Financial Aid Information Overview By: Stephanie Martin LTEC3220

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Table of Contents What is Financial Aid? How to apply for Financial Aid How much $$ can I get? Types of Financial Aid – Grants Grants – Loans Loans – Work-Study Work-Study Resources

What is Financial Aid? It’s money that helps a student pay for education expenses at a postsecondary school comes from the federal government covers such expenses as tuition and fees, room and board, books and supplies, and transportation.

How to apply for Financial Aid Gather most recent tax information Go online to to fill out applicationwww.FAFSA.ed.gov – application good until Summer 2013 – application good for Fall 2013 until Summer 2014

How to apply for Financial Aid When entering income information, use the IRS Data Retrieval. If you are ineligible to use the Data Retrieval, input information from printed return. Enter Schools to receive FAFSA application – You can enter up to 10 schools, but keep in mind some schools will only process your application if they are listed as # 1, 2, or 3.

How to apply for Financial Aid When application is complete sign with your PIN – You can apply for a PIN online at – If you already have a PIN, you can retrieve it from if you don’t remember what it is – If you are required to put parental information on the FAFSA, your parent will be required to have a PIN as well The schools should receive the FAFSA within 3-5 business days

How much $$ can I get? Keep in mind, the amounts listed below are the maximum: Grants: Pell$5,550 SEOG$4,000 TEACH$4,000 Iraq/Afghanistan Service$5,550 Work-Study: No annual maximum

How much $$ can I get? Keep in mind, the amounts listed below are the maximum: Loans: Perkins$5,500 Undergraduate $8,000 Graduate/Professional Subsidized $3,500-$5,500 (based on grade level) Unsubsidized $5,500-$20,500 (based on dependency status) PLUS COA (cost of attendance) minus all other aid

Types of Financial Aid GrantsGrants: Money that doesn’t have to be paid back LoansLoans: Money that has to be paid back Work-StudyWork-Study: Money earned while working on or off campus

Grants Pell Grant: – does not have to be repaid – Available almost exclusively to undergraduates – up to $5,550 SEOG: – does not have to be repaid – For undergraduates with exceptional financial need. Pell Grant recipients take priority – $100–$4,000

Grants TEACH: – does not have to be repaid unless student fails to carry out service obligation – undergraduate, post baccalaureate, and graduate students – Up to $4,000 a year / Graduate student: $8,000 Iraq/Afghanistan Service: – does not have to be repaid – not Pell-eligible – Maximum is same as Pell

Loans Perkins: – must be repaid with interest – undergraduate and graduate students – must be repaid to school that made the loan – 5% rate – Undergraduate students: up to $5,500 – Graduate and professional students: up to $8,000

Loans Direct Subsidized: – must be repaid with interest – undergraduate students – Department of Education pays interest while borrower is in school – student must be attending at least half-time and have financial need – 6.8% rate – $3,500–$5,500, depending on grade level

Loans Direct Unsubsidized: – must be repaid with interest – undergraduate and graduate students – borrower is responsible for all interest – student must be attending at least half-time – 6.8% rate – $5,500–$20,500, depending on grade level and dependency status less any subsidized amounts received for same period

Loans Direct PLUS: – must be repaid with interest – For parents of dependent undergraduate students – for graduate and professional students – student must be enrolled at least half-time – Borrower is responsible for all interest – 7.9% rate – Maximum amount is cost of attendance minus any other financial aid student receives; no minimum amount

Work-Study Federal Work-Study – Money earned while attending school – does not have to be repaid – undergraduate and graduate students – jobs can be on campus or off campus – No annual minimum or maximum amounts – students are paid at least federal minimum wage

Resources www. studentaid.gov pdf pdf