Financial Aid Presentation Shauna Crosscup Financial Aid - PowerPoint PPT Presentation

Financial Aid Presentation Shauna Crosscup Financial Aid Manager-New River Community College

Frequently Used Terms Award Terms Application Terms ► FAFSA-Free Application ► Pell for Federal Student Aid ► Work-Study ► FSA ID-Federal Student Aid ► Subsidized Loan ID ► Unsubsidized Loan ► Prior Prior Year ► PLUS Loan ► SAR-Student Aid Report ► FSEOG ► EFC-Estimated Family ► COMA Contribution ► ► VGAP ISIR-Institutional Student Information Report

Items Needed to Complete the FAFSA ► Username and Password (FSA ID) ► https://studentaid.ed.gov/sa/fafsa ► 2018 Taxes, W2s ► If there has been a significant change in income from 2018 taxes student and parent(s) will complete a Request for Recalculation Form ► Untaxed Income ► Social Security Numbers (Parent and Student) ► Student’s Driver’s License Number ► Information on cash, savings, and checking ► Investments ► Stocks and Bonds ► Real Estate (Not the Home You Live In) ► Business and Farm Assets

How do I Report a 529 Plan https://studentaidhelp.ed.gov/app/answers/detail/a_id/1976/~/i%E2%80%99 ► m-a-parent.-how-do-i-report-education-savings-accounts-%28e.g.-529-college

Who is considered a parent?

Legal Guardianship vs. Custody ► Who determines custody? ► Juvenile & Domestic Relations Court ► Found in Chapter 11 of Title 16.1 “Courts Not of Record” in the Code of Virginia ► When may custody be granted? ► When a child is in need of services, during a divorce, or when allegations of abuse or neglect are being investigated. ► For how long? ► Varies – best advice is to read the court order, but know that it is usually temporary

Legal Guardianship vs. Custody ► Who determines guardianship? ► Circuit Court – the Court of Record in Virginia ► Found in Chapter 17 of Title 64.2 “Wills, Trusts, and Fiduciaries”, Subtitle IV “Fiduciaries and Guardians”, Part C “Guardianship of Minors” in the Code of Virginia ► When may guardianship be granted? ► When it is necessary for the benefit and protection of the child. Guardians assume physical and legal custody of the child and all rights and responsibilities of “natural guardians” (Parents) ► For how long? ► Permanent; and usually only terminates via death of the guardian, the child reaching the age of majority, or further court order.

Next Steps After Submitting FAFSA ► Admissions Applications ► Pay Close Attention to Deadlines ► https://schev.edu/index/tuition-aid/financi al-aid-deadlines-2 ► “After the FAFSA: What Happens Next?” ► https://youtu.be/1c1gNefSw78?t=171 ► Apply Yearly

CSS Profile ► College Scholarship Service Profile ► Online financial aid application maintained by the CollegeBoard ► Used by approximately 400 colleges, universities, and scholarship programs ► Used in addition to the FAFSA ► more detailed application ► The college or scholarship program will instruct the student to complete if it is required

Scholarships ► Most scholarships are awarded through the institution ► Check each school’s financial aid page to find scholarships specific to the institution ► Some have a separate required scholarship application ► Many merit based scholarships have an earlier application deadline ► Check Scholarship Blog often on BHS website ► Go to “Counseling Office” tab ► Arranged by scholarship deadline ► Many local scholarships available in the spring ► Scholarships also announced on Twitter ► Follow @BburgHSBruins

Scholarships Cont. ► Reputable Scholarship Search Sites: ► Fastweb.com ► Collegeboard.org ► Scholarships.com ► Putting in time and effort will pay off ► Some scholarships require a lot of work from you, whereas others simply ask you to sign up. ► These are a lot like winning the lottery - someone has to win! ► Check with: foundations, religious or community organizations, local businesses and civic groups, professional organizations for your intended major ► Ask your family members about scholarships offered through their employers or clubs in which they belong - PEO, VFW, etc.

Scholarships Cont. ► Organization Tips: ► Establish a new email for college applications/scholarships ► Make a spreadsheet identifying award amounts and deadlines ► Set a weekly/monthly goal for the number of scholarships to which you will apply - treat this like a part-time job ► Essay Writing Tips: ► Learn who your audience is - go to the organization’s website and read their mission statement and organizational goals/objectives ► Read previous winning essays ► Pay close attention to details and meet all essay requirements ► Have someone review your rough draft and make revisions ► Reuse essays if applicable and tweak as needed ► Don’t try too hard to make it fit - may have to re-write ► Avoid Scholarship Scams: ► NEVER pay for a scholarship search - free money shouldn’t cost you anything

FAFSA Completion Night Wednesday, October 9th - 5:00-8:00 - BHS Library ► Both student and parent should attend - need both FSA ID’s to log-in and sign/submit the FAFSA ► Bring charged chromebook and all 2018 relevant tax information for student AND parent: ► SSN ► Driver’s License ► 2018 tax returns including W-2’s for student, parent(s) ► Records of untaxed income such as child support received, interest income, and veterans’ non-education benefits ► Information on cash/savings/checking account balances, investments, and business and/or farm assets ► Alien Registration Number (if not a U.S. citizen)

Questions

2020-2021 FAFSA Available Starting October 1, 2019