Everything you wanted to know about Financial Aid… A crash course in the FAFSA and the Financial Aid process

Financial Aid Funds provided to students and families to help pay for college expenses Offered as gift aid or self help –Gift aid, generally scholarships and grants, does not need to be repaid –Self help could be in the form of loans or work study Free Application for Federal Student Aid –Must be completed each year

What You’ll Need When Filing Parents’ and student’s 2014 income tax return. Parents’ and student’s 2014 W-2 forms. Current asset information (examples – checking account, savings account, investments, business and farm net worth). Parents’ and student’s Social Security card and driver’s license.

What You’ll Need When Filing PIN/UserID for the student and ONE parent School Codes/Names Time Your student

The Process of Filing Apply for a PIN online Fill out the FAFSA, save and submit –IRS Data Retrieval Tool FAFSA results are sent to schools of choice AND your State Education Association Schools process and create a Financial Aid Award Letter Communicate any changes with the School

Be Careful… Don’t leave fields blank (especially drug related offenses) Round to the nearest dollar Check your SSN and DL Taxes paid (use your 1040, not your W2) Marital Status Sign and date (student and parent) List your colleges of choice

EFC and COA Expected Family Contribution (EFC) is the “result” of the FAFSA. This number is based on your income/asset data and gives schools an idea of the funds you may have available to help pay for school Cost of Attendance (COA) includes both direct and indirect costs related to attending each school COA – EFC = Financial Need Very few schools meet 100% need

Go with the Flow Admissions The first step is to apply and be accepted. Your admissions application will serve as your financial aid application. Lenoir-Rhyne Scholarships Instead of applying for our scholarships, many of our scholarships are applied to you! We‘ll let you know what you qualify for as deadlines approach. Once you’ve filed the FAFSA online Corrections May Be Needed Sometimes information needs to be corrected before the FAFSA can finish processing and be sent to us. Verification The FAFSA has some built-in formulas, so sometimes we need to check the information you used to file before completing an award letter. What we need to start… Tax Transcripts Proof of Child Support, Food Stamps Verification Worksheet Ready to Award Once families are ready to be awarded, we will send an initial financial aid award letter to you.

Show Me the Money! Federal Aid (Pell and TEACH grants) State Grants (for NC residents and schools only) Institutional Scholarships and Grants –Academic –Need Based –Talent Scholarships

The L Word: LOAN Federal Direct Loans –Subsidized –Unsubsidized PLUS Other options

Outside Scholarships Guidance Counselors Friends and Family

Thank you for being here! FERPA Questions? Nick Jenkins Director of Financial Aid (828)