1. DR. JAMES THEEUWES DIRECTOR OF FINANCIAL FAULKNER STATE COMMUNITY COLLEGE Citronelle High School Financial Aid Presentation

2. How do I pay for college? Paying for college is a family responsibility Sources to help pay for college:  Federal  State  Scholarships  Institutional  private

3. How do I qualify ? FAFSA  File the Free Application for Federal Student Aid  It is the one form all colleges use. http://www.fafsa.ed.gov/ file each year after January 1 st, preferably after Federal Income taxes have been filed. File as early as possible Do electronically, sign electronically.

4. Federal Student Aid Federal Grants  Pell and FSEOG Federal Work Study  Student Employment Federal Direct Loans  Direct Subsidized and Unsubsidized Loans  Parent Plus Loans

5. Federal Grants Pell Grant  Based on results of FAFSA. The lower your expected family contribution (EFC) the higher the grant.  Maximum PELL grant for 2015 16 regardless of where a student attends is $5,775 for full time status in an approved program of study. If a student is qualified they can’t be denied this grant.  Lifetime limits of 12 semesters (6 years).

6. Federal Grants FSEOG  This is a federal grant for the most needy students (those with the lowest EFC’s). The amounts are very limited and each college who participates in this program award this grant TEACH Grant  A federal grant for students entering into teaching careers. Up to $4000 per year. Must check to see if your school participates in this program and what are the qualifications of the school for a student to receive this grant

7. Federal Work Study This is student employment. If your college of choice participates in this program you must be eligible to receive Federal Work Study, as it is a need based grant. Jobs are usually on campus and the amount is usually 6 – 12 hours a week at the federal minimum rate of pay. Students receive pay checks. Schools have limited amounts of work study funds

8. Federal Direct Loans Loans  This is financial aid that if taken you must pay back  Must file a Master Promissory Note  Must do Entrance and Exit counseling  Amount to borrow is based on your colleges cost of attendance (COA) and your EFC and other aid resources. You can never go over the COA with your aid resources

9. Federal Direct Loans Subsidized and Unsubsidized  Subsidized the Federal Government pays the interest on the loan while you are in school. Interest is 4.66%  Unsubsidized is where the student pays the interest while in school. Interest rate is 4.66% Interest starts as soon as funds are disbursed to student

10. Federal Direct Loans Amounts to borrow  Freshman up to $5,500  Sophomore up to $6,500  Junior and Senior up to $7,500  Lifetime maximum $31,000 dependent and $57,500 independent student Do not borrow more than you need. It is a debt and you must pay it back. Can’t get rid of it, must pay it back. Apply here  https://studentloans.gov/myDirectLoan/index.action https://studentloans.gov/myDirectLoan/index.action

11. Federal Direct Loans New rules for first time loan borrowers on or after July 1, 2013 The maximum time from each program type has been capped as follows for subsidized loans: For certificate programs – 18 months For two year program – 3 years For four year program - 6 years

12. Aid with ‘strings’ ‘Strings’  Strings are rules, that come with aid. For federal aid there is the policy on Satisfactory Academic Progress. Students need to be aware of this policy and be sure that they maintain progress to receive aid. All colleges must have this policy readily available to all students. READ it and understand it. For other aid, there are also policies that need to be followed in order to retain that aid. Be sure you understand the rules before accepting any financial aid. Also most scholarships and grants come with application and due dates. Be sure you know what these dates are.

13. State Aid All states are different.  Alabama  http://www.ache.alabama.gov/Content/Departments/StudentAsst /StudentAsst.aspx http://www.ache.alabama.gov/Content/Departments/StudentAsst /StudentAsst.aspx  Many grant opportunities -

14. Scholarships Many scholarships  Buyer beware – if it sounds too good to be true it probably is-  Scholarships are FREE and do not cost you anything to apply for them if they do DON’T  Watch for ‘strings’  Watch for deadlines, these have to be met in order to be eligible  All college financial websites have scholarship pages

15. Your Aid Resources Federal Student Aid  http://studentaid.gov http://studentaid.gov FAFSA  http://www.fafsa.ed.gov http://www.fafsa.ed.gov All Direct Student Loans  http://studentloans.gov http://studentloans.gov

16. Questions??? Questions ?????? Contact  Dr. James Theeuwes  Faulkner State Community College  251 580 2151  Financial_aid@faulknerstate.edu