Ho How To To Ob Obtain tain Mon oney ey Fo For Col olleg lege Renee DelConte Director One Stop Student Services
Intr troduction oduction 1 Wh What t is Financial ncial Aid? Financial Aid is any resource which can assist in paying the costs of attending college. 2 Who is eligi gible le to re receiv ive e Financia ncial l Aid? All eligible U.S. citizens, permanent residents, and eligible non-citizens admitted to a participating post-secondary institution in a degree-seeking program. Where re does Financia ncial l Aid come me fro rom? 3 Federal and state government, schools, employers, and other public and private sources like clubs and organizations.
FAF AFSA SA Ap Applic lication ation www ww.faf fafsa sa.ed. .ed.gov gov FAFSA = Free Application for Federal Student Aid • Takes approximately 20 to 30 minutes to complete. • IRS data matching available. • Required items: Student and Parent PIN (www.pin.ed.gov) and tax documents if you are ineligible to use the IRS data match. • It only takes 3 to 5 business days to be processed. • Results in a Student Aid Report sent to you via email. • Results can be sent to up to 10 colleges. • Remember: the FAFSA needs to be renewed each year.
FAFSA SA de determ ermines ines financ ncial ial aid e d eligibi ibility ity using g multiple ple co compon onents. ents. So Some exa xamples les: College ege Househ ehold ld Incom come Assets sets Studen ents ts In Size Househ ehold ld Example ples: Example ples: Example ples: Example ples: • Adjust sted ed gross s • Invest stme ments ts • Parents ents • Exclud lude e income excludin ing parents ts who retir ireme ement t • Siblin lings are in college ege • Amount of plans and IRAs money in cash, • Others rs for whom • Include e check cking ing or • Real estate te parents ts provid vide e sibling ings s who savin ings excludin ing more than 50% of are in college ege primary ary support ort residen ence financia iall lly
The F Th e FAFSA A will ll de determ ermine ine yo your Exp xpected ected Fam amily ly Con ontribu ributi tion on (EFC) Expected Family Contribution (EFC) • Determined by U.S. Department of Education • Used to calculate your “need” for need -based financial aid programs Cost of Attendance (COA)* - Expected Family Contribution (EFC) = Eligibility for need-based for financial aid *COA is different from school to school, but a student’s EFC stays the same. Therefore, a student’s need will be different from school to school.
Frequ Fr quent ent FA FAFS FSA A Errors ors Missi ssing ng Missi ssing ng PIN paren rental tal Misrep sreportin rting g e-sign signature atures infor formatio mation incom come e tax x paid id Social cial Security curity FAFSA SA Errors s = SAR reject ct Misrepo sreport rtin ing numbers mbers not t hous useho ehold ld size ze matchin tching Missi ssing ng real al Missi ssing ng Misrep sreportin rting g estate tate and d steppa epparent rent numbe mber r of inves estm tment ent incom come e hous useho ehold ld net worth rth members mbers in coll lleg ege
Fi Finan ancial cial Ai Aid Cyc d Cycle le Student ent completes etes/r /rene enews ws FAFSA each ch yea ear FAFSA is Student ent submit submits s any ny process ssed ed by additiona onal paperwor work DOE and EFC FC to final alize ize their ir awa ward is determine ined package SAR sent to After admissi ssion on all colleg eges es the colleg ege(s e(s) requested sted awa wards financi ancial al aid
Disp spelli elling g myt yths s ab abou out com ompleting eting the e FAFSA FAFSA will only y awar ard me loan n money ey, which ch I will have ve to accep ept . I only y want nt state and The FAFSA SA is too long institut utiona onal money ey, , and too hard to so I don’t need to complete ete. complete ete it. Myth ths s about ut I won’t qualify for anyt nything hing, , my completin pleting g th the FAFSA SA parent nts s make e too much h money ey.
Types of Financial Assistance Available Gift Aid Self Help: Employment Self Help: Loans Work-study Scholarships & Loans Programs Grants • Repayment is required. • Part-time, on or off • Repayment is not campus jobs. required. • UNF offers Federal and private loans. • Educational experience. • Federal, state, private, and institutional money • UNF participates in Federal • Get paid for working available. Direct Lending for student through financial aid and PLUS loans.
