SEMINAR: JANUARY 13, 2016 FEDERAL FINANCIAL AID CLASS
TYPICAL COLLEGE COSTS: IN STATE The yearly cost of a 2-year program (community college): $3510 The yearly cost of a four-year public college: $11,991 (not including room and board) Room and board is about an additional $6,000-8,000 Source: College Board
HOW DO YOU PAY FOR COLLEGE? Scholarships and Grants: money that is given to students based on achievement or need; DOES NOT NEED TO BE PAID BACK Work Study: arrangement made through college to work for college funding (for example: being a resident assistant in a dormitory) Loans: money that you borrow and that you have to pay back (with interest) Out of pocket: you or your family pays for college through your own savings
WHERE TO FIND MONEY FOR COLLEGE
FAFSA In order to be considered for many college scholarships, you must fill out FAFSA F ree A pplication for F ederal S tudent A id
FAFSA FAFSA can be completed any time after January 1 st. FAFSA must be received by March 1 st in Michigan. (So send it earlier!) You will need to redo FAFSA every year you are in college, if you are receiving scholarships or loans. The most common way to apply for federal financial aid is online:
FAFSA In order to complete FAFSA online, you will need to create an FSA ID (Federal Student Aid ID)
FAFSA You will need your parents’ tax information for FAFSA. You have two options: 1. Wait until your parents have their W-2 tax forms returned and then fill out FAFSA. 2. You can estimate your parents’ income on FAFSA, but you will have to go back in with the information once the tax forms are available.
FAFSA Use the FAFSA on the Web Worksheet to help you prepare for filing FAFSA online.
HELP WITH FAFSA Do you and your family need help? Here are some places to go: 1. Call FAFSA for help ( FED-AID) 2. Go online and ask for help ( College Goal Sunday!!!!
COLLEGE GOAL SUNDAY! Throughout January and February, there will be FREE help for families that are working on FAFSA. Financial aid specialists will be at various sites to work with families on FAFSA. Make sure to save the date! (handout) Make sure that you have all necessary materials with you! (handout)
QUESTIONS? Do you have any questions? What do you need to do next? Let’s see what you remember!