1. Tucson International Academy
Financial Aid Night
January 2016

2. Tonight we will . . . Look at costs Discuss types of loans
Other ways of paying for college
Find college resources

3. What you will need. . . Student’s social security number
Parents tax information (2014)
Valid
Current physical address
List of college choices

4. Determining Costs Direct Costs Indirect Costs
Generally there are two types of college costs: direct and indirect. Direct costs are assessed by the school and vary little from student to student. Indirect costs are those that you can influence based on choices you make.
Direct Costs
Tuition
Fees (health center, student activity, special campus fees, etc)
On-campus room and board (including meal plan)
Indirect Costs
Books and supplies
Equipment (art fees, athletics, computers, etc)
Transportation (costs associated with travel to and from school)
Personal living expenses (spending money for pizza, movies, etc)
Off-campus room and board
All of these costs will show up on the award letter you receive from the school and will make up the schools cost of attendance. Many parents and students forget about the indirect costs and these should be taken into account.

5. Calculators
There are websites to help you determine the cost for schooling.
All of these costs will show up on the award letter you receive from the school and will make up the schools cost of attendance. Many parents and students forget about the indirect costs and these should be taken into account.

6. Paying for Education Gift Aid Scholarships
Grants, which do not need to be repaid, are typically awarded annually
based on information provide on the FAFSA.
Three of the largest grant programs are:
Federal Pell Grant (awards up to $5,350)
Federal Supplemental Educational Opportunity Grant (FSEOG)
(awards up to $4,000)
Academic Competitive Grant (ACG) (awards up to $4,000)
Additional grants are awarded by the federal and state governments, colleges, and independent organizations.
Scholarships
Are another form of gift aid based on talent, grades, leadership, athletics to name a few.
More to follow
Good thing about grants is they are free, the bad thing about grants is they are typically offered in low amounts that do not cover the entire cost of college.
The two federal grants are need based as are most grants.
BUT many states have very good non need based grants that may be based on grades and test scores.
School grants are also available.

7. Paying for Education Federal Work Study (FWS)
Federal Work-Study (FWS) is a form of financial aid awarded to
students who demonstrate financial need and meet certain eligibility
requirements.
You must submit the Free Application for Federal Student Aid (FAFSA)
Average work schedules are from 10 to 15 hours per week.
At the very least, you will earn the current federal minimum wage, but that
amount may be higher depending on where you work and the type of work that
you perform.
Be sure to mark "yes" to the question on the FAFSA that asks if you are interested in student employment. If you are eligible, your FWS award will be listed on your financial aid award letter. If you have already filed your FAFSA for this year and did not demonstrate interest in FWS but are interested now, you should visit your school's Financial Aid Office (FAO) to determine your eligibility. You must complete a new FAFSA each year for continued consideration in the Federal Work-Study Program; the money you earn through this program is not used to determine your financial need. Your total FWS award depends on your application date, your level of need, and the funding level of your school. If funds are not available, you may be put on a waiting list as long as you are eligible. 
Check with your school to see what their limit is on how many hours you can work per week. Work-study hours are flexible. Remember: school should be your first priority!

8. Paying for Education FAFSA Free Application for Federal Student Aid

11. Financing Your Education
Financial Need
Definition of Need
Need is the cost of attendance (COA) minus your expected family
contribution (EFC):
COA – EFC = NEED
The cost of attendance varies for each school, so a student’s financial
need will also vary for each school.
Use FinAid’s online calculators to help you determine your need:
fastweb.com
The cost of attendance varies for each school, so a student’s financial need will also vary for each school. Make sure to compare financial aid offers!
Submit your FAFSA as soon as possible after January 1st

12. Financing Your Education
Scholarships
Common Websites
Fastweb.com
Finaid.org
Scholarships.com
Zinch.com / Chegg.com

13. Warning! Beware of companies that do any of the following:
Financing Your Education
Scholarship Scams
Warning! Beware of companies that do any of the following:
Require a fee of any kind (including and up-front fee
for a loan).
2. Refuse to release their telephone number and
provide only a P.O. Box where you can mail your check.
3. Offer an award for which you did not apply.
4. Promise to do all the work.
fastweb.com
If you think you are the victim of scam, contact the Federal Trade Commission (FTC). Submit an online complaint form or call toll-free: FTC-HELP ( ) for help. Website:

14. Financing Your Education
Scholarship Scams
5. Guarantee you will win a scholarship.
6. Claim you cannot get the information they have and supply
anywhere else.
7. Require personal information to “hold” the scholarship (like
your banking or credit card information.
If you think you are the victim of scam, contact the Federal Trade Commission (FTC)
fastweb.com

15. Financing Your Education
Loans
Types of Loans
Federal Student Loans provide lower fixed interest rates, subsidized
(government pays the interest while you are in school and the six month grace
period after graduation), and offer a choice of repayment options.
Federal Parent PLUS Loans can help supplement a student’s loan. The
repayment obligation is on the parent.
Private student and parent loans have variable but competitive rates, are
credit-based, and have a higher loan limit than federal student loans.
fastweb.com
FACT: Two/thirds of students (65.7%) graduate with some student loan debt.
Rule of thumb: Do not borrow more than your projected first-year salary.
Example: If your income will be $40,000/year, then you should try not borrow more than $10,000/year.

16. Financing Your Education
Maximum Loan Amounts
How much can I borrow?
It depends on your year in school and whether you have a subsidized or unsubsidized Direct or FFEL Stafford Loan.
If you're a dependent undergraduate student (excluding students whose parents cannot borrow PLUS Loans), each year you can borrow up to:
>$5,500 (for loans first disbursed on or after July 1, 2008) if you're a first-year student enrolled in a program of study that is at least a full academic year. No more than $3,500 of this amount can be in subsidized loans.
Please refer to the following link for more detailed information:
studentaid.ed.gov

17. Tax Credits and Deductions
Financing Your Education
Tax Credits and Deductions
Hope Scholarship Tax Credit
Provides a $1650 tax credit per student that is enrolled full-time.
A reduction of your calculated tax for qualified, out-of-pocket expenses and
expenses during the first two (tax) years of college.
Financial aid/scholarships do not count towards qualified tuition.
Lifetime Learning Tax Credit
Up to a $2,000 tax credit.
Applicable for students enrolled less than half-time.
May be claimed for an unlimited amount of years.
Student Loan Interest Deduction
Up to a $2,500 deduction, even if deductions are not itemized.
Loan origination fees and capitalized interest count towards the deduction.
Students and parents can claim the deduction for past years by filing amended
income tax returns.
fastweb.com
Hope & Lifetime are non refundable

18. Tucson International Academy
Financial Aid Night
January 2016
Let’s get to work in
Computer
Lab!!