Financial Aid Overview 2016/2017 By SHS Guidance Staff We’re Here to Help! Hopefully this presentation will be helpful in addressing frequently asked questions about applying for financial aid. The financial aid process can often be a stressful one for both students and parents! Please don’t hesitate to ask for help!

Financial Aid Formula What is Financial Need? Cost of Attendance (COA) - (minus) Expected Family Contribution (EFC) = (equals) Financial Need! A family’s “Expected Family Contribution” is considered a constant dollar amount where the true variable becomes the cost of attendance at the college. A private college that costs considerably more than a public school or community college would result in a family having greater financial need.

Need Analysis - Free Application for Federal Student Aid (FAFSA) To the extent that they are able, parents have the primary responsibility to pay for their children’s education. Parents will, as they are able, contribute funds for their children’s education. Students also have a responsibility to help pay for their own education. Anyone who wishes to have help in paying for college expenses must file the Free Application for Federal Student Aid or FAFSA on an annual basis to provide an accurate picture of the family’s household income. Through need analysis, the family’s “Expected Family Contribution” or EFC is calculated. The college financial aid office uses this figure, along with the cost of attendance at their institution, to determine what aid a student is eligible for once financial need has been established.

Need Analysis - Free Application for Federal Student Aid (FAFSA) The family should be accepted in its present financial condition. A need analysis system must evaluate families in a consistent and equitable manner while recognizing that special circumstances can and do alter a family’s ability to contribute. ALL seniors should complete the FAFSA for aid consideration by March 1st! Sometimes additional information is required to capture a family’s true financial condition. Private colleges may require supplemental financial aid forms to help in distributing private monies. Another instance in which more detailed information may need to be provided to the college is in cases where a professional judgment decision must be made by the college financial aid personnel.

FAFSA on the Web Has become the most popular method of filing for the majority of families; http://www.fafsa.gov/ Dramatically speeds up processing time, while significantly reducing filing errors NEW this year, a FAFSA ID is required for the student and one parent to sign electronically; https://fsaid.ed.gov/npas/index.htm In order to meet state on-time filing deadlines completing the 2016-2017 FAFSA on the web should take place prior to March 1, 2016 but no earlier than January 1, 2016! If taxes are not done you can estimate income information by using 2014 taxes/income and make any necessary corrections later once your 2015 taxes are complete.

Types of Financial Aid? Scholarships - merit & need based Grants - prove need Loans - must repay College Work-study Seniors get in the habit of checking out what scholarships are available at http://panthernet.net/scholarships/. Don’t forget that the Lions Club Scholarship now requires 15 hours of community service! This community service must be completed during the senior year!

Four Major Sources of Financial Aid Federal Government State of Michigan Institutional Awards Local Community Awards Visit http://panthernet.net/scholarships/ Completing the FAFSA is required to be considered for any need based aid from the federal government as well as state aid! It is strongly recommended that ALL seniors complete the FAFSA by March 1st for college aid consideration! For additional information regarding state scholarship programs please contact the Office of Scholarships and Grants at 1-888-4-GRANTS or 1-888-447-2687. Institutional Awards are those given out by individual colleges or universities to eligible students who attend that particular school.

Web Site Resources: finaid.org michigan.gov/ssg micollegegoal.org StudentAid.gov FastWeb.com Scholarships.com SallieMae.com/CollegePlanningToolbox nces.ed.gov/collegenavigator If you don’t have access to the Internet general information regarding federal student aid programs is available by calling 1-800-4-FED-AID or 1-800-433-3243. Help filling out your FAFSA is available on College Goal Saturday, 2/13/16 at Lansing Community College’s Main Campus from 10-12 pm, visit www.micollegegoal.org for more information.

Important Tips Apply early for admission to college/university Submit FAFSA as soon as possible after January 1, 2016 Follow-up when college/university requests information from you FAFSA states Pell grant eligibility amount, but college/university makes final determination of aid offers and amounts Keep copies of all documents for your own records Don’t hesitate to ask for help!!!!! Important Tips Don’t hesitate to call the financial aid office at the college with any question you may have! SHS Guidance Staff are also available to help answer any questions you may have at (517) 851-7770.