Centennial High School Financial Aid Night December 1, 2010 University of Portland Office of Financial Aid Russell Seidelman Molly Walsh

Agenda What is financial aid? How to get financial aid? Where to go for help?

Pop Quiz! True or false ? –Just like in high school, the government is responsible for paying for a college education

What Is Financial Aid? Money from: Government Agencies Private Individuals Parents Grandparents Saving Plans Businesses Yourself

So….Where To Start?

Personal Identification Number (PIN) Apply for a PIN Parents & students will have separate PINs

FAFSA On The Web Worksheet Download the FAFSA on the Web Worksheet Complete worksheet. (Questions can be resolved w/o being online) Use this to complete the online application.

Apply … online or

When? Complete the Free Application for Federal Student Aid (FAFSA) each and every year Submit as soon as possible after January 1 st “FAFSAs then Taxes” If paper application is needed, then call FEDAID to request a paper copy

What Will Be Needed? For both student & parent Social Security Number and Legal name –(Refer to the social security card) Alien registration or permanent resident card (if not a U.S. citizen) Driver's license number (if any) 2010 W-2s, 1099 Forms and other records of earned income 2010 Federal Income Tax Return (estimate if not done) –IRS 1040, 1040A, 1040 EZ 2010 untaxed income records –Veterans non-educational benefits –Tax deferred programs Current bank statements –Assets are reported: “As of today…” Current business and investment information

Common FAFSA Errors Parent information: SSNs, DOBs, Names Divorced/remarried parent information (custodial parent) Income earned by parents/stepparents Untaxed income (refer to FAFSA worksheet) U.S. income taxes PAID Household size Number in college

What Does Financial Aid Pay For?

Cost Of Attendance Tuition (full or part time) Fees Books and Supplies Room and Board Transportation Personal Miscellaneous: (variable) –Tools –Child Care expense –Adaptive needs for the disabled

Cost Of Attendance

Definition Of Aid Eligibility Cost of Attendance (COA) – Expected Family Contribution (EFC) = Eligibility for need-based financial aid (NEED)

Eligibility Varies Based On Cost

Types Of Financial Aid Gift Aid –Grants –Scholarship Self–Help Aid –Student Employment –Student Loans –Parent Loans

“Free” Gift Aid GRANTS –Federal Pell Grant –Federal Supplemental Educational Opportunity Grant (SEOG) –Oregon Opportunity Grant –Institutional Grants SCHOLARSHIPS –Merit –Private Organizations –State/National –Talent –Athletic

Additional Federal “Grant” Teacher Education Assistance for College and Higher Education (TEACH) Grant –***Only non-need based federal grant*** –High need teacher in a high need field upon graduation »Failure to complete teaching obligation results in grant reverting into an unsubsidized Stafford loan

Student Employment Federal Work Study Institutional Student Employment Programs Cooperative Education Work Programs –Volunteer/Paid: Directly related to a program.

Loans Federal Perkins Loan Subsidized Federal Loan Unsubsidized Federal Loan Federal Parent/Graduate (PLUS) Loan Institutional Loans Alternative/Private Loans Credit Cards

Most Aid Is Conditional Must pass courses with at least a 2.0 GPA (“C”) Must complete courses that aid pays for Some programs/scholarships require keeping higher GPAs Some programs require full time enrollment

FEDERAL GRANTS FEDERAL WORK STUDY FEDERAL LOANS Federal Aid Has Only 3 Ways To Help

FAFSA May Be The Key To Other Aid Too Scholarships Tribal Funds Voc Rehab Funds Job Training State Grants Much…Much more

Remember Everyone should apply! –Don’t assume you are not eligible –Everyone, at least, is eligible for loans DO NOT WAIT to file taxes ESTIMATE if you can “FAFSAs then Taxes”

Read the Mail

AND

Tips To remember 1.Every student should apply for aid. 2.Deadlines do matter. 3.All Aid Applications are not the same. 4.Students should know what colleges mean by “family contribution”. (EFC) 5.Students should know what is in their Cost of Attendance. (COA) 6.Eligibility and Need are not always the same. 7.There is a BIG difference between need-based aid and merit aid. 8.There are different forms of aid. 9.Award letters vary. 10.Award letters can be appealed.

Pop Quiz! True or false ? –Only students with a 4.0 GPA receive scholarships

Scholarships You can find them everywhere… Internet Searches High Schools Financial Aid Offices Libraries Community Organizations State Agencies Credit Unions Employers Volunteer Associations Kitchen table…

Helpful Places High Schools College Financial Aid Offices 800-4FEDAID Oregon Student Assistance Commission(OSAC)

Helpful Web Sites Financial Aid Page: Scholarship searches & scams info Loan Calculators Comprehensive financial aid info FAFSA4caster: Explore and get familiar Estimate eligibility Will transfer to FAFSA on the Web U.S. Department of Education: Student Guide

Helpful Web Sites Federal Student Aid College Answer College Board Petersons Guide

Important Dates: FAFSA available: January 1, or Oregon Student Assistance Commission (OSAC) Scholarship Early Bird Deadline: February 16, 2011 Final Deadline: March 1,

QUESTIONS???