How To Plan For College: Financial Aid 12.8.16 How To Plan For College: Financial Aid Cambridge College By: Andrea Navarro ASA College Planning Center

Financial Aid Applications Financial Aid Award Letters Federal Student Loans Scholarships & Resources 03 13 16 22 Agenda How to Plan for College

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ASA College Planning Center What we do Free Services Walk-in only, no appointment necessary! One-on-one Advising Assistance completing applications and forms Resources on education, financial aid and loan counseling Multilingual Advisors English, Spanish, Chinese, French, and Haitian-Creole @ASAPlan4College ASA College Planning Center

ASA College Planning Center Come visit us! Main location: Boston Public Library, Copley Square 700 Boylston St. Boston, MA 02116 (617) 536-0200 or Toll-free: (877) 332-4348 Mon-Thurs. 9AM-7:30PM Friday-Saturday 9AM-5PM Satellite Location: Bunker Hill Community College – Chelsea 70 Everett Ave. Chelsea, MA 02150 Every Monday, 11AM-5PM Satellite Location: Asian American Civic Association 87 Tyler St. Boston, MA 02111 Every Wednesday 9AM-12PM and 1PM-5PM ASA College Planning Center

Many Pathways, One Road to Education How to Plan for College

Vocational Certificate Make College a Reality Work Tech/Trade or Vocational Certificate Pathways to College 2-Year College High School 4-Year College 4-Year University How to Plan for College

Financial Aid Applications How to Plan for College

Financial Aid Private Scholarships Institutional Aid Federal Aid Depending on the institution, “need” and “merit”-based grants/scholarships may be offered directly from the school. “Need-based” Federal Grants (Pell, SEOG) Federal Student Loans Federal Work Study Students must apply to these separately. Local and national scholarships available. Requirements will vary with each scholarship Private Lenders Self-help State Aid How to Plan for College

Applying for Financial Aid Complete the Free Application for Federal Student Aid (FAFSA) for ALL Colleges. Determine if the CSS Profile or Institutional Financial Aid forms are required. Provide any additional information required by the institution How to Plan for College

The FAFSA – FSA ID (Replacement of the PIN) Comprised of an user-created USERNAME and PASSWORD “Right to access” your personal information on Federal sites If “dependent” one of your parents need an FSA ID too! Instantly access your FSA ID online It’s best to have a personal e-mail account with which to apply for an FSA ID FSAid.ed.gov Sign Federal documents, access records, and make binding legal obligations How to Plan for College

The Free Application for Federal Student Aid The FAFSA The Free Application for Federal Student Aid The 2017-2018 FAFSA Available on October 1st Required application for ALL Federal and State Aid Must sign in with a FSA ID (create one on fsaid.ed.gov) Apply before May 1st to be eligible for the Mass Grant. The FAFSA will provide you with your Expected Family Contribution (EFC) Prior-Prior Year (PPY) income data needed How to Plan for College

FAFSA on the Web Worksheet can help too. The FAFSA What information will I need to complete the FAFSA? FAFSA on the Web Worksheet can help too. Student Information Parent Information Spousal information required if married. Social Security number Alien registration or permanent resident card (if not U.S. citizen) Current asset statements Driver’s license (if applicable) Prior year’s W-2 forms(s) and federal tax returns Prior year’s untaxed income records For dependent students Parent(s) Date of Birth Parent(s) Date of marriage/divorce/separation/widowed Current asset statements Prior year’s w-2 form(s) and federal income tax return(s) Prior year How to Plan for College

The CSS Profile You may file the CSS Profile as early as October, and no later than when your earliest deadline is. An online form available through the College Board. Sign in using your CB identifiers. The fee for the initial application and one college report is $25 and $16 for each additional report. Fee Waivers are granted automatically at the end of the form based on the information provided. You cannot modify the information on the Profile once submitted, but you may always add a college or program. How to Plan for College Presentation Title 14

