Presentation on theme: "We will try to answer: What is financial aid? Who can get it? How much can I get? How do I apply? What happens next? Where can I get more info?"— Presentation transcript:
We will try to answer: What is financial aid? Who can get it? How much can I get? How do I apply? What happens next? Where can I get more info?
What is financial aid? Money to pay for college or career school –Grants –Loans –Work-study –Scholarships
Types of Financial Aid Measure of Quality -Academic -Athletic -Artistic -Special Characteristics Family resources not a factor Award Levels Based on Sponsors Goals and Funding No Appeal Process Typically May Not be Renewable Merit Based
Types of Financial Aid Cont… Family ability to pay Eligibility May Vary -Cost of College -Availability of Funding -College Calculates Family Contribution -College Awards Aid Based on Level of Need and Available Aid Funding -Appeal Process Need Based
Philosophy of Need Based Aid Family has the first responsibility to pay for college costs to the extent of financial ability. Need analysis intended to measure capacity to pay, not willingness. Financial aid is a supplement to family resources.
Sources Of Financial Aid Federal Government State and Local Government Colleges and Universities Private Organizations and Foundations
How much aid can I receive? It depends: –On your estimated need –On your college/university –On your academic record –On your special talents –On your special situations –On your efforts searching –On your efforts completing applications
Financial Aid Application Process Deadlines and priority dates are critical. –Late filers jeopardize eligibility –Eligibility versus availability of funds Colleges determine document requirements. Process shift from paper to electronic format.
Free Application for Federal Student Aid. Paper or web – based format. No charge to applicant. Data sent electronically to college(s) Required for federal, state and some institutional aid. Completed and submitted annually. After January 1 st of senior year.
Forms and Documents Visit FAFSA on the web Not Visit –Estimates awards
Forms and Documents Colleges and Programs may ask for: Parent tax returns Student tax returns Divorced or separated parent information Other information to verify: Income Assets Family size Special circumstances
The Application Process FAFSA submitted to federal processor Federal processor conducts database matches for non-financial data Student Aid Report (SAR) sent to student Electronic data file sent to colleges and state agencies by federal processor Student submits other forms of documentation as required by college or program
Determining Need Colleges/Programs make award decisions Verify data Determine eligibility Construct financial aid package
Determining Need Cost of Attendance -Expected Family Contribution ____________________ = Federal Eligibility Financial Need
Cost of Attendance Direct Costs Tuition Fees Housing Indirect costs Transportation Books Personal Other educational expenses
Expected Family Contribution Parents Contribution +Students Contribution _________________ Expected Family Contribution Calculated ability to pay may not match family willingness to pay.
Expected Family Contribution Cont… Is a measure of capacity over time to absorb educational costs Is not a dollar amount expected from current income or assets Is not an estimate of extra cash available
Expected Family Contribution Cont… Determined by use of FAFSA information Formula determined annually by U.S. Congress Subject to verification Eligibility index for federal and state programs Aid administrator determines eligibility according to federal regulations. Professional judgment allowed for special circumstances.
Expected Family Contribution Institutional EFC Calculated by financial aid professional using Institutional Methodology. Used in awarding institutional funds. Institutional EFC may vary from federal EFC. Professional Judgment subject to college/program policy.
Parental Information If your parents are divorced or separated, answer the questions about the parent you lived with more during the past 12 months. If you did not live with one parent more than the other, give answers about the parent who provided more financial support during the past 12 months, or during the most recent year that you actually received support from a parent. If this parent is remarried as of today, answer the questions about the parent and the person to whom your parent is married (your stepparent).
Special Situations If you or your family have unusual circumstances (such as loss of employment), complete FAFSA on the Web to the extent you can, then submit the application and consult the financial aid office at the college you plan to attend. Student should consult with an aid administrator at the school they are most likely to attend
How do I apply for aid? Federal student aid: fill out Free Application for Federal Student Aid (FAFSA) at State aid: fill out Bright Futures application School aid: contact financial aid office at schools you are considering Scholarships: visit scholarship Websites and scholarship bulletins
How do I apply for federal student aid? 1. Get a PIN at Your parent might need a PIN too Add the notification address, to your address book Dont tell anyone your PIN!
How do I apply for federal student aid? 2. (Optional) Use FAFSA on the Web Worksheet to get ready. Get worksheet at Use checklist to gather documents you need. Fill out worksheet to prepare your answers.
How do I apply for federal student aid? 3. Fill out your FAFSA online at Apply on or after Jan.1 but as early as possible to meet all deadlines. Need help? Use Live Help icon or call FED-AID. Dont forget to print confirmation page.
