WELCOME TO WINNETONKA HIGH SCHOOL’S FINANCIAL AID WORKSHOP! Robin L. Stimac Student Financial Aid Manager Metropolitan Community College-Maple Woods

Paying for Post-Secondary Education Everyone knows that an investment in post-secondary education is the best bet an individual can make to secure a place in the workforce and actualize one’s earnings potential The good news is that some form of financial aid is available to assist all students pay for post-secondary education However, the bottom line is that students and parents (if applicable) are still responsible for some of the costs

What is the definition of Financial Aid? Financial Aid is all money that is provided to students and families from all resources to help pay for post-secondary educational expenses

Sources of Financial Aid Federal Government (U.S. Department of Education, Veteran’s Benefits, Aid for Military Families, Tax Benefits for Higher Education, etc.) State of Missouri (Missouri Department of Higher Education) Institutional Awards (From colleges, universities and other post-secondary institutions) Outside Scholarships & Private Funds (Everything else including non-profit or private organizations)

Types of Financial Assistance/Aid Financial Aid Scholarships Grants A+ Benefits Employment Opportunities Federal Work-Study Federal Student and Parent Loans

Basis for Awards Merit vs. Need Merit-based aid is awarded to students who have certain skills, talents, or characteristics, regardless of their family’s financial situation Need-based aid eligibility is determined from the difference between a school’s cost of attendance and what a family can reasonably afford to pay (as determined by the FAFSA)

General Student Eligibility Criteria Must have a high school diploma, GED, passed the High School Equivalency Test or completed home school Must be enrolled or accepted for enrollment in an eligible program of study Must be pursuing a certificate, degree or other recognized credential Must be a U.S. citizen or eligible non-citizen Must be registered with Selective Service (if male and required)

General Student Eligibility Criteria (cont.) Must have a valid Social Security Number Must not have been convicted of possessing or selling illegal drugs while receiving federal student aid Must not be in default on a federal student loan or owe money back on an overpayment of a federal grant or loan Must be making satisfactory academic progress (as defined by the school)

Apply for Admission In most cases, a student must be officially admitted to a post-secondary institution before they will be considered for any type of financial aid assistance.

Application Process Submit the FAFSA to the U.S. Department of Education prior to the post-secondary institution’s deadline Most aid is awarded on a “first-come, first served” basis To ensure maximum consideration for federal, state and institutional aid, be sure to get information about: - Required application materials - Scholarship Deadlines - Financial Aid Priority Dates - Additional steps needed to complete the financial aid process

FAFSA Free Application for Federal Student Aid A standard form that collects demographic and financial information about the student (and their family, if applicable)

FAFSA on the Web Website: FAFSA on the Web available on January 1, 2015 FAFSA on the Web Worksheet Used as pre-application worksheet Questions follow order of FAFSA on the Web

Why fill out a FAFSA? Financial “need” is relative to a post- secondary institution’s cost (You never know…) The FAFSA is also the Missouri student financial aid application (April 1 st deadline) All A+ students are required to complete the FAFSA Low interest rate student loan eligibility is based on the results of the FAFSA

FAFSA4caster If you are not quite ready to apply for federal student aid, please feel free to check out FAFSA4caster at: FAFSA4caster gives you an early estimate of your federal aid eligibility, which will give you better insight when making post-secondary school choices Your estimated federal student aid eligibility will help you better understand the types and approximate amount of federal student aid for which you may qualify Remember that FAFSA4caster is not an application for aid; it’s just a planning tool. When you are ready to actually apply for financial aid, you must still file the FAFSA!

FAFSA on the Web In order to be able to electronically sign the FAFSA, the student (and a parent, if applicable) should first apply for a PIN Number. You may apply for a PIN Number at: By entering your PIN Number to sign the FAFSA, the student (and their parent, if applicable) certify that all information is true and accurate as of the date the FAFSA is completed and that you agree that proof of the information reported will be submitted to the Financial Aid Office, if it is required (i.e., IRS Data Retrieval, Tax Transcripts, verification worksheets, W-2 Forms)

CAUTION! Avoid being charged a fee to file the Free Application for Federal Student Aid (FAFSA) Completion and processing of the FAFSA is FREE If filing via FAFSA on the Web, be sure to go directly to: or Contact your post-secondary institution’s financial aid office if you need special assistance in completing the FAFSA

Expected Family Contribution Calculated from information you provide on the FAFSA using a federal formula known as a “needs analysis” Represents the amount a student (and their family, if applicable) can reasonably be expected to contribute, but not what the family will actually pay to the post- secondary institution Stays the same regardless of the post-secondary institution you plan to attend

Unusual or Special Circumstances After you have received your official Student Aid Report (SAR) from the Department of Education, you should discuss any unusual or special circumstances that affect your financial situation with your post-secondary institution’s Financial Aid Office Loss of income or benefits Change in employment status Excessive medical bills paid out of pocket Victim of a natural disaster One-time lump sum payment

Financial “Need” Formula Cost of Attendance -Expected Family (or Financial) Contribution Gross Financial Need

Completing the FAFSA is just STEP ONE in applying for: Federal Pell Grants – For students that have a 0 to 5,187 EFC. Awards range from $602 to $5,730 for (payment amounts are adjusted accordingly for less than full-time study) *NOTE – Federal Pell Grant eligibility is limited to a maximum of 12 full- time semesters for all undergraduate coursework Federal SEOG Grants – For Federal Pell Grant recipients that demonstrate the highest financial need. Awards range from $100 to $4,000 for (the amount is based on the allocation the school receives from the Department of Education)

You may also want to consider…. TEACH (Teacher Education Assistance for College and Higher Education) Grants – Provides grants of up to $4,000 per year (not to exceed $16,000) to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. Iraq and Afghanistan Grant – For students who are not Pell eligible due only to having less financial need than is required to receive Pell funds; whose parent or guardian died as a result of military service in Iraq or Afghanistan after the events of 9/11; and who, at the time of the parent’s or guardian’s death, were less than 24 years old or were enrolled at least part-time at an institution of higher education. Award amount for can be up to $5,311.71; payment amount will be adjusted for less than-full-time study.

