Financial Aid is financial assistance to pay education- related expenses at approved colleges. Financial Aid is given in the form of: Grants Scholarships Work Study Loans Financial Aid comes from 4 sources: Federal State Institutional Private
Financial Aid may be used for “education related expenses.” What are examples of education related expenses? Tuition and Fees Books Lab supplies School supplies Transportation (car, bus, gas, etc.) Housing Food
Grants Come from Federal and State Governments Federal - Pell, SEOG, Work Study, TEACH, SMART, ACG State Regents Higher Education Opportunity Award Leveraging Educational Assistance Program Special Leveraging Educational Assistance Program Institutional – Student Fee Generated Scholarships Millennium – Nevada Treasurer’s Office College Foundation – Private sources, need to apply through the college Third Party – money goes directly to student, not through the college Loans (You must pay back!) Federal Government – Stafford (for the students) and PLUS (for eligible parents) Alternative/Private – directly from the bank/lender
Two Applications: FAFSA (online) Institutional Scholarship Application Third Party They have separate applications
The amount a student is eligible for is determined by information provided on the FAFSA (Free Application for Federal Student Aid) by the Federal Government Cost of Attendance (tuition, fees, typical room and board, books – set by the institution) - Expected Family Contribution (based on income information provided in the FAFSA) =Financial Need
What is the FAFSA? Free Application for Federal Student Aid Why should the FAFSA be completed? Determines eligibility for: Federal Grants Federal Student Employment Federal Student/Parent Loans State Grants Scholarships Need Non-Need
Apply EARLY! FAFSA available early January of each year Beginning with the Senior year of high school Request a PIN Student and parent(s) Complete the FAFSA online in January Research institutional scholarship deadlines Understand Millennium Scholarship Requirements Respond to requests quickly Attend financial aid workshops
PIN Request www.pin.ed.gov www.pin.ed.gov At least one parent and the student Documents Needed SS# Driver’s license (if any) 2009 Federal Tax Return and W-2s Student and Parent HINT: No taxes = last paycheck stub/2006 Taxes 2009 Untaxed Income records Social Security Temporary Assistance to Needy Families (TANF) Welfare VA Benefits Current Bank Statements Miscellaneous (as applicable) Current business and investment mortgage information Business and farm records Stocks, bond, and/or other investment records Alien Registration or permanent residence card (if you are not a U.S. citizen)
www.fafsa.ed.gov www.fafsa.ed.gov Before Beginning a FAFSA, you need: 2009-2010 Pre-Application Worksheet PIN Pre-Application Worksheet Set aside at least 15-20 minutes to prepare FAFSA Online Set aside at least 30-45 minutes to complete Electronic Signature (PIN)
The Financial Aid office takes the financial need and applies: Grants students may be eligible for; Scholarships; Work Study; and Loans. The Financial Aid Office is not allowed to award more money then the need.
Two sources of scholarships: Institutional Private Students make an additional application for institutional and private scholarships according to the unique application procedures. Usually a priority deadline for institutional scholarships (typically March 1). CCSD maintains a database for many scholarships: http://cpd.ccsd.net/guidance/guidance.html
The Nevada Prepaid Tuition Program enables Nevada’s parents, grandparents and family friends to lock in future college tuition rates at today’s prices. In just a few short years, more than 12,000 residents have invested almost $65 million to guarantee the academic future of the children in their lives. Options: Parents can choose to pay a lump sum, spread the payment out over five years with 60 equal payments, or pay each month from the time of enrollment until the child is ready to start college. This program is fully transferable to private or public out-of-state colleges and universities and can be transferred to another family member, including a first cousin.
What is FERPA? Family Educational Rights and Privacy Act Federal law that governs the disclosure of education records What does FERPA mean to me, as a parent? Cannot disclose academic records, including financial aid, without a written waiver by the student If student is claimed as a dependent, we can release financial aid information Can release directory information