FINANCIAL AID NIGHTS Presented by PacFAA Tonight was sponsored by: Pacific Financial Aid Association Hawaii Community Foundation GEAR UP Hawaii Bank of Hawaii 1

The Current Federal Financial Aid Delivery System (Simplified View)

What is Financial Aid?  Funds to help students & families pay for educational expenses.  Financial aid funds consist of:  Grants  Employment  Scholarships  Loans 3

August – December (Search/Apply )  Research school costs  College planning  Start searching for scholarships  Estimate financial aid award 4

College Costs (Cost Of Attendance)  Tuition (Resident, non-resident)  Books & Supplies  Living Costs – room & board, personal expenses  Transportation  Computer  Travel (interisland, mainland, holidays)  Other(Dependent care, disability related expenses, study abroad) 5

Cost of Attendance Varies $9,643 $26,834 $64,761 $2,736 $9,840 $48,347 Total Cost Tuition Public 4-year University Live on-campus Community College Live with parent Private 4-year University Live on-campus 6

Sources of Financial Aid  Federal Government  State Government  Institution or College  Private sources  Charitable organizations  Civic organizations  Churches  Employers/Unions  High School Counselor  Computer 7

Scholarship Searches hawaiicommunityfoundation.org ksbe.edu/finaid fastweb.com finaid.org 8

Estimate your financial aid award  Use FAFSA4caster to estimate your financial aid award.   You should always apply for the financial aid, even if you don’t think you’ll qualify. 9

January - March (Apply)  Complete the financial aid application (FAFSA).  Review your results.  Files taxes and update FAFSA.  Follow up on your application.  Continue to apply for scholarships. 10

Financial Aid Application 11

FAFSA PIN- Electronic Signature  Sign FAFSA electronically  Student and parents can request PIN now  Not required, but speeds processing  May be used in subsequent school years PIN.ED.GOV 12

Expected Family Contribution (EFC)  Calculated using a federal formula and data from the FAFSA  Determines need  Stays the same regardless of college 13

What happens after I apply?  Review your FAFSA comments and results.  Information sent to colleges  Work with schools to complete any additional documentation  Receive financial aid award notification 14

IRS Data Retreival /Updating your FAFSA  After you file taxes you should go into your FAFSA and update with actual figures  If you file electronically wait 2-4 weeks and then do the IRS data retrieval 15

College Goal 808 Free assistance in submitting the FAFSA - Oahu Sunday, January 25, :00 pm – 4:00 pm McKinley High School Castle High School Waipahu High School Farrington High School Mililani High School Wednesday, February 04, :00 pm – 8:00 pm Roosevelt High School Kapolei High School Moanalua High School Leilehua High School 16

College Goal 808 Free assistance in submitting the FAFSA Maui - University of Hawaii – Maui College Sunday, February 08, :00 pm – 4:00pm Hawaii – University of Hawaii – Hilo Sunday, January 25, :00 pm – 4:00pm Hawaii – Kealakehe High School Library - Kona Sunday, February 08, :00 pm – 4:00pm 17

April - May (Decide)  Review and compare your financial aid award packages.  Determine how much you may still need to cover of your costs. 18

Types of Financial Aid  Need Based – must demonstrate need  Non Need Based – based on merit, service, etc 19

How to calculate ‘Need’ Cost of attendance (COA) – Expected family contribution (EFC) _______________________________ = Need 26,834 5,500 21,334 20

Award Types – Free Money Grants – Free Money that you don’t have to pay back.  Pell Grant– Based on financial need from FAFSA. Same at every school.  SEOG Grant– Eligible for students with the highest need. Amount varies.  Work Study– Student employment paid by federal funds. Answer ‘yes’ on FAFSA and check with Financial Aid Office for procedures. $5730 Max $4000 Max 21

State Programs  Hawaii B+ scholarship (UH schools only)  3.00 HS GPA, HS transcripts needed  Public HS with rigorous curriculum  Financial Need  Western Undergraduate Exchange (WUE) Program  Reduced tuition rate  Check for participating colleges  Application process varies by college 22

Loans– Money to pay back Federal Direct Loans – 4.66%  Subsidized-Need based, no interest while in school  Unsubsidized-Non-need based, continuous interest accrual  Amount based on grade level classification (credit amount)  Interest determined every new school year  Begin repayment 6 months after graduation or withdrawal Federal Perkins Loan – 5%  Subsidized – Need based, no interest while in school  Begin repayment 9 months after graduation or withdrawal $ $12500 $4000 Max 23

PLUS Loans and tips Loan borrowing tips!  Borrow only what you need.  Graduate on time (SULA)  Take college credit while in high school. PLUS loans (Parent Loans) – 7.21% Remaining COA Accrues Interest Loans that parents borrower for dependent students Credit check needed for eligibility 24

Financial Aid Timeline-Recap FALL (Search/Apply)  August – December  Determine potential schools  Gather and compare school costs  Begin scholarship searches  Estimate your financial aid awards 25

Financial Aid Timeline  January (Apply)  Complete Financial Aid Application  February  File taxes  March  Follow up on financial aid application  IRS data retrieval  April (Decide)  Compare Award Packages  Makes decisions on your awards 26

2015 – 2016 FAFSA

Strategies for Success!  Search for scholarships and college costs early!  Apply for FAFSA early, some aid is first come first serve!  Track financial aid and scholarship deadlines.  Inform the financial aid office of special circumstances.  Follow up on your application as it is your responsibility.  Don’t be afraid to ask questions. 34

Mahalo!  Questions???  Tonight was sponsored by:  Pacific Financial Aid Association  Bank of Hawaii  Hawaii Community Foundation  GEAR UP Hawaii 35