Presentation on theme: "What You Need to Know About Paying for College Presented at Gull Lake High School Jodee Stanton, GLHS School Counselor Alisha Cederberg, Kalamazoo Valley."— Presentation transcript:
What You Need to Know About Paying for College Presented at Gull Lake High School Jodee Stanton, GLHS School Counselor Alisha Cederberg, Kalamazoo Valley Community College Nancy Timmons, Kalamazoo Community Foundation Mari Draeger, Gull Lake Community Schools Foundation
Topics To Be Discussed Tonight What is Financial Aid? Sources, Categories and Types of Financial Aid Free Application for Federal Student Aid (FAFSA) Foundation Scholarships Frequently Asked Questions and Application Tips
What is Financial Aid? Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses.
Sources of Financial Aid Student Financial Aid comes from five primary sources: 1. Federal Government 2. State Government 3. Institutions (colleges and universities) 4. Private Sources (associations, foundations, employers and unions) 5. Parent/Student
Federal Government Largest source of financial aid Free Application for Federal Student Aid (FAFSA) determines need-based eligibility for federal programs Must apply each year using the FAFSA Aid Programs include: grants, work study and student loans
State Government Residency requirements usually apply Award aid on the basis of both merit and need Use information from the FAFSA and/or state aid applications Aid Programs include grants and scholarships
Postsecondary Institutions Colleges and Universities Award aid on the basis of both merit and need Aid may be gift aid or self-help aid Use information from the FAFSA and/or institutional applications Check with each college or university for deadline and application requirements
Private Sources Foundations, businesses, charitable organizations… Begin researching private aid sources early What is available in the community? To what organizations and churches do student and family belong? Companies may have scholarships available to children of employees. Deadlines and application procedures vary widely Small scholarships add up!
Categories of Financial Aid There are two (2) categories of Aid: Merit-based (academics, athletics, leadership, fine and performing arts) Need-based (demonstrated financial need) In order to document financial need and qualify for federal and state need-based programs, the student and parent need to file a Free Application for Feral Student Aid (FAFSA) after January 1st of senior year
Applying for Federal Financial Aid Alisha Cederberg Kalamazoo Valley Community College Assistant Director of Financial Aid
Financial Aid can help cover direct costs Tuition and Fees Room and board Books Financial aid can also assist in indirect costs Living expenses Travel Costs for College
Established by the institution Includes direct and indirect costs Helps establish financial need Cost of Attendance (COA)
FAFSA FREE Application for Federal Student Aid Available Online www.fafsa.gov Also sometimes called “FotW” (FAFSA on the Web) Must Renew FAFSA each school year (July 1 to June 30 th ) Can also complete a paper FAFSA or call by phone 1-800-433-3243 How Do I Apply?
FREE – cannot emphasize this enough…the FAFSA will not ask for your credit card number Pay sites provide NO BENEFIT as eligibility is based on the information you provide on your FAFSA Information on the FAFSA is likely to be verified and will the be the same whether or not you pay someone else to complete it for you FAFSA
FAFSA is available at www.fafsa.govwww.fafsa.gov “Skip technology” simplifies the application You will know the answer to almost all of the questions Only one question you cannot answer incorrectly: The Student’s Social Security Number!! (schools and families can update and fix everything else). FAFSA – Required Information
The FAFSA asks a series of questions to determine if a student is independent or dependent. Dependent students will need to include parent(s) information on the FAFSA Dependent students will also need parent(s) to sign the FAFSA Dependency Questions
If the parents have divorced or separated: Answer the questions about the parent you lived with more during the past 12 months If exactly equal time, who provides most support? NOT: * who claims student on taxes * who will result in highest eligibility If this parent has remarried as of today, answer the questions about both that parent and the person to whom the parent is married (ie... Step parent) Which parent on FAFSA?
Parent 1 & Parent 2 Biological parents living together must report both income if not married FAFSA now recognizes same-sex marriages if married in state or jurisdiction that permits same-sex marriage Otherwise, parent information remains the same If biological parents are not living together, pick household based on residence Parent Income - Updates
For the 2015-2016 school year, you will need your 2014 tax data Tax Information
For 2015-2016 FAFSA: Feature will be available in late February for those who file 2014 taxes early You can complete your FAFSA and update it with the IRS DRT 2-3 weeks after you have sent in your tax information to the IRS Requires taxes to be filed Address match Will not work under a limited set of circumstances IRS Data Retrieval Tool (IRS DRT)
You will sign the FAFSA using your PIN www.pin.ed.gov Unique to your SSN Cannot be shared! Parents of dependent students will have their own PIN Sign & Submit the FAFSA
The FAFSA is used to calculate Expected Family Contribution (EFC) EFC determines eligibility for the federal Pell Grant COA – EFC=financial need Expected Family Contribution (EFC)
Grants Scholarships Work programs (work-study) Loans Four Types of Financial Aid
Free money! Federal Pell Grant is the biggest source of grant money Eligibility is based on the EFC determined by the FAFSA (0-5188 EFC’s qualify) Is limited to 6 years (or the equivalent of 12 full-time semesters SEOG – priority to Pell Grant recipients Institutional Grants Grants
Free money Usually requires a separate application as determined by the donor FAFSA is often required Many state scholarships require a specific FAFSA submission date Scholarships can be local, national, institutional, regional…all sorts of “als” Always check with employers for tuition reimbursement Student is responsible for researching, applying Scholarships
Work-study programs (federal and institutional, no state funds) Self-help program that provides on-campus (and sometimes off-campus) employment to eligible undergraduate and graduate students Each institution determines awarding rules and priorities for work-study dollars Employment
Federal Direct loans Perkins Loan Parent PLUS Loan for parents of dependent students Graduate PLUS Loan for graduate students Private/alternative loans Loans
Subsidized Low-interest loans for financially needy undergraduate students Interest does not accrue while the student is in school Limited based on grade level, financial need, and time spent completing your program Unsubsidized Low-interest, not need-based Dependency status/grade level determines eligibility Federal Direct Loans
Amount determined by grade level, dependency status: Dependent Freshman qualify for $5500 ($3500 can be subsidized) Independent Freshman qualify for $9500 ($3500 can be subsidized) Federal Direct Loan (cont.)
