1. Georgia Student Finance Commission
Financial Aid 101
Darryl Watson
K-12 School Representative

2. Georgia’s HOPE Scholarship Program
Largest Non-Need Based Program in the Nation
Students must meet:
Academic Requirement of a 3.0 GPA in academic core classes*
Citizenship
Residency
Enroll in a HOPE eligible school in Georgia
*Note: For Seniors who are on Technical Diploma, the GPA is a 3.2 for in academic core classes

3. Zell Miller Scholarship Program
New Scholarship Program for 2011
Must meet HOPE Scholarship requirements, plus:
Minimum 3.7 GPA in academic core classes, and
1,200 combined critical reading and math on SAT, or
26 composite ACT
Graduate from an eligible high school as the valedictorian or salutatorian
*Test requirements must be met in single test administration.

4. View HOPE GPA on GAcollege411
Select “Your HOPE GPA” under “Shortcuts”
Log in to your GAcollege411 Account
Enter Last Name, Date of Birth, and Social Security Number
Finally, select high school from list

5. How Much Does College Cost?
Costs of Attendance
Tuition and mandatory fees
Room and board
Books and supplies
Transportation
Personal expenses (clothing, laundry, entertainment, medicine and healthcare, cell phone etc.)
College Costs, also commonly referred to as the Cost of Attendance, vary widely based on the type of institution. The Cost of Attendance is the budget established by the school

6. What is Financial Aid?
Financial Aid is funding intended to help students pay educational expenses
Sources of Financial Aid
Federal government
State government
Colleges and universities
Community groups (religious organizations, civic organizations, corporations, professional organizations, etc.)

7. Financial Aid Comes in Packages
Gift Aid
Money not paid back
Grants
Scholarships
Self-Help
Money using student initiative
Student Loans
Work Study

8. What is an EFC?
The FAFSA will determine the Expected Family Contribution (EFC).
The EFC estimates the family’s ability to contribute toward educational costs.
The EFC formula includes financial information collected on the FAFSA, family size and number of dependents.

9. What Does the FAFSA Do?
College Cost of Attendance (Determined by the School)
Minus the Expected Family Contribution
Equals the Amount of Need Based Aid
for which the student may qualify

10. Pell Grant Maximum Pell Grant Amount $5,550 $2,775 per semester
Full time student (12 or more hrs.)
Based on $0 EFC

11. Direct Loan Program Subsidized Direct Loans
Interest is paid by the government while enrolled (at least half-time)
Unsubsidized Stafford Loans
Student is responsible for paying the interest on the loan
Repayment begins six (6) months after graduation or ceasing to be enrolled half-time

12. Student Loan Limits 2010 – 2011 Academic Year
Dependent Students whose Parents are Eligible for a
PLUS Loan
Base
Additional Unsubsidized
Annual Maximum Amount
Freshmen
$3,500
$2,000
$5,500
Sophomore
$4,500
$6,500
Junior/Senior
$7,500
Independent Students and Dependent Students whose Parents were Denied a PLUS Loan
$6,000
$9,500
$10,500
$7,000
$12,500

13. Student Access Loan Program
New Loan Program
Low interest loan program targeted to students who experience unmet need or a gap in their college financing
Students may borrow up to $10,000 per year and $40,000 in their lifetime
Students must be able to demonstrate that they have exhausted all other financial aid sources and must have completed the Free Application for Federal Student Aid (FAFSA)
The annual interest rate is 1% and borrowers will be required to pay interest while in school

14. Federal Application for Student Aid

15. It is the GATEWAY to accessing money
ALL students
should file a FAFSA
It is the GATEWAY to accessing money
to pay for college

16. FAFSA on the Web Worksheet

17. FAFSA Homepage

18. Contact Us Students and Parents support By browsing online help
Contact the Federal Student Aid Information Center
Live help, phone, or .

19. What Does the FAFSA Require?
To complete the FAFSA, you will need:
Completed Tax Returns
Information on untaxed income, such as child support
Household Information
To Receive a Paper FAFSA:
Call FED-AID
Download the paper application at FederalStudentAid.ed.gov

20. FAFSA on the Web Worksheet
These questions will determine whether the student is a dependent or independent student. These are the only questions that the Government uses in making this determination.

21. Who is the “parent” for federal aid?
“Parent” refers to the biological or adoptive parent.
In case of divorce or separation give information about the parent you lived with most during the last 12 months.
If your divorced or widowed parent has remarried, also provide information about your stepparent.

22. Parent section

23. Parent Section cont…..

24. Student Information

25. IRS Data Retrieval The applicant will be validated
The applicant will have the option to “Transfer” the tax information to the FAFSA
Once they have successfully authenticated, tax data will be presented and option to “Transfer” the information will be present. For , users who could not authenticate successfully or did not transfer their data had to manually log back into their FAFSA. Beginning with the FAFSA, applicants have been able to click “return to FAFSA” which will automatically log them back into their FAFSA.

26. Special Circumstances
Cannot report on FAFSA
Send explanation to financial aid office at each college
College will review special circumstances:
Request additional documentation
Decisions are final and cannot be
appealed to U.S. Department of
Education
Examples of Special Circumstances:
Change in employment status
Medical expenses not covered by insurance
Change in parent marital status
Unusual dependent care expenses
Student cannot obtain parent information

27. Sign and Submit 3 Signature Options Sign Electronically w/PIN
Print Signature Page
Submit without signatures
If the applicant selects to Print A Signature Page the Print Signature Page button dynamically appears.

28. Confirmation Page Confirmation Number Data Release Number (DRN)
EFC estimate
Pell Grant and Direct Loan estimates
Option for parents to transfer info to an application for a sibling

29. FAFSA Processing Results
Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted
College reviews Institutional Student Information Record (ISIR)
May request additional documentation, such as copies of federal tax returns

30. Sample Award Letter

31. Need More Information GAcollege411.org Financial Aid Planning Page
Darryl Watson

32. Questions?
Thank you!