Bell Ringer: Answer the following questions on your own sheet of notebook paper: How much will it cost for you to attend college? Consider tuition, room & board, living expenses, and more. Make a guess if you don’t know. How are you planning on paying for college? Turn in your COMMON APPLICATION HOMEWORK with HIGH SCHOOL RESUME staple to the back! PUT IN GREEN BIN!

To Do: 1. Bell Ringer. 2. Turn in Common Application HW. 3. Financial Aid Notes & Discussion. Open Notes Quiz Tomorrow! (But not Open Handout, so study that sheet!) 4. Finish College Comparison HW & Sweatshirt Design for tomorrow.

Financial Aid Tips 1. Some type of financial aid is available - loans and grants, not just scholarships. Consider a combination of these to pay for college. 2. Be informed about interest rates. 3. Apply for financial aid on 1/1/12 at 12:01 a.m. – that is when the new form is released. 4. File the FAFSA by March 1 st – after this there is hardly any $ left! 5. Research unique scholarships & grants.

Required Applications for Aid Application for Admission to College Free Application for Federal Students Aid (FAFSA) Institutional Aid Application or the CSS Profile

Calculating the EFC EFC is the Estimated Family Contribution Considers: Parent Contribution AGI – adjusted gross income in one tax year Federal & state tax liabilities Assets – net worth Family size Number in college Student Contribution Earnings from work Assets – net worth Cost – EFC = Aid Needed

Calculating Cost of School Cost of Education Tuition Required fees Housing Meals Books Transportation Miscellaneous Expenses

Financial Aid Offer Scholarships Grants (scholarships which may need to be paid off) Student employment Students loans (see handout)

Is this College Affordable? This is important for you to discuss with your parents or guardians. Need to make a candid review of family resources: Parents: Current income Savings or investments Students: Savings or investments Summer earnings Academic year earnings Other resources

Completing the FAFSA FAFSA on the web at Step 2 is the most important because the application is there. Must fill out a FAFSA for every year you want $. You should fill out a FAFSA this coming year for your first year of college (Fall Spring 2013).

Register for a PIN PIN = Personal Identification Number Use to electronically sign your application You and your parents both need one.

What you will need … Student’s driver’s license or state ID & social security card Parents’ social security cards & birth dates Income information for student & parent(s): Federal income tax returns, or W-2 forms, or End of year statements For more info, see handout.

Who is considered a parent… Whoever has legal custody over the child. If your parents are both living and married to each other, use both. If your parent if widowed or single, use that person only. If your parents have divorced or separated, use the parent you lived with most in the last 12 months. If you didn’t live with one parent more than the other, use the parent who provided the most financial support during the last 12 months or during the most recent year you were actually supported by a parent. If your widowed or divorced parent has remarried as of today, use that parent and the person whom your parent married.

Something to consider… Student’s Dependency Status Used to determine if the student is dependent or independent for financial aid purposes. The student must answer ‘yes’ to at least one question to be considered independent.

Submitting the FAFSA Print a copy of the information for your records. Submit complete FAFSA information using the PIN as the electronic signature. Print a copy of the confirmation receipt. Don’t forget to click “SUBMIT”. A “SAVED” application will not be sent to the federal processor. FAFSA sends a copy of your information to the schools you have applied to.

Financial Aid References College Board Financial Aid Information Largest Free Scholarship Search FAFSA on the Web Department of Education