Tuition Incentive Program For students who received Medicaid coverage for 24 months within a 36 month period Phase I:Covers tuition and mandatory fees for associate degree/certificate program at Community College Phase II: Provides $2000 tuition assistance at an eligible in-state four-year college/university Michigan Competitive Scholarship: $630 Michigan Tuition Grant: $1524 per year Michigan Programs
You must be admitted as a regular student into an eligible program Check with your institution Award letter Requirements to complete financial aid eligibility Requirements may vary from college to college Requirements/next steps may be fund specific What to do next?
Complete a FAFSA each year 2015-2016 FAFSA will be available January 1, 2015 Attend classes, pass classes Continue scholarship search Continued Eligibility
Searching for Scholarships Nancy Timmons Kalamazoo Community Foundation Donor Relations Manager
HISTORY 1925 Dr. W.E. Upjohn Established Kalamazoo Community Foundation with a $1,000 gift of stock Today Kalamazoo Community Foundation is one of the largest and successful community foundations in investments and as a scholarship provider.
2014 Scholarship Awards $1,184,000 in total scholarship awards 380 awards 53 scholarship funds
Keep a list of school & volunteer activities Read and follow the instructions carefully Write an essay pertinent to the scholarshi p Proof your application & use spell check Choose your references wisely Follow-up with the organization Keep copies of everything BEAT(don’t just meet) the DEADLINE BUILD A BETTER APPLICATION
CLARENCE REMYNSE SCHOLARSHIP High school senior and Kalamazoo County resident or attends a Kalamazoo County High School Financial need (file FAFSA by March 1) Business, Science, Engineering, Education, Psychology, Law, Medicine Planning to seek a baccalaureate degree as a full-time student at a College or University Demonstration of Leadership & Service December 1 DeadlineRenewable Awards of $250-$7,500
2015 General Application Available at www.kalfound.org by end of December Available at www.kalfound.org by end of Decemberwww.kalfound.org Web-based Application – eGrant Web-based Application – eGrant 41 Scholarships for undergrads & graduate students 41 Scholarships for undergrads & graduate students One application – apply for up to 8 scholarships and submit online One application – apply for up to 8 scholarships and submit online Recommendations and transcripts can be uploaded into application Recommendations and transcripts can be uploaded into application March 31 deadline, unless stated otherwise March 31 deadline, unless stated otherwise
PARTNERS IN EDUCATION Student who is a permanent resident of Kalamazoo County or graduating or graduated from a Kalamazoo County High school Pursue a two- or four-year degree or trade, technical, vocational or certificate program full-time at a college/university or program within the State of Michigan 2.80-3.80 GPA and demonstrate school/community involvement, leadership & work ethic; must demonstrate financial need. Multiple awards up to $2,000 (renewable) March 31 deadline
BHARGAVA FAMILY SCHOLARSHIP High Schools Senior who is a Kalamazoo County resident or attends a high school within Kalamazoo County Minimum 3.75 GPA and 28 ACT or 1240 SAT Demonstration of leadership & service Full-time enrollment, four-year college/university Preference PPS students/KAMSC/Asian Indian Awards of $1,000 March 31 Deadline
E. EARL WRIGHT SCHOLARSHIP Must be a resident of Kalamazoo County or a student graduating or graduated or received a GED from a school within Kalamazoo County Planning to enroll full- or part-time in a two year degree program or vocational or technology training Minimum 2.00 GPA Demonstration of extracurricular/volunteer activities and work experience March 31 deadline Awards up to $1,000
EARL HAAS SCHOLARSHIP Must be a resident of Kalamazoo County or a student graduating or graduated from a high school or alternative school or received a GED within Kalamazoo County Planning to enroll full- or part-time in a two- or four-year degree program or vocational or technology training Must demonstrate financial need March 31 deadline Awards up to $1,000
Searching for Scholarships Continued Mari Draeger Gull Lake Community Schools Foundation GLCSF Trustee
GLCS Foundation Scholarships & Programs GLCS Foundation Focus Grants Scholarships Spark Series Distinguished Academic Scholars How to Apply for Scholarships Go to www.glcsf.org and click on “Our Scholarships”www.glcsf.org Pick up an application packet in the GLHS Guidance office, if needed 33 scholarships available Deadline: February 27 at 3 pm
Questions? Beat the Deadlines! Friday, February 27 --Gull Lake Foundation Scholarships Sunday, March 1--FAFSA (Free Application for Federal Student Aid Tuesday, March 31--Kalamazoo Community Foundation Scholarships Power Point available on the GLHS Guidance website under Financial Aid/Scholarship Information Thank YOU for being here!