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Understanding The Financial Aid Process Make the Right College Choice for You.

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Presentation on theme: "Understanding The Financial Aid Process Make the Right College Choice for You."— Presentation transcript:

1 Understanding The Financial Aid Process Make the Right College Choice for You

2 What is a Scholarship? Performance based What is Financial Aid? Need Based Sources of Financial Federal Financial Aid State (Florida) Financial Aid Institutional Financial Aid

3 Federal Financial Aid Grants 2012-2013 Award Amounts (Grants) Federal Pell Grant: up to - $5,550 Federal Pell Grant: up to - $5,550 Federal Supplemental Educational Opportunity Grant (SEOG): $100 - $4,000 Federal Supplemental Educational Opportunity Grant (SEOG): $100 - $4,000 Federal Work-study  A job: Admissions office, Library, for a Professor, the Gym, Stringing Tennis Rackets  You will be paid by check for your work  Flexibility for vacations, summer, and tests.

4 Federal Student Loans Federal Perkins Loan up to $5,500 Federal Perkins Loan up to $5,500 5% interest rate 5% interest rate Direct Subsidized Loan $3,500 - $5,500 Direct Subsidized Loan $3,500 - $5,500 6.8% interest rate – interest grace period while in college. 6.8% interest rate – interest grace period while in college. Direct Unsubsidized Loan$5,500 - $25,000 Direct Unsubsidized Loan$5,500 - $25,000 6.8% interest rate – interest accumulates while in college. 6.8% interest rate – interest accumulates while in college. Direct Parent PLUS Loanno minimum amount Direct Parent PLUS Loanno minimum amount 7.9% interest rate 7.9% interest rate Repayment usually begins 6-9 months after graduation Repayment usually begins 6-9 months after graduation Effective July 1, 2010. All new Stafford, PLUS, and Consolidation Loans will come directly from the U.S. Department of Education under the Direct Loan Program SM. Effective July 1, 2010. All new Stafford, PLUS, and Consolidation Loans will come directly from the U.S. Department of Education under the Direct Loan Program SM.

5 Applying for Financial Aid Free Application for Federal Student Aid (FAFSA) Apply at: www.fafsa.ed.gov Apply at: www.fafsa.ed.govwww.fafsa.ed.gov NOT www.fafsa.com this is a pay site NOT www.fafsa.com this is a pay site

6 Which FAFSA form do I file? Each college sets its own deadline regarding financial aid, but it is in your best interest to file the FAFSA (and any other required forms) as early as possible. Colleges have a finite amount of money budgeted for financial aid. Students who file later risk receiving less aid as colleges approach their budget limits. Each college sets its own deadline regarding financial aid, but it is in your best interest to file the FAFSA (and any other required forms) as early as possible. Colleges have a finite amount of money budgeted for financial aid. Students who file later risk receiving less aid as colleges approach their budget limits. Attending College Use FAFSA Form Use IRS Income Tax From Beginning Summer 2012 Then Fall 2012 2011 – 2012 FAFSA 2012 – 2013 FAFSA 20102011 Beginning Fall 2012 2012 – 2013 FAFSA 2011

7 Documents Needed to complete your FAFSA You and your parents Social Security Number. Be sure it is correct! You and your parents Social Security Number. Be sure it is correct! Your driver's license (if any) Your driver's license (if any) Your 2011 W-2 Forms and other records of money earned Your 2011 W-2 Forms and other records of money earned Your (and your spouse´s, if you are married) 2011 Federal Income Tax Return. IRS 1040, 1040A, 1040 EZ Your (and your spouse´s, if you are married) 2011 Federal Income Tax Return. IRS 1040, 1040A, 1040 EZ Your Parents´ 2011 Federal Income Tax Return (if you are a dependent student) Your Parents´ 2011 Federal Income Tax Return (if you are a dependent student) Your current bank statements Your current bank statements Your current business and investment mortgage information, business and farm records, stock, bond and other investment records Your current business and investment mortgage information, business and farm records, stock, bond and other investment records Your alien registration or permanent resident card (if you are not a U.S. citizen) Your alien registration or permanent resident card (if you are not a U.S. citizen)

8 Need help? Use “Live Help” icon or call 1-800-4-FED-AID. Don’t forget to print confirmation page. http://www.fafsa.ed.gov/

9 Expected Family Contribution EFC Calculated from your FAFSA Calculated from your FAFSA Determines your financial aid eligibility Determines your financial aid eligibility The same at every school The same at every school Used in awarding institutional funds. Used in awarding institutional funds. Institutional EFC may vary from federal EFC. Institutional EFC may vary from federal EFC. Professional Judgment subject to college/program policy. Professional Judgment subject to college/program policy.

10 How it works College Cost of Attendance - Expected Family Contribution (EFC) Expected Family Contribution (EFC)= Financial Need

11 Cost of Attendance (COA) COA includes: COA includes: Tuition and fees (varies depending on credit hours taken) Tuition and fees (varies depending on credit hours taken) Books and supplies (varies by cost of books) Books and supplies (varies by cost of books) Room and board (varies by type of room and meal plan desired) Room and board (varies by type of room and meal plan desired) Transportation (fly, or drive) Transportation (fly, or drive) Personal expenses (clothing, entertainment, food) Personal expenses (clothing, entertainment, food) COA may be referred to as “direct costs,” “student budget,” or “student expenses.” TIP

12 Frequent FAFSA Errors Social Security Numbers Social Security Numbers Divorced/remarried parental information Divorced/remarried parental information Income earned by parents/stepparents Income earned by parents/stepparents Untaxed income Untaxed income U.S. income taxes paid U.S. income taxes paid Household size Household size Number of household members in college Number of household members in college Real estate and investment net worth Real estate and investment net worth

