PRESENTATION AVAILABLE AT: maui.hawaii.edu/financial/presentations FINANCIAL AID 101
How to prepare for financing college 1 How much does college cost How to apply for FAFSA 2 Types of financial aid 3
How much does college 1 cost
WHAT COSTS DO YOU HAVE FOR COLLEGE? Supplies Housing Tuition Textbooks Food Airfare Transportation
Cost of Attendance (COA) Provided by schools to help estimate the costs. Takes into account more than just tuition. School and Type COA Tuition University of Hawaii Maui College $15,380 $3,084 Resident, Live at Home University of Hawaii at Manoa $29,860 $11,088 Resident, Dorms University of Oregon $51,870 $35,478 Non-Resident, Dorms University of Southern California $74,825 $55,320 Private, Dorms
2 How to apply for FAFSA
WWW.FAFSA.GOV Federal Financial Aid Application You’re starting the 2019-20 FAFSA, opens October 1, 2018
JUST RELEASED! APP VERSION Available for IOS or Android Search ‘myStudentAid’
FSAID.ED.GOV Federal Username and Password • Sign FAFSA electronically • Needed to do IRS Data Retrieval • Both student and one parent need one • Needed for multiple years • Create one at Data Retrieval or Signature Page
WHAT YOU NEED TO APPLY Legal Personal Information (SSN, DOB, etc) Know the name on your Social Security Card! FAFSA asks for parents first name initial. 2017 Federal Tax Forms (No State) Checking, Savings Balances Net Value of Assets (Do not include retirement accounts. Include stocks/bonds, homes/land not used for your primary residence, 529 Plans in parent/student name.) Colleges the students are applying to FSA ID’s username and password
FAFSA APPLICATION HELP CLICK THE ‘?’ MARK HELP AND HINTS BOX
Tax information IRS DATA RETRIEVAL • Automatically pulls IRS information in to FAFSA • Need FSA ID (electronic sig.) to start • Will not show you data pulled in • Based on 2017 tax information
WHAT HAPPENS AFTER I APPLY? • Review your FAFSA comments and 1 REVIEW results. • FAFSA information sent to colleges. Work with each college to complete • 2 FOLLOW process. UP Receive aid award information. • • Review and compare awards. • See what costs aren’t covered. 3 AWARD Make decisions on your awards. •
TIPS The application should be started by the student and with student information. Double check all information, no typos, before you submit your FAFSA. Track financial aid/scholarship deadlines. Inform financial aid office of special circumstances (ex: drastic change in income, change in household situation.) FAFSA doesn’t award you, colleges do. Apply Early
3 Types of aid
GRANTS – FREE MONEY Pell Grant – Based on financial need from FAFSA. Same at every school. $6095 Max SEOG Grant – Eligible for students with the highest need. $4000 Max
OTHER PROGRAMS Work Study – Student employment paid by federal funds. Check with Financial Aid Office for procedures. Western Undergraduate Exchange (WUE) – • Reduced tuition rate. • Check for participating colleges. Application process/requirements varies by • college. Scholarships – Money which can be based on merit, need or other factors. hawaiicommunityfoundation.org ksbe.edu/finaid hawaii.edu/tuition/scholarships/ Other local sources (Private, Charitable, Civic, Employers/Unions, etc)
LOANS – MONEY TO PAY BACK Federal Direct Loans – 5.05% Subsidized – Need based, no interest in school • • Unsubsidized – Non-need based, immediate interest accrual • Amount based on grade level • Begin repayment 6 months after leaving school • Interest determined every new year PLUS Loan (Parents Loan) – 7.60% • Accrues interest immediately Loans that parents borrow for dependent students • • Credit check needed for eligibility
Mahalo! ANY QUESTIONS? UH Maui Financial Aid Office 984-3277 mauifa@hawaii.edu PRESENTATION AVAILABLE AT: maui.hawaii.edu/financial/presentations
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