The CSS Profile 1 The date and time you submit your application will be recorded based on Eastern Time. You pay online and will receive an online Acknowledgement as a record of your payment. Be sure to print a copy for your records! 2 Like the FAFSA, particular schools can then request any addition information. Stay alert for individual requests! 3 Once you log in, the student must register for the Profile before starting the actual application. Once you've registered, print out your “Customized Pre-Application Worksheet” and instructions. Some Tips: - The Date and time you submit your completed application will be recorded based on Eastern Time. You pay online and will receive an online Acknowledgement as a record of your payment. Be sure to print a copy for your records! Like the FAFSA, Particular schools can then request any addition information. Stay alert for individual requests! - Once you log in, the student must register for the Profile before starting the actual application. Once you've registered, Print out your “Customized Pre-Application Worksheet” and Instructions. Presentation Title

Accepting the Financial Aid Award Compare all award letters and look for: Cost of attendance Amount and types of aid awarded Amount you are expected to pay toward the costs The total to be paid by you Follow the instructions to accept the financial aid package. Be aware of the school’s deadline. Be aware of additional steps that may be required depending on the types of aid you accept. How to Plan for College

Federal Student Loans How to Plan for College

Federal Student Loans for Undergraduates Federal Government The lender Loan Servicer Will be assigned to the student Student YOU! This is the basic principle for a Direct Loan. Student is sole borrower. Usually known as the “Direct Stafford Loan” Parents can apply separately for their own loan, if needed, called the Parent PLUS loan. How to Plan for College

Federal Student Loans for Undergraduates Student is the sole borrower No credit check Annual limits, $5,500 for a 1st year dependent student. 3.76 % fixed interest rate for 2016-2017 Repayment, Deferment and Forbearance Options after 6-month grace period. Parents can also borrow Federal Loans, (Parent PLUS Loans) must apply separately. 6.31% interest. How to Plan for College

Financial Aid Award Letters How to Plan for College

How Financial Aid Works The EFC is calculated by your FAFSA Cost of Attendance (COA) - Expected Family Contribution (EFC) _____________________________ = Financial Aid Need How to Plan for College

How Financial Aid Works Congratulations on being accepted to SALT University! After a careful review of your 2016-17 financial aid application, we are pleased to offer you the following financial aid award: Your EFC = $8,225 How to Plan for College

How Financial Aid Works At SALT University… $34,750 (COA) - $8,225 (EFC) _____________________________ = $26,525 (Financial Aid Need) If SALT University has given you $26,500… WHAT IS YOUR BALANCE? How to Plan for College

How Financial Aid Works The balance: is $8,250 $25 (Balance after award from SALT university’s financial aid award) + $8,225 (EFC) __________________________________ = $8,250 How to Plan for College

How Financial Aid Works Compare the financial aid award letters from multiple schools based on: Cost of attendance Amount and types of aid awarded Amount you are expected to pay toward the costs The total to be paid by you Follow the instructions on the financial aid award letter to accept the financial aid package. Be aware of the school’s deadline. Be aware of additional steps that may be required depending on the types of aid you accept. How to Plan for College

Scholarships & Resources How to Plan for College

Private Scholarships How to Plan for College Local v. National Staying organized is key to a successful scholarship search It’s never to early to start looking! Create separate email account for scholarships information You should never pay to fill out an application Be mindful of online “sweepstakes” How to Plan for College

High School Guidance Counselor College Academic Advising Center College Transfer Center ASA College Planning Center Saltmoney.org for videos, articles and a scholarship search tool! It’s FREE to register. How to Plan for College

FAFSA Day Massachusetts Free assistance with completing the FAFSA! Over 25 locations across Massachusetts Exact dates in late 2016 and early 2017 will be listed soon. Additional dates and all locations listed at fafsaday.org How to Plan for College

For Free Education Advising Visit us at the ASA College Planning Center Located at the Boston Public Library 700 Boylston Street Boston, MA 02116 (The lower level of the Johnson Building) Phone: 617-536-0200 How to Plan for College

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