Welcome to the Financial Aid Information session

Today’s Topics  What is Financial Aid  Types of Financial Aid  How is Financial Aid Awarded  The Financial Aid Process

What is Financial Aid?

Financial Aid is: –Money to help you pay for college –From: Federal Government State Government Colleges Local Organizations Private Organizations

What is Financial Aid? To be eligible, you must: –Be a citizen or eligible non-citizen of the U.S. –Have a high school diploma or GED –Be enrolled at least half-time at an eligible institution –Register with the Selective Service (men only) –Not be in default on any federal education loans or owe a refund on any grants

Types of Financial Aid Three types of Financial Aid: –Gift Money –Earned Money –Borrowed Money

Types of Financial Aid Gift Money –Grants Based on financial need From government and colleges Two federal grants: Pell and Supplemental Educational Opportunity Grant (SEOG) –Scholarships Based on various criteria From colleges and other organizations

 CUNA Mutual Group Virginia Tuition Assistance Grant VTAG provides annual grants to Virginia residents who are full-time students at an eligible private college or university. In , approximately 23,000 Virginia residents will receive non-need based tuition grants of $3,100 (undergraduate) and $1,550 (graduate students in health professions).

Types of Financial Aid Earned Money –Federal Work-Study Program Students work part time, usually on campus Money earned helps pay for college

 CUNA Mutual Group Types of Financial Aid Borrowed Money –Two types of loans Federal Personal –Must be paid back

 CUNA Mutual Group Types of Financial Aid Federal Loans – Perkins Borrower:Student Based on Need:Yes Interest Rate:Fixed – 6.22% Repayment Begins: 9 months after graduating or dropping below half-time

Wells Fargo Collegiate ® Loan A Wells Fargo Collegiate ® loan is a low-cost option for undergraduate students attending traditional four-year schools. Cover the cost of education, including tuition, books, computers, housing, or even a study abroad program. Benefits: 1.Make no payments until six months after leaving school. 2.Pay no application, origination, or early repayment fees. 3.Select a competitive fixed or variable interest rate option. 4.Reduce your loan cost with our interest rate discounts. BANK LOAN

Types of Financial Aid Federal Loans – PLUS Borrower:Parent Based on Need:No Interest Rate:Fixed – 6.84%* Repayment Begins:After the final disbursement *Fixed interest rate applies to loans with first disbursement on or after 09/30/2016.

How is Financial Aid Awarded?

Financial Need –Many (but not all) types of aid are based on financial need Grants Perkins loans Subsidized Stafford loans Federal Work-Study Program –How much aid do you need to pay for college?

How is Financial Aid Awarded? Cost of Attendance –Tuition –Room and board –Books –Transportation –Personal expenses

How is Financial Aid Awarded? Expected Family Contribution (EFC) –The EFC is the amount you may be expected to contribute –You don’t pay it up front –Used to determine how much aid you’re eligible for –Calculated from information you provide

The Financial Aid Process

Applying for Financial Aid –To get aid, you have to apply The Free Application for Federal Student Aid (FAFSA) Additional forms Scholarships –Apply regardless of family income You and your family don’t make too much or too little to apply

 The new program is the latest step in Penn’s effort to widen access for students from all economic backgrounds, expanding its no- loan program beyond low- and lower-middle- income families to include middle- and upper-middle-income families.

Penn's New Financial–Aid Program In the fall of 2013, students from families with annual incomes of less than $100,000 who qualify for need-based aid will no longer receive loans as part of their financial aid package. By fall 2015, all undergraduate students eligible for financial aid will receive loan-free aid packages, regardless of family income level.

