1. Financial Aid Overview Marion Meadows I Know I Can mmeadows@iknowican.org MorraLee Keller Ohio College Access Network kellerm@ohiocan.org

2. What is Financial Aid? Financial Aid: Funds provided to students and parents to help pay for postsecondary, or college, educational expenses (tuition, housing, meals, books, etc.) Sources of Financial Aid: –U.S. Federal Government –State Governments –Institutions (the college or university) –Private (churches, employers, nonprofit agencies)

3. Categories of Financial Aid Need-based: based on student’s and parents’ finances and living situation –Student’s income –Parents’ income –Parents’ and student’s assets and savings –Number of people in household –Number from household enrolled in college Merit-based: based on student’s accomplishments –G.P.A. –Standardized test scores –Extracurricular activities

4. Types of Financial Aid ScholarshipsGrants Gift money that is not repaid Awarded on the basis of merit, skill, or a unique characteristic Gift money that is not repaid Usually awarded on the basis of financial need LoansWork Study Money students and parents borrow Repayment usually begins after education is finished, meaning both graduation or dropping-out. Think of loans as an investment toward your future! An on campus job, usually 10-20 hours per week Awarded as a paycheck Examples: Tour guide, receptionist, faculty assistant, food services worker

5. Scholarship Search Now!! www.collegeboard.org www.cappex.com/scholarships www.fastweb.com columbusfoundation.org www.naviance.com

6. Types of Loans Subsidized Stafford Loans –Are federal low interest loans, where the government pays yearly interest while you’re in school. Unsubsidized Stafford Loans –Are federal low interest loans that require borrowers to pay any interest that accumulates on their loans while in school, during periods of deferment and during grace periods (Interest rate 6.8%) Parent Plus Loans –These federally-sponsored loans allow parents to borrow for their children ’ s college expenses. Interest rates are fixed- 7.9% Alternative Loans or Private Loans –Are offered by banks and other financial institutions. They aren ’ t guaranteed or subsidized by the government and typically carry higher interest rates than federal loans. Their main advantage is you can borrow more than the federal loans. Details vary widely.

7. Master Promissory Note What is this for? –It’s a binding legal document you sign when you accept a student loan –It lists the conditions under which your borrowing and the terms under which you agree to pay back the loan –YOU MUST SIGN THIS DOCUMENT TO RECEIVE YOUR STUDENT LOANS. Where can I sign this? - Online (www.studentloans.gov) - Paper version provided by your school

8. Free Application for Federal Student Aid (FAFSA) Free Application for Federal Student Aid (FAFSA): Issued by the U.S. Department of Education Completed every academic year First available on January 1 st Only submit one application each year; results sent to multiple schools Completed by the student and includes parents’ information Sign online with the Personal Identification Number (PIN)

9. www.fafsa.ed.gov

10. Expected Family Contribution (EFC) Expected Family Contribution: A reflection or measure of a family’s financial situation –Unique to every student and calculated from the FAFSA –Factors that influence EFC: income, savings, assets, number in household, number in college, parents’ employment status –Used to determine how much financial aid a student is eligible to receive –Stays the same regardless of a college’s COA –Ranges from 0-99,999

11. SAR Example EFC: 5000

12. Cost of Attendance (COA) Cost of Attendance: The total financial cost to attend a particular institution for one academic year –Includes tuition, housing, meal plans, books, and additional expenses that a student will incur while enrolled –COA varies depending on whether a student lives on campus, off campus or at home with parents –Varies widely between public and private institutions, but private schools often award enough financial aid to make the family’s out-of-pocket expenses similar to a public college

13. Cost of Attendance Examples Ohio University Tuition = $8,973 Room & Board = $9,408 Books & Supplies = $873 Personal Expenses = $1,071 Transportation = $2,580 COA = $22,905 Otterbein University Tuition = $27,321 Room & Board = $7,605 Books & Supplies = $1,068 Personal Expenses = $1,509 Transportation = $834 COA = $38,337

14. What is Financial Need? After applying the EFC toward the COA, the remaining need is the maximum amount of financial aid that a student is eligible to receive. Cost of Attendance (COA) – Expected Family Contribution (EFC) Financial Need

15. Financial Need Examples Ohio University COA = $22,905 -EFC = $5,000 Need = $17,905 Otterbein University COA = $38,337 -EFC = $5,000 Need = $33,337

16. Financial Aid Award Letter

17. I Know I Can Grant Eligibility for the I Know I Can Grant: Graduate from a CCS high school HS grads: 2.25 cumulative GPA College students: 2.0 cumulative GPA Must be eligible for the Federal Pell Grant Must apply for grant within 1 year of HS graduation Timeline: –Associate’s degree: 2 years of eligibility –Bachelor’s degree: 4 years of eligibility All grants will be $1,200

18. Save Smart IDA Program Save Smart Sr. (high school juniors, seniors & college students) –Save $500 and receive a match of $1000 –Must be approved for the IKIC Grant –Must attend a college/university full-time –Must meet income guidelines Size of Household Yearly Income Limit 1 up to $21,780 2$29,420 3$37,060 4$44,700 5$52,340 6** $59,980**

19. Founder’s Scholarship Eligibility for the Founders’ Scholarship: 3.0 Cumulative GPA Graduating Senior from CCS High School Minimum attendance rate of 93% throughout high school Continuous enrollment in CCS district in 9th - 12th grades Passes all 5 parts of the Ohio Graduation Test (OGT) by January 31, 2012 Have taken the ACT and/or SAT Completed 120 required hours for the internship credit Submitted the FAFSA prior to the Founders' Scholarship Application Deadline Have demonstrated financial need for college The I Know I Can Founders' Scholarship is worth up to $10,000 and can be renewed for up to 4 years

20. Important things to remember…. File your FAFSA as close to January 1 st as possible Always read all financial aid documents thoroughly Only accept loans that you NEED for school Ask lots of questions Use your resources

21. Questions?? Marion Meadows I Know I Can mmeadows@iknowican.org MorraLee Keller Ohio College Access Network kellerm@ohiocan.org