1. WELCOME TO
FINANCIAL AID 101

2. Types of Financial Aid

3. TYPES OF NEED-BASED AID
Grants
Federal Grants
State Grants
University Grants
Federal Work Study
On-campus positions
On-campus community service jobs
Off-campus community service jobs
*Must say yes when asked if interested on the FAFSA*
Scholarships
Local
Regional
National
Loans
Federal Perkins Loans (5.0%)
Federal Direct Subsidized Loans (4.66%)**
Federal Direct Unsubsidized Loans (4.66%)**
Direct PLUS Loan for parents (7.21%)**
**interest rate is likely to increase effective 7/1/2015

4. Applying for Financial Aid: The Basics

5. FAFSA Free Application for Federal Student Aid Due March 1
fafsa.ed.gov

6. DON’T FALL FOR IT…
fafsa.com
fafsa.com
fafsa.com
fafsa.com

7. Myths About Financial Aid
“My parents make too much money – I won’t qualify for aid…”
“Only students with good grades get financial aid.”
“I’m too old to get financial aid.”
“The form is too hard to fill out.”

8. Truths About Financial Aid
Everyone should apply, even if you do not think you qualify for financial aid – you may be surprised to get a grant or low-interest loan
Students can get financial aid regardless of their high school grades or age
The FAFSA is more accessible than ever – do not feel that it is too hard to complete!

9. FAFSA Resources/Help

10. studentaid.ed.gov

11. Can I Get Help With My FAFSA?
FAFSA Day will be held for everyone at CCC&TI on February 28. Many people will be there to help you complete the application online.
FAFSA Help Line:
FAFSA website: fafsa.ed.gov
Additional websites listed on “Agenda” handout

12. Overview of the FAFSA Process

13. FAFSA PINs
The FAFSA requires the student and parent(s) to each make a PIN (a Personal Identification Number)
Your PIN is both a password and a way to “sign” your FAFSA online
You should each create a PIN by February 1, as it takes a few days to process

14. Expected Family Contribution
The FAFSA uses your financial information to figure out how much money your family can put towards one year of college
This amount is called your Expected Family Contribution (EFC) immediately after filing
If you have an EFC of $1,000, this means that your family is expected to pay ~$1,000 towards your college-related expenses for the upcoming year.

15. Determining Financial Need
You will send this information to every college to which your student has applied
There, the Financial Aid Office will put together a package of aid to help you pay for one year at their school
Total Costs – Your EFC = the amount they will attempt to award you

16. Determining Financial Need
College A= $45,030
College A= $57,530
College B= $24,600
College B= $12,100
Example
EFC = $12,500
EFC = $12,500
Formula
Cost of
Attendance __
(minus)
Expected Family
Contribution =
(equals)
Financial Need

17. Financial Aid Award
If accepted, you will receive an award letter from each school that details your grants, scholarships, and loans
This should arrive in April if you submit your FAFSA by March 1
You can compare award letters before making your final choice of school

18. Information Needed to Complete the FAFSA

19. What Information Do I Need for the FAFSA?
You will have to report:
Annual Income
Investments
Bank account information
Property values
and more
NOTE: You should list all Universities to which you applied, including the ones you have not yet received an admissions decision from.

20. Data Retrieval Tool
You can fill out the FAFSA with less hassle by using the IRS Data Retrieval Tool – available February 2
This tool pulls all relevant information from your current tax return and loads it into the FAFSA
To use this tool, you must file your taxes by early February. It takes ~2 weeks to be able to use the tool after filing.

21. CSS Profile Due Date: March 1 NOTE: Not all schools require this form.
Helps to determine eligibility for institutional aid
Cost: $25 for the initial application. $16 for additional reports
WEBSITE: profileonline.collegeboard.org

22. After You Submit the FAFSA: Next Steps

23. Student Aid Report (SAR)
The SAR gives you basic information about your eligibility for federal student aid, lists your Expected Family Contribution, and lists your answers to the questions on your FAFSA
You will receive this within a week if you filed the FAFSA online, provided an address, and signed with a PIN
Make sure that your SAR is correct and complete -if you find a mistake, you will need to correct or update your FAFSA

24. Verification
If your EFC is low or some data in your FAFSA confuses the college financial aid office, you may be selected for verification
You will have to send the college financial aid office a current tax receipt (you must request this from the IRS); additional documentation may also be requested such as bank statements
They will use this information to verify your FAFSA data
You will not receive financial aid from any college that selects you for verification until you complete this process; it is IMPORTANT that you supply all requested information ASAP

25. Federal Loan Options
Filling out the FAFSA enables you to receive federal loans with reduced interest rates.
Subsidized Loans are loans that will not begin to accrue interest until after the student has graduated.
Unsubsidized Loans are loans that will accrue interest after they are disbursed.
Parent PLUS Loans - parents must not have negative credit history to qualify.

26. Financial Aid Award

27. Tips and Frequent Questions

28. Staying Eligible for Aid
Make sure to find out what your school’s policy is in regards to staying eligible for financial aid
Many schools require that you maintain a GPA of 2.0 or above to stay eligible
You must stay a full-time student (>12 credit hours per semester) to remain eligible – give this careful consideration when registering for classes!!
Financial aid may be revoked if a student is convicted of a crime, such as a DUI or drug possession
Selective Service Requirement

29. Do I Apply Every Year? YES
Your FAFSA is only good for one academic year
This way, if your family makes less money while you are a freshman, you will receive more aid in your sophomore year

30. Timeline January: -Gather and complete tax forms
-Create a PIN for the student and parent
February: -Complete the FAFSA before March 1
-Submit to every school to which you have applied, even if you haven’t heard back
-If selected for verification, submit requested documents ASAP
April: -Receive and compare aid award letters
May 1: -Make your final decision, pay your enrollment/housing deposit, and celebrate!

31. QUESTIONS