1. North Branch High School Counseling Department

2. Types and Sources of Financial Aid Types are Need-based and Non Need-Based: Scholarships Loans Grants Work-Study (campus based employment) Sources: Federal Government State of Michigan Individual University or College funding Private Entities

3. Sources of Financial Aid

4. Federal Grant Programs Pell Grant: Maximum $5,370 for 2014-15. To qualify: Expected Family Contribution (EFC) under $5,158 Federal SEOG: Maximum $4,000 (Supplemental Education Opportunity Grant) To qualify: High financial need, campus-based program, minimum of half-time enrollment Federal TEACH Grant: $4,000 To qualify: teach in high risk subject area in a school that serves low-income students. Must teach for 4 years within 8 years of graduation or changes to a unsubsidized loan. Iraq/Afghanistan Service Grant: $5,312 for 2014-15. To qualify: students whose parent/guardian died while performing military duty in Iraq, Afghanistan or 9/11.

5. Federal Loans Direct Subsidized Stafford Loan Federal Govt. pays loan interest as long as the student is enrolled in a minimum of half-time Direct Unsubsidized Stafford Loan Loan interest accrues immediately at disbursement. However, payments are not due while student is enrolled a minimum of half- time and there is 6 month post-grad grace period. Both require documented financial need, interest rates vary: currently around 5%. Can be deferred for graduate school. Amounts: Freshmen $5,500/3,500 subsidized Sophomores $6,500/4,500 subsidized Juniors and Seniors $7,500/5,500 subsidized

6. Federal Loans – Continued Perkins Loan - (similar to Staffords) Up to $5,500 per year, campus-based which may vary amount, fixed interest rate of 5% - subsidized, no payments while enrolled at least half-time, 9 month post-grad grace period. PLUS Loan – for parents of dependent students with good credit standing. Can borrow amount not covered by other financial aid Variable rate – currently around 7.2% Loan fees of 4.292% Deferred while student is enrolled

7. Federal Aid – G.I.Bill Parent who is a veteran or active service person can choose to apply. Benefits can be passed down to children. For more information visit: http://www.benefits.va.gov/gibill/

8. Federal Work Study Program Student works on or off campus Campus-based, which may vary amount Can be distributed in pay check or directly deposited in institution account.

9. Federal Aid Eligibility Guidelines U.S. Citizen Male citizens registered with Selective Service High School Diploma, GED or home schooling completion Enrolled in a degree or certificate program Must have satisfactory academy progress Aid is discontinued if charged with drug conviction

10. Federal Aid Website Link www.studentaid.gov

11. Michigan Grant Programs Michigan Competitive Scholarship (FAFSA required) Michigan resident as of July 1 of previous year Enrolled at least half-time Qualifying ACT score: 5 sub scores added together to equal 90 or better Used at a public/private Michigan college/university For 2014/15: $676/public $1,626/private

12. Michigan Grant Programs Michigan Tuition Grant Michigan resident as of July 1 of previous year Enrolled at least half-time NO Qualifying ACT score ONLY used at a private college For 2014-15: $1,626

13. TIP: Tuition Incentive Program Student must have had Medicaid coverage for 2 years (24 months) within a 3-year period (36 months) from as early as age 9 – to be determined by the Department of Human Services (DHS) Phase I – covers full tuition at a Michigan community college (partial tuition at other MI colleges with associate degree programs) Phase II - $500 per semester toward cost of bachelors degree

14. Survivor Tuition Grant (STG) Michigan Resident Students who have a parent that perished in the line of duty as police officers or fire fighters Full tuition at a Michigan community college or public university

15. Children of Veterans Tuition Grant Michigan resident Enrolled half-time, minimally For students whose parent was killed in action or permanently disabled while serving in a war. $2,800/year

16. Michigan Sources of Aid MI Nursing Scholarship – institution of admittance Indian Tuition Waiver if attending a public university ETV (Education and Training Voucher) for foster children through Lutheran Services of Michigan Michigan Rehabilitation Services for students with disabilities

17. Michigan Aid Resources www.michigan.gov/mistudentaid Or call: 888-4gr-ants

18. Where else? Private local high school scholarships Churches Philanthropies (DAR, Masonic Temple, etc.) Employers Free web searches

19. Financial Need Primer Cost of Attendance - Expected Family Contribution =Financial Need

20. Financial Need – a Snapshot To estimate eligibility for aid, visit: https://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e1s1 To estimate cost of attendance and each college/universities “Net Cost Calculator”, visit: http://nces.ed.gov/collegenavigator/ http://nces.ed.gov/collegenavigator/

21. Cost of Attendance Reminders Books/supplies Room and board Personal/medical Travel Of course, tuition and fees

22. Financial Aid FAQs The expected family contribution lowers with each student in the family attending college. The maximum amount of parental savings that are considered “contribution” is 6%. However, for students individually – it is 20%. Students who work will have income considered ONLY if the annual income exceeds $6,260 (after tax). Financial aid applications include the FAFSA (free application for federal student aid), CSS/Financial Aid Profile form (requested by some colleges/universities), individual institution applications.

23. FAFSA Used to determine financial eligibility for federal student aid – can be used to determine state aid for some programs Required by most REMINDER: the website is www.fafsa.govwww.fafsa.gov

24. Filing the FAFSA Online – EASIEST! Download a pdf version on the FAFSA website Call the FAFSA center to request a paper copy: 800-4-FEDAID

25. Filing FAFSA Online Faster! Website will automatically skip questions that do not pertain to you – making the application process faster and less overwhelming Fewer errors: technology in place to alert you to missing information, incorrect format, etc. Online help is available

26. Filing FAFSA – Important Dates Students CANNOT file before January 1 st Students are able to file until June 30 th – BUT DON’T WAIT! Many aid programs are first come/first served! Deadline for Michigan Competitive Scholarship is March 1 st Individual college aid deadlines DO APPLY!

27. Filing FAFSA To file ONLINE – students and parents will need a Federal Student Aid PIN number. To obtain PINs, visit: www.pin.ed.gov www.pin.ed.gov

28. Filing FAFSA Common questions: “Dependent” vs. “Independent” student definitions “Homeless” definitions Definition of “Parent” Order of colleges listed does not make a difference in financial aid purposes… HOWEVER… The State of Michigan WILL USE the first college listed to determine eligibility for MCS and MTG programs. Please contact the NBHS Counseling Office with any questions!

29. Filing FAFSA UPDATES/CORRECTIONS - can be made at any time! Verification process – roughly 30% of applicants are selected for this process. If selected, a college or university may need to verify certain data based on reason for selection. (i.e. reported income of $30,000 and $25,000 reported taxes paid, for an after-tax income of $5,000)

30. Financial Aid considerations FA Officers can make considerations for circumstances that fall outside of capture on FAFSA: Death of parent Divorce Change in income High medical bills Etc. Recommended that these be documented.

31. After the FAFSA is completed: Each college listed on the FAFSA will receive a report called the ISIR (Institutional Student Information Record). Students will receive an email with a link to obtain their SAR (Student Aid Report) which indicates eligibility. For students who applied and did not provide a working email, a paper copy will be mailed to home address. Colleges/Universities will send award letters via mail or email – this will usually begin in February and March and will include all Federal, State and Institutional Aid eligibility.

32. GOOD NEWS! In the spring of this year (2015), PINs will be replaced with user ID and password, obtained on the FAFSA website.

33. FAFSA - HELP! FAFSA.gov – online help Federal Student Aid Information Center 800-4-FEDAID NBHS Counseling Department

34. QUESTIONS?