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F EDERAL STUDENT A ID 101: F EDERAL STUDENT AID PROGRAMS AND THE FAFSA PROCESS January 2016
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Today’s Topics Federal Student Aid Programs FAFSA Process College Costs Federal Student Aid Resources 2
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Sources of Money for College Federal government State government Colleges and universities Private foundations Employers and private companies Professional and service organizations 3
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How Do I Find Scholarships? Search for scholarships online the U.S. Department of Labor’s FREE scholarship search Employer The financial aid office at a college or career school Federal agencies and State grant agency Library ’s reference section Foundations, religious or community organizations, local businesses, or civic groups Organizations (including professional associations) related to your field of interest
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15 6 6 There is more than $150 billion available in federal aid to help students pay for college 6
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7 7 Loan Type Interest Rate (First Disbursed between July 1, 2015 and June 30, 2016) Repayment Federal Perkins Loan 5% Fixed9 months after school Federal Stafford/ Direct Loan Undergraduate Grad Rate Subsidized 4.29% Fixed Unsubsidized 4.29% Fixed 5.84 % 6 months after school Federal Direct PLUS Loan (Parents, Graduate & Professional) 6.84% Fixed Direct Lending Rate May be deferred until 6 months student drop ½ time or 60 days after loan is fully disbursed Interest Rates for Federal Loans
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Loans are an INVESTMENT Only borrow what you need Private loans are an option but may have higher interest rates Repayment doesn't start immediately Loan Tips
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FAFSA.gov
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15 12 Free Application for Federal Student Aid (FAFSA) Eligibility for federal student aid programs is determined by the information provided on the FAFSA Students are encouraged to file their FAFSA as soon as possible after January 1 st of their senior year in high school Must create an FSA ID to complete online application at FAFSA.gov 12
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FSA ID: Needed for FAFSA.gov
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15 Basic Eligibility Requirements Students must have: High school diploma, GED A Social Security Number (with limited exceptions) U.S. citizenship or be an eligible non-citizen Registered with the Selective Service (Males) Students also need to: Be enrolled or accepted for enrollment in an eligible program Be pursuing a degree, certificate or credential Maintain ‘Satisfactory Academic Progress’ 15
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Helpful Hints Dependent students are only eligible for unsubsidized loans without parent information on the FAFSA FAFSA is used for more than just federal aid Undocumented parents can use 000-00- 0000 in place of SSN
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Scenario “I am a student and my parents are divorced. Do both of my parents need to complete the FAFSA?” Answer: If your parents are divorced or separated and don’t live together, the parent with whom you lived more during the past 12 months should be the only one to complete the FAFSA.
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“I am a student and I split my time living equally between my divorced parents. The FAFSA requires information from the supporting parent. Which parent should fill out the FAFSA?” Answer: If you lived the same amount of time with each divorced or separated parent, the parent who provided more financial support during the past 12 months should complete the FAFSA. Scenario
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21 What To Expect Student completes the FAFSA FAFSA is processed by FSA; Student receives a SAR; College receives information if listed on the FAFSA College reviews info and assembles award package for the student Student reviews award package; compares to other award letters; student determines which college to attend
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After the FAFSA Submission Check your email and snail mail regularly Update and/or make corrections to the FAFSA if necessary Follow up with the schools for your award letter Continue to search for scholarships
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Sample Award Letter Financial Need = $13,000 Scholarships$2,000 Institutional Grant$2,000 Federal Grants$5,000 State Grants$2,000 Loans $2,000 - Unmet need TOTAL =$13,000 25
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www.StudentAid.gov
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Connect With Us! TWITTER @FAFSA www.twitter.com/FAFSA YOUTUBE Federal Student Aid www.youtube.com/FederalStudentAid FACEBOOK Federal Student Aid www.facebook.com/FederalStudentAid 29
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30 FSAIC The Federal Student Aid Information Center (FSAIC) operates a toll- free hotline to provide: o Information about federal student aid programs; o Help completing the FAFSA o Information about the process of determining financial need and awarding aid 1-800-4-FED-AID (1-800-433-3243) www.StudentAid.gov www.StudentAid.gov www.fafsa.ed.gov www.fafsa.ed.gov Hours:Monday – Friday:8:00am – 10:00pm ET Saturday:9:00am – 6:00pm ET Sunday:Closed
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James Copeland, Jr., Ed. D. james.copeland@ed.gov (202) 377-3175 james.copeland@ed.gov
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