1. Free Application for Federal Student Aid (FAFSA) What you need to know Amy Mittan WCU Counseling Intern

2. What is FAFSA? FAFSA is a free application that gives you access to the largest source of financial aid to pay for college. ● Federal grants – based on financial need, does not have to be repaid. ● Work-study Program - enables students to earn money by working part time in a related career field, while going to school. ● Federal Direct Loans - government loans with a fixed interest rate, available to students and parents to pay for college. Federal loans have to be repaid, but not until you graduate or withdraw. ○ Subsidized – government pays interest while you are in school and for 6 months after graduation. ○ Unsubsidized – you pay accrued interest 6 months after graduation. * Many states and colleges use your FAFSA information to determine eligibility for grants, scholarships, and other sources of financial aid offered by the school or state. * Private financial aid lenders (SallieMae, Wells Fargo) are available to those who do not qualify, but have a higher, variable interest rate (fluctuates with the economy).

3. Who is Eligible? To be eligible to receive federal student aid, you must: Be a citizen or eligible noncitizen of the United States. Have a valid Social Security Number. Have a high school diploma or a General Education Development (GED) certificate. Be enrolled in an eligible program as a regular student seeking a degree or certificate. Maintain satisfactory academic progress. Not owe a refund on a federal student grant or be in default on a federal student loan. FOR MALES ONLY: Register (or already be registered) with the Selective Service System. Not have a conviction for the possession or sale of illegal drugs for an offense that occurred while you were receiving federal student aid (such as grants, work-study, or loans).

4. How Much Financial Aid am I Eligible For? The financial aid office at your college will determine how much financial aid you are eligible to receive. Your eligibility depends on a variety of factors: - Expected Family Contribution (EFC). - Year in college (freshman, sophomore, junior, senior). - Enrollment status (currently enrolled in degree program and good academic standing). - Cost of attendance at the college you will be attending. Note: Your EFC is NOT the amount of money your family will have to pay for college nor is it the amount of federal student aid you will receive. It is a numerical code used by your college to calculate how much financial aid you are eligible to receive.

5. Deadline to Apply State Deadline North Carolina - As soon as possible after January 1, 2015. Awards made until funds are depleted (Awards typically start in March). College Deadline Check with the college(s) you are interested in attending. You may also want to ask your college about its definition of an application deadline - whether it is the date the college receives your FAFSA, or the date your FAFSA is processed. * Federal student aid does not carry over, so you must reapply each year you are in school. * Your eligibility for financial aid can differ from year to year for various reasons, including your family’s financial situation and the number of your family members enrolled in college.

6. What do you need to apply? Obtain a Federal Student Aid PIN to sign electronically (one you will easily remember). Email address (one you will keep forever). Your Social Security Number Your Alien Registration Number (if you are not a U.S. citizen) Your most recent federal income tax returns, W-2s, and other records of income. As a dependent student, you will need income information from your parent/legal guardian.dependent student Bank statements and records of investments (if applicable) Records of untaxed income (if applicable)

7. What if I Change Schools? Federal aid does NOT transfer with you. You will need to add the new college’s Federal School Code to your FAFSA, if that school was not already on your list. To add colleges after you have already submitted your FAFSA, login to your account and click Make FAFSA Corrections, then navigate to the “School Selection” page. Note: You will need to check with the financial aid office at your new college to find out how much financial aid you are eligible to receive when you transfer. If you receive federal student aid (except for Federal Work-Study) and you withdraw from the college, you will have to return a portion of that money to your college. Choosing Colleges: You can add up to 10 colleges (recommended). Enter School Code by using search feature. You can prioritize the schools you want to attend by listing them first or changing the order.

8. Where Can I Get More Information? You can find more information about federal student aid through the following sources: Visit fafsa.ed.gov Visit StudentAid.govStudentAid.gov Get updates and information from the Federal Student Aid Facebook page and @FAFSA Twitter feed. Visit the Federal Student Aid YouTube page (https://www.youtube.com/user/FederalStudentAid).Federal Student Aid YouTube page Download the free publication, Funding Your Education: The Guide to Federal Student Aid by visiting http://studentaid.ed.gov/resourceshttp://studentaid.ed.gov/resources Visit the financial aid office at the college you plan to attend. Schedule an appointment with your high school counselor.

9. REFERENCES United States Department of Education (2015). FAFSA help. Federal Student Aid. Retrieved from https://fafsa.ed.gov/help.htm Note: This presentation is intended for educational purposes only.