What You Need to Know About Financial Aid 19-20 Somers High School - PowerPoint PPT Presentation

What You Need to Know About Financial Aid 19-20 Somers High School

Discussion Items 1. Cost of Attendance (COA) 2. Expected Family Contribution (EFC) 3. Financial Need 4. Types of Financial Aid 5. Free Application for Federal Student Aid (FAFSA) 6. Post – Application Processes

Determining Eligibility – Cost of Attendance (COA) Indirect Direct Costs Costs Tuition Books Fees Transportation Room and Meal Miscellaneous Plan (if living on Expenses campus)

Determining Eligibility – Expected Family Contribution (EFC) • EFC is calculated by using the information provided on the Free Application for Federal Student Aid (FAFSA). • Measure of a family’s financial strength towards subsidizing an education for one year. • Determines types and amounts of financial aid students are eligible to receive.

Determining Eligibility – Financial Need Eligibility for need-based financial aid (i.e. Grants, Federal Work-Study, Federal Direct Subsidized Stafford Loans) is dependent upon the Cost of Attendance and your EFC. $33,000 $40,000 $24,000 $17,000 $8,000 $1,000 EFC $7,000 Cost of Attendance - EFC = Need (Dependent upon institution) (constant) (Dependent upon COA)

What is Financial Aid? Financial aid may include grants, scholarships, loans, and employment from a variety of sources: federal, state, institutional, or private funding. Grants Scholarships Loans Employment Federal Pell Grant Local businesses and Federal Direct Stafford Federal Work-Study organizations Subsidized SEOG http://hfpgscholarshi ps.org State Department of Federal Direct Stafford Student Labor Education (Roberta Unsubsidized Willis Scholarship) University Grants School Guidance Federal Direct Parent Office / College PLUS Admission Process Places of Private/Alternative Employment / Loans Internet

How do I Apply for Financial Aid? Complete the 2019-2020 Free Application for Federal Student Aid (FAFSA) • FAFSA is available October 1 at fafsa.gov • CSS Profile www.collegeboard.com • 2017 parent and student financial information required • Recommend using the IRS Data Retrieval Tool for accurate filing of FAFSA • Institutional Applications – check websites and school publications

Financial Aid Eligibility Criteria U.S citizen or eligible non- Selective Service citizen registration (Males) Enrollment or acceptance Satisfactory Academic in eligible program of Progress compliance for study continuing students

How do I Apply for Financial Aid?

Resources • Federal Student Aid: – U.S Department of Education • https://studentaid.ed.gov – Free Application for Federal Student Aid (FAFSA) • https://www.fafsa.gov – FAFSA4Caster: Online Eligibility Estimator http://studentaid.ed.gov/fafsa/estimate – 1-800-4-FED-AID (1-800-433-3243) – TTY: 1-800-730-8913

Questions?

What if I can’t complete the FAFSA because I don’t meet the citizenship requirements? • Public Act 18-2 allows for certain types of institutional financial aid to be made available for qualifying undocumented students beginning Spring 2020. • More information about the separate application process can be found on our website at financialaid.uconn.edu/special/