FINANCIAL AID OVERVIEW Office of Student Financial Aid
AGENDA 1. Applying for Financial Aid 2. Common Errors 3. Additional Forms or Documentation 4. Appeals 5. Cost of Attendance 6. Expected Family Contribution (EFC) 7. How Your Financial Aid is Determined 8. Types of Financial Aid • Gift Aid • Self Help Aid • Federal Work Study 9. Finding Scholarships • Online Databases/Search Clients • Scholarship Search Tips 10. Other Ways to Pay for School 11. Tips G E O R G E M A S O N U N I V E R S I T Y
APPLYING FOR FINANCIAL AID Apply for an FSA-ID on www.fsaid.ed.gov • Apply for the FAFSA after October 1, 2019 for the 19-20 year. The FAFSA is filed online at • https://studentaid.ed.gov/sa/fafsa *Make sure to file your FAFSA prior to the Financial Aid Office’s Priority Filing date at each school. Documents needed to file your FAFSA (2019-2020) • • 2017 Federal Tax Returns • 2017 W2s • Pension/IRA disbursement information • Untaxed Income Information (child support, untaxed earning information) • Current bank account/Investment statements G E O R G E M A S O N U N I V E R S I T Y
COMMON ERRORS 1. Personal information is incorrect. Name, Social Security Number, Date of Birth • 2. Signatures from parent(s) and student are missing on the application. 3. Rushing through the tax section on your FAFSA. 4. Incorrectly reporting parent(s) marital status. 5. Listing the same tax information for both parent(s) and student. G E O R G E M A S O N U N I V E R S I T Y
ADDITIONAL DOCUMENTATION The Department of Education may select your student’s FAFSA for a process called “verification.” Verification is the process your school uses to confirm that the data • reported on your FAFSA form is accurate. Your school has the authority to contact you for documentation that supports the information you reported. -studentaid.gov Most students are selected at random for this, it is not because you did • anything incorrectly. The School’s Financial Aid Office will email you directly to request the • necessary information required to verify the FAFSA. Be sure to complete this as soon as possible. G E O R G E M A S O N U N I V E R S I T Y
APPEALS In cases where the information entered on the FAFSA does not reflect a student’s or family’s situation, or if a student has a mitigating circumstance, which prevents them from entering certain information on their FAFSA, they are encouraged to reach out to their Financial Aid Office as soon as possible. A processed appeal is called a Professional Judgment (PJ) and can only be completed by a financial aid professional. Students or families cannot update their FAFSA to reflect these situations on their own. Examples: Dependency Override • Income Reduction • Selective Service Appeal • G E O R G E M A S O N U N I V E R S I T Y
COST OF ATTENDANCE The Cost of Attendance is the total cost of all education related expenses, per academic year, as determined by the school. This includes the following categories: Tuition and Fees • Books and Supplies • Room and Board • Transportation • Personal Expenses • G E O R G E M A S O N U N I V E R S I T Y
EXPECTED FAMILY CONTRIBUTION (EFC) Your EFC is an index number that financial aid offices use to determine how • much financial aid you would receive if you were to attend their school. The information you report on your FAFSA is used to calculate your EFC and this calculation is based on a specific formula determined by the Department of Education. *Schools cannot change/update your EFC unless a Professional Judgement has been processed. 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 number used by your school to calculate how much financial aid you are eligible to receive. All schools are required to provide a Net Price Calculator. This is a tool where • you can get an estimate of what your total aid/ cost of attendance will be at that particular school. G E O R G E M A S O N U N I V E R S I T Y
HOW YOUR FINANCIAL AID IS DETERMINED Cost of Attendance – Expected Family Contribution (EFC) = Financial Need Once your Financial Need is determined, the school can award you a financial aid package for the upcoming academic year. A school is not required to meet 100% of your financial need. * Your EFC will not change from school to school, however, the Cost of Attendance will be different, and this can lead to different financial aid packages from each institution. G E O R G E M A S O N U N I V E R S I T Y
TYPES OF FINANCIAL AID • Gift Aid (grants and scholarships) • Self-Help Aid (loans) • Federal Work-Study G E O R G E M A S O N U N I V E R S I T Y
GIFT AID Grants: Federal, State, Institutional • Scholarships: • Internal Scholarships: Merit awards (academic profile), Athletic awards • (sports), Special talent/interest (dance, music) Outside Scholarships: Community organizations, large • corporations/employers, clubs/associations, religious groups *Typically, there are deadlines/priority filing dates to qualify for these awards (example: FAFSA Priority Filing Date) G E O R G E M A S O N U N I V E R S I T Y
FINDING SCHOLARSHIPS You or your parent(s)’ employer(s) • Financial Aid Office • High school • Library’s reference section • Religious or community organizations • Local businesses • Civic groups, professional associations • Scholarship database searches • G E O R G E M A S O N U N I V E R S I T Y
SCHOLARSHIP TIPS File your Free Application for Federal Student Aid (FAFSA) at: • www.fafsa.gov Begin the search process early • Get organized • Follow instructions carefully • Apply for as many as you are eligible for • Observe deadlines • Be aware of scams! • G E O R G E M A S O N U N I V E R S I T Y
SELF HELP AID (STUDENT LOANS) Loans that are available to students, once a valid FAFSA is completed: Federal Direct Subsidized Loan • Federal Direct Unsubsidized Loan • Federal Direct Parent Plus Loan (parent borrower) • Federal Direct Graduate Plus Loan (graduate students only) • Additional loan options (do not have to complete a FAFSA): Private Student Loans (banks/lending institutions) • *Do your research! Find out which loan options are best for your individual financial situation. G E O R G E M A S O N U N I V E R S I T Y
FEDERAL WORK-STUDY Students receive an award amount based on financial need. • The award allows them to find a FWS job. • They earn their funding through the form of a paycheck. • Work can be on or off-campus. • ~10-15 hours a week. • Student needs to apply for and be offered the position. • Income from Federal Work-Study is deducted from the calculations on • the next year FAFSA form. G E O R G E M A S O N U N I V E R S I T Y
OTHER WAYS TO PAY FOR SCHOOL University payment plans • Savings • Borrowing from private sources • State college savings plans (VA - 529) • Credit cards • VA benefits • G E O R G E M A S O N U N I V E R S I T Y
TIPS Keep copies of all forms submitted to the financial aid and • admissions offices. You have resources available to help! • Research all sources of funding. • Keep track of all deadlines. • Ask questions! • G E O R G E M A S O N U N I V E R S I T Y
QUESTIONS? G E O R G E M A S O N U N I V E R S I T Y
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