Financial Aid

Save Money….no joking!!!! What happens if you eat the Christmas decorations? You get tinsel – itus! Why does Santa Claus love to play in the garden? Because he loves to Ho, Ho, Ho. What do you call a cat on the beach at Christmas time? Sandy Claus! What do you call a reindeer wearing earmuffs? Anything you want – he can’t hear you!

What do college costs include? Tuition Books Room & Board Personal Expenses Fees Transportation Daycare expenses Each college has a different cost.

How can you pay for college? Financial Aid Parents Yourself Savings

What is Financial Aid? Grants Loans Scholarships Work Study Jobs

Is Financial Aid Free Money? Grants & Scholarships are free. Loans need to be repaid. Work study is a job through the college where you will get paid.

How do you get Financial Aid? to apply for financial aid Complete the FAFSA (Free Application for Federal Student Aid) *www.fafsa.gov. Available after October 1st. Must complete a FAFSA every year. Each year you just update the income info. Failure to apply early may result in less aid even if eligible.

How is it decided if you will get financial aid? Complete the FAFSA on the web (use web worksheet) www.fafsa.gov. Send FAFSA FAFSA is sent electronically to the college(s) the student selected Results of your FAFSA received by email Your Student Aid Report (SAR)

Expected Family Contribution (EFC) This formula determines how much you and/or your parent(s) should be able to help pay towards college. The amount you are expected to pay is your EFC.

SAR – Student Aid Report The report the processing agency sends you. This report tells you what your EFC is for the school year. If your SAR has a *comment – contact your college soon –do not wait until summer.

Will you have to pay for college? Cost of College – EFC = Financial Need This is how much financial aid is available to you to help pay for college.

How will you know if you will get financial aid? Financial Aid Award Letter or Package will be sent to you. It lists the financial aid programs you are eligible to receive (grants, loans, work study)

User Name and Password Personal Identification Students and parents. Electronic signature for FAFSA on the Web. Can also be used for: Renewal on the Web Corrections on the Web National Student Loan Database Signing promissory notes for student/parent loans (Perkins, Stafford, PLUS)

CAUTION! Avoid being charged a fee to file the FAFSA. Completing and processing the FAFSA is FREE. If filing the FAFSA on the Web, make sure you go directly to: www.fafsa.gov (NOT www.fafsa.com) Contact the financial aid office if you need help in completing the FAFSA.

Frequent FAFSA Errors Missing signatures/PIN Wrong Social Security Number Divorced/remarried parent information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number in postsecondary education Real estate and investment net worth Not using real name NOT APPLYING AT ALL

Avoid Being Scammed For information about financial aid scams and tips to avoid being scammed check: Department of Education’s web site at: http://studentaid.ed.gov/students/publications/lsa/index.html Federal Trade Commission’s web site at: www.ftc.gov/bcp/conline/publs/alerts/ouchart.htm To check the legitimacy of scholarship search organizations or individuals check Better Business Bureau’s web site at: http://www.bbb.com/

College Scholarship Fraud Scams net $5 million annually 350,000 students/parents affected Selling what you can get for free Never pay to find a scholarship! Never pay a scholarship provider to apply!

Happy Holidays!! Happy Budgeting Questions about Financial Aid should be directed to the financial aid office of the college you will be attending.

www.studentloans.gov Explains Loan options Repayment plans and calculations

See you all next year How come you never hear about the Tenth reindeer “Olive”? Olive? Yeah, you know “Olive the other reindeer use to laugh and call him names…..”