Opening the door to your future Paying for college

How much will your college experience cost?

Cost of attendance Every college or university has an estimated cost of attendance (COA) Tuition & fees Room & board Books & supplies { Direct costs { Transportation Personal expenses Indirect costs

Check college & university websites for net price calculators

Sticker price – Grants & scholarships Net price

What is financial aid? money that helps pay for college

Sources of financial aid Federal government College or university Civic organizations Sources of financial aid Private companies State of residence Employers Religious organizations

{ Types of aid Gift aid Scholarships Federal grants Institutional grants Self-help aid Federal work-study Federal student loans Private loans { Types of aid

Personal characteristics College University Private donor Merit-based Need-based Scholarships Major Personal characteristics Culture Leadership Location involvement Talents

Additional resources Guidance office College/university Admissions counselors Employers Community businesses Civic groups Professional organizations Online search www.fastweb.com, www.collegeboard.org

Scholarship game plan 1 Be college-ready. Prove your college readiness by testing well, maintaining good gpa and class rank. 3 Prepare. Set time aside for scholarships research and applications. Don’t procrastinate. Be aware of deadlines and apply on time. 4 Follow up. Make sure your contact information is up to date and that you follow up with scholarships. 5 Be organized. keep track of all awards, volunteer work, and extracurricular activities that you participate in. 2

{ New American University scholarships ASU academic merit awards No separate application required GPA, class rank, and test scores Renewable New American University scholarships

Federal financial aid

Federal aid eligibility US citizen or eligible non-citizen Register with selective service Attend participating college Federal aid eligibility Enroll in degree-seeking program Maintain satisfactory academic progress

{ Grants Gift aid – you don’t pay back Usually awarded based on financial need Federal or institutional Ex. Pell, TEACH, Supplemental Educational Opportunity Grant (SEOG)

Work-study Need-based student employment program Earn bi-weekly paycheck

{ Loans Federal or private Available for students and parents Pay back with interest

Federal student loans 4.45% Subsidized (sub) Unsubsidized (unsub) Does not accrue interest while in school Does accrue interest while in school

Payments based on income Gradual increases in loan payments Loan repayment Income-driven Graduated Fixed Payments based on income Gradual increases in loan payments Fixed loan payment to 10 years after graduation 25 Repay loans between

{ Parent plus loan Subject to credit approval Current interest rate is 7% Payments begin 60 days after the loan is fully disbursed Parent plus loan

{ Private student loan Financial institution May require co-signer Interest rates vary Repayment options differ May have penalties Private student loan

Applying for aid

*Some scholarships require a FAFSA to be submitted regardless of need Free application for federal student aid *Some scholarships require a FAFSA to be submitted regardless of need

Materials needed Social security number Bank & investment records Tax information from two tax years prior 2016 for students entering college fall 2018 Materials Bank & investment records needed Electronic signature: FSA ID username & password Records of any untaxed income

“Parent”on the FAFSA: Legal (biological or adoptive) parent or stepparent

Who’s my parent? studentaid.gov

Creating an FSA ID Begin with creating a username and password Student and parent both need an FSA ID to act as an electronic signature Student and parent need to use different email addresses Username – do not include personal info such as date of birth or name You can select “Show Text” to see what you’re typing

FAFSA.gov

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FAFSA log in Remember this is the student’s application, so provide student information

Select the correct FAFSA Based on the year the student will be attending college

FAFSA simplified with help and hints Explains the questions Helps you find the answers & info you need

IRS data retrieval tool Internal Revenue Service (IRS) Data Retrieval Tool (DRT) Available to those who have already filed tax returns Eligibility & processing timelines

Data retrieval tool (DRT)

Remember, it’s free to apply for federal student aid

Available October 1, 2017 For students entering college in fall 2018

Submit by priority deadlines

How it works The financial aid process

Financial aid steps Student receives award letter Student may be selected for verification and may need to submit additional documentation School calculates financial need COA-EFC = financial need Student receives a Student Aid Report (SAR) and institutions receive EFC Student submits FAFSA

{ Special circumstances Parent/student loss of income Separation/divorce Unusual circumstances Special circumstances

CSS profile Used by some colleges to apply for nonfederal aid

Financial aid award notification (FAN) Financial aid offer Financial aid award notification (FAN) Financial aid package Financial aid letter

Sample financial aid notification

Financial aid shopping sheet Tool designed to simplify information Standardized form Easily compare institutions to make informed decisions

Compare costs & financial aid awards 1 year vs. 4 year awards Resident vs. non-resident tuition Pay per credit hour or flat amount Renewal / eligibility criteria Net price

Important deadlines Fall 2017 Apply for admission FAFSA becomes available ASU priority deadline National College Decision Day Enrollment deposit Orientation Oct 1 Jan 1 May 1 May 1 Spring/summer

Special ASU programs for eligible Arizona students Tuition and fees Room and board Books and supplies ASU priority deadline: January 1st Barack Obama Scholars Program College Attainment Grant

Get help filling out the FAFSA College Goal FAFSA collegegoal.az.gov