1. COLLEGE IS POSSIBLE Applying for Aid Navigating the Process Understanding and Leveraging Your Resources

2. Topics for Discussion What is financial aid? Types of aid How do I apply? Who is eligible? What happens next? Understanding and Leveraging Resources

3. Financial aid is money from outside sources intended to be used to help cover the cost of education beyond high school. What is Financial Aid?

4. Who is eligible? Everyone who meets basic eligibility requirements is eligible to receive federal financial aid.

5. How do I apply for federal aid?  Apply for financial aid by completing the Free Application for Federal Student Aid online  Go to www.fafsa.gov always!!!www.fafsa.gov

6. How do I apply for federal aid?  To apply, you will need:  PIN for student and a parent if applicable www.pin.gov www.pin.gov  2013 Federal Tax Return and W-2’s or income statements  Asset/Investment Information, if applicable

7.  Most schools have Deadlines for the FAFSA  Find out when those deadlines are for all schools you are looking at  You may need to use your previous years taxes to complete the FAFSA in order to meet the deadline  If you miss the deadline, you may not be able to use financial aid When should I apply?

8. Students seeking federal financial aid should complete the FAFSA every year. College Goal Sunday is February 8, 2015 Register at http://www.ohiocollegegoalsunday.org/http://www.ohiocollegegoalsunday.org/ Cuyahoga County Locations Cuyahoga Community College Corporate College West Cuyahoga Community College Western Campus Cuyahoga County Public Library, Warrensville Heights Branch

9. What will the FAFSA tell you?  Your EFC (Estimated Family Contribution)  This number determines what your need is based on the data entered on the FAFSA  The confirmation page and the Student Aid Report (SAR) will give you this number

10. What will the FAFSA tell you? The Dependency Status of the student: In order to be Independent, the student has to be:  24 years old  Married  Has children or dependents they financially support  Active Duty or a Veteran Note: There are other circumstances that make a student Independent, but you must see the FA office

11. Eligibility for Federal Aid  Students must provide an official copy of High School, Home Education School or GED transcripts in order to be eligible for financial aid  It must show the Graduation Date and come in a sealed envelope Contact the High School for official copies Contact Ohio Department of Education for GED or home education transcripts

12. Federal Government States Colleges and Universities Private Sources Civic organizations and churches Employers Sources of Financial Aid

13. Federal Gift Aid: Scholarships & Grants  Grants  Do not require repayment  Eligibility is based on FAFSA results and your overall Cost of Attendance  Scholarships  Do not require repayment  Eligibility is based on FAFSA results, merit, GPA, community involvement  Separate application required

14. Federal Self-Help Aid: Loans & Work-Study Employment  Educational Loans  Money students and parents borrow to help pay college expenses  Repayment usually begins after graduation  Federal Work Study  Allows student to earn money to help pay educational costs A paycheck; or Nonmonetary compensation, such as room and board

15. Federal Grants Federal Pell Grant  Awarded based on financial need  Maximum lifetime award of 12 full-time semesters, or 6 years  Maximum award at highest need is $5,730/year at full-time enrollment FSEOG  Federal Supplemental Educational Opportunity Grant  Awarded to students with exceptional financial need  Award is between $100 and $4,000 based on fund availability at school

16. Federal Grants TEACH Grants  Teacher Education Assistance for College and Higher Education Grant  Different than other types of grants because it requires specific coursework and job-in-field to maintain grant status; can turn into a loan Iraq & Afghanistan Service Grant  Based on need  Parent or guardian was a member of the US armed forces and died as a result of military service performed in Iraq and Afghanistan after 9/11

17. Federal Loans Student Loans  Direct Subsidized Loans Interest Rate: 4.66% Does NOT accrue interest while enrolled at least half-time  Direct Unsubsidized Loans Interest Rate: 4.66% Accrues interest Direct PLUS loan  Department of Education is lender  Interest Rate: 7.21%  Credit-based  Maximum loan amount based on Cost of Attendance

18. Federal Loans Federal Perkins Loan  Eligibility based on exceptional financial need  Interest Rate: 5%  Not all schools offer this loan  School is the lender; repayment made to the school

19. State Aid  Choose Ohio First Scholarship Provides scholarships to students in innovative academic programs developed by Ohio’s colleges and universities and their business partners to recruit and retain more students in STEMM fields.  Ohio Army National Guard Scholarship The Ohio Army National Guard Scholarship program pays 100 percent of tuition and general fees at state universities or the equivalent amount at private institutions for members of the Ohio National Guard. The scholarship encourages young Ohioans to go to school in Ohio and serve in the Ohio National Guard.  Nurse Education Assistance Loan Program (NEALP) Provides financial assistance to Ohio students enrolled for at least half-time study (or accepted for enrollment) in an approved Ohio nurse education program. NEALP provides funding for nurses who intend to serve as instructors or students who intend to serve as nurses after graduation.  Ohio College Opportunity Grant Provides grant money to Ohio residents who demonstrate the highest levels of financial need who are enrolled at Ohio public university main campuses (not regional campuses or community colleges), Ohio private, non-profit colleges or universities, and Ohio private, for-profit institutions.

