Financial Aid Dollas.

So…you’re thinking of going to a 4 or 2 year school next year? Don’t let cost prevent you from going! There are options available: 1. Federal Loans 2. Grant Money 3. Work-Study Programs 4. Scholarships 5. Private Loans 6. Finding a buried treasure (cool, but unlikely) But, let me guess, you’re worried about how you are going to pay for it?!?!

Federal Aid O Overview of Federal Financial Aid Overview of Federal Financial Aid

Federal Loans Must be REPAID in full, plus INTEREST 1. Subsidized Loans  Dept of Ed pays interest while student is in undergraduate school and during grace/deferment periods;  student must be at least half time  Must have financial need  Up to $5,500 awarded 2. Unsubsidized Loans  Student is responsible for all interest;  Student must be at least half-time;  Financial need is not required  Up to $20,500 awarded 3. PLUS Loan  For parents of dependent students  Borrower is responsible for all interest;  Student must be enrolled at least half-time;  Financial need is not required  Maximum amount is cost of attendance minus any other financial aid student receives 4. Perkins Loan  Exceptional financial need;  must be repaid to school that made the loan;  5% interest rate; up to $5,500 awarded

Federal Grants FREE MONEY: Financial aid, sometimes based on financial need, that does not need to be repaid (unless, for example, you withdraw from school and owe a refund). Different grants have different qualifiers (i.e. TEACH Grant is for those who want to become teachers, requires work in high need field for four years upon graduation).

Work-Study Programs Student aid program that provides part-time employment while you are enrolled in school to help pay your education expenses Work study is money that the student actually earns. Employment is provided by the College. Students work no more than 20 hours per week, not to exceed 80 hours per month. Students are paid monthly.

How do I apply for a Federal Loan, Grant, and/or Work – Study Program? O FAFSA is THE application for all of these programs O You can find it at USE THE FAFSA!!!!!!!! F ree A pplication F or S tudent A id

Complete the Free Application for Federal Student Aid (FAFSA) at For the 2015–16 award year, the FAFSA is available from Jan. 1, 2015, to June 30, O You should apply as soon as you can! Federal Aid is FIRST COME, FIRST SERVE. O Schools and states often use FAFSA information to award nonfederal aid. Their deadlines are usually early in the year. O Check with the schools you’re interested in for their deadlines. O Submit the FAFSA by the earliest school deadline on your list.

Completing the FAFSA Application: Your PIN O First things first, you will need a PIN or Personal Identification Number. One of your parents will also need their own PIN. O PIN = your identifier to allows you access to personal information within the FAFSA site and acts as your digital signature O You can apply for a PIN at any time (the sooner the better)

 Provide the requested info: name, social security number, etc.  You will be given the option of creating your own PIN or having the site create one for you. If the site creates one for you, you can choose to have your PIN displayed immediately on the screen.  Otherwise, you can choose to receive an that will give you the link to a site where you can access your PIN. Completing the FAFSA Application: Your PIN

Completing the FAFSA Application: Getting Started  If you are starting a FAFSA for the first time, go to and click on “Start a New FAFSA”  Things to keep in mind:  Your name and Social Security number must match those on your Social Security card.  If you’re concerned about providing your personal information on the login page, choose the virtual keyboard option for additional security.  The password you create near the beginning of the FAFSA on the Web application is not the same as your PIN. You’ll need the password to start and save your FAFSA application.

Next, gather all of the materials you will need to answer all of the questions in the application: Social Security number Your parents’ Social Security number (s) Your driver’s license number (if you have one) Your Alien Registration Number if you are not a U.S. citizen Federal tax information: W2 and 1040 form Records of your untaxed income, such as child support received, interest income, and veterans noneducation benefits, for you, and for your parents if you are a dependent student Information on cash; savings and checking account balances; investments, including stocks and bonds and real estate but not including the home in which you live; and business and farm assets for you, and for your parents if you are a dependent student Completing the FAFSA Application: Gather Materials

Am I an Independent Student? The majority of Bonny Eagle High School Students are DEPENDENT. You MAY BE considered INDEPENDENT if: O You are over 24 years old O You are married O You have children or other individuals who receive more than half of their support from you O You are currently on active duty in the military/US veteran O Since you turned age 13, were both your parents deceased, you were/are in foster care, or you were/are dependent or ward of the court O It has been determined by a Maine court that you are an emancipated minor or you are in a legal guardianship DEPENDENT STUDENTS MUST INCLUDE PARENT INFORMATION

I Submitted the FAFSA …Now What?  Aid is determined from the info on the FAFSA and your Expected Family Contribution (EFC)  You will receive a Student Aid Report (SAR) with this info on it  The school (s) you listed on your FAFSA will get a copy of your SAR electronically  Contact the schools on your list to make sure they have received all the info they need  Wait for OFFER LETTERS

Scholarships = Free Money! There are LOTS of websites with scholarship information, our favorites are: There is a special application process for local scholarships:  One application for all  Info to come in January

Private Loans = Loans from the Bank  Usually higher interest rates (this means you will end up paying more)  Application for these types of loans is not included on the FAFSA  Each loan has its own process/application