Presentation on theme: "What You Need to Know about Financial Aid Financial aid is funds provided to students and families to help pay for postsecondary educational expenses."— Presentation transcript:
Financial aid is funds provided to students and families to help pay for postsecondary educational expenses What is Financial Aid?
Scholarships Grants Loans Employment Types of Financial Aid
Federal government Georgia state government Colleges and Universities Private sources Sources of Financial Aid
Largest source of financial aid Aid awarded primarily on the basis of financial need Must apply every year using the Free Application for Federal Student Aid (FAFSA) Federal Government
Federal Pell Grant Teacher Education Assistance for College and Higher Education Grant Federal Supplemental Educational Opportunity Grant Common Federal Aid Programs Federal Perkins Loan Federal Work-Study Direct Student Loans Direct Parent PLUS Loans
HOPE and Zell Miller Scholarships – Available to Georgia residents who have demonstrated academic achievement. The scholarships provide money to assist students with their educational costs of attending college in Georgia. – The money provided to HOPE and Zell Miller Scholars varies and depends on the type of institution you are attending and your specific enrollment. Georgia Aid
Charles McDaniel Teacher Scholarship Georgia's HERO Scholarship Georgia HOPE Grant, Zell Miller Grant, Strategic Industries Workforce Development Grant Public Safety Memorial Grant Georgia Tuition Equalization Grant Student Access Loan (SAL and SALT) Other Common Georgia Scholarships, Grants and Loans
Merit-based scholarship programs – Academic – Athletic – Other unique accomplishments Need-based grants Additional application materials may be required Colleges and Universities
Foundations, businesses, charitable organizations, employers Deadlines and application procedures vary widely Begin researching private aid sources early Private Sources
A standard form that collects demographic and financial information about the student and family May be filed at any time during an academic year, but no earlier than the January 1 st prior to the academic year for which the student requests aid For the 2015–16 academic year, the FAFSA may be filed beginning January 1, 2015 Colleges may set FAFSA filing deadlines Free Application for Federal Student Aid (FAFSA)
Good reasons to file electronically: Built-in edits to prevent costly errors Skip logic allows student and/or parent to skip unnecessary questions More timely submission of original application and any necessary corrections More detailed instructions and “help” for common questions Ability to check application status and update information on-line Simplified application process using the IRS Data Retrieval Tool FAFSA www.fafsa.gov
Complete tax return, file with IRS Other documents needed may include 1099’s or others for untaxed income If filing tax return later, may use option of filing FAFSA now using estimated income and tax information Have social security numbers available FAFSA
Required – Student – One parent (dependent students) Format – Electronic using PIN, will transition to a unique user name and password – Apply for pin from FAFSA.gov website Electronic Signatures
Review data for accuracy Review important messages regarding your submission Update estimated information when actual figures are available Student Aid Report
Direct costs + Indirect costs = Cost of Attendance COA can vary depending on individual What is Cost of Attendance? (COA)
Amount family can reasonably be expected to contribute Stays the same regardless of college you choose Two components ‒Parent contribution ‒Student contribution Calculated using data from the FAFSA based on a federal formula What is my Expected Family Contribution? (EFC)
Household size Number of students in college Income and assets of parents/step-parent in that household Income and assets of student Not considered ‒Bills or debt ‒Non-custodial parent income and assets ‒Parents attending college What information is considered in the EFC?
A process to confirm information you provided on the FAFSA You may be asked to provide an IRS tax transcript of your return You may be asked to supply other documentation, as well 30% of all FAFSA’s are selected by the U.S. Department of Education Your college may also select you for verification Your student aid report will indicate if you were selected by the government What is verification?
www.gacollege411.org Set up student profile, which may also be used in the college application process Must apply separately for different scholarships, grants and loans (HOPE/Zell for public schools, HOPE/Zell for private schools, HERO, College Opportunity Grant, etc.) List schools who you wish to receive your applications Some colleges will also require FAFSA submission to receive Georgia aid Applying for Georgia state aid
Your college’s financial aid office Your guidance counselor FAFSA customer service 1-800-4-FED-AID GSFC customer service (for Georgia questions) 1-800-505-GSFC Remember, help applying for financial aid should always be FREE! Where can you get help?