1. Financial Aid 101
2018 – 2019
Ben Meadows
K- 12 Outreach
9/18/2018

2. Agenda GAfutures.org Basic Information Federal Programs State Programs
Filling out the FAFSA
Additional Resources
Today, we will be going over the what, who and how of financial aid and how your financial need is calculated.
First, I’ll give you a brief introduction of GAfutures.org. GAfutures is Georgia’s primary resource to help students plan, apply and pay for college.
Then we’ll talk about some of the different federal programs and state programs such as HOPE.
The most important tool to help with financial aid is the FAFSA, or the Free Application for Federal Student Aid, and I will show you how to get that process started.
And finally I will share some additional resources for financial aid.

3. GAfutures.org Financial Aid & Scholarships College Planning Tools
The basics, state and federal programs, calculators, repayment options, financial literacy tips, national scholarship search
College Planning Tools
Grade-specific checklists, College Money Matters, calculators, applications (admissions, financial aid), HOPE-eligible institutions highlighted, national college search
Career Exploration
Career assessments, interest profiler, Career Clusters and Pathways, skilled trades

4. My GAfutures for Students
Here’s what you can do with a My GAfutures account
Check your HOPE GPA
Apply for Dual Enrollment
View and request high school transcripts
Apply to participating colleges
Apply for state financial aid
Receive general updates and reminders from GSFC

5. What is Financial Aid?
Financial aid is money to pay for your postsecondary education
Examples of financial aid
Grants
Scholarships
Loans
Work-Study Programs
Simply put, financial aid is money to help you pay for college.
The most common forms of financial aid are grants, loans, scholarships and work study.

6. Sources of Financial Aid
Federal Government
State Government
Colleges and Universities
Private Foundations
Employers and Private Companies
Professional and Service Organizations
Financial aid can come from many different sources.
The most common include federal and state government, as well as colleges and universities.

7. Types of Financial Aid Merit-Based Scholarship (HOPE Scholarship)
Need-Based Grant (Pell Grant)
Non-Need Based Grants (HOPE Grant)
Student or Parent Loans
Employment Opportunities, Work Study
Military Aid and Grants
Savings Plans (Path2College)
While there are different sources for financial aid, there are also different types of financial aid.
Some are based on merit such as grades or test scores.
Some are based on financial need.
Some you have to pay back…loans.
And some you do not…grants, scholarships or work study.

8. How is Financial Need Calculated?
Financial need is determined by Cost of Attendance (COA) and Expected Family Contribution (EFC)
COA is tuition, fees, room and board, transportation, etc. established by the school
EFC comes from what you report on the Free Application for Federal Student Aid (FAFSA)
Financial need is calculated by subtracting Expected Family Contribution (EFC) from the Cost of Attendance (COA).
COA is determined by the schools.
EFC is determined from the information you provide on the FAFSA – the FREE Application for Federal Student Aid.
Note: Your EFC is not the amount of money your family will have to pay for college nor is it the amount of federal student aid you will receive. It is a number used by your school to calculate the amount of federal student aid you are eligible to receive.

9. Factors that Influence EFC
Family Size
Independent vs. Dependent Student
Number in
College
EFC
Income (Student/Parent)
Assets
EFC is influenced by a number of factors that both you and your parents provide on the FAFSA.
Savings

10. Factors that Do Not Influence EFC
Assets that are EXCLUDED from the FEDERAL family contribution calculation (EFC)
Family home
Family farm (under special circumstances)
Value of retirement accounts (IRA, KEOUGH, 401K)
There are some things the FAFSA does not consider in determining your EFC.

11. What are the Federal Programs?
Pell Grant
Maximum award amount for : $6,095
Based on financial need, COA, full-time or part-time status and plans to attend school for full academic year or less
Maximum EFC to qualify for Pell - $5,486 or less
May not receive Pell Grant funds for more than one school at a time
Federal Supplemental Educational Opportunity Grant (FSEOG)
Full-time, undergraduates only
Awards range from $100 - $4,000
Federal Work-Study Grant
One of the most well-known and popular forms of federal student aid is the Pell Grant.
Pell Grants do not have to be repaid.
The federal work-study grant enables undergraduate and graduate students to earn money to pay education expenses.

12. What are the Federal Programs?
Direct Subsidized Loan
Interest is paid by the government while enrolled (at least half-time)
Direct Unsubsidized Loan
Student is responsible for paying the interest on loan
Federal PLUS Loan – for parents of undergraduate students
Grad PLUS Loan – for graduate and professional students
The FAFSA also determines the amount of loans, subsidized and unsubsidized, you are eligible for.
These loans, of course, will have to be repaid once you are no longer in school. Repayment begins six months after graduation or if the student is no longer enrolled at least half time.
Federal PLUS Loans are unsubsidized loans made to parents of undergraduate students. If your parents cannot obtain a PLUS loan, you may be eligible to borrow additional Unsubsidized Stafford loan funds. The interest rates may vary based on when the loan is borrowed.
With the Grad PLUS Loan, graduate and professional students are also eligible to borrow under the PLUS Loan program to help pay for their education.

