Financial Aid Workshop

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Presentation transcript:

Financial Aid Workshop

Sources of Financial Aid

Financial Aid Includes: Grants: Gift, doesn’t have to be repaid Loans: Must be repaid with interest Work-study: Earn money while in school

Florida State Financial Aid Application available in December of senior year at www.floridastudentfinancialaid.org Students must apply to be considered for: Bright Futures Scholarship Florida Student Assistance Grant Florida Work Experience Program Jose Marti Scholarship

CSS Profile The PROFILE is used to help award nonfederal student aid funds from certain colleges and universities The CSS/Financial Aid PROFILE is only available online starting October of senior year at: https://profileonline.collegeboard.com There is a fee to apply and only a limited number of fee waivers are granted based on the financial information provided on the PROFILE

How to Apply for Federal Aid Complete an electronic or paper Free Application for Federal Student Aid (FAFSA) on or after January 1st (Contact college/university for exact deadline dates) Students will be able to obtain a paper FAFSA by calling the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) or by visiting www.edpubs.org. FAFSA on the Web at: www.fafsa.gov

How does it all work? Student/Parent Complete FAFSA ONLINE EFC is Determined ISIR sent to schools SAR sent to student College Determines Awards student is eligible to receive Awards are mailed to you, or posted online Check your Status Student decides which awards to accept, or decline. Loan amounts may be reduced

Get a PIN (Personal Identification Number) Your PIN is your electronic signature Request PIN one PIN for the student one PIN for the parent www.pin.ed.gov Use PIN to file and make online corrections

Documents Needed Social Security Number Driver's license (if any) 2011 W-2 Forms and other records of money earned Student’s (and spouse's if married) 2011 Federal Income Tax Return –(IRS Form 1040, 1040A, 1040EZ) Parents' 2011 Federal Income Tax Return (if dependent student) 2011untaxed income records - Social Security, Temporary Assistance to Needy Families, welfare, or veterans benefits records Most recent bank statements Most recent business and investment mortgage information, business and farm records, stock, bond, and other investment records Alien registration number or permanent residence card (if you are not a U.S. citizen) . Keep these records! You may need them again. Do not mail your records with your signature page.

Federal Student Aid Grants Federal Pell Grant (max- $5,550) Florida Supplemental Educational Opportunity Grant (FSEOG): Available to families who demonstrate high financial need (ranging from $100 to $4,000) Academic Competitiveness Grant (ACG)-completed a rigorous secondary school program, 1st year (up to $750) or 2nd year student (up to $1,350) National SMART Grant: undergraduate students enrolled in the 3rd or 4th year and pursuing an eligible program of study TEACH Grant: recipients must sign an Agreement to Serve (ATS) with the guidelines

Federal Work-Study (FWS) Provides part-time employment to earn money for your education Available to undergraduate and graduate students Available to full-time or part-time students Available on campus and off campus Students earn at least the federal minimum wage The amount you earn can’t exceed the FWS award

Loans Federal Perkins Loan Demonstrate financial need Available to undergraduate and graduate students Part-time or full-time enrollment Repaid to the school Interest rate 5% Limited funds

Stafford Loans Available to undergraduate and graduate students Enrolled at least a half-time 6.8% interest rate There are two types: Subsidized: financial need ($3,500-$5,500) No need to pay the interest that accrues while in school Unsubsidized : Financial need is not required ($5,500- $25,000) Responsible for paying the interest that accrues while in school

Plus Loan Available to parent of dependent undergraduate student (7.9% interest rate) Enrolled at least half-time Applicant should not have an adverse credit history The maximum PLUS Loan amount that a parent can borrow is the student’s cost of attendance minus any other financial aid the student may have received

http://www.fafsa.ed.gov/ Need help? Use “Live Help” icon or call 1-800-4-FED-AID. Don’t forget to print confirmation page.

FAFSA on the Web Worksheet The FAFSA on the Web Worksheet allows you to read and complete the questions before entering your information online. The questions are listed in the same order as they appear on the Web site. www.fafsa.gov

Application Deadline It is important to note the type of deadline you are up against. Ask your college/university about their definition of an application deadline, whether it is the receipt date and time or the process date and time of the application.

Which FAFSA form do I file? Attending College Use FAFSA Form Use IRS Income Tax From Beginning Summer 2012 Then Fall 2012 2011 – 2012 FAFSA 2012 – 2013 FAFSA 2010 2011 Beginning Fall 2012

After you submit your FAFSA… Students will receive a Student Aid Report (SAR) indicating Expected Family Contribution (EFC). Review information and make corrections if necessary If there is an asterisk next to your EFC, this means that your SAR has been selected for verification.

Selected for verification? There are several possibilities for being selected for FAFSA verification such as: You were selected randomly The submitted FAFSA application has incomplete data The data on the FAFSA application appears to contradict itself The FAFSA application has estimated information on it If you are selected for FAFSA verification, you need to return the information and requested documentation as soon as possible to the financial aid office at the college/university

Forms and Documents that may be requested by the college for the verification process If you are selected for verification your college may ask for: Parent tax returns Student tax returns Divorced or separated parent information Other information to verify: Income Assets Family size Special circumstances

Award Letters Students will be receiving an award letter from each institution they listed on the FAFSA, and to which they have been admitted Award letters will tell them how much money in grants, loans, and work study they are receiving If they think they did not get enough aid, they may request a review Students need to read it carefully, and follow any instructions that pertain to them. If they wish to accept or decline the aid awarded, they must indicate it on the form. Make sure to keep a photocopy for your records

What Determines the Amount of Aid You Receive? The primary factor in determining the amount of aid you receive is your financial need. The following formula shows how financial need is calculated: Cost of Attendance – Expected Family Contribution __________________________ = Financial Need

Florida International University Cost of attendance

Miami-Dade College Cost of attendance

Florida State University Cost of attendance

Sample of an Award Letter for Student with EFC:000 Fl Academic (BF) $3,030 Pell Grant $5,550 Stafford Loan $3,500 Work Study $2,000 Other Sch. $1,000 $15,030 Estimated Cost -FSU $19,354 Short ----------- $4,324

Sample Award Letter

Things to Remember…. Apply for the State Financial Aid after December 1st at www.floridastudentfinancialaid.org Apply for the CSS Profile (if required) as soon as possible before deadline set by school (registration opens in October) at www.collegeboard.com Request PIN number as soon as possible for FAFSA at www.pin.ed.gov Apply for FAFSA after January 1st at www.FAFSA.ed.gov (Contact schools for exact deadline dates)