THE STUDENT FINANCIAL AID PROCESS North Vermilion High School January 11, 2016 presented by

COLLEGE ( )TUITIONHOUSINGMEALSBOOKSTOTALTOPSPELL SCHOLARSHIPS STUDENT LOANS LSU$8,758$6,120$4,186$1,500$20,564$7,264$5,730$7,570 Southeastern$6,620$4,520$2,940$450$14,530$5,598$5,730$3,202 Louisiana Tech$8,112$2,730$2,940$1,200$14,982$6,238$5,730$3,014 UL Monroe$6,963$2,740$3,000$1,200$13,903$5,785$5,730$2,388 Nicholls$7,235$10,010$0$1,200$18,445$5,722$5,730$6,993 Northwestern State$6,806$5,118$3,350$1,200$16,474$5,734$5,730$5,010 McNeese$6,350$5,400$2,644$1,200$15,594$5,479$5,730$4,385 UL Lafayette$6,948$3,924$3,486$1,200$15,558$5,715$5,730$4,113 Southern University$6,534$5,818$2,650$1,200$16,202$5,321$5,730$5,151 UNO$7,482$6,810$3,490$1,200$18,982$6,336$5,730$6,916 LSU Alexandria$6,610$6,750$4,365$1,200$18,925$5,420$5,730$7,775 BRCC$3,694$0 $1,200$4,894$3,605$5,730$0 RPCC$3,556$0 $1,200$4,756$3,721$5,730$0

Types of Student Financial Aid Grants (need-based or earned) State - GO Grant is awarded based upon need Federal - PELL Grant is awarded based upon need

Types of Student Financial Aid Scholarships (earned) State (TOPS) - awarded by the state of Louisiana Institutional - awarded by the college Private - awarded by private organizations, such as Lela Visit lela.org/freemoneysearch

Types of Student Financial Aid Work Study (earned) On-Campus Employment

Types of Student Financial Aid Loans (borrowed and must be repaid) Federal Perkins Loan Federal Subsidized Loan Federal Unsubsidized Loan Direct PLUS Loan Private and Alternative Loan

Federal Student Aid ID (FSA ID) The FSAID is your electronic signature Students must apply for an FSA ID One Parent must apply for an FSA ID Your FSA ID will be used to electronically sign your FAFSA each year DO NOT SHARE YOUR FSA ID - it is as your SIGNATURE and is binding

FAFSA Document Collection and Retention Student’s and Parent’s Federal Student Aid FSA ID Student’s and Parent’s Social Security Number Student’s Driver’s License Number Student & Parents’ tax records Student & Parents’ Untaxed Income

FAFSA Document Collection & Retention Student & Parents’ Assets List of Schools Student will Apply for Admission RETAIN THESE DOCUMENTS IN CASE YOUR ARE SELECTED FOR “VERIFICATION”

Free Application for Federal Student Aid (FAFSA) Students must complete and submit a FAFSA using the prior year’s income. The Class of 2016 will complete the FAFSA with their 2015 income tax return at If you will be attending the Summer Semester of 2016, contact your financial aid administrator to determine which academic year this semester will fall in. The summer semester can be the header of an academic year, or a trailer of an academic year. The FAFSA must be renewed each year, and serves as your request for federal and state financial assistance. (THE FAFSA SERVES AS YOUR TOPS APPLICATION)

Student Aid Report (SAR) The SAR is a document that gives you information about your eligibility for federal student aid. It also serves as a “snapshot” of your answers to the questions on your FAFSA. You may receive this report electronically, if you provided an address OR via postal mail if you chose not provide an address. You must review your SAR and, if necessary, make corrections at You may access the FAFSA by providing your FSA ID

Student Aid Report (SAR) Your SAR will contain your Expected Family Contribution (EFC) and a Data Release Number (DNR). If you choose to allow your college to make changes to your FAFSA, you must provide them with your DNR. The schools to which you send FAFSA results will use the SAR to determine federal, state, and institutional aid. A college may ask you to verify the information stated on your SAR, so be prepared to provide supporting documentation. This process is called Verification.

Correspondence Colleges and the U.S. Department of Education will communicate with you via , if you provided one. If you wish to receive federal financial aid, you must respond to all requests that they send to you. Check your daily for requests or instructions for accepting and collecting your financial aid. Many forms of financial aid are awarded on a first-come, first-served basis, so take responsibility and act expediently. Keep a copy of all of your financial aid correspondence and documents; you may need to provide it to the financial aid office.

Award Letters Once you complete the FAFSA and request it be sent to colleges of your choice, each school will match it with your admission application and inform you of all the aid that you are eligible to receive at their campus. You must do both to receive an award letter. The “letter” may come in paper form via postal mail, or electronic form via the address that you provided. The Award Letter should contain: Cost of Attendance Federal Student Aid Offered Institutional Aid Offered State Aid Offered

Award Letters Review each award letter to determine your out-of-pocket expenses. Once you make your final decision, contact the school you choose and ACCEPT the award. As a courtesy, contact the other schools and DECLINE their awards. Retain all award letters in case your situation changes.