How do I apply for federal student aid? 4. Watch for response by or mail Double-check your information online at (use your PIN to log on) or on the paper Student Aid Report mailed to you Correct any mistakes and update any information as necessary
How do I apply for federal student aid? 5. Watch for s or letters from the schools you are considering Give the schools any additional paperwork they ask for Meet all deadlines or you could miss out on aid!
What happens next? Each school will tell you how much aid you can get at that school. Once you decide which school to attend, keep in touch with the financial aid office to find out when and how you will get your aid.
Financial Aid Award Process Eligibility determined by college A package is a set of awards Typically includes self help May include merit Packaging policy set by institution Institutional resources Level of student need Recruitment philosophy Appeal process
Enrollment Decision: Evaluating Awards Consider… Total aidNet Cost Type of aidCost of College Projected debt - Financial Aid Net Cost = Net cost to family Visit To use award comparison calculator
Enrollment Decisions REMEMBER!! There are many factors in making a good decision! Counseling can transform confusion into choice Affordability is a critical factor in making a good decision. Encourage students to wait until all the admissions and financial aid decisions are received! The best deal is not always the best fit!
Bright Futures Lottery funded Scholarships 3 separate scholarships only 1 can be earned Gold seal Vocational Requires vocational program Pays 75% tuition (for 2 years) Florida Medallion Scholarship State university admissions requirements Pays 75% tuition- 100% tuition at community colleges Florida Academic Scholarship Community service hours Higher GPA and Test Scores 100% of tuition and fees plus some additional $ per semester
Bright Futures Can see practice evaluation at FACTS High school transcript evaluation 2 official evaluation periods 7 th semester (after grades from first term are in) 8 th semester (after all grades from senior year are in)
Bright Futures Need to apply online at Application is active after December 1 In order to be eligible in 7 th semester evaluation must apply by Dec. 31 In order to be eligible by 8 th semester evaluation must apply before graduation
Tips for filling out scholarships Many local scholarship organizations suggest additional attachments to their applications. The following items are usually suggested and should be prepared in advance and be available to attach to your applications:
Tips continued 1. One to three letters of recommendation (may be from a teacher, coach, counselor, employer, or church/ community member familiar with you and your community activities, etc.)(Ask permission to copy letters and keep them in a file) 2. Resume of your activities, awards, accomplishments, and community service throughout high school.(Make copies and keep them in a file
Tips continued 3. Essay (brief, one-page) outlining your goals for the future and how your family will be impacted if you do not receive any financial help for college. (Keep on your computer ….ready to adjust for each scholarship application need) 4. Transcript – If your scholarship application is to be turned in to the Guidance Office, the transcript will be attached for you. If your application is to be mailed/submitted by you, complete a transcript request form and allow 2 – 3 days for processing.
Scholarship Bulletins Contains: Title of scholarship General information about requirements Deadline Where to get application New one is printed about every month or month and a half
Scholarship Bulletins Steps: Pick one up Read scholarships Identify the ones you are interested in Get applications off of web or from table in guidance office Complete applications Students send applications off according to directions and deadlines on the application
Scholarship Bulletins cont. Available in Guidance or online Remember deadlines Guidance deadline Sponsors deadline
Financial Aid facts of Life For Families Dont rule out school just because of the cost. Apply to one or two financially safe schools. Talk with the student about financial reality. Meet deadlines Keep copies of all forms filed. Guesstimate if necessary. Students loans are a way of life. Families should save as much as they can. No amount is too small. Plan ahead! Think about how you will pay for each year of the students program. Appeal if circumstances change Look at all financing options– start with those offered by the college at which the student enrolls!! Dont assume--- ASK!!!!
Organize the Process Tools for students Planning calendar Application Checklist Tip sheets on process Web-resource bibliography
Beware of buying services!! Investigate the service! Check client references Can you get this service for free elsewhere If it sounds too good to be true… This scholarship is guaranteed or your money back You cant get this information anywhere else may I have your bank account # or credit card # to hold this scholarship You will receive more financial aid if you hire us or Call FTC-HELP
Look for Additional Sources of Financial Aid Employers Both Parents and Students Scholarship and/or tuition reimbursement Clubs and Organizations Groups that Students, parents, or other family members are a part of (ex. VFW, Key Club, Lions Club, etc.) Websites with scholarship searches
Additional Website Check out the Lecanto High School website Scholarship page Career Planning page Tons of information about a variety of subjects Links to the majority of websites mentioned in this presentation