Gif ift t Ai Aid: d: Grants ants Need ed-Based ased Awarded to undergraduate students with EFCs less than $5081 Pell l (2013-2014 EFC cutoff). Award ranges from $600 - $5645 depending on EFC. Pell Grant awards pro-rate based on hours Grant nt enrolled. In most cases students must enroll in at least 3 hours. In the case of the smaller Pell awards, 6 hours may be required . Federal Supplemental Educational Florida Student Assistant Grant: Awarded Opportunity Grant: Awarded to to undergraduate students identified as undergraduates with priority given to Florida residents. Must be Pell eligible. FSAG FSEOG Pell eligible students. Must enroll for at Must enroll in at least 6 credit hours. Up least 3 credit hours. Up to $4,000 a year to $2000 a year (2013-2014 maximum), (2013-2014 maximum), pro-rated based pro-rated based on hours enrolled. on hours enrolled. Funds available basis. Funds available basis. Awarded to undergraduate students Some colleges, like UNF, offer need- identified as Florida residents whose based grants to students who parents have not earned bachelors demonstrate unmet financial need. UNF First degrees. Priority is given to students Priority is given to the highest need Generation Grants who are Pell eligible and funding is students on a funds available basis. limited, so applying for financial aid Applying for financial aid early and early is key in being considered for this being admitted early are key in being Scholarship. Students must enroll in at considered for this type of grant least 6 credit hours. funding.
Gif ift t Ai Aid: d: Scho holar larships ships Academic/merit based scholarship funded by the State of Florida. Tiered awarding structure with awards ranging from $44.00 to Br Bright ight $103.00 per credit hour. Student must be deemed a Florida Resident by their college/university. Futures tures Student MUST complete a Florida Financial Aid Application prior to to high scho hool ol gradua duatio ion: www.floridastudentfinancialaid.org. Talen lent t Awards given to students by colleges based on demonstrated excellence in things like sports, music, art, dance and many others. Ba Based ed Awards given to students based on academic excellence. GPA, Academ demic ic SAT/ACT test scores and in some cases, community service are all Based Ba ed factors in determining eligibility.
Gif ift t Ai Aid: d: Private ivate Scho hola larships rships Scholarships are specialized funding designed to support college education. They originate from a variety of sources, such as: Privat vate e Religi gious ous Chambe mber r of Civic c Group ups/ s/ Organi ganiza zations/ ons/ Schoo ool Dist stri rict ct Organi ganiza zations ons Comme mmerce rce Corporat porations ons Unions ons Don’t pay for scholarship searches! Free online scholarship resources: FinAid on the web: www.finaid.org College Board: www.collegeboard.com FastWeb: www.fastweb.com Go College: www.gocollege.com And don’t forget your college’s financial aid website!
Self lf Help lp: : Flor lorida ida Pre e Paid id www.myf yflori loridap aprep repaid id.com .com There are many different college pre-paid plans with many different financing options: Florida Savings Plan that allows Florida Prepaid Plan that covers Florida you to choose from 11 different 2+2 tuition and most fees for 60 credit investment options and to decide 529 Plan hours at a Florida College and for 60 just how much and how often you Plan credit hours at a State University contribute. 2 Year Florida Prepaid College Florida Prepaid Plan that covers U4 C2 Plan that covers tuition and most tuition and most fees for 120 Plan Plan fees for 60 credit hours at a credit hours at a State University Florida College The Take-Away: Not all Pre-Paid Plans are alike, 4 Year Florida Prepaid Plan that and not all plans will cover 100% of college C4 covers tuition and most fees for expenses each term. The good news: Pre-Paid and Plan 120 credit hours at a Florida Bright Futures work together. Students do not get College penalized on either program for having both!
Self lf Help lp Ai Aid: d: Fede deral ral Work rk Stu tudy dy • Work Study funds are available on a first-come-first-served basis. File your FAFSA early! • Students must indicate interest in Federal Work Study when filing their FAFSA. • Work Study is self-help aid in the form of a part-time job awarded to students who demonstrate financial need. • Work Study jobs are available for students both on and off campus. • Awarded students must enroll in and maintain at least half-time status to remain eligible. • Work Study provides you with great work experience. • Work Study is a great resume enhancer!
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