1. Finding Money for College Basics of Financial Aid and the FAFSA Northwestern Lehigh HS Counseling Department May 2015

2. We will talk about: Federal student aid State student aid Student aid from colleges Scholarships from other sources

3. We will answer: What is financial aid? Who can get it? How much can I get? How do I apply? What happens next? Where can I get more info?

4. What is financial aid? Money to pay for college or career school Grants Loans Work-study Scholarships

5. Categories of Financial Aid MERIT: academic or other (something unique that stands out about student) NEED-BASED: determined by FAFSA

6. Who can get federal student aid? U.S. citizen or permanent resident High school graduate/GED holder Eligible degree/certificate program Valid Social Security number Males registered for Selective Service Satisfactory academic progress in college/career school

7. Who can get other kinds of financial aid? States, colleges, and private scholarships have their own eligibility criteria. Be sure you know what you need to do to qualify.

8. How much federal student aid can I get? In general, depends on your financial need. Financial need determined by Expected Family Contribution (EFC) and cost of attendance (COA) EFC comes from what you report on FAFSA COA is tuition, fees, room and board, transportation, etc. COA – EFC = financial need

9. How much federal student aid can I get? Maximum amounts for the major programs for a dependent freshman in 2014-15: Federal Pell Grant: 2014-15 max award $5,730 Direct Subsidized and Unsubsidized Loans: $5,500 total Federal Work-Study: depends on funds available at school but up to 40 hours per week or $4,000 per academic year Direct PLUS Loan (for parents): COA minus other aid received Funds from other programs are available; see StudentAid.gov/needmoney for details. StudentAid.gov/needmoney

10. How much federal student aid can I get? For early estimate, use FAFSA4caster: Go to www.fafsa4caster.ed.govwww.fafsa4caster.ed.gov Enter some financial information OR Net Price Calculator (NPC) – required on all college websites as of 2011 (or through College Board) Example: http://cvweb02.desales.edu/costestimator/ http://cvweb02.desales.edu/costestimator/ =Get an estimate, not guarantee

11. Scholarships 1. Postsecondary (in house) – merit 2. Local and regional – see Counseling Office or website 3. National – highly competitive but not impossible to obtain; go online with caution

12. How much state, school, and private scholarship money can I get? Depends on the program; do your research! Our state aid: www.pheaa.orgwww.pheaa.org Ask college financial aid offices for info about aid available at their schools Free scholarship search at StudentAid.gov/scholarshipsStudentAid.gov/scholarships www.chegg.com/scholarships www.fastweb.com www.collegeboard.com Educationplanner.org Careercruising.com

13. How do I apply for aid? Federal student aid: fill out Free Application for Federal Student Aid (FAFSA SM ) at www.fafsa.govwww.fafsa.gov State aid: www.pheaa.org/funding-opportunities/state- grant-program/index.shtmlwww.pheaa.org/funding-opportunities/state- grant-program/index.shtml School aid: contact financial aid offices at schools you are considering Scholarships: visit scholarship website, check the boxes in the Counseling Office, or call contact number for information Don’t miss the deadlines!

14. How do I apply for federal student aid? 1. Get a PIN at www.pin.ed.gov.www.pin.ed.gov Your parent might need a PIN too. Choose your own PIN or let the site choose one for you. Don’t tell anyone your PIN!

15. How do I apply for federal student aid? 2. Gather the documents you need to apply. Find checklist at StudentAid.gov/resources#fafsa- documentsStudentAid.gov/resources#fafsa- documents Optional: Use FAFSA on the Web Worksheet to prepare your answers. (Get the Worksheet at StudentAid.gov/resources#worksheet) StudentAid.gov/resources#worksheet

16. How do I apply for federal student aid? 3. Fill out your FAFSA at www.fafsa.gov.www.fafsa.gov Apply on or after January 1 but as early as possible to meet all deadlines. Need help? Use the help functions within the FAFSA (including live chat) or call 1-800-4-FED-AID. Don’t forget: watch for the confirmation page that says your FAFSA has been submitted. THEN log out.

17. How do I apply for federal student aid? 4. Watch for response by e-mail or by mail. Double-check that your info is correct by logging on at the FAFSA site and reviewing your data. Correct any mistakes and submit the corrected info.

18. PHEAA Complete the State Grant Form (SGF) from the FAFSA confirmation page Will be emailed

19. How do I apply for federal student aid? 5. Watch for e-mails or letters from the schools you are considering. Give the schools any additional paperwork they ask for. Meet all deadlines or you could miss out on aid!

20. CSS Profile An online application that collects information used by certain colleges and scholarship programs to award institutional aid funds You file the PROFILE online at www.collegeboard.org by selecting “CSS/PROFILE” under “Pay for College”. www.collegeboard.org $25 cost for the initial report and additional reports are $16 each PA examples: Franklin & Marshall, Lafayette, Moravian, Muhlenberg, Susquehanna

21. What happens next? Each school will tell you how much aid you can get at that school (SAR) Once you decide which school to attend, keep in touch with the financial aid office to find out when and how you will get your aid.

22. Where can I get more info? StudentAid.gov Info about aid programs Links to free scholarship and college searches 1-800-4-FED-AID Info about aid programs Help with FAFSA YOUTUBE – Financial Aid 101 – Everything You Need to Know for 2015 (PHEAA Student Aid) www.YouCanDealWithIt.com Learn the basics of financial aid, from receiving a loan to repayment and take advantage of free tips and resources for money management and budgeting.

23. Simulation activity http://www.educationplanner.org/students/ paying-for-school/calculators/estimate- monthly-payments.shtmlhttp://www.educationplanner.org/students/ paying-for-school/calculators/estimate- monthly-payments.shtml Federal fixed interest rate (through 7/1/15 = 4.66) Compare your Aid Award (Big Future from College Board site)

24. Loan Examples Millersville University Desales University University of Pittsburgh Tuition$25,198$49,698$32,964 4 Year Cost $100,792$198,792$131,856 Total Interest 38,39875,732.8450,232.55 Monthly Payment $1159.92$2,287.70$1,517.40

25. Let’s review some key points… What is FAFSA? What is EFC? What is COA? What is PHEAA? What is the correct website to complete and access your FAFSA? How much does the FAFSA cost?

26. Thanks for listening! Contact information: Mrs. Traub trauba@nwlehighsd.orgtrauba@nwlehighsd.org Mr. Combs combsd@nwlehighsd.orgcombsd@nwlehighsd.org Mrs. Gross grosse@nwlehighsd.orggrosse@nwlehighsd.org Phone: (610) 298-8661 Website: http://www.myteacherpages.com/webpages/HCounselin g/