FAFSA information is also used for: Federal Work-Study Federal Student & Parent Loans  Federal Perkins Loans – 5% Interest Rate/NO Origination Fees  Federal DIRECT Subsidized/Unsubsidized Student Loans − 4.66% Interest Rate/1.073% Origination Fee for both  Federal DIRECT PLUS Loans − 7.21% Interest Rate/4.292% Origination Fee

As well as… Missouri Student Aid Programs – (April 1st Deadline) Access Missouri Grants for – (enrolled full-time at a Missouri college or university/EFC less than $12,000 * Public 2-Year $ 660 maximum * Public 4-Year $1,500 maximum * Private 4-Year $1,500 maximum Missouri Bright Flight (must be enrolled full-time at a Missouri college or university * $3,000 – scored in top 3%; 31 or better on the ACT (All awards are conditional on sufficient state appropriations)

A+ Program Benefits The A+ Program PAYS FOR in-district tuition charges plus $10 in general fees assessed to all students per semester for the 48 months immediately following their high school graduation or up to 105% of the credit hours required for a student’s certificate or degree or receipt of an Associate’s degree, whichever occurs first. Federal Pell Grant funds will be applied to student account balances first; if any eligible costs remain, they will be billed to A+. A student cannot receive A+ in addition to a Pell Grant if the Pell Grant pays for all A+ eligible tuition and fees.

A+ Program Benefits (cont.) The A+ Program DOES NOT PAY FOR: a.items such as books, supplies, miscellaneous fees, lab fees or online course fees. b.courses taken as a visiting student except for the summer semester immediately following high school graduation. These students are required to complete a FAFSA for the current academic year (i.e., ) as well as a FAFSA for In addition, they must be enrolled full-time – minimum 6 credit hours. c.courses repeated to replace a grade assigned in a prior semester.

A+ Program Benefits (cont.) d. dropped coursework or for coursework for which the student is no longer enrolled. If the student drops before A+ has been applied to their account with the college, they pay during the current semester. If they drop after their A+ award has been applied to their account with the college, they pay later – the amount owed will be reduced from their next term’s A+ benefit. NOTE; Students should always check with the Financial Aid Office first before attempting to drop any class e. coursework taken beyond 105% of the number of credit hours required for a student’s degree or certificate program.

A+ Program Benefits (cont.) f. A+ Program students must be enrolled full-time*, maintain a 2.5 cumulative grade point average (which does not include dual credit course work taken while in high school) and maintain a 67% completion rate (# of hours completed/#of hours attempted). * For exceptions to full-time enrollment, please visit the college’s Financial Aid Office. g. If a student loses their A+ eligibility, they can get it back within the 48-month period immediately following high school graduation by re- establishing their GPA and/or completion rate. NOTE: A+ will not pay for coursework while students are working to re-establish their eligibility.

A+ Program Benefits (cont.) h. Students are required to complete and submit a Renewal Free Application for Federal Student Aid (FAFSA) each year in order to continue to receive your A+ benefits. NOTE: A+ benefit funding guidelines may change, at any time, because they are subject to state funding appropriations.

FAFSA information may be used in determining your eligibility for: Need-based Institutional Grants and Scholarships Many outside & private scholarships

Don’t forget to look for Outside & Private Scholarships! Check with your High School Guidance Counselors or the Admissions and Financial Aid Offices at the schools that you are interested in attending Explore the internet, books and any other scholarship resources Check with any clubs or organizations of which you (or your parent or spouse) is a member Check the least obvious sources!

Essential Internet Sites future.org

Some things to REMEMBER... Check with all of the post-secondary institutions that you are considering to find out their scholarship and financial aid deadlines Complete your FAFSA as early as possible but be sure to have it submitted before April 1st in order to meet the Missouri State Aid deadline Receive and “READ” the results of your federal needs analysis – Student Aid Report Acknowledgment. Check to see if there are any comments or issues that need your immediate attention or that might affect your eligibility to receive financial aid

Other things to REMEMBER... Contact the financial aid office to make sure that they have received your FAFSA results and to find out what you need to do next Be sure to submit all requested documentation to the Financial Aid Office in a timely manner Request that your final high school transcript be sent to your college (especially A+ students) Request that the transcripts for all college credit taken while attending high school (i.e., course work taken for dual credit) be sent to the school you plan to attend

And don’t forget that… IT IS YOUR RESPONSIBILITY TO COMPLETE A “RENEWAL” FAFSA EACH YEAR!

Completely confused? Then, remember this event! Who: Students (and your parents, if applicable) What: “FAFSA FRENZY” When: Sunday, February 22, 2015 from 2-4:00 p.m. Where: Winnetonka High School Why: Trained Financial Aid Professionals will be available to help you (and your parents) fill out the Free Application for Federal Student Aid (FAFSA) – free of charge! Plus…You can register for a chance to win a $500 scholarship to be used for the Fall Semester 2015 at the Missouri post-secondary institution of your choice!

Please feel free to contact me: Robin L. Stimac Student Financial Aid Manager MCC-Maple Woods Phone: