Monticello High School College Planning Night September 2014

Michael Lantz Undergraduate Financial Aid Administrator

 What is Financial Aid?  The Application Process  Helpful Resources  Questions

Funds made available to students & families to help pay for postsecondary educational expenses. These include: Scholarships/Grants – Money that does not need to be repaid Work Study – The student must work to earn funds Loans – The student or parent must pay back what was borrowed, and possibly additional interest Scholarships Grants Work Study Loans

College/University Scholarships Some schools use the application for admission to determine scholarship eligibility. Some schools have a separate application. Some schools may require you to have a completed application for financial aid on file. Private and Community Scholarships Some may require you to file an application for financial aid along with an additional application. You may find them in unexpected places. They may be based on need, merit, talent, athletic ability, artistic skills, or other criteria.

institutional state federal Need-based money awarded by colleges and universities. Grants

federal student loans Subsidized or unsubsidized Annual maximum for first year student is $5,500 federal parent loans Parent borrows on behalf of student A credit check is usually required private student loans The student is the borrower A credit check is usually required Loans Money that has to be repaid – repayment may be deferred until after the student graduates

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1 File the FAFSA, available January 1. 2,.If required, file the CSS PROFILE, available October 1. 3 institutional financial aid application.If required, file an institutional financial aid application. 4 tax documentsIf required, submit tax documents.

Some application requirements and deadlines will vary from school to school. KNOW YOUR SCHOOL’S REQUIREMENTS AND DEADLINES!

Your file may be selected by the US Department of Education for federal verification Financial Aid offices are required to verify income information using either: 1. A Tax Return Transcript, or 2. The IRS Data Retrieval Tool (DRT), which is integrated into the online FAFSA.

The FAFSA and other documents are used to determine the Expected Family Contribution (EFC). Schools use the EFC to determine eligibility for need-based financial aid and to prepare an award package.

FAFSA: Federal Student Aid: The College Board: Net Price Calculator: See the college’s website

All schools required to have a net price calculator since October 29, 2011 Federally mandated Information is for current academic year If you used a net price calculator today, it would reflect costs and awards Must represent factual data Reflects cost of attendance minus grant aid

VPEP Virginia Prepaid Education Program VEST Virginia Education Savings Trust Other state college savings plans PAYMENT PLANS

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Pay close attention to College/University application deadlines. Use the IRS Data Retrieval Tool! Take advantage of the school’s Net Price Calculator. Continue to look and apply for scholarship opportunities.

Thank you! Student Financial Services Carruthers Hall (434)