+ Senior College Night #2 Introduction to the Financial Aid Process December 10 th
+ Agenda Welcome and Purpose Washington’s Core Beliefs About College College Application Data Breakout Sessions Debunking Myths on Financial Aid The Financial Aid Process What now? 3 6:00 – 6:30 6:30 – 8:00
Guests will be dismissed by numbers on folders. Break-Out Sessions Number 1: Library Number 1: Library Number 2: Room 105 Number 2: Room 105 Number 3: Room 106 Number 3: Room 106 Number 4: Room 111 Number 4: Room 111
+ Breakout Sessions Intro to the Financial Aid Process 12
+ Objectives Explain how the financial aid process works Describe the key factors that influence college choice in terms of financial aid. Identify what your child should be doing right now and how you can support them 13
+ Turn and Talk Discuss the answers you’ve circled and why you chose it with your elbow partner. 14 Myth Busters
+ Mythbusters 1. If the parent makes too much money the student is not eligible for aid 2. My ethnicity or age makes me ineligible to receive aid. 3. It cost money to fill out the FAFSA 4. I have to file taxes before completing the FAFSA 5. Approximately, how long does it take to fill out the FAFSA? 6. I only need to fill out the FAFSA once. 7. Only students with good grades can receive financial aid. 8. What are the possible sources of financial aid? 16 Answers… All of the above
+ The Financial Aid Process What is financial aid?
Financial aid refers to specific borrowed, given, or earned money that can be obtained from various sources to help pay for college. What is financial aid? If you think you can’t afford college, think again. There’s lots of aid out there.
Financial aid comes from a variety of sources. Sources of Financial Aid college ( institutional aid) college ( institutional aid) outside/ private sources outside/ private sources federal government federal government state government state government
+ How to fill out a FAFSA Free Application for Federal Student Aid 21
+ F A F S A January 1 (First date to submit FAFSA), and as close to this date as possible Must be renewed every year WHEN Available to H.S. seniors and college students U.S. Citizens and eligible non-citizens WHO Available on-line (preferred way) www.fafsa.gov Printed and pdf form HOW Determines eligibility for Federal and State Financial Aid Programs Used by colleges and universities to award institutional aid WHY
o Social Security Number. Be sure that it is correct! o Records of income, such as income earned from work and business, child support paid or received, and any other untaxed income. If available, refer to the W-2 Forms and the Federal Income Tax Return IRS 1040, 1040A, or 1040EZ. o Information about assets, such as savings, certificates of deposit, stock options, bonds, 529 plans and other college savings programs, and investment real estate, business, and farm. o Driver’s license number, if the student has one. o Alien Registration Number, if not a U.S. citizen. What information is needed? Completing the FAFSA NOTES: Parental information is required unless a student is at least 24 years of age or meets the criteria for filing as an independent student as described on the Free Application for Federal Student Aid. Refer to www.FAFSA.gov.www.FAFSA.gov A student must report his or her income and assets and those of the parents (if a dependent student) or spouse (if married). Use income records for the year prior to the academic year for which a student is applying: for instance, if filling the 2012-2013 FAFSA, refer to 2011 tax information.
