George C. Marshall HS AVD & Economics and Pers. Finance Classes Fall 2015 Gardner Humphreys, GCM Career Center PAYING FOR COLLEGE

 You need the resources of your family to make your college plans a reality. Money Talks handout Opportunities Book (in class)  What are some ways to help you get that support? Money Talks

Financial Aid can include: 1.Grants 2.Loans 3.Scholarships 4.Work-Study Basic Financial Aid Info

FAFSA: Free Application for Federal Student Aid FSA ID:User Name and Password (handout) GET YOUR FSA ID AND FILE HERE: * Do not use a fee service or “.com”! How to Get Federal Fin Aid

Not this!

 faster processing: 2-3 days instead of 6 weeks  minimize errors: real time correction and skip logic  IRS Data Retrieval Tool: avoids verification process  Some parents are more comfortable with paper: get them the help they need to file online Always file online—Why?

 SENIORS: You need to file in January of your HS graduation year. Then update it w/your tax info once your/your parents file tax returns.  JUNIORS: You can file as early as October of your senior year in HS with last year’s tax info.  You also need to file every year after that if you will be a college student the following school year. Filing the FAFSA

Who can file? US Citizens and eligible non-citizens (Alien Registration/Green Card holders) What if you are out of status?  File anyway – colleges can give non-federal aid but still need the FAFSA  Register for DACA More FAFSA Filing Details

Is your answer NO to all of these questions?  Over 24 years old  Married  Working on a second degree  Active duty military or veteran  Supporting a child or other dependent Are you a Dependent Student?

 Orphaned or in foster care after the age of 13  Ward of the court after age 13  An emancipated minor  In legal guardianship  Homeless or at risk of being homeless You are a dependent student if you answer NO to every question. More Dependency Questions

Why do you care??  Dependent students must report parent income and assets  What if your parents say they won’t help pay for college?  What if you don’t have access to a parent for any reason? Dependent vs. Independent

 Their Social Security numbers and legal names  Their birthdates and wedding or divorce date IRS – tax Information:  Their income  Their assets—savings, stock, other property NOT the home you live in What info do you need from your parents to file the FAFSA?

Four Components: SAR—Student Aid Report EFC—Expected Family Contribution COA—Cost of Attendance Financial Need Calculating Your College Cost

Your EFC is your Expected Family Contribution for ONE year of college. You get a new EFC every year that you file the FAFSA. Ask your college financial aid office: Do you package 100% of need? Are loans capped? Included at all? The important number: EFC

 You might get a ZERO EFC if your family’s income is below a certain threshold or if you are receiving free/reduced lunch benefits.  You might get a ZERO EFC if you are an independent student.  If your EFC is unrealistic, you can appeal to your college financial aid officer. Important EFC Considerations

Cost of Attendance (COA) at each college can include: 1.Tuition and fees 2.Room and board 3.Books and supplies 4.Personal expenses and transportation COA is always posted in the financial aid section of your college website What will college cost you?

The magic formulas: FAFSA: SAR provides your EFC Colleges:COA – EFC = NEED for each college College Financial Aid offices will try to meet your need. How is your need calculated?

 The Net Price Calculator is also found on every college website  You can use it to estimate your financial aid package and scholarships to arrive at your cost—not the total COA. Net Price Calculator

 An additional financial aid application required by SOME colleges. The application is customized for each participating college.  It’s located on the College Board website.  And it’s NOT free.  You still have to file the FAFSA. CSS Profile

 If you are receiving free/reduced lunch benefits, or otherwise might qualify for a zero EFC, you don’t have to pay for:  SAT and ACT tests  SAT Subject tests  College application fees  CSS Profile fees Fee Waivers

 These can be called award letters or award packages.  Not always mailed to you—some colleges only post them online or them to you.  You must activate your student account (or portal) and check it regularly, preferably every week. Financial Aid Award Letters

 Admissions offers by April 1 (or earlier if you applied ED or EA or Rolling)  Financial aid packages in March or April  Deposit date is May 1 Other deadlines might exist for accepting scholarships, priority consideration for housing, etc. Timing

 Don’t miss any deadlines.  You can accept or decline each line item in your package.  If you accept any loans, there are always additional steps.  Look for the Tasks in the TO DO section of your student account. Accepting your Fin Aid

 Tuition Payment Plans  Academic Common Market  Virginia Tuition Assistance Grant (VTAG)  529 Plans  Scholarships  Tuition Reimbursement plans How Else to Lower/Manage the Cost of College

 Your college scholarship website  Your college department website  College & Career website  College Scholarship Binder – Career Center  Family Connection>college tab>scholarships  and  Scholarship Handbooks  Google your special characteristics  Local organizations Where to Find Scholarships

Family Connection

1.Summer jobs 2.On-campus positions (for example – RA) 3.Savings—yours and/or your parents’ 4.Get college credit for HS classes 5.Take a heavier course load 6.Start at a community college Other Resources to Help Pay for College

 Career Center  School Counselor  FAFSA Help Line: For FED AID  College Financial Aid Offices EVERYONE CAN AFFORD COLLEGE ! Who can help?

 Financial Aid Night Monday, Nov pm in the GCM auditorium  FAFSA Fill-In Workshop Wednesday, January PM in the GCM Career Center / Library Mark these dates: