Where Innovation Is Tradition Financial Aid Overview Office of Student Financial Aid George Mason University

Where Innovation Is Tradition Financial Aid Three Types of Financial Aid Grants and Scholarships Loans Federal Work-Study

Where Innovation Is Tradition APPLY Apply for financial aid by first completing the Free Application for Federal Student Aid (FAFSA) which is required by ALL schools offering federal student aid. ( Complete any additional financial aid forms required/requested by the school(s) the student is applying to in order to complete the student’s file.

Where Innovation Is Tradition APPLY Some schools may require a student to complete an institutional financial aid application. Some schools have a general scholarship application. Some schools have early application dates to apply for merit/academic scholarships.

Where Innovation Is Tradition Application Process As soon as possible, after January 1 of the student’s senior year in high school, the FAFSA should be filed. FAFSA is filed online at Students can list up to 10 (ten) schools FAFSA is submitted to the U.S. Department of Education (processing center)

Where Innovation Is Tradition Items to watch for on your FAFSA Double check personal information Be sure to read through directions If you have filed taxes already, try to use the IRS Data Retrieval Tool Make sure that you enter the correct information from taxes Make sure to sign the form New FAFSA password system (April)

Where Innovation Is Tradition Cost of Attendance Tuition and fees Books and supplies Room and board Transportation Personal/Miscellaneous expenses

Where Innovation Is Tradition Calculating Financial Need Cost of Attendance - Expected Family Contribution = FINANCIAL NEED

Where Innovation Is Tradition Financial Need Once “need” is determined based on the student’s FAFSA, each school the student has been accepted to will offer a “financial aid package” that may be comprised of grants/federal work-study/loans depending on the student’s eligibility.

Where Innovation Is Tradition Grants/Scholarships Free money - students do not pay back grants and scholarships Awards granted from federal and state governments, the college or university, or outside organizations Typically, there are deadline/priority filing dates to qualify for these awards

Where Innovation Is Tradition Federal Work-Study (FWS) A job where the student earns a paycheck Work can be on- or off-campus Student needs to apply for and be offered the position. Income from Federal Work-Study is deducted from the calculations on the next year FAFSA form.

Where Innovation Is Tradition Scholarships (cont.) 1.You or your parent(s)’ employer(s) 2.Financial Aid Office 3.High school 4.Library’s reference section 5.Religious or community organizations 6.Local businesses 7.Civic groups, professional associations

Where Innovation Is Tradition Scholarships Scholarships: Do not need to be re-paid… based on: Merit awards (academic profile) Athletic awards (sports) Special talent/interest Outside of the school, scholarships are offered by… Community organizations Large corporations/employers Clubs/associations Religious groups

Where Innovation Is Tradition Scholarship Tips 1.File your Free Application for Federal Student Aid (FAFSA) – at: 2.Begin the search process early 3.Get organized 4.Follow instructions carefully 5.Apply for as many as you are eligible for 6.Observe deadlines 7.Be aware of scams

Where Innovation Is Tradition Student Loans Federal Direct Stafford Loan: variable interest rate; student usually starts repayment 6 months after graduation or if the student drops below half-time enrollment Two types: Subsidized (need-based) and Unsubsidized (non-need) Presently, the interest rate is 4.66%

Where Innovation Is Tradition Student Loans Federal Perkins Loan Interest rate is FIXED at 5% Repayment begins 9 months after student graduates or drops below half-time enrollment Awarded to students with exceptional financial need

Where Innovation Is Tradition Non-Need Based Aid If the student’s Expected Family Contribution is equal to or greater than the college’s Cost of Attendance… Student is only eligible for “non-need” based financial aid - Unsubsidized Stafford Loan and/or Parent Loan for Undergraduate Students (PLUS)

Where Innovation Is Tradition Parent Loan (PLUS) Parent Loan for Undergraduate Students (PLUS) Parent can borrow up to the school’s Cost of Attendance minus all financial aid received Presently, the interest rate is 7.21% Parent borrower begins repayment 60 days after the last disbursement of the loan is complete.

Where Innovation Is Tradition Other Important Information 1)CSS PROFILE FORMS (about 400 schools will require this form to be completed: 2)Professional Judgments 3)Satisfactory Academic Progress

Where Innovation Is Tradition Other Resources University payment plans Savings Borrowing from private sources State college savings plans (VA - 529) Credit cards Search for outside scholarships (religious affiliations/employers/hobbies)

Where Innovation Is Tradition Time is of the essence! Always meet the financial aid “deadline” or “priority filing date” Not meeting this date often means that the student may not be offered the best possible financial aid package as funds are limited.

Where Innovation Is Tradition Tips Keep copies of all forms submitted to the financial aid and admissions offices Know you have resources available to help you Research all sources of funding Keep track of all deadlines Ask questions!

Where Innovation Is Tradition Question/Answer Session