1. Federal Student Aid Financial Aid Basics

2. Myths About Financial Aid “…only students with good grades get financial aid.” 2 Reality: High school diploma, GED and home schooling certificate... … more scholarship opportunities available…

3. Myths About Financial Aid “ We make too much money, therefore we’re not getting anything” 3 Reality: Your income is only one item that is looked at regarding your eligibility for aid.

4. Where Does Aid Come From? Federal Government State Government Schools Private 4

5. Federal Financial Aid Programs Federal Grants Federal Work-Study Federal Student Loans 5 There is more than $150 billion available in federal aid to help students pay for postsecondary education

6. Gift Aid - Federal Grant Programs 6 Federal Pell Grant Program – $5,815 Iraq and Afghanistan Service Grant - $5,382 Teacher Education Assistance for College and Higher Education (TEACH) Grant - $3,728 Federal Supplemental Educational Opportunity (FSEOG) Grant - $4000

7. Federal Loan ProgramsConsiderations: Subsidized vs. Unsubsidized Interest rate Grace period Death or Permanent DisabilityKnow: Default – 1 st Borrowers REQUIRED to Entrance Counseling Deferment & Forbearance Loan Repayment Plans Public Service Loan Forgiveness (PSLF) Program Teacher Loan Forgiveness 7

8. Federal Loan Programs 8 Interest RateRepaymentAdditional Info Federal Perkins Loan 5% Fixed9 months after school Ends Sept. 30, 2015. Some students may be able to receive loans if grandfathered through Sept. 30, 2020. Federal Stafford/ Direct Loan Subsidized 4.29% Fixed Unsubsidized 4.29% Fixed 6 months after school Subsidized: no interest charged while in school Unsubsidized: interest accrues while in school Direct PLUS Loans Parents & Graduate or Professional Student 5.84% Fixed 6.84% Fixed May be deferred until 6 months student drop ½ time or 60 days after loan is fully disbursed Interest accrues while student is in school

9. FAFSA.GOV Must file every year Can file Jan. 1 st of senior year 2017-18 can file starting October 1 st FSA ID (Parent/Student) Check with college to determine if additional applications need to be completed. I.E. CSS Profile application 9

10. FSAID.ED.GOV

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12. FSA ID – Things to Remember FSA ID used to: Electronically sign Federal Student Aid documents Access your personal records Make legal binding obligations If you do not have an SSN, cannot create an FSA ID Parent needs to have their own FSA ID Don’t use high school email address 12

13. FSA ID – Things to Remember Linking your PIN gives you full access to your information online immediately. It is important to include an e-mail address with your FSA ID because: We use e-mail to communicate important information about your account to you, You can use your e-mail to get your username or password if you forget them, and You can use your verified e-mail address instead of your username when logging in to FSA systems. Access the new How to Create an FSA ID YouTube video How to Create an FSA ID 13

14. FAFSA.GOV Homepage 14

15. IRS Data Retrieval Tool 15

16. Detailed College Info and Comparison 16 College’s website School type Tuition and fees Net price average Graduation rates Retention rates Transfer rates

17. Basic Eligibility Requirements Students must be: U.S. citizen or eligible non-citizen Registered with Selective Service (Males) (18-25) Social Security Number (with limited exceptions) High school diploma, home schooling certificate, GED or New Ability to Benefit Alternative No drug related convictions while receiving Aid Matriculated – enrolled in an eligible program Maintain ‘Satisfactory Academic Progress’ Not in Default or Overpayment Status 17

18. Dependency Status If any of the following criteria applies, the student is considered independent: 24 years or older Married Master’s or Doctorate Program Children and you provide more than ½ support In foster care since turning 13, or ward of the court Emancipated minor or was in legal guardianship Homeless Serving Active Duty in U.S. Armed Force 18

19. 19 Legal Parent – Who fills out the FAFSA?

20. Separated 20

21. Deferred Action for Childhood Arrivals (DACA) 21

22. Cost of Attendance - (COA) 22 COA includes: Tuition and fees Tuition and fees Room and board (Meals) Room and board (Meals) Books and supplies, equipment, transportation & personal expenses Books and supplies, equipment, transportation & personal expenses Dependent or elder care expenses Dependent or elder care expenses Expenses associated with a disability Expenses associated with a disability

23. Expected Family Contribution - EFC 23 Calculation that uses a federal form and formula Indicates the family’s financial strength Indicates the family’s financial strength EFC the same regardless of college the student attends

24. Expected Family Contribution - EFC 24 Factors: # of Family Members going to college Household size Current Earnings & Family Savings Information provided on FAFSA Age of your oldest parent The lower your EFC, more financial aid eligible to receive

25. College Costs & Financial Need 25 Cost of Attendance (COA) - Expected Family Contribution (EFC) = Financial Need

26. How Much Aid will I Receive? Financial Need = $13,000 Federal Grants$5,000 State Grants$2,000 Scholarships$2,000 Institutional Grant$2,000 Loans $2,000 - Unmet need TOTAL =$13,000

27. 27 Expected Family Contribution (EFC)

28. 28 High Level Overview Student completes the FAFSA and signs with FSA FSAID FAFSA is processed by FSA; Student receives a SAR; College receives information if listed on the FAFSA College reviews info and assembles award package for the student Student reviews award package; compares to other award letters; student determines which college to attend What To Expect After Applying

29. Use the Official website – FAFSA.GOV Have SSN Card when filing FAFSA Use SSN Card name, not Nickname Select Correct Award Year Complete FAFSA early using Estimates After making corrections, Resubmit Don’t Forget State Deadlines - link 7 Best FAFSA Practices:

30. StudentAid.gov

31. FinancialAidToolkit.ed.gov 31

32. Federal Student Aid Information Center 32 Contact Us

33. QUESTIONS? 33