January 2016

TYPES OF FINANCIAL ASSISTANCE: GRANTS- “FREE MONEY”-money given to the student-mostly based on financial need SCHOLARSHIPS- “EARNED FREE MONEY”- money given to the student because of exceptional academic achievement, an outstanding talent/skill, an outstanding essay or project, and/or financial need. WORK STUDY- “ON CAMPUS JOB” STUDENT LOANS- Parent Loans, Unsubsidized and Subsidized.

 Determined by filling out the FAFSA—Free Applications for Federal Student Aid. MOST COLLEGES WANT THIS FILLED OUT BY MARCH 1 REGARDLESS OF FAMILY INCOME. YOU WON’T KNOW WHAT YOU CAN EARN UNTIL YOU APPLY.

Available ONLY on website to be filed after January 1, 2016 for the school year- Need the student’s 2015 income tax information and the parents’ 2015 income tax information in order to complete. EARLY SUBMISSIONS RECEIVE BEST CONSIDERATION AND MOST FINANCIAL AID!!!! The FAFSA must be filed every year the student is in college.

Determines financial aid based on student/family’s financial need- Cost of attendance (COA)- Expected Family Contribution (EFC) = NEED-BASED AID **Begins with the FAFSA and ends with the College Financial Aid Office.

COA- ((Cost of Attendance)Cost Tuition/fees Room/board Books/supplies Transportation Personal/incidental expenses

EFC- Expected Family Contribution Money family is expected to pay towards college cost Government formula determines this AFTER FAFSA has been submitted. The LOWER the EFC number, the more likely you are to receive grant money The EFC formula considers income, assets, number in family, number in college, age of the parents, work status of parents, and state of residence.

SAR- Student Aid Report Report that summarizes the information on FAFSA Arrives about 2 weeks after submitting FAFSA States your EFC Must be provided to the College Financial Aid Office

Use only this site-- DO NOT PAY FOR THIS SERVICE Estimated EFC at end of session Takes approximately 1-2 hours to fill out with income tax reports- You can estimate from 2015 if necessary. Will have to file an update if you file with estimates.

 After colleges receive your SAR, they will send each student an award letter.  Colleges can offer: Grants Scholarships Loans Work Study  A student can accept or decline any or all of these.

 Contact your college’s financial aid office.  Colleges may use Professional Judgment to re-figure a student’s EFC.  Instances where an EFC may be altered: Adjustments to COA Changes to family status such as divorce, birth of a new baby, death, etc. Student change from dependent to independent

 Verification is like a tax audit.  About 1/3 of all FAFSAs are chosen for verification.  Process is random.  Respond to the verification notice right away; students who do not will not receive federal financial aid.  Use the contact numbers listed on the verification form for any questions.

MOST MAJOR UNIVERSITIES WILL ASK THAT YOU MAKE A FINAL ADMISSION/SCHOLARSHIP DECISION BY MAY 1, 2016 Usually need to put down a tuition deposit.

 Federal Financial Aid is now dependent upon SAP (Satisfactory Academic Progress)  Students must have a 2.0 GPA by the time they attain 30 credit hours.  Aid also ends once a student earns 150% the amount of credits needed for a degree.  Students may not get a Pell Grant for more than 6 years.

 Loans are borrowed money that must be paid back.  Parent Loans: Go to parents and can be used to cover EFC. Parents pay these back, not students!  Unsubsidized Loans: Begin accruing interest from the date of disbursement.  Subsidized Loans: Interest does not begin until the day the student leaves school.

 There is a limit to the amounts students can borrow:  Freshman year: $5500  Sophomore year: $6500  Junior and Senior Year: $7500 **$2000 of each of these amounts is unsubsidized. ***Check Federal Student Loan Handout for more specifics.

FREE Financial Aid based on ACADEMIC ACTIVITY LEADERSHIP ATHLETIC ARTISTIC TALENTS- BOTH VISUAL AND PERFORMING

Be sure to contact the FINANCIAL AID OFFICE of the college/university and request SCHOLARSHIP APPLICATION(S). KNOW AND STAY IN CONTACT WITH YOUR COLLEGE’S ADMISSION COUNSELOR!! Contact your college’s FINANCIAL AID OFFICE if necessary to discuss all financial options including your FAFSA application/results.

Scholarships are listed on EdModo under Angie Salava, Class of Scholarships are listed on district website at gs/scholarships/ gs/scholarships/

 Students must log all scholarships earned, whether accepted or not on  Logging a scholarship from a college onto that site will make a student eligible to participate in the Senior Signing Ceremony on April 20.

 Meet the people who are giving out local scholarships and get their applications  Tuesday, January 26 from 6:30-7:30 Olathe District Technology Center S. Blackbob Road

 FREE help with FAFSA & a chance to win a $500 scholarship- FOUR to be given away at each site  February 21, 2016 from 2-4 p.m. at MNU and JCCC

 HO0 HO0 This video tells you what you will need to get started on your FAFSA! Remember, the FAFSA is due on MARCH 1.