Funding Your College Education Ben Beus, Director of Financial Aid
Tonight’s Topics What is: Financial Aid? Cost of Attendance (COA)? Expected Family Contribution (EFC)? Financial Need? Categories, Types and Sources of Financial Aid The Free Application for Federal Student Aid (FAFSA) Next steps Special Circumstances Academic Standards
What is Financial Aid? Funds provided to eligible students and families to “help” pay for postsecondary educational expenses
What is Cost of Attendance (COA)? Direct Costs: Tuition, fees, books Indirect Costs: Room & Board, transportation, etc.
What is Expected Family Contribution (EFC)? Amount family can reasonably be expected to contribute Stays the same regardless of college Two components – Parent contribution – Student contribution Calculated using data from your FAFSA
What is Financial Need? Cost of Attendance (COA) – Expected Family Contribution (EFC) = “Financial Need”
Need Varies Based on Cost COAEFC Need (Variable)(Constant) (Variable) 4 yr Private4 yr Public2 yr Public
Categories of Financial Aid Need – Based Non – Need – Based
Types of Financial Aid Scholarships Grants Loans Work Study (part-time employment)
Scholarships Money that does not have to be paid back Require separate (but FREE) applications from other financial aid Awarded based on merit, skill or unique characteristics
Scholarships Grays Harbor College In , awarded approx. $400,000 to more than 150 students Apply online January - February
Scholarships Online tool to match you with scholarships offered across WA State
Scholarships Online tool to match you with scholarships offered nationwide
Scholarships Other Places to look for Scholarships: – Foundations – Community Organizations/Churches – National Organizations – Local/National Labor Unions – Colleges and Universities – Large Companies
Grants Money that does not have to be paid back Usually awarded based upon “financial need”
Student Loans Money students borrow to help pay college expenses Repayment begins after education is finished
Work Study Part-time employment on (or off) campus Earn money to help pay educational costs
Sources of Financial Aid Federal Government: – Pell Grant – Direct Student Loan – Work Study Washington State: – WA State Need Grant – Opportunity Grant – Work Study College/University: – Grants – Work Study FAFSA Required
Free Application for Federal Student Aid (FAFSA)
The FAFSA Collects demographic and financial information about student and family – Used to calculate EFC File online or using paper form – Available in English and Spanish
The FAFSA FAFSA opens January 1 st – IRS data retrieval available January 30 th Apply (Submit your FAFSA) by March 1 st – Financial Aid Office notifies you of additional documentation needed by the College Submit all required documents to FA Office by May 1 st – Priority Deadline
FAFSA on the web Why you should file online: – Built in edits – Skip logic (skip unnecessary questions) – Option to use IRS data retrieval (Feb. 1 st ) – More timely submission and processing of application – Detailed instructions and “help” for each question – Check application status online – Simplified application process in the future
FAFSA on the Web Worksheet Section 1: Student Information – Social Security Number – Citizenship Status – Drug Convictions – Selective Service Registration
FAFSA on the Web Worksheet Section 2: Dependency Status – If all “NO” responses, student is DEPENDENT – If “YES” to any question, student is INDEPENDENT
FAFSA on the Web Worksheet Section 3: Parent Information – Demographic information – Tax, income and other financial information – Assets Section 4: Student Information – Tax, income and other financial information – Assets
FAFSA on the Web Additional Information: – Household size – Family members attending college – College and housing information – Student and Parent signatures E-Sign using PIN
IRS Data Retrieval
FAFSA Processing Results Student Aid Report (SAR) Sent to student to confirm submission of FAFSA – Via if address provided – Via mailed paper SAR if no provided Student should review SAR for accuracy – If errors found, make corrections on
FAFSA Processing Results Institution Student Information Record (ISIR) sent to colleges listed on FAFSA days after FAFSA submission College Financial Aid Office reviews ISIR and may request additional documentation: – Data Sheet – Verification Worksheet – 2011 Tax Transcript from the IRS
What Happens Next? 4-8 weeks after submitting required documents you should get a response regarding your financial aid eligibility. Apply Early and Respond Quickly! GHC students can view their financial aid information and awards online 24/7!
What if my Financial Circumstances Change? “Is my 2012 income going to be substantially less than my 2011 income?” Loss of employment or significant reduction in hours – Dislocated Worker Other loss of family income or assets Converting regular IRA into a Roth IRA by transferring funds (converted amount gets reported as taxable income)
What if my Financial Circumstances Change? Complete “Change in Circumstances Form” (available Sept. 1 st ) and submit to Financial Aid Office All required documentation must be included
Apply Early! Sample Financial Aid Award Early ApplicantLate Applicant Cost of Attendance (COA)$ 15,000$15,000 Expected Family Contribution (EFC) (0) (0) Financial Need$ 15,000$ 15,000 Financial Aid Award Federal Pell Grant$ 5,550$ 5,550 WA State Need Grant$ 2,682$ 0 Federal SEOG$ 600$ 0 Work Study$ 4,500$ 0 Subsidized Stafford Loan$ 1,668$ 3,500 $ 15,000$ 9,050 Remaining Need$ 0$ 5,950 Award amounts WILL vary from Student to Student
How Do I Keep My Financial Aid? Make “Satisfactory Academic Progress” – Must earn degree within 125% of program length – Complete/Pass all credits for which you received financial aid – 2.0 Quarterly GPA
In Conclusion… Apply early (January – March) Read and respond to correspondence from FA Office quickly Check your financial aid online ( Study hard and pass your classes – don’t be afraid to ask for help
College Goal Sunday Want help filling out your FAFSA? – Place: Grays Harbor College (HUB) – Date: Sunday, January 15 th – Time: 1 – 4pm
Questions? Contact Information:The Financial Aid Office Phone: (360) Fax: (360)