THE FAFSA A N A N D O D OT H E R H E R F I N A N C I A L A I - PowerPoint PPT Presentation

THE FAFSA A N A N D O D OT H E R H E R F I N A N C I A L A I D B F I N A N C I A L A I D B A S A S I C S I C S www.collegenowgc.org

PRESENTATION OUTCOMES � Know and understand the financial aid basics � Understand the FAFSA and why it is important to file www.collegenowgc.org

TYPES OF FINANCIAL AID Gi Gift M Mone ney y Earne ned M Mone ney y Borrowed M Mone ney y Gr Grant nts a and nd Federal l E D U C A E D U C A T I O N I O N Scho hola larshi hips work s k study y L O A N S L O www.collegenowgc.org

GIFT MONEY: GRANTS AND SCHOLARSHIPS Grants Scholarships � Need-based � Can be: Merit-based � Eligibility determined by the Need-based FAFSA Circumstance-based (Free Application for Federal Student Aid) *Grants and scholarships do NOT need to be repaid! www.collegenowgc.org

TIPS FOR SCHOLARSHIP SEARCHING Thi hink S nk SPECIF IFIC IC Thi hink L nk LOCAL � � Academic achievement Civic organizations � � Certain Majors Your high school (PTA) � � Underrepresented Place of employment students � Gear UP Conne nnection.na n.navianc nce.c .com/ m/no norma mand ndyhs yhs www.collegenowgc.org

EARNED MONEY: FEDERAL WORK STUDY � It is the student’s responsibility to apply and interview for a job on campus � Students are paid by a check, and may use the money in a variety of ways *Payment does not go directly towards tuition. www.collegenowgc.org

BORROWED MONEY: LOANS � Federal Student Loans: awarded upon completion of the FAFSA - S tafford Subsidized Loans: 3.76% fixed interest -Stafford Unsubsidized Loans: 3.76% fixed interest -Perkins Loan: 5% fixed interest � Federal Parent Plus Loan: 6.31% fixed interest � Private or Alternative Loans: Loans from banks and other loan sources, like Sallie Mae *Federal interest rates are set every July. These rates are the rates disbursed before June 30, 2017. www.collegenowgc.org

WHAT IS THE FAFSA? � FREE Application for Federal Student Aid www.f .fafsa.ed.g .gov www.collegenowgc.org

WHY FILE THE FAFSA? � Generates every type of aid; is used to determine amount of government aid � Everyone will be offered something � Many scholarships require a completed FAFSA www.collegenowgc.org

DETAILS � FAFSA is available October 1, 2017 � You should complete by December 1 st � Needs to be completed every year � Send up to 10 colleges www.collegenowgc.org

STEP ONE • Student nt a and nd p parent nt e each a h appli lies f for FSA ID ID • This is your signature for the FAFSA • Make sure student creates their own!!

WHO IS A PARENT ON FAFSA? • Student nts f file le w with t h the he p parent nt/step p parent nt t the hey li y live w with h • If If p parent nts a are d divorced, t , the he s student nt f file les w with t h the he c custodial l parent nt ( (and nd s step p parent nt i if r rema married). It . It d does no not ma matter who ho c cla laims ms t the he s student nt o on t n tax r returns ns, b , but w whe here t the he student nt r resides. . • If If p parent nts a are N NOT ma married, b , but li live t togethe her b both p h parent nts go o on t n the he F FAFSA • Student nts w who ho a are i in c n court a appoint nted le legal g l guardians nshi hip o or foster c care f file le a as i ind ndepend ndent nt s student nts

STEP 2: GATHER YOUR INFORMATION � Social Security Numbers � Most recent income tax returns, W-2s � Bank statements and records of investments � Records of untaxed income � Asset information (assets do not include retirements plans, the home you live in, or life insurance) US USE T THE IR IRS D DATA RETRIE IEVAL!!

STEP THREE File le F FAFSA! FAFSA.g .gov Us Usually t lly takes a about 1 10-2 -20 mi minu nutes t to c comple lete ** **Make s sure i it g gets s signe ned a and nd s submi mitted! Student nt w will g ll get a an e n ema mail w l whe hen i n it i is p processed ( (3 d days ys) See GE GEAR UP UP A ADVIS ISOR t to ma make s sure i it i is c correct o or i if the here a are i issues

WHAT THE FAFSA TELLS YOU � EFC, a number calculated by the Department of Education based on the information provided in the FAFSA. *Your EFC will be the same for every school. *Your EFC determines the type of aid you are eligible for. www.collegenowgc.org

WHAT THE FAFSA TELLS YOU � Will let you know if you are eligible for the Pell Grant (up to $5,920) � Lists Stafford loans (up to $5,500) www.collegenowgc.org

VERIFICATION � Schools are required to verify information. � Usually involves sending tax paperwork. � Must follow through with the required paperwork ASAP! If delayed, it will delay the award letter. www.collegenowgc.org

SPECIAL CIRCUMSTANCES � Loss of income � Divorce or separation � Medical expenses � Death of parent or spouse � Private school expenses *These are separate forms you will have to file with your college. Contact your school’s financial aid department. www.collegenowgc.org

AWARD LETTERS � Compare your award letters from each school for gift money, earned money, and borrowed money � Unmet need and true cost of attendance � Delivered from January- April www.collegenowgc.org

CSS PROFILE Onli nline ne a appli lication t n tha hat c colle llects i inf nforma mation f n for s specific i ins nstitutions ns • Used t Us to a award p private a and nd i ins nstitutiona nal a l aid • DO DO I N I NEED T D TO F FIL ILE T THE C CSS P PROFIL ILE?? • Che heck y k your c colle llege’s ’s f fina nanc ncial a l aid w website • You c can f n find nd p participating ng s scho hools ls o on C n Colle llegeboard.o .org C CSS profile le p page • Example of schools: Case W Western, O n, Oberli lin C n Colle llege, , Kenyon C n Colle llege, W , Wooster, De , Deni nison n

HAVE QUESTIONS? SCHEDULE AN APPOINTMENT WITH YOUR GEAR UP ADVISOR: Norma mand ndy Stepha hani nie B Busa sbusa@colle llegeno nowgc.o .org Parma ma H High Cathe herine ne Gr Graha ham m cgraha ham@ m@colle llegeno nowgc.o .org Valle lley F y Forge Hilla llary W y Walk lker hw hwalk lker@colle llegeno nowgc.o .org

THANK Y YOU! U!