1. Financial Aide A Starting Point Financial Aide and Scholarships

2. Financial Aide Categories Scholarships and Grants – does not have to be repaid Loans – typically repaid with interest Employment Opportunities – full or part time work

3. Sources of Financial Aide Federal Government State and Local Government Private Foundations and Organizations Colleges and Universities

4. Federal Aide Pell Grant –maximum award typically $4000 Federal Supplemental Educational Opportunity Grant (FSEOG) – awarded first to students with exceptional financial need Federal Work Study – employment may be on or off campus Stafford Loans – both subsidized (must demonstrate need) and unsubsidized (need isn’t considered) PLUS loans – parent loans for parents of dependent undergraduate students

5. Other Sources of Financial Aide Tuition Payment Plans IRA Deductions ( Penalty Fee may apply ) Gifts from Family Members 529 Plans – allow students to save money tax- free under Section 529 of the Internal Revenue Code. Plans vary from state to state Prepaid Tuition Plans

6. Basis for Awarding Financial Aide Need-based To students demonstrating financial need Merit/Talent-based Aide provided in recognition of superior achievement or possession of special talents

7. The HOPE Scholarship If you apply for any other federal student aide (Pell Grant, Student Loans): you must complete the FAFSA form (http://www.fafsa.ed.gov) If you are not applying for federal student aide but want to apply just for the Hope Scholarship, you can go to http://www.gsfc.org/HOPE/dsp_apphope.cfm for the electronic application. The deadline for receiving the HOPE Scholarship is the end of the Spring term. In June, our Registrar's office will release GAC grading information to the state databases. You can then check your status on their database by calling 1-800-505-GSFC. If you're applying to any private colleges and/or Universities in Georgia, you must also submit the GA Tuition Equalization Grant (e- TEG).

8. Variables in Financial Aide Cost of Attendance Expected Family Contribution (EFC), which is the amount of money you are expected to contribute to your college costs each year A combination of grants/scholarships, loans and work-study Some institutions may offer to meet 100% of demonstrated need ALWAYS check with the FINANCIAL AIDE OFFICE at the individual COLLEGE to know their options and policies

9. Scholarships The Internet is a great source of scholarship information www.fastweb.com has over 600,000 scholarships listed and over $1 billion in available aide www.fastweb.com SCAM WARNING – beware of ANY company that charges a fee, offers an award for which you did not specifically apply, guarantees you will win an award, or requires an up-front fee for a loan

10. Cost of Education Tuition Room and board Books and Supplies Personal Expenses Transportation

11. How do schools calculate need? The Cost of Attendance (tuition, room and board, books, personal, transportation) Minus Parent’s Contribution Minus Student’s Contribution _____________________________________________________________________________________________ Equals Financial Need (Parent’s Contribution and Student’s Contribution combine to determine “Expected Family Contribution”)

12. “EFC” - Expected Family Contribution (how much you’re expected to pay) Factors include: Previous year income of parents and student Value of parent and student assets Number of household members Number of children in college Age of the parent To get an estimate of your EFC, use the Financial Aide Estimation Calculator at www.finaid.org

13. A word about assets Parents’ Assets include cash/bank accounts; investments and real estate equity (excluding primary residence) and business net worth Parents’ Income includes taxable income as well as untaxed income and benefits The same applies to the students’ assets and income

14. Be aware of verification Approximately 1 in 3 FAFSAs are picked by the government for verification. When this happens, you must supply additional information as requested as soon as possible to prevent delays in receiving your aide

15. Financial Aide Overview Submit the CSS PROFILE and/or other institutional aide application (as required by individual schools) beginning in October of the senior year Submit the Free Application for Federal Student Aide (FAFSA) beginning January 1, and well before the school’s required deadline. Download the FAFSA at www.fafsa.ed.govwww.fafsa.ed.gov Most aide on a “first-come, first-served” basis