PORTLAND HIGH SCHOOL Wednesday, December 8,

2 Funding intended to help students pay educational expenses including tuition and fees, room and board, books and supplies, etc. for education at a college, university, or private school. Supplied by a source other than the family to help pay for education costs. Financial aid may be "need-based" or awarded based on the financial need you possess. It can also be "merit-based" or awarded for special talents or achievements you've made.

 Scholarships  Grants  Loans  Work Study 3

 EFC (Estimated Family Contribution) ◦ Determined by Free Application For Federal Student Aid (FAFSA) ◦ Estimated cost the government determines a family can afford to pay for school ◦ Determined by several factors:  Student/Parent Income  Assets  Investments  Number in household  Number in college 4

 FEDERAL GOVERNMENT  STATE GOVERNMENT  INSTITUTIONAL  PRIVATE SOURCES  EMPLOYERS 5

 Scholarships ◦ Based on merit, skill or unique characteristic ◦ Does not have to be paid back  Grants ◦ Based on financial need ◦ Does not have to be paid back 6

7 Michigan Tuition Grant Supplemental Education Opportunity Grant (SEOG) Grant awarded to students who attend a Private College $ 1512 Award differs per institution $ 280 Academic Competitiveness Grant Completion of rigorous secondary education curriculum $ 750 First Year $ 1300 Second Year Federal Pell Grant Federal grant sponsored by the U.S. Department of Education based on a families income. Up to $ 5550 TEACH Grant Grant for intend to teach in a public or private school that serves students from low-income families. students who Up to $4000

SUBSIDIZEDUNSUBSIDIZED 1 ST YEAR$3500$ ND YEAR$4500$ RD YEAR$5500$ TH YEAR$5500$ Subsidized means no interest while in school 4.5% interest rate Unsubsidized means interest is accruing while in school 6.8% interest rate No payment due until 6 months after leave school

 PARENT PLUS ◦ PARENTS BORROW FOR STUDENT ◦ 8.5% INTEREST ◦ UP TO ENTIRE REMAINING BALANCE  FEDERAL PERKINS ◦ 5% INTEREST ◦ UP TO $4000 PER YEAR  ALTERNATIVE LOANS ◦ BORROW CAUTIOUSLY! 9

 EMPLOYMENT (WORK STUDY) ◦ Students can apply for various positions on campus ◦ Work up to 20 hours per week ◦ Receive reduction in tuition statement ◦ Receive a paycheck to use for living expenses or pay toward bill 10

FREE APPLICATION FOR FEDERAL STUDENT AID 11

Collect Information Apply for a FAFSA PIN number Complete FAFSA online Review your Student Aid Report Submit other applications Receive Financial Aid Award Letter Evaluate Your Financial Aid Offers

 WHAT IS THE FAFSA ? ◦ FREE APPLICATION FOR FEDERAL STUDENT AID ◦ IMPORTANT TO COMPLETE BETWEEN JANUARY AND MARCH 1 ST ◦ CALCULATES ELIGIBILITY FOR FEDERAL AID, STATE AID, LOANS AND SOME INSTITUTIONAL AID  ESTIMATED FAMILY CONTRIBUTION (EFC) ◦ INTENDED TO REPRESENT WHAT THE FAMILY CAN PAY TOWARD COLLEGE ◦ DEPENDS ON THE COST OF COLLEGE AND AMOUNT OF SCHOLARSHIPS FROM SCHOOL

14 Web site: FAFSA on the Web available on January 1, 2011

15 Web site: Sign FAFSA electronically Can request PIN before January 1, 2011 Used by students and parents throughout aid process, including subsequent school years

◦ FAFSA PIN NUMBER FOR STUDENT AND PARENT ( ◦ MOST RECENT FEDERAL TAX FORM FOR PARENT AND STUDENT ◦ W-2 FORMS FOR PARENT AND STUDENT ◦ SOCIAL SECURITY NUMBERS FOR STUDENT AND PARENTS ◦ DRIVER’S LICENSE FOR STUDENT ◦ UNTAXED INCOME INFORMATION ◦ CURRENT INFORMATION ON BUSINESS, INVESTMENTS AND FARM ◦ CURRENT BANK STATEMENT

◦ DETERMINING IF YOU ARE INDEPENDENT OR DEPENDENT  MARRIED  24 YEARS OLD  HAVE CHILDREN & PROVIDING 50% SUPPORT  VETERAN OF ARMED FORCES  ACTIVE MEMBER OF ARMED FORCES (NOT TRAINING)  FOSTER CHILD, ORPHAN OR WARD OF THE COURT  UNACCOMPANIED HOMELESS YOUTH  IN LEGAL GUARDIANSHIP OR EMANCIPATED MINOR

◦ Name ◦ Address ◦ Date of birth ◦ Social security number ◦ Driver’s license number ◦ General enrollment information

◦ Information from tax form (watch for references to the line you should take information from) ◦ Balance of cash, savings, checking ◦ Investments (Does not include retirement) ◦ Net worth of business ◦ Untaxed income

◦ Name ◦ Address ◦ Date of birth ◦ Social security number ◦ Number in Household ◦ Number in college ◦ Income information

◦ Type of form filed ◦ Information from tax form (watch for references to the line you should take information from) ◦ Balance of cash, savings, checking ◦ Investments ◦ Net worth of business ◦ Untaxed income 21

◦ Can list up to ten colleges on the FAFSA ◦ College receive information, determine eligibility and send award letter ◦ Can change college choices anytime ◦ Must put private college in #1 spot for state grant ◦ Housing plans

◦ Must be signed by student and parent ◦ Create a 4-digit PIN# at ◦ Option to print signature page at end of online FAFSA ◦ Get results much quicker if you use online FAFSA and sign with PIN#

 SEND EXPLANATION TO FINANCIAL AID OFFICE AT EACH COLLEGE  COLLEGE REVIEWS SPECIAL CIRCUMSTANCES ◦ MAY REQUEST ADDITIONAL DOCUMENTATION

◦ DO NOT USE ◦ SIGNS OF FRAUDULENT SCHOLARSHIP SERVICE  “GUARANTEED”  INFORMATION IS NOT AVAILABLE ANYWHERE ELSE  PROVIDE CREDIT CARD NUMBER  THEY WILL DO ALL THE WORK  COSTS MONEY  FINALIST IN A CONTEST YOU NEVER ENTERED

January 1 st 2011 – FAFSA is available March 1 st 2011 – FAFSA is due Date: February 23 rd from 7 pm to 9 pm Location: Lakewood High School Event: Financial Aid Workshop Date: February 13 th from 2 pm to 4 pm Location: Kellogg Community College Event: College Goal Sunday 26

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