Grants Grants are “free” money that does not requirement repayment, and may include: Federal Pell Grant ●For undergraduates with financial need who have not earned a bachelor’s or professional degree; in some cases, however, a student enrolled in a post baccalaureate teacher certification program might receive a Federal Pell Grant ●A student can receive a Pell Grant for no more than 12 semesters

Grants Federal Supplemental Educational Opportunity Grant (FSEOG) ●For undergraduates with exceptional financial need ●Federal Pell Grant recipients take priority; funds depend on availability at school

Grants Teacher Education Assistance for College and Higher Education (TEACH Grant) ●For undergraduate, postbaccalaureate, and graduate students who plan to become teachers; recipient must sign Agreement to Serve saying he or she will teach full-time in a high-need field for four complete years (within eight years of completing the academic program) at an elementary school, secondary school, or educational service agency serving children from low-income families ●Will convert to unsubsidized loan if obligation not met

Grants Iraq and Afghanistan Service Grant ●For students who are not Pell-eligible due only to having less financial need than is required to receive Pell funds; whose parent or guardian died as a result of military service in Iraq or Afghanistan after the events of 9/11; and who, at the time of the parent’s or guardian’s death, were less than 24 years old or were enrolled at least part-time at an institution of higher education ●A student can receive an Iraq and Afghanistan Service Grant for no more than 12 semesters

Scholarships Scholarships are awards that are earned and usually have some requirements to maintain. ●State (TOPS, for example) ●Institutional (athletic, band, or departmental) ●Private (Lela or other community based awards)

Federal Work-Study Jobs awarded through the financial aid office while attending school “on or off campus”, depending upon availability at the school. Students are paid at least federal minimum wage, and availability will be determined by the college financial aid office. To be considered for Work-Study, you must answer “Yes” on the FAFSA. You will be considered for on-campus employment and receive an hourly wage.

Student Loans Federal Perkins Loan Undergraduate and graduate students are eligible Eligibility depends on student’s financial need and availability of funds Interest is 5% College is the lender; payment is owed to the college that made the loan Undergraduate students may be awarded up to $5,500 Graduate and professional students may be awarded up to $8,000

Student Loans Direct Subsidized Loans Undergraduate students who are enrolled at least half-time AND demonstrate financial need may be eligible to borrow Interest is 4.66% for loans made on or after July 1, 2014 Student is not charged interest on the loan while in school at least half-time The U.S. Department of Education (ED) is the lender Undergraduate students may be eligible to borrow up to $5,500

Student Loans Direct Unsubsidized Loan Undergraduate and graduate students who are enrolled at least half-time AND demonstrate financial need may be eligible to borrow Interest is 6.21% for loans made on or after July 1, 2014 Student is responsible for interest for all periods The U.S. Department of Education (ED) is the lender Undergraduate students may be eligible to borrow up to $20,500

Student Loans Direct PLUS Loan Parents of dependent undergraduate students and graduate students may be eligible to borrow up to the Cost of Attendance (COA) Student must be enrolled at least half-time and be considered dependent Interest rate is 7.21% Parent of dependent undergraduate student must not have adverse credit history; however, if denied, a student may be awarded additional Direct Loans Borrower is responsible for interest during all periods U. S. Department of Education is the lender Parent may be awarded up to the Cost of Attendance minus other aid

Student Loan Repayment Standard Repayment Plan Direct Subsidized and Unsubsidized Loans Fixed amount of at least $50 per month Up to 10 years to repay You will pay LESS interest for your loan over time

Student Loan Repayment Graduated Repayment Plan Direct Subsidized and Unsubsidized Loans and PLUS Loans Payments are lower at first and then increase every two years Up to 10 years to repay You will pay more for your loan over time than the Standard Plan

Student Loan Repayment Extended Repayment Plan Direct Subsidized and Unsubsidized Loans Payments may be fixed or graduated You have up to 25 years to repay You will pay more for your loan over time than the Standard Plan

Student Loan Repayment Income-Based Repayment Plan Direct Subsidized, Unsubsidized, and PLUS loans made to graduate students (not parents) Your maximum monthly payments will be 15% of the discretionary income You have up to 25 years to repay your loan You will pay more for your loan over time than the Standard Plan

Student Loan Repayment Pay As You Earn Repayment Plan Direct Subsidized, Unsubsidized, and PLUS loans made to graduate students are eligible Your maximum monthly payments will be 10% of your discretionary income You have up to 20 years to repay You will pay more for your loan over time than the Standard Plan

Student Loan Repayment Income Contingent Repayment Plan Subsidized, Unsubsidized, and PLUS Loans are eligible Payments are calculated each year and are based on your adjusted gross income, family size, and the total amount of your Direct Loans Your payments change as your income changes You have up to 25 years to repay this loan You will pay more for your loan over time than the Standard Plan

Student Loan Repayment Income-Sensitive Repayment Plan Subsidized, Unsubsidized, and PLUS, and Consolidation Federal Stafford Loans are eligible Your monthly payment is based on your annual income Your payments change as your income changes You have up to 10 years to repay this loan You will pay more for your loan over time than the Standard Plan

For more information, or to schedule an appointment, contact: Ann Carmichael Lela College Resources Provider 2237 S. Acadian Thruway, Suite 603 Baton Rouge, Louisiana (225)