information? ◦ May qualify for Dependency Override ◦ Contact school if you have extenuating circumstances ◦ Documentation will be required ◦ Parent refusal to complete FAFSA not considered extenuating ◦ May apply without parent information and receive loan only

15  Can I complete my FAFSA before I file my taxes? ◦ Yes – You can estimate your taxes and then update when the actual return is completed ◦ Make sure your FAFSA is submitted before the financial aid deadline  What are the DL and PLUS interest rates? ◦ Subsidized4.5% ◦ Unsubidized6.8% ◦ PLUS7.9%

16  FAFSA on the Web ◦  Avoid being charged a fee – FAFSA is FREE  Early Determination ◦  Department of Education ◦

17  The Higher Education Coordinating Board ◦  The SmartStudent Guide to Financial Aid ◦  The College Board ◦  FedMoney.org ◦  WashBoard ◦

18  The Department of Education ◦ ndex.html ndex.html  The Better Business Bureau ◦  Federal Trade Commission ◦

19  Where do I go from here? ◦ Complete FAFSA ◦ Apply for Admissions ◦ Review college websites ◦ Submit all requested information and documents ◦ Meet all applications deadlines ◦ Look for other types of aid


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