Financial Aid Night Denver Scholarship Foundation Southwest Early College October 23, 2012 Financial Aid Night Denver Scholarship Foundation CEC Middle College Thursday, Nov. 8, 2012

Overview What is Financial Aid? What is the FAFSA? Who can complete it? FAFSA: Prepare, Complete, Follow-up Timeline Resources Available & the DSF Scholarship

What is Financial Aid? Why is it important? What is the FAFSA? Where does the money “really” come from?

Why is Financial Aid Important? How much will college cost?

CommunityUniversity Private College College (in Colorado) or University live w/ parents live on campus live on campus In State Tuition In State Tuition Tuition & Fees Books, Supplies Room, Board Personal Expenses (include insurance, transportation) COST OF ATTENDANCE $ 3,050 $ 8,900 $35,000 1, ,350 9,100 2,000 4,000 $ 6,750 $22, 950 $49,800

But remember... These are merely starting or sticker prices. Financial aid can help you cover the costs, if you apply for it. $4,300 $20,600 !

Where does the money come from? Need-based (FAFSA) Grants Work-study Student Loans Merit-based Institutional Scholarships (from the college) Private Scholarships Self Help Work, savings, cas h

Where does the money come from? Need-based (FAFSA) Grants Work-study Student Loans Must Pay Back After the student is no longer in college Merit-based Institutional or Private Scholarships Self Help Work, savings, cas h

Grants Come from federal and state governments, colleges and private organizations. Awarded to the student based on need. Do not need to be paid back. Pell Grant Up to $5,550 in

Work Study Part-time job on-campus some off-campus sites – Find your own job – Flexible employers – Money goes to you – Income not used against student for next year’s financial aid

Student Loans Stafford Student Loans Low, fixed interest rates (3.4% - 6.8%) 6 month grace period In student’s name No credit check/income verification Up to $5,500 per year Parent PLUS Loan In parent name For undergraduate and dependent students Credit check required

Parent PLUS Loans Parent PLUS Loan In parent name For undergraduate and dependent students Credit check required – If denied, student eligible for additional unsubsidized Stafford allowance Repayment begins 6 weeks after the loan is fully disbursed OR parent may defer repayment: – While the student is enrolled on at least a half-time – Dollar Amount: Up to unmet need – Fees: Up to 4%

What is the FAFSA? FREE FREE Application for Federal Student Aid FAFSA is not a scholarship application. It is an application that can help you qualify for specific financial assistance - to help pay for college

Who completes FAFSA? And when? Students must be one of the following: U.S. Citizen, Permanent Resident, Refugee/Asylum, or awaiting a Green Card with an SSN Must submit the FAFSA each year! The FAFSA is available Jan. 1 CEC’s FAFSA Night: February 26, 2013

Before FAFSA: Prepare Students must obtain a government- issued photo identification, if they don’t have one already. Prepare and submit student and parent tax returns as soon as possible in January. – If you don’t receive your W-2s by January 31, 2013, talk to your employer.

Filing Taxes What the Denver Scholarship Foundation has learned: If a family does not report its family income to the federal government (IRS), the student may not receive federal financial aid, even if the student is a citizen. Before FAFSA: Prepare

To complete the FAFSA, you need: – Student and your parent(s) 2012 tax returns (1040, 1040A, 1040EZ) and W-2s – Student and your parent(s) social security number (student’s required) – Student and your parent(s) name is it appears on social security card A much more detailed list will be sent out in January Before FAFSA: Prepare

2012

FAFSA

FAFSA The U.S. Department of Education: processes the information and provides you - and the colleges you selected - the Expected Family Contribution (EFC)… …an index that colleges use to determine your eligibility for financial aid …NOT necessarily the amount of money your family will have to pay for college...NOT the amount of federal student aid you will receive.

FAFSA Financial Aid Award Pell Grant State Grant Scholarship Work Study Student Loan Parent Loan Financial Aid Award Pell Grant State Grant Scholarship Work Study Student Loan Parent Loan EFC “Expected Family Contribution” Cost of Attendance = Financial Need

What Determines EFC? Parent income and assets (Assets do not include family’s primary home, businesses with fewer than 100 employees, retirement, life insurance policies, farms.) Student income and assets Cash, savings, investments, businesses Number in household, and in college Untaxed income Note: debt/bills are not listed.

