AVID 3/4 Financial Aid Basics The Big Picture

5 Major Steps 1. Complete FAFSA Application (Student/Parent) 2. Documents /File Review (College) 3. Packaging /Award Notice (College) 4. Tying Up Loose Ends (Student/ Parent) 5. Payment (Student/Parent)

1. Student completes the FAFSA (Free Application for Federal Student Aid) FAFSA Priority filing date = March each year. (Varies by college and year) Complete HOPE application on AFTER you have submitted the FAFSA and decided on a college

Document Examples: Verification Worksheets Tax Documents Proof of Citizenship Satisfactory Academic Progress (SAP) docs 2. Documents & File Review

3. Award Packaging Based on Expected Family Contribution (EFC) and Cost of Attendance (COA) Receive Student Aid Report (SAR) Possible Awards may include Grants, Loans, FWS, Scholarships, etc.

4. Tying Up Loose Ends Decide on a college Complete Entrance Loan Counseling (ELC)/ determine how to pay for college Meet with Financial Aid counselor for Special Circumstances Apply for scholarships!

How does disbursement of aid occur at your school? What is the timing for disbursements at your school? Remember, the cost each semester depends on the numbers of hours you take. 5. Payment!

Four Types: Two Categories: Grants Loans Scholarships Federal Work Study (FWS) Need Based Non-Need Based * Determining “Need” will be covered later in the presentation. Financial Aid Types and Categories

Grants State Grants  HOPE Grant Program HOPE Grant Program  Georgia Tuition Equalization Grant Program Georgia Tuition Equalization Grant Program  Public Safety Memorial Grant Public Safety Memorial Grant  Zell Miller Grant Zell Miller Grant Federal  Pell Grant  FSEOG  ACG/SMART Grants Private/Others? Free money, no repayment Typically Need Based

Need Based Loans: Non-Need Based Loans: Federal Subsidized (FFELP/Direct)  No interest during school and grace period  6 month grace period after graduation or withdrawal Perkins Federal Unsubsidized (FFELP/Direct)  Interest accrues during school and grace period  6 month grace period after graduation or withdrawal Federal Parent PLUS (FFELP/Direct)  Parent is borrower on student’s behalf  Payments begin 60 days after the 2 nd disbursement Private Alternative  Higher interest rates  Immediate repayment Loans

Scholarships Good Grades Athletic Ability College Major Special Talents Heritage Community Service Typically Free Money (no repayment) Need based and non need based

FWS – Part time job program Student earns hourly wage Taxable income if applicable Typically higher wages – gov’t and employer each pay a percentage of $$$ NOT COUNTED in EFC calculation for following FAFSA application cycle! Federal Work Study

Cost Of Attendance (COA) Expected Family Cont. (EFC) Estimated cost to attend for the academic year Consists of:  Fees/Tuition  Books  Room & Board  Transportation  Miscellaneous Federal Formula, based on FAFSA information Includes income and demographic information Ranges from $0 to $99,998 Need Calculation- Based on FAFSA

Need Calculation Cont’d Cost of Attendance (COA) - Expected Family Cont. (EFC) = Financial Need (for Fin Aid Purposes) *A student can receive any combination of aid (need based or non-need based) up to their cost of attendance.

Undergraduate One Semester Full Time Budget CategoryRes FT W/ParentRes FT On CampusRes FT Off Campus Books Fees1, Housing1, , , Personal1, , , Transportation Total$6,013.00$9,075.00$9,495.00

Questions?