Presentation on theme: "Financial Aid Presentation Western High School. Where Does Financial Aid Come From? Types of Aid Scholarships: Free money awards based on merit or merit."— Presentation transcript:
Where Does Financial Aid Come From? Types of Aid Scholarships: Free money awards based on merit or merit plus demonstrated need. Grants: Free money awards based on demonstrated need. Loans: Must be repaid with interest.
FAFSA: Free Application for Federal Student Aid The FAFSA stands for Free Application for Federal Student Aid. This form is used to determine the amount of money a family is expected to contribute to the price of attending a postsecondary institution. The results of the FAFSA are used in determining federal student grants, work study, and loan amounts.
How to Complete the FAFSA After January 1 st of 2015, you can complete the FAFSA at www.fafsa.ed.gov What you will need: PIN Numbers Social Security Numbers 2014 Federal Income Tax Returns Bank Statements Brokerage Statement
Before Completing the FAFSA: Register for PIN Numbers Both student and parent need to register for a student aid PIN at www.pin.edu.gov The PIN serves as you and your student’s electronic signature. The PIN is also used to gain personal records. So be carful to not share you or your student’s PIN with anyone.
When Completing your FAFSA Please use the IRS Data Match tab to draw in your income tax information. You can only do this 2 weeks after you filed your taxes. If you have not filed your taxes yet when you file your FAFSA, please go back and do a correction. Remember, you must wait 2 weeks after you file your taxes to make the correction.
The FAFSA Determines the EFC The Expected Family Contribution (EFC) is a measure of your family’s financial strength and is calculated according to a formula established by law. Here are the factors that impact the EFC: Taxed and untaxed income Assets Benefits (such as unemployment or Social Security) Family size Family members attending college
The EFC is Used to Determine Demonstrated Need Federal Methodology: X - Y = Z Cost of Attendance (X) -Expected Family Contribution (Y) = Financial Need (Z)
Special Circumstances Many colleges have a process to recognize special circumstances that may have occurred in your family this past year. If you have experienced any of the following, you may qualify for more need-based aid: Change in employment status Paid medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses
Scholarships Michigan Tuition Grant (Private): $1,524 (13/14) Michigan Competitive Scholarship (Public): $676 (13/14) March 1: Michigan priority deadline for filing the FAFSA June 30: If your student is interested in both public and private institutions, make sure to list their school of choice in the #1 slot of the FAFSA school list to qualify for the MTG or MCS.
TEACH Grant $4,000 per year max $16,000 GPA of 3.25 on a 4.0 scale (freshman students must have a 3.25 high school GPA or score in the 75th percentile on at least one school admissions test). Plan to complete coursework and requirements necessary to begin a career in teaching. Applicants must agree to serve as a full- time teacher for at least 4 academic years at a high-need school within 8 years after completing the course of study.
TEACH Grant: Eligible Teaching Fields Math Science Foreign Language Bilingual Education Special Education Reading Specialist
Loans Federal Student Loans Stafford Loans Subsidized 3.86% (13/14) with 1.072% fees Unsubsidized 3.86% (13/14) with 1.072% fees 6-month grace period Perkins Loan: 5% 9-month grace period Alternative Government Loans Federal Plus Loan-Parent 6.41% with 4.288% fees Alternative Private Loans: Ask for Financial Aid Department
Work Study Federal Work-Study On Campus & Off Campus Employment Not Guaranteed Must apply and be hired
Financial Aid Calendar Senior Year September: Apply for Admission January: Complete the FAFSA March 1: Michigan is priority deadline February & March: Receive Financial Aid Award Letter May 1: Communicate Final College Decision June: Apply for Federal & Private Loans August: Fall Payment Due September: Classes Start & Aid Applied to Account
Helpful Hints First time FAFSA completers are encouraged to watch The 7 Easy Steps to the FAFSA: http://www.finaid.ucsb.edu/fafsasimplification/ Communicate significant or unusual changes in family circumstances as soon as possible. If you have any questions regarding your Financial Aid, please let colleges know!
Thank You! Jillian Raymond Phone: 517.750.6792 Email: firstname.lastname@example.org