13. 2018 – 2019 Interest Rates Direct and PLUS Loans Type of Loan
Direct Subsidized Loans and Direct Unsubsidized Loans
(Undergraduates)
5.05%
Direct Unsubsidized Loans
(Graduate or Professional Students)
6.6%
Direct PLUS Loans
(Parents and Graduate or Professional Students)
7.6%
Here are the 2018 – 2019 interest rates for direct and PLUS loans.

14. Federal Loan Program Limits
Academic Year
Initial Loan Amount for Dependent Students whose Parents are Eligible for a PLUS Loan
Base
Additional Unsubsidized
Annual Maximum Amount
Freshmen
$3,500
$2,000
$5,500
Sophomore
$4,500
$6,500
Junior/Senior
$7,500
Independent Students and Dependent Students whose Parents were Denied a PLUS Loan
Base
Additional Unsubsidized
Annual Maximum Amount
Freshmen
$3,500
$6,000
$9,500
Sophomore
$4,500
$10,500
Junior/Senior
$5,500
$7,000
$12,500
Depending on what type of loan you and/or your parents qualify for, there are some limits to the amount of funds you can receive.
First-year undergraduates are eligible for loans up to $5,500.
Amounts increase for subsequent years of study, with higher amounts for graduate students. The interest rates may vary based on when the loan is borrowed.

15. What are Some State Programs?
Academic or Merit Scholarships
HOPE Scholarship
Zell Miller Scholarship
Grants
HOPE Grant
Zell Miller Grant
HOPE Career Grant
HOPE GED Grant
Loan
Student Access Loan (SAL)
As most of you know, the HOPE Program is the state and lottery-funded financial aid program for Georgia.
The HOPE Program includes the HOPE and Zell Miller Scholarships that are based on merit.
The HOPE Grant isn’t initially awarded based on merit but recipients must maintain a 2.0 while they’re in school.
The HOPE Career Grant, formerly the Strategic Industries Workforce Development Grant, is available to HOPE Grant-qualified students who enroll in select majors specifically aligned with one of 12 industries identified as strategically important to the state’s economic growth.

16. Other State Programs
Georgia Military College State Service Scholarship
Georgia National Guard Service Cancelable Loan
HERO Scholarship
Public Safety Memorial Grant
REACH Scholarship
Scholarship for Engineering Education (SEE)
Scholarship for Engineering Education for Minorities (MSEE)
Tuition Equalization Grant (TEG)
University of North Georgia Military Scholarship
University of North Georgia ROTC Grant
University of North Georgia ROTC Grant for Future Officers
The Georgia Student Finance Commission administers a number of other state programs to help Georgians pay for college.
More information and eligibility requirements for all of these programs can be found at GAfutures.org.

17. How do I Apply for Aid? Federal Aid State Aid School Aid Scholarships
FREE Application for Federal Student Aid (FAFSA) at fafsa.gov
State Aid
Most states make awards based on FAFSA data
GSFAPPS is a Georgia-specific financial aid application available at GAfutures.org
School Aid
Contact school’s financial aid office
Scholarships
Each scholarship provider has its own requirements
There are a few ways to apply for aid depending on the source.
First and foremost, you should fill out the FAFSA. It’s FREE! And most states make their awards based on the same data.
If you choose not to complete the FAFSA but are eligible for state aid, like HOPE, you need to complete a GSFAPPS which you can find at GAfutures.org.
For school aid, you should contact the financial aid office of the schools you are considering.
Scholarships provided by community groups or other organizations usually have their own requirements and process you will need to follow.

18. FREE Application for Federal Student Aid
Filling out the FAFSA
FREE Application for Federal Student Aid
Again, I want to stress…EVERYONE SHOULD FILL OUT THE FAFSA!
It’s the FREE Application for Federal Student Aid and is the best way to access money to pay for college.
And there are very valid reasons why it’s a good idea.

19. Student Aid Deadlines
One of the first things you want to find out is the deadlines for submitting the FAFSA.
On the FAFSA homepage, you can click on the Deadlines link to find out when the FAFSA is due.
For Georgia, deadlines are determined by the schools.
So be sure to check with the college(s) you are interested in attending for their FAFSA completion and/or submission dates.

20. What You Need to Complete the FAFSA
Social Security number (Alien Registration Number, if not a U.S. citizen)
Most recent federal income tax returns, W-2s and other records of money earned
Bank statements and investment records (if applicable)
Records of untaxed income (if applicable)
An FSA ID to sign electronically
Order Spanish FAFSA at edpubs.gov
To complete the FAFSA you will need
You and/or your parents most recent tax returns
Information on any untaxed income, such as child support
And other basic household information
If you are more comfortable filling out a paper form, you can call Federal Student Aid and request one or you can download the PDF from FAFSA.ed.gov.

