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Provided by Discussion Topics  Types of Aid  How to Apply  How aid is awarded.

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Presentation on theme: "Provided by Discussion Topics  Types of Aid  How to Apply  How aid is awarded."— Presentation transcript:

1

2 Provided by

3 Discussion Topics  Types of Aid  How to Apply  How aid is awarded

4 Types of Aid  Grants  Scholarships  Employment  Loans

5 Grants  Free or gift aid  Need-based  Some grants have limited funds  Enrollment status

6  Federal Pell Grant  FSEOG – ( Federal Supplemental Educational Opportunity Grant)  State or Other Grants Types of Grants

7  Federal College Work Study  Need-based  On or off-campus  Institutional Employment  Off campus jobs Employment

8  Merit  Activities  Community  Institutional  Hathaway  Be aware of Priority Deadlines!!!!! Scholarships -- Types

9 Hathaway Scholarships  Four scholarship Levels  Merit and need-based awards at each level  Awards based on GPA, GED score, and ACT score and meeting the Hathaway success curriculum

10 Hathaway Scholarship Levels  Honors, $1600 a semester  GPA 3.5, GED 575, & ACT 25  Performance, $1200 a semester  GPA 3.0, GED 540, & ACT 21  Opportunity, $800 a semester  GPA 2.5, GED 500 & ACT 19  Provisional Opportunity, $800 a semester  GPA 2.5, GED 500, & ACT 17  Or WORKKEYS  Must begin at a community college  Must get a degree/certificate

11 Scholarships --Criteria  Career interests  Academics/talents  Community Involvement  Financial need

12 Scholarship Searches  High School Counselors  Colleges  Professional Associations  Local Organizations  Internet  Parent ’ s or Your Employer  Be Aware of Scams!!!!

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14 Loan Eligibility  Most students are eligible  Enroll at least halftime  Satisfactory academic progress

15 Loan Types  Subsidized Direct Loans  Unsubsidized Direct Loans  PLUS - Parent Loan for Undergraduate Students

16 Loan Types Cont.  Federal Perkins Loan  Private Loans  Alternative Loans

17 Subsidized Direct Loans  Student is Borrower  Need-Based  Government Pays Interest  6-Month Grace Period  Multiple Disbursements

18 Unsubsidized Direct Loan  Not based on need  Borrower is responsible for all the interest

19 Direct Loan Amounts Dependant Students FreshmanSophomoreJuniorSenior Subsidized Unsubsidized $3,500 $2,000 $ 4,500 $2,000 $5,500 $2,000 Independent Student Subsidized $3,500$4,500$5,500 Unsubsidized $6,000 $7,000 Total $9,500$10,500$12,500

20 PLUS (PARENT Loan)  Parent is borrower  Non-need based  Interest accrues upon disbursement  Credit check  No grace period

21 PLUS Loan Amounts Parents can borrow up to the cost of attendance minus any financial aid for each student that is eligible * If Parent loan is denied, there is additional eligibility for the student in loan amounts

22 PLUS Loan Example Cost of Attendance $16,000 Pell Grant ($ 5,550) Scholarship ($ 1,000) Direct Loan ($ 3,500) PLUS Loan $ 5,950

23 Federal Perkins Loan  School is the Lender  Subsidized  Need-Based  9-Month Grace Period  Limited funds program

24 Other Loan Types  Alternative or Private  Government is not a player  Higher interest rates  Less flexible repayment  Credit check

25 Free Application for Federal Student Aid (FAFSA)

26 Completing the FAFSA  Online  www.pin.ed.gov  www.fafsa.ed.govwww.fafsa.ed.gov  Parents and students each need to have their own pin. If parents have another child enrolled in college previously, they may use the same pin for both children.

27 IRS Data Retrieval –New for the 2012-2013 award year * February 1 st – earliest you can use this process –Students/Parents should file their taxes before submitting the FAFSA if possible –Students/Parents should choose to link up to the IRS database when prompted –Real time tax data retrieval into FAFSA form * will populate all tax information cells on the FAFSA form –If married filing separately, student will not be allowed to use this format

28 IRS Data Retrieval  Participation is completely voluntary  STRONGLY RECOMMENDED! Why should you do the IRS Data Retrieval? Pre-populate FAFSA form with tax information for ease of completion Less paperwork needed to be submitted to Financial Aid Office *Verification

29 Dependency Status 24 years of age Veteran of Armed Services Working on Professional/Graduate degree program Have a minor child that student supports more than 50% –Supporting a parent Orphan/Ward of court –Homeless or at risk of being homeless Married

30 Financial Aid Award Process

31 Complete & submit FAFSA Federal processor determines EFC School receives Information School determines need School creates Financial Aid Award Package Student receives Award notification

32 Cost of Attendance  Tuition & Fees  Room & Board  Books & Supplies  Transportation  Miscellaneous/Personal

33 Need Calculation Cost of Attendance (COA) Expected Family Contribution (EFC) = Unmet Need

34 Institution Deadlines  Admissions  Financial Aid  Scholarships  Priority  Housing  Some schools required a confirmation/enrollment fee

35 Summary KNOW …..  When to complete the FAFSA  Types of Financial Aid  How Aid is Awarded  Who to contact for help

36 Contact High School Counselor School Financial Aid Office


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