13 Programs Offered by the State of Florida Below is a list of State of Florida Grant and Scholarship Programs administered by the Office of Student Financial Assistance. Access to Better Learning and Education Grant Program * First Generation Matching Grant Program * Florida Bright Futures Scholarship Program * Florida Public Postsecondary Career Education Student Assistance Grant Program * Florida Resident Access Grant Program * Florida Student Assistance Grant Program * Florida Work Experience Program * José Martí Scholarship Challenge Grant Fund * Mary McLeod Bethune Scholarship Program * Robert C. Byrd Honors Scholarship Program * Rosewood Family Scholarship Program * Scholarships for Children and Spouses of Deceased or Disabled Veterans and Service members Most of the above programs require that you complete the 2012-2013 FAFSA. Awards are given through your college’s Financial Aid Office

14 Florida Financial Aid Need to apply online at www.floridastudentfinancialaid.org Need to apply online at www.floridastudentfinancialaid.orgwww.floridastudentfinancialaid.org Failure to apply may result in the loss of financial aid consideration as well as Florida Bright Futures Failure to apply may result in the loss of financial aid consideration as well as Florida Bright Futures The Student Florida Financial Aid Application (FFAA) is for all state-funded student financial aid programs, including the Florida Bright Futures Scholarship Program. The Student Florida Financial Aid Application (FFAA) is for all state-funded student financial aid programs, including the Florida Bright Futures Scholarship Program. It is your responsibility to provide your correct name, address, and social security number and update information. If you do not have or you do not wish to use your social security number, please leave the "social security number" field blank. The system will generate a Pseudo number for you. It is your responsibility to provide your correct name, address, and social security number and update information. If you do not have or you do not wish to use your social security number, please leave the "social security number" field blank. The system will generate a Pseudo number for you. It is your responsibility to retrieve your User ID and PIN number and to update your demographic information and Update your Name, Address and Institution if it changes. It is your responsibility to retrieve your User ID and PIN number and to update your demographic information and Update your Name, Address and Institution if it changes. Failure to keep your contact information up-to-date and monitor your application certifications can result in a delay in the processing of your application or prevent you from receiving a scholarship. Failure to keep your contact information up-to-date and monitor your application certifications can result in a delay in the processing of your application or prevent you from receiving a scholarship. All correspondence will be sent via e-mail; no correspondence will be sent harcopy. All communication will also be available using your assigned User ID and PIN to login to your Financial Aid Recipient History. All correspondence will be sent via e-mail; no correspondence will be sent harcopy. All communication will also be available using your assigned User ID and PIN to login to your Financial Aid Recipient History.Financial Aid Recipient HistoryFinancial Aid Recipient History

15 Florida Bright Futures NEW Mandatory FAFSA completion BF PROGRAM Award Flat Rate Payout GPA Requirement SAT/ACT Requirements Community Service FLORIDA ACADEMIC SCHOLARS NEW $101 per credit hr. 30 credit payout: $3,030.00 3.5 weighted BF GPA 15 core academic classes 1270 SAT 28 ACT NEW 100 hours of community service FLORIDA MEDALLION SCHOLARS NEW $76 per credit hr. 30 credit payout: $2,280.00 3.0 weighted BF GPA 15 core academic classes NEW 980 SAT or 21 ACT. NEW 75 hours of community service FLORIDA GOLD SEAL VOC. SCHOLARS NEW $76 per credit hr. 30 credit payout: $2,280.00 3.0 weighted BF GPA 3.5 weighted GPA in 3 vocational credits SAME program SAT 880 M 440 / CR 440 ACT E 17 / R 18 M 19 CPT R 83 / S 83 Algebra 72 NEW 30 hours of community service

16 Bright Futures Payout vs. Actual University Tuition Cost 2011-2012 Tuition and Fees for 30 credit hours FAMUFAUFGCUFIUFSUNCFUCFUFUNFUSFUWF Univ. Tuition Cost $5,176$5,483$5,532$5,675$5,825$5,049$5,583$5,656$5,626$5,805$5,425 BFAcademic $3,030 Diff =/- $2,146$2,453$2,502$2,645$2,795$2,019$2,553$2,626$2,596$2,775$2,395 BFMerit $2,280 Diff =/- $ 2,896 $3203$3,252$3,395$3,545$2,769$3,303$3,376$3,346$3,525$3,145

17 Gift aid total = $3,600 Work-study money = $4,200. John will need to work to earn this money. Student loans total = $4,850

18 Loans total = $20,175 Work-study total = $1,700. John will have to work enough hours to earn $1,700. Gift aid total = $12,800 Cost of attendance $34,675 Total aid - $34,675 Gap = 0

19 Forms and Documents that may be requested by the college for the verification process If you are selected for verification your college may ask for: Parent tax returns Parent tax returns Student tax returns Student tax returns Divorced or separated parent information Divorced or separated parent information Other information to verify: Other information to verify: Income Income Assets Assets Family size Family size Special circumstances Special circumstances

20 FAFSA COMPLETION EVENTS – Where can I get MORE help? COLLEGE GOAL SUNDAY – February 12 th @ MDC Homestead Campus COLLEGE GOAL SUNDAY – February 12 th @ MDC Homestead Campus South Dade Senior & CATALYST Miami FAFSA Frenzy Completion Event – Monday, February 13 th 6-8 pm @ South Dade Senior’s Media Center South Dade Senior & CATALYST Miami FAFSA Frenzy Completion Event – Monday, February 13 th 6-8 pm @ South Dade Senior’s Media Center

21 LOVE YOU GUYS… …now get busy!!!!!!!!!!!!!!


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