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Fall 2012 Open House. Scholarships Institutional aid Federal student aid The aid application process Topics for Discussion:

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Presentation on theme: "Fall 2012 Open House. Scholarships Institutional aid Federal student aid The aid application process Topics for Discussion:"— Presentation transcript:

1 Fall 2012 Open House

2 Scholarships Institutional aid Federal student aid The aid application process Topics for Discussion:

3 What is financial aid? Who can receive it? How much can a student receive? How do you apply? Where can I find more information? Frequently Asked Questions:

4 What is Financial Aid? There are four general types of aid: Scholarships Grants Loans Employment Go to for additional Click “Types of Aid” in the navigation menu

5 Where to look for scholarships See Scholarships section of Private Scholarships High School Guidance Office Civic Organizations Parent Workplace Religious Affiliations On the Web – More info in “Links” section of our site University Scholarships State Scholarships

6 Grants (Pell, Supplemental Educational Opportunity) “Free money” based on financial need Pell Grant based on Expected Family Contribution figure from FAFSA Federal SEOG also based on limited funding allocated to individual school Employment (work-study) Students earn these funds through part-time work Based on financial need and funding allocated to individual college/university Types of Federal Student Aid

7 Perkins Loans (subsidized) In student’s name: must be paid back Amount based on availability and students’ financial need Direct Stafford Loans (subsidized and unsubsidized types) In student’s name: must be paid back Maximum amounts based on student status and financial need No credit check required Direct Parent PLUS Loans In parent’s name: must be paid back Credit check required Types of Federal Student aid Types of Federal Student Aid continued

8 Demonstrate financial need via FAFSA U.S. citizens, permanent residents, and certain other eligible non- citizens Eligible degree/certificate program Valid Social Security number Males registered for Selective Service Not currently in default on an educational loan Who can Receive Federal Student Aid? The basic eligibility requirements:

9 Free Application for Federal Student Aid (FAFSA) Parent and student each apply for a PIN (Personal Identification Number) used to sign the electronic form Parent and student complete FAFSA application online at anytime after January 1 st 2013 Complete tax returns early enabling you to use the IRS data retrieval tool within the online FAFSA for 2013-2014 See Getting Started section of for additional UConn’s On Time Financial Aid deadline for filing the FAFSA is March 1, 2013. Scholarships The FAFSA Application Process

10 PIN Registration May be used by students and parents throughout aid process, including subsequent school years Sign FAFSA electronically Make changes or updates electronically Check status of application

11 FAFSA on the Web Good reasons to file electronically: Built-in edits Skip-logic IRS Data Retrieval Timely submission “Help” for common questions Check application status on-line Simplified yearly renewal process

12 How much aid will a student receive? $35K $25K $15K $10K $25K $15K $5K

13 FAFSA Processing Results Information is received; EFC is calculated; and the Financial Aid Office determines an appropriate “package” Sample package based on program maximums Federal Pell Grant: $5,550 Federal Direct Stafford Subsidized Loan $3,500 Federal Direct Stafford Unsubsidized loan $2,000 Federal Carl Perkins Loan - varies Supplemental Educational Opportunity Grant - varies University Grant - varies Federal Work-Study: $2,200 Federal Direct Parent PLUS loan: COA less other aid received

14 What happens next? Once a student decides which college/university to attend, he/she should keep in touch with the Financial Aid Office UConn begins notifying students of financial aid awards via their UConn email account in the spring (typically mid-March) Student should monitor email account for document request letters and/or financial aid award notices Submit any documentation requested by the Financial Aid Office in a timely manner Do not submit tax information unless requested

15 In Closing 1.Begin looking and applying for scholarships now 2.Parent/student apply for PIN ID now 3.For UConn, complete FAFSA application after January 1 st but before March 1 st to be considered on time 4.Plan to complete income tax returns early 5.Meet all deadlines or you could miss out on aid! –Refer to the Financial Aid Calendar in the News & Calendar section of

16 Students: Take an active role as you explore your Higher Education Journey!

17 Questions?


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