Special Circumstances Q: My parents are divorced, whose taxes do I use? Use the information of the parent with whom you lived with the most in the previous 12 months., which is typically the parent who provides more than half of your support. If my mom is remarried, do I have to use her husband’s financial information, whether he files jointly or separately? Yes. Q: I live with my grandma, and she doesn’t file taxes. It doesn’t matter who you live with, if she isn’t your court appointed legal guardian, we need parent financial information.

Special Circumstances Q: I am independent because I’m 18 and I provide for myself. My parents don’t help me now financially and won’t help me when I’m in college. You must be legally emancipated, 23, or married, or we will need parent tax information. Q: My parents don’t file taxes. It’s ok, you must still complete the FAFSA. Q: My parents refuse to give me their taxes or SSN. Unless you are considered independent, you need them. Q: My parents don’t have a social security number. It’s ok, you can still complete the FAFSA.

Independent vs. Dependent Q: I live with my brother, he is not my legal guardian. It doesn’t matter with whom you live in this case; you will need to provide your biological parents’ information unless you are legally adopted. Q: I have a child. If your child receives more than half of their support from you, you are independent. Q: I am in a foster home. If at any time since you turned 13 you were in foster care, you are independent. Q: I am not legally adopted but can’t locate my parents or they are incarcerated. Special circumstance: student can’t provide parent information. Must provide documentation to financial aid office for professional judgment.

After FAFSA After FAFSA…is a long time away from now. But, here’s what you need to remember: – The process does not end at the FAFSA. – When you come to the FAFSA night, it is important to take notes and listen to your FAFSA expert – this person will tell you what you need to do next. – Keep Ms. Abbott, Mr. DePinto, Ms. Russel in the loop They will be able to help you with each “next step.” – When a college asks for information, send it in immediately.

Oct-Dec Students obtain a government-issued photo identification January: File 2012 taxes February: Complete the FAFSA (at CEC on Feb 26!) March: Complete IRS Data Match (if needed); Order IRS tax transcript April: Submit all documents your college requests; Receive financial aid award letters May: Make a decision; accept awards June-July: Verify your financial aid file is complete Timeline

DSF Scholarship Technical Colleges Delta Montrose Technical College *Emily Griffith Technical College Pickens Technical College Community Colleges AIMS Community College *Arapahoe Community College Colorado Mountain College Colorado Northwestern Community College *Community College of Denver Front Range Community College Lamar Community College *Northeastern Junior College Otero Junior College Pikes Peak Community College Pueblo Community College Red Rocks Community College Southwest Colorado Community College Trinidad State Junior College 4 Year Colleges *Adams State College Colorado Christian University *Colorado College *Colorado Mesa University *Colorado School of Mines *Colorado State University *Colorado State University-Pueblo Fort Lewis College *Johnson & Wales University *Metropolitan State College of Denver Naropa University Nazarene Bible College *Regis University *University of Colorado at Boulder *University of Colorado at Colorado Springs *University of Colorado at Denver *University of Denver *University of Northern Colorado *Western State College of Colorado The Women’s College Every year, the Denver Scholarship Foundation awards thousands of scholarships to qualifying DPS graduates who attend one of our 39 eligible colleges in Colorado.

DSF Scholarship For DPS graduates who: are enrolled in a DPS high school for all four hears of High School have a 2.0 cumulative G.P.A have financial need enroll in Colorado colleges Awards are based on financial eligibility (FAFSA), school choice, and enrollment (full-time or part-time) This fall, DSF Scholars received up to $3400 Renewable for up to five years

DSF Scholarship April 1 Submit DSF Scholarship application Apply for 3 additional scholarships Submit FAFSA Submit proof that you submitted FAFSA May & June Graduate from DPS high school with a 2.0 cumulative GPA Attend a Transition to College Workshop July 15 Complete Financial Aid Requirements Tell DSF if you plan to attend a different college

Resources Available Denver Scholarship Foundation Scholarship directory: DSF Website: DSF depends on donations from the community to pay for its scholarships, and award amounts can vary from year to year.

Questions? That was a lot of information! What questions do you have now? What’s next? Talk to Ms. Abbott & Mr. DePinto at CEC Talk to or Robin Russel: – – – Fridays, Senior Support!