Financial Aid 101

Applying for Federal Aid

Pell Grants Federal Supplemental Educational Opportunity Grants Federal Perkins Loans Federal Work Study Subsidized and Unsubsidized Student Loans PLUS Loans

FAFSA Information is used to calculate the family’s Expected Family Contribution (EFC) -the amount a family is expected to be able to contribute towards the cost of the student’s education for an academic year Colleges use the EFC to award financial aid The FAFSA application will be available January 1, Some colleges may set FAFSA filing deadlines

Federal Student Aid Personal Identification Number (PIN) Website: Use to sign the FAFSA electronically Not required but speeds up processing May be used by students and parents throughout the aid process, including subsequent school years

Frequent FAFSA Errors Social Security Numbers Divorced/remarried parent information Income earned by parents/step-parents Untaxed income U.S. income taxes paid Household size Number in college Real estate and investment net worth

FAFSA Processing Results CPS notifies the student of FAFSA processing by: - notification with link to view online if the student’s address was provided -paper Student Aid Report (SAR) if student’s address was not provided

FAFSA Processing Results Institutional Student Information Record (ISIR) sent to colleges listed on the FAFSA 5-7days after the FAFSA is submitted College reviews ISIR -may request additional documentation -sends award notification to student

Special Circumstances Change in employment status Medical expenses not covered by insurance Change in parent’s marital status Unusual dependent care expenses Student cannot obtain parent information

Arkansas Scholarships and Grants scholarships.adhe.edu

Arkansas Academic Challenge Scholarship (AKA Lottery Scholarship) YOUniversal Application Deadline: June 1 of each year 4 Year Schools2 Year Schools $2,000 freshman year$2,000/year $3,000 sophomore year $4,000 junior year $5,000 senior year

GO! Grant YOUniversal Application Deadline: June 1 of each year Up to $1,000 per year (2-year or 4-year schools) Student must demonstrate financial need (based on FAFSA)

Governor’s Distinguished Scholars YOUniversal Application Deadline is February 1 each year 1410 SAT or 32 ACT and 3.5 GPA National Merit and National Achievement Finalist 300 scholarships are awarded annually and are up to $10,000 per year

Arkansas Governor’s Scholars YOUniversal Application deadline is February 1 of each year 27 ACT or 3.5 GPA 75 scholarships (one per county) awarded annually and are up to $4,000 per year