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Published byRylie Dunnett Modified over 9 years ago
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What is FINANCIAL AID? NEED BASEDNON NEED BASED INCLUDING MERIT GIFT AIDSELF-HELP AID SCHOLARSHIPS GRANTS WORK-STUDY LOANS HIGHER EDUCATION TAX CREDITS MONEY FROM A SOURCE OTHER THAN THE FAMILY TO ASSIST WITH THE COST OF ATTENDING COLLEGE.
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Sources of Aid: Colleges Private Sources State Federal Government
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Federal Financial Aid Grants Awarded Based on Financial Need –Federal Pell Grant –Federal Supplemental Educational Opportunity Grant (FSEOG) Non-Need Based Grants –Teacher Education Assistance for College and Higher Education (TEACH) Grant **Federal Grants do not require repayment with the potential exceptions for TEACH grants.**
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Federal Financial Aid Federal Student Loans –Both Need Based and Non-Need Based –Loans must be repaid upon graduation –Two programs available to undergraduate students: Direct Loan and Perkins Loan Programs –One Program available for Parents of Dependent Undergraduate Students: Parent PLUS
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Federal Financial Aid Federal Work-Study –Need based employment program –Student is paid an hourly wage –Funds are earned as the student works; no “up front” disbursement –Majority of employment positions are on campus
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Qualifying for Need-Based Aid Definition of Financial Need: Cost of Attendance − Expected Family Contribution (EFC) = Financial Need
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What will it cost? Cost of Attendance figures are typically an average calculation, rather that actual costs for an individual student including: –Tuition and Fees –Books and Supplies –Room and Board –Miscellaneous & Personal Expenses **May also include allowances for dependent care, study abroad & expenses associated with a disability**
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Expected Family Contribution (EFC) Is a Result of Federal Needs Analysis Formula… Which includes the following components: –Student contribution from income –Student contribution from assets –Parent contribution from income –Parent contribution from assets **EFC may be zero!!
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Apply For Federal Aid www.fafsa.gov Fall 2015 Freshmen complete the 2015-2016 FAFSA Available January 1, 2015
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+ www.fundmufuture.info www.scholarships.com www.collegeboard.com www.arcf.org Sources for Scholarships Local, Regional and National Organizations Colleges and Universities
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Create your Scholarship Resume Education & Scholastic Achievement Experience, Training, Internships, and Employment Honors, Awards & Memberships in Professional Organizations Leadership and Community Service Extra-curricular Activities Career Ambition: Statement of Goals Develop Your Personal Brand
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Scholarship Tips It’s a numbers game Small is the new big Pay attention to details Searching is a year round sport There are scholarships for everyone!
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www.adhe.edu One application for all ADHE programs Must be an Arkansas Resident Must be US Citizen or lawful permanent resident Accepted for admission to a degree program Deadline for Governor’s Scholarship program is February 1 Application Deadline for other programs currently June 1 st of senior year
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Students Graduating from a Private High School, Out-of-State High School or Home School Achieve at least a 19 on the ACT or equivalent Composite score from a single test date No combined, blended, or “super” scores May substitute a comparable score from SAT, COMPASS or ASSET tests Academic Challenge Scholarship Academic Eligibility Criteria
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Academic Challenge Award 4 Year Institutions2 Year Institutions $2,000 Freshman$2,000 Freshman & Sophomore $3,000 Sophomore $4,000 Junior $5,000 Senior **Maximum award is eight (8) Semesters with five (5) maximum of eight at 2 Year Institution**
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Governor’s Scholars Governor’s Distinguished Scholarship –Rank based on Test Score, GPA, Rank in Class and Leadership –Up to $10,000 per year and 300 awards statewide –32 ACT/1410 SAT and 3.5 academic GPA or National Merit or National Achievement Finalists Governor’s Scholarship - $4,000 per year and 75 awards - 27 ACT/1220 SAT or 3.5 academic GPA
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1-800-54-STUDYwww.adhe.edu Application available January 1, 2015
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Changes Possible The Arkansas State Legislature meets in January 2015 Possible changes to ADHE financial aid programs - In the past, new regulations have affected graduating seniors
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Higher Education Tax Benefits Tax Credits directly reduce the amount of tax you pay: –The American Opportunity Tax Credit –The Lifetime Learning Tax Credit Tax Deductions reduce the amount of your income that is taxed: - Tuition and Fees Tax Deduction - Student Loan Interest Tax Deduction
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Financial Aid Tips Apply early and respond to requests for additional data promptly. Remember communication will be addressed to the students –Family Education Rights & Privacy Act Know additional requirements to receive and keep aid - Be a responsible consumer - Avoid Scams
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Contact Information Carlia Smith Director of Financial Aid Email: cgsmith@ualr.educgsmith@ualr.edu Telephone: (501) 569-3035
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