Tuition Charges Covered for Parents with Income Below $150,000 For parents with total annual income below $150,000 and typical assets for this income range, Stanford will ensure that all tuition charges are covered with need-based scholarship, federal and state grants, and/or outside scholarship funds. In most cases, the parent contribution will be no higher than the standard cost of room and board (around $11,000). Many parents in this group will see contribution amounts far lower than $11,000. typical assets

The Financial Aid Process The FAFSA –It’s free! –Complete as soon as possible after January 1st –Online ( or on paper –Online benefits Instant access to help Built-in error checking Skip questions that aren’t required Faster processing time Easier to check status Easier renewal process

 CUNA Mutual Group On Sept. 14, 2015, President Obama announced significant changes to the Free Application for Federal Student Aid (FAFSA ® ) process that will impact millions of students. Starting next year, students will be able to do the following:

 CUNA Mutual Group Submit a FAFSA ® Earlier Students will be able to file a 2017–18 FAFSA as early as Oct. 1, 2016, rather than beginning on Jan. 1, The earlier submission date will be a permanent change, enabling students to complete and submit a FAFSA as early as October 1 every year. (There is NO CHANGE to the 2016–17 schedule, when the FAFSA will become available January 1 as in previous years.)

 CUNA Mutual Group FSA ID / Replaced the FAFSA Pin Students, parents, and borrowers are required to use an FSA ID, made up of a username and password, to access certain U.S. Department of Education websites. Your FSA ID is used to confirm your identity when accessing your financial aid information and electronically signing your federal student aid documents.

CSS / Financial Aid Profile WHAT is the PROFILE? The PROFILE is an online application that collects information used by certain colleges and scholarship programs to award institutional aid funds.

WHEN Do I File the PROFILE? You may file the PROFILE as early as Oct. 1, However, you should file no later than two weeks before the EARLIEST priority filing date specified by your colleges or programs.

WHAT does the PROFILE cost? The fee for the initial application and one college or program report is $25. Additional reports are $16.

The Financial Aid Process Preparing for the FAFSA –Apply for a Department of Education –FSA ID (fafsa.ed.gov) Can be used each year applying for aid You and your parents need separate FSA ID –Complete the FAFSA on the Web Available before January 1st Organized like the FAFSA on the Web Collect information and prepare answers

The Financial Aid Process FAFSA Tips –Don’t pay! Remember it’s Free at –Interested in student loans? –Interested in work-study? –College possibilities

 CUNA Mutual Group The Financial Aid Process Information for the FAFSA –Have financial information and records available for both you and your parents Bank statements Income amounts (Forms W-2 or tax returns) Investment records Other

The Financial Aid Process Additional Forms and Scholarships –Are additional forms needed? Check with individual colleges –Apply for scholarships! –Use free scholarship searches

SCHOLARSHIP Washington-Lee High School Class of 2015 received more than 11.2 million in Grants and Scholarships

The Financial Aid Process Student Aid Report (SAR) –Sent to you after FAFSA is processed If you provided an address, you get a notification containing a link to it online –Contains your Expected Family Contribution (EFC) –Info sent automatically to colleges you listed –Verify information is correct and make necessary corrections

The Financial Aid Process Award Letters and Offers –Received from the financial aid office –Compare offers Amount of aid vs. cost of attendance Gift money vs. borrowed money Types of loans –Accept an offer from the college you will attend

Type of AidBrown UniversityUniversity of Penn Federal Grant$5,000 Institution Based Grant$35,000$47,000 Perkins Loan Un-Sub$1,000 Stafford Loan Sub$3,000 Work-Study$3,000$8,000 Parent Plus Loan$9,000$0 Total Aid$53,500$60,000 Comparing Award Offers

Merit ScholarshipsNo Merit Scholarships Cornell UniversityColumbia University Dartmouth CollegeHarvard University Brown UniversityPrinceton University Yale UniversityUniversity of Pennsylvania Ivy League Institutions

The Financial Aid Process Let’s Review: –Apply for a Department of Education FSA ID –Submit the FAFSA –Ask colleges if other forms are required –Apply for scholarships –Review your SAR –Compare award packages –Accept an award package Look into PLUS Loan if necessary