1. 1 Financial Aid For College Rossford Guidance Dept.

2. 2 Financing Your Education Who is eligible? What is financial aid? When do I apply? Where does it come from? Why apply? How do I apply?

3. 3 FAFSA on the Web Web site: www.fafsa.ed.gov 2009-10 FAFSA available on or after January 1, 2009 FAFSA On the Web Worksheet & built-in edits to help prevent costly errors Paper FAFSA only available as a download

4. 4 PIN Registration Web site: www.pin.ed.gov Can get PIN before January 1, 2009 Both student and one parent will need a pin

5. 5 CAUTION! Avoid being charged a fee to file the Free Application for Federal Student Aid Processes of completing & processing FAFSA are FREE If filing via FAFSA on the Web, be sure to go directly to www.fafsa.ed.gov Contact financial aid office for help completing FAFSA Do not go to www.fafsa.com www.fafsa.com New www.FAFSA4caster.ed.gov www.FAFSA4caster.ed.gov Estimate of cost, comparison between public/private, up- loads to your FAFSA form

6. 6 Don’t mix and match families! Choose the primary custodian family. Who are the Parents?

7. 7 College Goal Sunday 2 nd Sunday in February annually Owens Community College – Toledo and Findlay BGSU Firelands Terra Community College

8. 8 To extent they are able, parents have primary responsibility to pay for dependent child’s education Students also have responsibility to contribute to educational costs Families should be evaluated in their present financial condition Family’s estimated ability to pay for educational costs must be evaluated in equitable & consistent manner, recognizing that special circumstances may affect family’s ability to pay Principles of Need Analysis

9. 9 What is Financial Aid? Grants Loans Employment opportunities Scholarships

10. 10 Types of Need-Based Aid Gift aid: Grants & scholarships (need- based or merit- based) Self-help aid: Loans & employment (need- or non-need- based)

11. 11 Definition of Need Cost of attendance (COA) – Expected family contribution (EFC) = Financial Aid need

12. 12 Cost of Attendance Tuition & fees Room & board Books, supplies, transportation, & miscellaneous personal expenses, including documented costs for personal computer Loan fees Study abroad costs Dependent care expenses Disability-related expenses Cooperative education program costs

13. 13 EFC – Expected Family Contribution Federally determined formula The EFC does not measure willingness to pay! The EFC is a measure of your family’s financial strength The EFC is not the amount of money that your family must provide. Rather, you should think of the EFC as an index that colleges use to determine how much financial aid you would receive if you were to attend their school FAFSA4Caster

14. 14 Need Varies Based on Cost

15. 15 Grants Federal Pell Grant Academic Competitiveness Grant National Science and Math Access to Retain Talent Grant TEACH Grants Federal Supplemental Educational Opportunity Grant Ohio College Opportunity Grant Ohio Choice Grant (subject to cancellation annually)

16. 16 Federal Pell Grant Awarded to eligible undergraduates pursuing first bachelor’s or professional degree & certain students enrolled in post-baccalaureate teacher certification or licensing programs Portable Maximum award for 2008-09 = $4,800? Still being determined by Congress

17. 17 Academic Competitiveness Grant (ACG) First and second year undergraduate students Federal Pell Grant recipient U.S. citizen Full time Completed rigorous secondary school program Award amounts: $750 first year students $1300 second year students

18. 18 National Science and Mathematics Access to Retain Talent (SMART) Grant Third and fourth year undergraduate students Federal Pell Grant recipient U.S. citizen Full time Eligible major 3.0 GPA Award amount: $4,000 for third and fourth year of study

19. 19 Federal Supplemental Educational Opportunity Grant (FSEOG) Eligible students Undergraduates pursuing first baccalaureate or professional degree Awarded first to students with exceptional financial need (Federal Pell Grant recipients) Each school own priority deadline Annual award amounts $100 minimum $4,000 maximum

20. 20 Ohio College Opportunity Grant Ohio resident Based max EFC of $2,190 with a total family income of $75,000. Application deadline October 1, 2009 Students qualify for OCOG by completing FAFSA Max. award Public - $2,496, Private - $4,992 and Proprietary - $3,996

21. 21 Ohio Choice Grant Ohio resident Attend private Ohio college Eligibility not based on need or academic merit Contact Financial Aid Office Currently around $700, but this may be eliminated by State legislature Not approved for 2009-10 so far

22. 22 Loans Student is the borrower Federal Perkins Loan Federal Stafford Loan Parent is the borrower Federal PLUS Loan

23. 23 Federal Perkins Loan Eligible students Undergraduate and graduate students Priority to students who show “exceptional need,” as defined by school Loan amount varies (max. $5500/yr) Depends on need, other aid, available funds Each school has their own priority deadline 5% fixed interest rate 9 month grace period after graduation

24. 24 Stafford Loans Available under: Federal Family Education Loan (FFEL) Program with funds provided by lenders (e.g., banks or credit unions) Federal Direct Student Loan (Direct Loan) Program with funds provided directly by federal government via participating schools Fixed 6.8% rate (Subsidized may be less) 6 month grace period after graduation Between 10 to 25 years to repay

25. 25 Stafford Loans Subsidized: For students with financial need EFC < COA Interest free when in school and grace period Unsubsidized: Eligible regardless of need EFC > COA Student pays interest while in school or allows it to accrue

26. 26 Stafford Loans Base annual loan limits (combined subsidized & unsubsidized): $5,500 for 1st year undergraduates $6,500 for 2nd year undergraduates $7,500 for each remaining undergraduate year Loan Fees Perkins – No Stafford – Yes, up to 3%, taken at disbursement

27. 27 PLUS Parent loan program for parents of dependent undergraduate students Repayment begins 60 days after loan is fully disbursed for parent borrowers Fixed interest rate FFEL or Direct: 8.5%

28. 28 Alternative Loans Signature Student Loans, Private Student Loans Credit check required Interest rates vary Repayment different “Branded” Universities may have agreements with loan providers to offer private loans to students These may look like university-approved loans or even like federal loans Read the fine print – rates may be variable and there may be no limit to how much you borrow!

29. 29 Federal Work-Study (FWS) Employment may be on or off campus Receive paycheck, does not reduce bill owed to college Not counted as income on FAFSA following year Each school own priority deadline

30. 30 Scholarships Federal and State Ohio Academic Scholarship Robert C. Byrd Personal Affiliations Churches, Fraternal Organizations Scholarship Searches Public Library www.fastweb.com Guidance Counselors

31. 31 College Specific Scholarships Websites Almost every college has a webpage dedicated to scholarships Go to Financial Aid page Only some will apply to you Scholarships go to students who apply! Deadlines

32. 32 Avoid Being Scammed Do not pay to complete FAFSA Spend the time, not money If it sounds too good to be true, it probably is! Never invest more than a postage stamp No guarantees

33. 33 Keep in Contact The college Financial Aid Office may be your greatest resource! Complete school financial aid application if required Respond to any requests for information from a financial aid office Return award letter if required

34. 34 Cost Comparison Don’t ASSUME you can’t afford it! Compare Financial Aid Packages.Apples are NOT oranges!!

35. 35 Thank you for your time! Questions Guidance website