1. Introduction to Financial Aid

2. Presentation Objectives
Learn about the different types of Financial Aid and how to access them
Understand the Financial Aid process
Understand why everyone should complete the FAFSA

3. What is Financial Aid? $$$ to help a student pay for:
Tuition and fees
Room and board
Books and supplies
Personal expenses
Transportation
AKA: Cost of Attendance

4. Types of Financial Aid

5. Gift Money: Grants Need Based
Given by Federal Government and many colleges – especially private
Do not need to be repaid

6. Gift Money: Scholarships
Need-based
Merit-based
Circumstance-based
Do not need to be repaid

7. Finding Scholarships College and university websites
Local organizations
Employers and unions
Professional organizations
Your high school

8. Earned Money: Federal Work Study
On-campus employment
Application and interview required
Yearly funding limits
Flexible schedule – student first
Aid comes in the form of a paycheck for living expenses
Earnings do not count on the next year’s FAFSA

9. Borrowed Money: Student Loans
Federal Student Loans
Student is the borrower
No credit check or co-signer required
Interest rate: 5.05%
Federal Parent Plus Loan
interest rate: 7.6%
Private Student Loans
Interest rate based on credit score
Likely to require a co-signer

10. What is the FAFSA? Free-don’t pay someone to do it
Gives federal government and colleges a baseline for measuring student need
Completed every year that the student is in college

11. How do I apply for Financial Aid?
Create a Federal Student Aid (FSA) ID and password at: for student AND parent
You will need:
Separate addresses
Social security numbers
Legal name (as it appears on your social security card)
DOB

12. How do I apply for Financial Aid?
Complete the FAFSA – Free Application for Federal Student Aid – at: fafsa.ed.gov after October 1st of senior year.

13. How do I complete the FAFSA?
You will need
(for the parent & student):
FSA ID and passwords
Balance of checking &
savings accounts
Balance of investment accounts
Records of untaxed income
Retirement accounts are NOT included
Copy of tax return*

14. FAFSA Tips Which parent(s) should complete the FAFSA?

15. FAFSA Tips
Look out for Verification: a process that requires the college to verify and correct information that is reported on the FAFSA.
Keep calm and send in the requested documentation ASAP.
Verification is very common.

16. FAFSA Tips Pay attention to priority filing deadlines Example:
FAFSA and Scholarship
deadlines can be different.
Also, understand the difference between:
Early Decision (ED), Early Action (EA), Regular
Decision and Rolling Admissions.

17. FAFSA Tips You may appeal certain “Special Circumstances”: Examples:
Divorce
Death of a parent
Job Loss
Loss of child support
Private school tuition

18. What is the CSS Profile?
Very detailed application for institutional aid only
Required by many selective colleges
Examples:
Case Western, Brown, Cornell, U of Michigan
Has a priority filing deadline
Fee required

19. What is an Award Letter? Sent by each college you added to your FAFSA
Includes institutional aid and federal financial aid
May or may not reflect your Cost of Attendance
May include information on Federal Parent Plus Loan
Your College Now advisor can help review

20. Questions?
Talk to the College Now advisor at your school – Mrs. Harrell
Call or visit the College Now Resource Center on the 3rd floor of Tower City Center