FINANCIAL AID The Need to Know for Students
GREETINGS! Deanna Foley Financial Aid Advisor
FAFSA DEADLINE May 1 st is the deadline for the PA State grant, but other institutions may have earlier deadlines You can renew your FAFSA beginning Oct 1 st of each year The FAFSA uses information from the “Prior, Prior year” (e.g. 2020-2021) FAFSA uses 2018 tax year information
HOW IS AID DETERMINED? On your FAFSA, you list financial information and in most cases the financial information about your parents The FAFSA also takes into consideration certain factors, such as household size and number of students attending college Based on this information, The Department of Education assigns students an “EFC” or “Expected Family Contribution” From the EFC, federal, state, and institutional aid is determined
AWARD LETTER Source Fall Spring Total Federal Pell Grant $3,098 $3,097 $6,195 * PHEAA Grant $250 $250 $500 * Scholarship $500 $500 $1,000 Direct Subsidized Stafford Loan $1,750 $1,750 $3,500 Direct Unsubsidized Stafford Loan $1,000 $1,000 $2,000 * Federal Work Study Program $1,500 $1,500 $3,000 * ------- ------- ------- * . Total $8,098 $8,097 $16,195 *= federal award
FEDERAL AID Includes Pell Grant, Subsidized, and Unsubsidized loans Pell Grant is based on need or the “EFC” of a student Subsidized loans are also need based and interest does not accrue until a student graduates or drops below 6 credits Unsubsidized loans are not need based and interest starts accruing when the loan is originated You can start making payments on your loans while you are in school but you are not required to make payments Federal Work Study
FEDERAL AID Parents can also borrow a Parent Plus Loan This is a loan parents can borrow in order to finance a student’s education This loan often has a lower interest rate than what a parent would find with a private loan Parents must complete an application and consent to a credit check.
STATE AID Pennsylvania has a state grant that is administered by PHEAA (Pennsylvania Higher Education Assistance Agency) This is a need based grant In order to be considered, you must file by May 1 st of each year Generally, students must attend PA schools to receive this grant
SCHOLARSHIPS Institutions will often have internal scholarships students can receive Other scholarships can be granted to students and transferred to the institution of the student’s choice Popular websites to find scholarships include - www.fastweb.com - www.myscholly.com - www.scholarships.com - www.bigfuture.collegeboard.org
DCCC SCHOLARSHIPS https://www.dccc.edu/admissions-financial- aid/financial-aid/scholarships
PRIVATE LOANS Students will sometimes seek out private loans to cover their balance These loans will come from various bank/financial institutions Students and/or parents can take out these loans Popular websites to compare rates: - https://www.nerdwallet.com/best/loans/student-loans/private-student-loans - https://studentloanhero.com/marketplace/private-student-loans/
OTHER REQUIRED DOCUMENTS In certain circumstances, the Department of Education may require that we collect additional documentation This can include you and/or your parent’s tax documentation, clarification of number in household, documents pertaining to loan usage and other situations
OTHER REQUIRED DOCUMENTS Some schools (mostly private institutions) will ask for additional documentation outside of what is required from the Department of Education The school may use something called a “CS Profile”
OTHER REQUIRED DOCUMENTS Some schools (mostly private institutions) will ask for additional documentation outside of what is required from the Department of Education The school may use something called a “CS Profile”
COMPARING SCHOOLS When you receive award letters, compare what each school is giving in terms of aid, in regards to cost Some schools may give less aid but still cost less You can compare schools at https://collegescorecard.ed.gov/
COMMUNICATION Schools will have generally have a portal All financial aid correspondence will usually be done through school emails We encourage students to check their email REGULARY as much of the information can be time sensitive Communication is key, if you do not understand something or have questions please reach out to your Financial Aid Office
BEFORE THE START OF THE SEMESTER… Check your schools financial aid portal to ensure you have completed all tasks Compare your award letter to your bill If you owe a balance, get on an appropriate payment plan or seek out other alternatives Continue to check both during the semester
BURSAR OFFICE VS. FINANCIAL AID OFFICE The Bursar’s Office will handle all billing, payment and refund questions The Financial Aid Office awards and disburses money Some schools have “One Stop Shops” where students can ask all enrollment related questions
AFTER FRESHMEN YEAR… The FAFSA opens each year at October 1 st Continue to apply for scholarships throughout the year Check NSLDS.ED.GOV to see how much you have borrowed Renew applications if outside loans were used
AFTER YOUR DEGREE IS COMPLETED Complete “Exit Counseling” which will give you important information about loan repayment Student loans will stay in a “Grace Period” for 6 months after you have graduated or ceased at least 6 credits of enrollment If you choose to go immediately to pursue a Master’s degree, your loans will be deferred but interest will continue to accrue If you are going into repayment, see which payment plan works best for you (Income Based Repayment, Graduate Payment, Standard Repayment)
WHO DO I REPAY? Your loans are through the Department of Education The Department of Education has loan servicers they use. This includes MyFedLoanService, Great Lakes, Navient etc. This can be checked on NSLDS.ED.GOV
QUESTIONS?
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