21. FSA ID Tips Create your own FSA ID Never tell anyone else your FSA ID
Use your FSA ID each year you fill out FAFSA and for lifetime of any loans
Parents may need FSA ID as well
Each address can be associated with only one FSA ID
Some other tips for your FSA ID include:
Never tell anyone else your FSA ID—not even your parent, child, school official, or loan company representative. Remember, your FSA ID is your signature. Protect it!
You’ll use your FSA ID every year you fill out a FAFSA and for the lifetime of any loans. So be sure to take a little time while making it to create a memorable username, password, and answers to your “challenge questions.” Keep your FSA ID in a safe place, or memorize it.

22. FSA Information Center
The FSA Information Center has a number of ways to contact FSA if you need help.

23. IRS Data Retrieval Tool
Applicant will be validated
Applicant will have option to “Transfer” tax information to FAFSA
The IRS Data Retrieval Tool allows you to access the IRS tax return information needed to complete the FAFSA.
If you are eligible to use the IRS Data Retrieval Tool, we highly recommend using the tool for several reasons:
It’s the easiest way to provide your tax data.
It’s the best way of ensuring that your FAFSA has accurate tax information.
You won’t need to provide a copy of your or your parents’ tax returns to your college.
If you do not use the IRS Data Retrieval Tool to provide tax information and your college requests a copy of your tax return or your parents’ tax return, you may be required to obtain an official tax transcript from the IRS.
Once you are in the process of filling out the FAFSA, you will be able to access the IRS Data Retrieval tool.

24. Confirmation Page EFC estimate Pell Grant and Direct Loan estimates
Lists schools chosen
Option for parents to transfer information to application for sibling
Your Confirmation Page will also include:
EFC
Pell Grant and Direct Loan estimates
The schools you chose to receive your information
and the option for your parents to transfer their information to an application for a sibling

25. Special Circumstances
Cannot report on FAFSA
Send explanation to financial aid office at each college
College will review special circumstances:
Request additional documentation
Decisions are final and cannot be appealed to U.S. Department of Education
Examples of Special Circumstances:
Change in employment status
Medical expenses not covered by insurance
Change in parent marital status
Unusual dependent care expenses
Student cannot obtain parent information
There are special circumstances that cannot be reported on the FAFSA.
In these instances, you will need to send further explanation to the financial aid office of each school to which you are applying.
The schools may request additional information to verify.

26. FAFSA Processing Results
Student will receive a Student Aid Report (SAR)
Colleges listed on your FAFSA will receive Institutional Student Information Record (ISIR) 10 to 14 days after FAFSA submitted
College reviews ISIR
May request additional documentation
Once you’ve submitted your FAFSA, you will receive a Student Aid Report or SAR. This is a summary of the information you submitted on your FAFSA.
You will receive this report via a few days after your FAFSA has been processed or by mail within 7-10 days if you did not provide an address. 
If there are no corrections or additional information you must provide, the SAR will contain your EFC, which is the number that's used to determine your eligibility for federal student aid.
The colleges you list on the FAFSA will receive an Institutional Student Information Record (ISIR) approximately days after you submit your FAFSA.
The ISIR is what the colleges use to determine what aid you will be eligible for.

27. Financial Aid Award Offer
This is an example of how your financial aid award could be broken down.
In this particular award, we’ll point out a few things:
There is no EFC.
This student received the max amount for the Federal Pell Grant.
This student also received the HOPE Scholarship.
Then the student has the option of accepting some subsidized and unsubsidized direct loans to make up the remainder of the cost.
A great resource to help you decipher your award is the Consumer Financial Protection Bureau. They have a comparison tool you can find at consumerfinance.gov.

28. Additional Resources

29. Additional Resources GAfutures.org Georgia’s College Connector
GSFC.org
FAFSA.gov
StudentAid.gov
Prepare for College
Types of Aid
Who Gets Aid
Apply for Aid
Repay Your Loans
Here are some additional resources to help you in the financial aid process.
GAfutures has sections dedicated to state and federal financial aid.
StudentAid.gov and it’s affiliated sites have a wealth of information about federal financial aid.

30. Your Next Steps Create account at GAfutures.org
Check your HOPE GPA to see if you are on track to be eligible for the HOPE or Zell Miller Scholarship
Seniors: Complete the FAFSA beginning October 1

31. We’re Here to Help You
We currently have nine representatives across the state that are here to help you.
Please do not hesitate to contact any of us.

32. Contact Us 800.505.4732 outreach@gsfc.org
You can also call our 800 number or our Client Services with any questions you may have.

33. Be Social
You can follow us on our GAfutures Facebook, Twitter and You Tube for all the latest and greatest information about financial aid – tips, resources, reminders, and more.

34. Our Mission
To promote and increase access to education beyond high school for Georgians.