Download presentation
Presentation is loading. Please wait.
1
A presentation by the College Funding Project
Paying for College Get in the Game! A presentation by the College Funding Project (With information adapted, in part, from the U.S. Department of Education) $tand By Me is a partnership between the State of Delaware and United Way of Delaware College Funding Project is a partnership between $tand By Me and the DE Higher Education Office Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
2
Paying for college … … starts today! Money is available!
Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
3
What can you do today? Save money Excel in school; be involved
Explore school/college options Research and prepare to apply for scholarships and grants Create your “FSA ID” at FAFSA.gov Create your “Student Profile” at: DelawareGoestoCollege.org Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
4
“Getting in the Game” Education is an important investment
Financial aid is available – if you file the FAFSA Procedures and deadlines need to be followed Scholarships—the free money—will help you minimize what you need to borrow—the loans—to attend the school you choose Preparation and planning are required Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
5
− = What will it “cost” you? “Sticker Price” Scholarships/grants
(Cost of Attendance) − Scholarships/grants (“Free” Money) = “Net Cost” to you Federal Work Study and Federal Direct Loans can be used to cover the “net cost,” as needed Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
6
Cost of Attendance (COA)
COA Elements Tuition Fees Books and Supplies Room and Board Transportation Clothing Misc. Personal Expenses Calculated by school Can vary by school/residency/major Includes BOTH tuition/fees and living expenses for academic year Total financial aid cannot exceed “Cost of Attendance” Not prescriptive Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
7
Questions to be Answered
What is financial aid? What funding is available? How do you apply? When do you apply? Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
8
What is financial aid ? Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
9
Financial Aid is about: ACCESS and OPPORTUNITY
It provides funding … So that you can achieve your educational goals NOW Even if you do not have enough money to pay for it yourself The federal government currently provides more than $150 billion in federal funding each year to more than 13 million students attending colleges and career schools. Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
10
Are you eligible for federal financial aid? YES, if you are:
U.S. citizen or permanent resident with a valid Social Security number Pursuing a degree or certificate AND enrolled at least half-time In possession of high school diploma, GED certificate, or completed home schooling Registered with Selective Service (males only) Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
11
What funding is available?
Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
12
Types of Financial Aid Scholarships and Grants Work Study Loans
Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
13
Scholarships and Grants
How do they help? FREE MONEY How are they awarded? Based on merit Based on need Who funds them? State governments Schools Private organizations Federal government What do I need to know? How do I apply? When do I apply AND what are the deadlines? Will funds be renewed each year? Will amount awarded change from year to year? Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
14
Federal Work Study (FWS)
How does it help? Earnings from part-time employment How is it awarded? Based on need Who funds it? Federal government in cooperation with your school What do I need to know? What if I don’t want to work part-time, can I replace FWS funding with other sources of financial aid? Can I still work part-time if I do not get FWS funding? What types of work could I do? Where would I be working? How many hours could I be required to work? Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
15
Loans Loans How does it help? Money you borrow to fill your funding gap, but must be repaid How is it awarded? Both need-based & non-need-based loans are available Who funds it? Federal government Private lenders Schools Family What do I need to know? Always borrow federal loans first! Repayment of federal loans is very flexible—monthly payments can be based on your income rather than amount of your debt Borrow the minimum you need to attend your chosen school Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
16
How do you apply? Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
17
Applying for Financial Aid
Learn HOW and WHEN to apply for financial aid at each school. Create your Federal Student Aid (FSA) ID at FAFSA.gov. Complete/submit your “Free Application for Federal Student Aid” (FAFSA) at: FAFSA.gov. Review “Student Aid Report” (SAR) you receive after your FAFSA is processed; submit corrections/updates as needed. Apply for additional scholarships and grants from civic and other private organizations. Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
18
FAFSA “Free Application for Federal Student Aid” is the federal form used to collect demographic and financial information from you and your parents Must be filed online every year you need financial aid at: FAFSA.gov 2017–2018 FAFSA available: October 1, 2016 Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
19
“Student Aid Report (SAR)”
FAFSA RESULTS: “Student Aid Report (SAR)” You will receive a “Student Aid Report” (SAR) once your FAFSA has been processed You (and your parents) should review the SAR: Check all information for accuracy; correct information if errors are found Update estimated information when actual figures are available—use IRS Data Retrieval Tool (DRT) to update income/taxes paid information once return is filed Update school listing, if necessary Submit corrected/updated SAR, as needed Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
20
When do you apply? Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
21
When do you file the FAFSA?
Do NOT wait until you have been offered admission—you could miss important deadlines established by the school you want to attend You can submit the FAFSA beginning OCTOBER 1st of the calendar year before you start college For example, the 2017–2018 FAFSA is available on October 1, 2016 Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
22
Delaware Scholarships/Grants Application Requirements 2017-2018
Must complete the “Free Application for Federal Student Aid” (FAFSA) and submit it so that it is received by the federal processor by April 15, 2017 AND Must complete the “Common Merit Application” for most merit-based awards funded by Delaware that is available at: DelawareGoestoCollege.org Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
23
special circumstances?
What if you have special circumstances? Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
24
What if you have special circumstances?
For example … You cannot provide parental information on the FAFSA Your parents’ marital status has changed Your parents’ employment status has changed Your family has medical expenses not covered by health insurance Your family has unusual dependent care expenses Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
25
Notify school of any special circumstances
Contact the financial aid office at each school you are considering and explain your situation to them—they may be able to make to adjustments to accommodate your situation. You likely will need to provide a written explanation of your special circumstances (along with documentation) to the financial aid office. You cannot report or explain your family’s special circumstances when completing the FAFSA or on the “Student Aid Report” (SAR). Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
26
Final comments … Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
27
How will you know what financial aid you are eligible to receive?
The Financial Aid Office will notify you of the types and amounts of financial aid your are eligible to receive as soon as possible after: You have been admitted to the school You have submitted your FAFSA and all other required financial aid application materials You will need to follow the directions provided by the school to complete the process (including applying for any loans you need to borrow) Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
28
Prepare financially … Know when and how to apply for financial aid
Ask if any forms are needed in addition to the FAFSA Ask about deadlines Save as much as possible You may need money to pay for expenses before you get on campus (e.g., campus visits, moving to campus). Apply for scholarships from private organizations. File your FAFSA as soon as possible after October 1, 2016! Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
29
For more information … College admission and financial aid staff
High school guidance counselor StudentAid.gov FAFSA.gov GIBill.va.gov StandByMeDE.org CollegeFundingProject.org DelawareGoestoCollege.org Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
30
Remember, paying for college starts today so get in the game!
Money is available, but you need to file the FAFSA! Be strategic, start preparing now! CollegeFundingProject.org StandByMeDE.org Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.
Similar presentations
