Introduction to Financial Aid www.collegenowgc.org

Presentation Objectives Learn about the different types of Financial Aid and how to access them Understand the Financial Aid process Understand why everyone should complete the FAFSA

What is Financial Aid? $$$ to help a student pay for: Tuition and fees Room and board Books and supplies Personal expenses Transportation AKA: Cost of Attendance

Types of Financial Aid

Gift Money: Grants Need Based Given by Federal Government and many colleges – especially private Do not need to be repaid

Gift Money: Scholarships Need-based Merit-based Circumstance-based Do not need to be repaid

Finding Scholarships College and university websites Local organizations Employers and unions Professional organizations Your high school

Earned Money: Federal Work Study On-campus employment Application and interview required Yearly funding limits Flexible schedule – student first Aid comes in the form of a paycheck for living expenses Earnings do not count on the next year’s FAFSA

Borrowed Money: Student Loans Federal Student Loans Student is the borrower No credit check or co-signer required 2018-19 Interest rate: 5.05% Federal Parent Plus Loan 2018-19 interest rate: 7.6% Private Student Loans Interest rate based on credit score Likely to require a co-signer

What is the FAFSA? Free-don’t pay someone to do it Gives federal government and colleges a baseline for measuring student need Completed every year that the student is in college

How do I apply for Financial Aid? Create a Federal Student Aid (FSA) ID and password at: www.fafsa.ed.gov for student AND parent You will need: Separate email addresses Social security numbers Legal name (as it appears on your social security card) DOB

How do I apply for Financial Aid? Complete the FAFSA – Free Application for Federal Student Aid – at: fafsa.ed.gov after October 1st of senior year.

How do I complete the FAFSA? You will need (for the parent & student): FSA ID and passwords Balance of checking & savings accounts Balance of investment accounts Records of untaxed income Retirement accounts are NOT included Copy of tax return*

FAFSA Tips Which parent(s) should complete the FAFSA? https://studentaid.ed.gov/sa/fafsa/filling-out/parent-info

FAFSA Tips Look out for Verification: a process that requires the college to verify and correct information that is reported on the FAFSA. Keep calm and send in the requested documentation ASAP. Verification is very common.

FAFSA Tips Pay attention to priority filing deadlines Example: FAFSA and Scholarship deadlines can be different. Also, understand the difference between: Early Decision (ED), Early Action (EA), Regular Decision and Rolling Admissions.

FAFSA Tips You may appeal certain “Special Circumstances”: Examples: Divorce Death of a parent Job Loss Loss of child support Private school tuition

What is the CSS Profile? Very detailed application for institutional aid only Required by many selective colleges Examples: Case Western, Brown, Cornell, U of Michigan Has a priority filing deadline Fee required https://student.collegeboard.org/css-financial-aid-profile

What is an Award Letter? Sent by each college you added to your FAFSA Includes institutional aid and federal financial aid May or may not reflect your Cost of Attendance May include information on Federal Parent Plus Loan Your College Now advisor can help review

Questions? Talk to the College Now advisor at your school – Mrs. Harrell Call or visit the College Now Resource Center on the 3rd floor of Tower City Center 216-241-5587