+ Filling out the FAFSA 24 Go to the FAFSA website- www.FAFSA.ed.gov
+ Important notes about the FAFSA If you use your 2013 Tax Returns to fill out the FAFSA, you will NEED to update it with your 2014 Tax Returns. Using 2013 Tax information is saving your spot in line and is insuring you receive the most aid possible. Please make sure you put all the schools that you’ve applied to. Each school needs your financial information directly from the FAFSA. If the student is a DREAMER, you can fill out a paper FAFSA but do not file, give this paper copy to the Financial Aid office at your college directly. 27 Next steps…
+ 4 Cost of Attendance 2 Gift Aid 3 Self-Help Aid 4 Additional Options 5 Credit Hours & Terms 1 What now? A Look into an Award Letter
+ Dreamers and Financial Aid Dreamers are students who do not have an eligible social security number (SSN) Students who received a SSN through the DACA (Deferred Action for Childhood Arrivals) initiative are NOT eligible to apply for the FAFSA. May not have access to federal or state financial aid Dreamers should advocate for themselves and talk to various colleges they’ve applied to about options for aid. Should fill out a paper copy of a FAFSA. Many scholarships and schools may be able to use this information. Do not file the paper copy to the FAFSA! 29
+ Dreamers and Financial Aid College Credit in HS IB AP Dual Enrollment through the City Colleges of Chicago Working through the DACA initiative Using the City Colleges as a starting point The Chicago Star Scholarship Scholarships Dr. Juan Andrade Scholarship Illinois Dream Fund CPS Dream Fund Scholarship 30
+ Dreamers and Financial Aid IACAC website Admissions Policies, Financial Aid, and Scholarships College Advising Guide for Undocumented Students This website can be found on the GW website under students and path to college (links) 31 What should I do?
+ Special Situations 32 How to file the FAFSA… What if my parents are divorced? Use the tax info of the parent who provides the most financial support. If you’re parent is remarried, you must still use your stepdad/stepmom’s info. What if my parents do not have an eligible SSN? In the parent section, put 000-00-0000 in the section where it asks for a SSN and use any tax information you might have. What if my parents are unemployed or disabled? If your parent is receiving unemployment or disability checks, this still counts as income and must be reported on the FAFSA. If they are not receiving any type of income, you can put 0’s for the income part of the parent section. What if I don’t live with my parents? Unless you can prove that the person your living with is your legal guardian than you will still need to provide parent information. What if I have a child? If you can prove that you provide 50% or more of support to your child, then you can file as an independent student using your information.
+ Scholarships Much like colleges, each scholarship has its own eligibility criteria. RESEARCH! CPS Strategic Scholarships Targeted for CPS, Chicago, and Illinois students Can be found on the GW website. Look on the colleges’ website A list of helpful websites can be found in your folder. Dr. Juan Andrade Scholarship Due December 31 st 33 Where can I find them?
+ What parents should be doing right now Gather your 2013 tax info and utilize the folder provided Encourage your student to apply for more colleges and file the FAFSA early Set aside time to help with the application and financial aid process Visit a college campus with your child Attend GW’s college nights and workshops Utilize Naviance and the Passport to check on progress 36
+ Graduation Requirements 24 credits with CPS required courses 40 Service Learning Hours Consumer Education Test Constitution Test PSAE Drivers Education Please note that students will not be able to participate in the graduation ceremony if they have not met all the graduation requirements. 37
+ Senior Passport The passport is a tool students and staff utilize to track progress on post-secondary milestones. Passport check days December 17 th 3 Applications, 2 Results, and 1 Scholarship This will be tied to major senior events Decision Day Prom Senior Luncheon 38 Student’s Ticket to Decision Day
+ Save the Date! January 10 th : FAFSA Workshop; 9a.m.-12 p.m. This date has changed from original! April 23: Senior College Night #3- Award Letters April 27 th -28 th : College Café May 1 st : Decision Day May 22 nd : Prom June 12 th : Graduation 39
+ FAFSA Workshop 40 January 10 th, 9a.m.-12p.m. o Social Security Number. Be sure that it is correct! o Records of income, 2013 Tax Returns, such as income earned from work and business, child support paid or received, and any other untaxed income. If available, refer to the W-2 Forms and the Federal Income Tax Return IRS 1040, 1040A, or 1040EZ. o Information about assets, such as savings, certificates of deposit, stock options, bonds, 529 plans and other college savings programs, and investment real estate, business, and farm. o Driver’s license number, if the student has one. o Alien Registration Number, if not a U.S. citizen. What to bring…
+ Important Reminders 1. Deadline for service learning hours, payment of all fees, passport: May 1st 2. Money for State of Illinois Map Grant money is expected to run out by February 13 th, please have the FAFSA completed before this time. 3. Each student will receive 10 tickets total for graduation (no exceptions) but need to make sure all fees and eligibility is met to receive tickets. 41
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