WELCOME TO FINANCIAL AID AWARENESS “Investing in Your Educational Success” Presented by The Office of Financial Aid Florida State University
Cost of Attendance Tuition & fees Room & board Books, supplies, transportation, & miscellaneous personal expenses Study abroad costs (optional)
Estimated Cost of Attendance 2004/2005 In State $2,892 3,770 3,496 800 1,000 1,124$13,082 Tuition & Fees Room Board Books & Supplies Transportation Personal Expenses TOTAL Out of State $15,398 3,770 3,496 800 1,000 1,160 $25,624
Financing Your Education What is financial aid and where does it come from? Who is eligible? What aid is available? How do I apply?
WHAT IS FINANCIAL AID? Money set aside by the federal government for the next generation of leaders. Invested money to ASSIST the student with paying the cost of their education.
Where does financial aid come from? PLAN “A” OR PLAN “B”
PLAN “A” Scholarships (Research) –Private –Institutional –State
PLAN “B” Complete the FAFSA FREE APPLICATION FOR FEDERAL STUDENT AID
WHO’S ELIGIBLE? All are eligible! (for at least some type of aid) –Even if you make $200,000 It’s an investment.
FORMULA USED TO DETERMINE AID ELIGIBILITY Estimated Cost of Attendance Less Expected Family Contribution Equals Eligibility for Need Based Aid
TYPES OF FREE AID Grants –Federal Pell Grant –Federal SEOG –FSAG (Florida Resident) –FSUG Federal Work Study –On Campus –Off Campus –Florida Work Experience Scholarships –Private –Institutional –State FSU STAR Center –8:30-4:30 M-F –Located 4th floor of University Center in Office of Financial Aid
TYPES OF LOANS Federal Perkins Loan –Limited Funds –Need based –5% interest –Repayment begins 9 months after graduation Subsidized Stafford Loan –Need based –Government pays interest while in school –Repayment begins 6 months after graduation Unsubsidized Stafford Loan –Non-need based –Accruement of interest begins while in school Federal Parent Plus Loan –Loan is to the parents –Based on parents’ credit rating –If denied, the student may be eligible for additional unsubsidized funds
FREE APPLICATION FOR FEDERAL STUDENT AID In filling out the FAFSA, you’re going to need your tax information, as well as your parent(s)’: –Why? – The Federal Government believes the first investment should come from the family.
HOW DO I APPLY? PIN Registration –Web site: www.pin.ed.govwww.pin.ed.gov –May be used throughout aid process –Will receive within 24-48 hours via email (keep in a secure location)
The two most important tips we can give you tonight for filing the Free Application for Federal Student Aid (FAFSA) Apply Early - January 1st of every year Apply Online - apply at www.fafsa.ed.gov
Advantages of submitting the FAFSA early Many funds are limited. Once a school starts to award aid, funding can become quickly exhausted. You want to be in line to be considered as soon as awarding starts.
Advantages to filing the FAFSA online Faster processing - Data reaches the school within 7 to 10 (maybe sooner) days of submission versus 3 to 6 weeks for the paper application. More accurate - Less data is missed so there are fewer rejects
Additional Advantages Secure processing - no mail delays Easy record keeping and renewal - access from any online location
Paper FAFSA 2005-06 FAFSA is an 8-page booklet containing: General Instructions for completing the form 3 worksheets
FAFSA: Step One Step One asks for general information about the student: Name, Address SSN, DOB Telephone number Driver’s license and state E-mail address
FAFSA: Step One Questions 31 Question 31: You need to mark (“yes” OR “no”) whether you have ever had a Drug Conviction
FAFSA: Step Two Step two collects the student’s (and spouse, if married) income and asset information You will need to complete worksheets
FAFSA: Step Three - Remember! Step three asks questions which determine dependency status If all “no” responses, student is dependent If “yes” to any question, student is independent
Independent Student Definition At least 24 years old by December 31 st of the award year covered by the FAFSA Graduate or professional student Married Has legal dependents other than a spouse Both parents deceased or ward of the court Veteran of the U.S. Armed Forces
FAFSA: Step Four Questions 55 through 64: Step four requests parental information –If widowed, divorced, separated and/or remarried, refer to page seven of the FAFSA. –Taxes, income, etc.
FAFSA: Step Six Questions 86 through 98 School code for sending FAFSA data (FSU 001489)
FREE APPLICATION FOR FEDERAL STUDENT AID Complete and submit FAFSA at www.fafsa.ed.gov www.fafsa.ed.gov Student receives student aid report (SAR) Collect verification data if applicable (30% federally selected) School sends notification of estimated financial aid (award letter)
Avoid ERRORS! Errors on the FAFSA or supplemental forms may DELAY application processing & result in the LOSS of financial aid funds. Please read the instructions & complete all forms carefully!
DEBT MANAGEMENT Set a realistic budget and stick to it. Exhaust all other alternatives before borrowing. Only borrow what you need.
Tips on using your credit wisely Avoid credit cards (high interest rates) Avoid greedy friends! Look @ what you NEED verses what you WANT.
Benefits of having good credit? Buying a home Buying a car Getting future credit Getting a job Getting a cell phone IN YOUR NAME!!
TIPS TO REMEMBER TIPS TO REMEMBER File FAFSA each academic year as soon as possible after Jan. 1 File FAFSA each academic year as soon as possible after Jan. 1 Estimated tax calculations are acceptable Student will review (SAR) and make any necessary corrections Keep copies of all requested documents Include the students social security number on all documents Turn in any additional requested documents as soon as possible Check on financial aid status via the web at www.fsu.edu www.fsu.edu
FLORIDA STATE UNIVERSITY OFFICE OF FINANCIAL AID A4400 UNIVERSITY CENTER TALLAHASSEE, FL 32306 Office Hours 8:30 AM-5:00 PM PHONE – (850) 644-0539 FAX - (850) 644-6404 School Code: 001489 FSU WEB PAGE: www.fsu.edu