Financial Aid February 2, 2016

How America Pays for College 

How much federal student aid can I get? Maximum amounts for the major programs for a dependent freshman in : Federal Pell Grant: $5,775 Federal Work-Study: depends on funds available at school Direct Subsidized and Unsubsidized Loans: $5,500 total Direct PLUS Loan (for parents): COA minus other aid received Use the – Free financial aid calculator offering an early estimate of your eligibility for federal student aid.

Free Application for Federal Student Aid (FAFSA) - the primary form for all government aid. Submit FAFSA Earlier: May file for FSA ID number in the early fall to be ready to submit the FAFSA as early as October 1 st, The “FSA ID” is new as of May 2015, is more secure & a lifetime number. Federal Govt. no longer using previous “pin #”. Student & parent must have different FSA ID’s and different s. Students need to have a SSN. Use earlier Income Information: FAFSA, students and parents report their 2015 tax information. (prior-prior year). No longer estimating. Don’t wait until being admitted to college to file the FAFSA. Colleges will no longer be able to see other schools that students list on FAFSA. WAFSA: Undocumented students in Washington may apply using the Washington Application for State Financial Aid (WAFSA). New state law expanded the Washington State Need Grant to students who meet the program’s eligibility and residency criteria. Readysetgrad.orgReadysetgrad.org

File annually using log in & FSA ID # as first year filing. If student changes schools, aid doesn’t automatically transfer with the student. Students need to check with their new school to know how to continue to receive financial aid. Colleges may require additional documents. Be sure to visit each school’s financial aid website and note deadlines. In addition to FAFSA, some independent colleges require a more detailed form - CSS PROFILE. The FAFSA – is free (Never pay! Only apply on.gov site) and takes about 30 minutes to complete. Free assistance is available to complete the form: phone, , College Goal WA events.

Financial Need Terms/Calculation: Estimated Cost of Attendance (COA*) LESS: Expected Family Contribution (EFC) EQUALS: Financial Need * differs from school to school and is based on tuition, books, room/board, incidentals

What happens next?  You, and schools you listed on the form, will receive the results of your FAFSA data you submitted. Your “Student Aid Report” (SAR) is a summary of the information and indicates your EFC, Estimated Family Contribution.  Then, from the SAR, each school you are accepted at, will tell you how much and what type of aid you are eligible for at that school with a “Financial Aid Award Letter”.  Watch for s or letters from the schools that will includes the Financial Aid Award letter and may include sources of aid.  You can compare school aid packages.  You may accept all, or a portion, of what is offered. Only accept what you need!  Once you decide which school to attend, keep in touch with the financial aid office to find out when and how you will get your aid.

Comparison Shop!  The College Scorecard - Affordability/value, grad rates, loan default, student borrowing The College Scorecard -  College Navigator - Interactive Site to explore/compare college features (also in Spanish) College Navigator  Net Price Calculator - Colleges & universities receiving federal financial aid funding are required to have one on their website. Net Price Calculator  – college match feature, “financial friendliness” (merit aid), scholarship search  - find & compare college avg. net price, graduation rates, debt repayment & earnings)

If you are not eligible for need- based aid? Colleges reward students with good grades, test scores and special talents with merit aid  LHS 2015 graduates reported over $2.4 million in scholarships, grants and gift aid toward post-high school education!  Be sure to contact the school financial aid office & specific Departments regarding potential scholarships.

Scholarship Sources  State Scholarships – WA Opportunity Pathways  Institutional Funds – Awarded directly from colleges to their admitted students. At some colleges every applicant is automatically considered for merit scholarships, others you have to apply or be recommended.  Consider Honor Colleges  Programs such as Bellevue College’s “STEM to Stern” $6,000/year for 2 years.  Merit scholarships – GPA, talents  Campus visits  WSU – Future Cougars of Color or Destination Visit $1,000/year for four years.  More funds available in private colleges because of their large endowments  Outside Private Scholarships – National, state & local organizations.  Military Reserved Officer Training Corps (ROTC) – Scholarships in return for military service.

Washington State Financial Aid Programs  Washington Student Achievement Council administers the State’s financial aid programs – “Opportunity Pathways” Washington Student Achievement Council  American Indian Endowed Scholarship  College Bound Scholarship  Opportunity Grants  Opportunity Scholarship Program  Passport for Foster Youth Promise Program  State Need Grant/State Work Study  State Financial Aid for DREAMers (WAFSA)  WICHE/WUE Programs - consortium

What is WICHE/WUE?  Student Exchange Programs  Washington residents can enroll in eligible programs at reduced tuition rates through the WICHE programs in 14 western states:  Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, North Dakota, Oregon, South Dakota, Utah, and Wyoming.  Undergraduates enroll at participating 2- & 4-year schools outside of their home state. Students pay 150% of the receiving school’s resident tuition, big savings over nonresident tuition.  Differing requirements/limitations.

Finding outside scholarships?  LHS Career Center LHS Career Center  Scholarship webpage/notebook/bulletin board/morning announcements – better odds local scholarships & Financial Aid Handbook  Online Search Engines:  State: Washboard.org, readysetgrad.org  National: Fastweb.com, Collegeboard.org, Studentaid.gov/scholarships  Outside Groups: Employers, foundations, corporations, civic groups, religious affiliation, veterans, clubs, field of study/intended career, minority status, National/ethnic background, local organizations, unusual etc.  Eligibility/criteria varies widely - may be awarded on basis of academics, leadership, artistic talents, athletic ability, career plans, field of study, special hobbies/interests. All students are encouraged to search!  Rule of Thumb – Prioritize college applications in the fall (target Thanksgiving completion) and then apply for scholarships.