Understanding College Financial Aid Educational Talent Search Understanding College Financial Aid

Types of Financial Aid Scholarships Grants Loans Work Study There are 4 types of Financial Aid. There’s free money: scholarships (merit-based) and grants (income-based). There’s also self-help money, such as loans and work study.

Scholarships Academic Athletic Special skills and talents

Grants Pell Grant SEOG – Supplemental Educational Opportunity Grant CSAP-College Scholarship Assistance Program VGAP- VA Guaranteed Assistance Program VTAG-Virginia Tuition Assistance Grant (VA private colleges)

Loans Student Loans Federal Direct Loan Unsubsidized Parent Loans PLUS Loan Alternative Loans Refer to pg. 18 of Opportunities book Subsidized: government pays the interest while in college Unsubsidized: government does not pay the interest

College Work Study Based on financial need Coordinated by individual college Average 10 – 15 hours per week Minimum wage or higher You can request where you want to work They will work around your class schedule Great way to make spending money

Required Financial Aid Forms Free Application For Federal Student Aid (FAFSA) www.fafsa.gov VTAG Application (Private institutions only) Individual College’s Financial Aid Form College Scholarship Service (CSS) Profile (W&M, UVA, UR, and W&L) FAFSA

How Colleges Determine Aid Parent Income Parent Assets Student Income Student Assets Age of older parent Number in household Number of children in college

How Does It Work? Using your FAFSA, the federal processor determines your Expected Family Contribution (EFC). Your EFC is the amount of money your family will be expected to contribute each year to meet college costs.

Complete The FAFSA Obtain a FSA ID (both student and one parent) https://fsaid.ed.gov Gather necessary documents Meet priority deadlines Complete the FAFSA On-line Refer to handout for FSA ID Financial aid is first come, first served, so you must meet deadlines. Refer to pg. 39 in Opportunities book.

IRS Data Retrieval Tool After you have filed your taxes, you may be able to directly import this information from the IRS using the Data Retrieval Tool. It is imbedded in the FAFSA and if you put in the EXACT address, etc. as on your tax forms, it will bring your tax info directly into the FAFSA. This may eliminate the need for any further verification.

What Happens Next? Submit the FAFSA Receive and review the Student Aid Report (SAR) Review carefully all college financial aid award letters. Complete all verification documents as requested Before submitting, look over your FAFSA very well to make sure everything is correct. When you submit the FAFSA, you will receive a confirmation page. This confirmation page will have your EFC, which is your expected family contribution or the amount of money you are expected to pay. SAR = summary of all the info you included in the FAFSA

What If You Are Chosen for Verification??? 1 of every 3 students is chosen for verification If you have used the IRS Data Retrieval tool, you will probably not be chosen. If you did not use it, you can go in later and try again…OR you may order an IRS Tax Transcript (1-800-908-9946 or www.irs.gov) Make copies! Send EVERYTHING the schools asks for; even if you think they already have it!

Tips For Hassle-Free Financial Aid Start early Meet priority deadlines Keep photocopies of everything If the college asks for additional information …send it ASAP! Re-apply every year Document any communication with financial aid officers Start early – gather documents Financial aid folder

Talent Search to the Rescue Call for FAFSA individual appointments Holly Hall Cell: (540) 784-3520 Christie Hardbarger DSLCC 863-2874 High School Counselors

Super Thursday FAFSA Days Talent Search, Student Support Services, and Student Services at DSLCC will team up to offer two opportunities for parents and students to get help with the FAFSA: 540-862-2897 Feb. 4th from 4:00 -7:30 pm at the Rockbridge Regional Center Feb. 11th from 4:00 – 7:30 pm on the DSLCC Campus in Moomaw Center