20. State Aid Cont.  Ohio War Orphans Scholarship The Ohio War Orphans Scholarship Program awards tuition assistance to the children of deceased or severely disabled Ohio veterans who served in the armed forces during a period of declared war or conflict  Ohio Safety Officers College Memorial Fund This program provides tuition assistance to the children and spouses of peace officers, fire fighters and certain other safety officers who are killed in the line-of-duty, anywhere in the United States.  Ohio Third Frontier Internship Program This initiative will link college students with Ohio companies that are commercializing new knowledge, enhance their education experience and expose them to employment opportunities within the state. Eligible students must be Ohio residents or a student in an Ohio higher learning institution in good academic standing (2.5 GPA or above).  Forever Buckeye A provision included in the FY 12 ‐ 13 budget bill, extends the in ‐ state resident tuition rate to any public or private Ohio high school graduate who leaves the state but returns to enroll in an undergraduate or graduate program at an Ohio college and also establishes residency in Ohio. Simply stated, if you graduated from an Ohio high school and move back to Ohio, you are eligible for in ‐ state tuition rates.

21. Institutional Aid Institutional aid refers to any form of financial assistance provided to a student through their College or University.

22. Institutional Aid  Some colleges and universities provide their students with institutional grants and scholarships, which reduces a student’s expenses.  Similar to grants from the State of Ohio, these can be based on areas of study, academic merit, financial need, and more.  Requirements and application deadlines vary by institution. Be proactive—apply with your prospective institutions early!

23. Examples of Institutional Aid  Cuyahoga Community College: Academic Excellence Scholarship--up to $1750 per year, renewable Honors Program Fellowship—up to $4250 per year, renewable  Cleveland State University: President’s Award--up to $6000 per year  The Ohio State University: Maximus Scholarship--$6000 per year (up to $24,000)  University of Toledo: Presidential Scholarship--covers full tuition and general fees, room and board and provides a one-time summer stipend of $3000

24. What happens after I’ve applied?  For federal aid, the Department of Education will send you a Student Aid Report. This means your application has been processed at the federal level.  The Department of Education will send up to 25 schools of your choosing your FAFSA information. Schools will use this information to determine what is needed to finalize your eligibility.  Be on the lookout for communication from your school!

25. What happens after I’ve applied?  Make sure you let your school’s Financial Aid office know if there are any changes in your household income.  You may be eligible for an override also known as a Professional Judgment that can help you get additional funding

26. After You’ve Been Awarded Aid After you’ve been awarded aid by institutions you’ve applied to, you will receive an award letter. Your award letter will outline direct costs and indirect costs.

27. Understanding Your Resources- Cost of Attendance  Direct Costs – Paid directly to the school Tuition Fees On campus room & board (dorms)  Indirect Costs – Not paid directly to the school Off campus room & board Transportation Books Personal Expenses

28. Understanding Your Resources- Cost of Attendance  Sample Cost of Attendance  Tuition: $12,500  Fees: $1,000  Room & Board: $8,000  Transportation: $600  Books:$1,200 TOTAL COST:$23,300

29. Understanding Your Resources- Cost of Attendance Your Cost of Attendance determines the size of your bucket How are you going to fill it?

30. Understanding Your Resources- Award Letter Your school helps “fill” your bucket, or to help you meet your cost of attendance, by offering you the type(s) of financial aid you are eligible for based on FAFSA results and other documentation

31. Understanding Your Resources- Award Letter  Sample Award Letter  Pell Grant: $5,730  Subsidized Loan:$3,500  Unsubsidized Loan: $2,000  PLUS Loan:$4,000  Work Study: $5,000  Academic Scholarship: $3,070 TOTAL AWARD: $23,300 TOTAL COST:$23,300 Congratulations, your bucket is full!

32. Leveraging Resources: Responsible Borrowing:  How much does everything cost?  Tuition, fees and books minus your other sources of aid (grants, scholarships) to determine what to borrow  Consider a work study position and earn $$ instead of borrowing  Remember – you are borrowing against your future earnings….borrow only what you need to cover your direct educational costs!  Remember that interest accrues on some loans!  The Unsubsidized loan has interest that begins to accrue from the first disbursement

33. Responsible Borrowing  William D. Ford Loans  Dependent Student  $31,000 No more than $23,000 can be Subsidized  Independent Student  $57,500 No more than $23,000 can be Subsidized  Parent PLUS loan  No Limit  Federal Perkins Loan  $27,500

34. Responsible Borrowing  If you are considering borrowing loans, it is important to understand your repayment obligations and to include your student loan repayment into your future budget.  Check out www.studentloans.gov to review repayment plans, calculators, and detailed information on loan types.www.studentloans.gov

35. Responsible Borrowing  Example: for every $5,500 in loans borrowed by a student, it will cost approximately $58 per month to repay their loan in 10 years

36. Making the Most of Your Aid  It is important to have a strong academic plan in place along with a financial plan to ensure you graduate from your chosen program with the least amount of debt possible.  Creating a personal budget is key to financial success. All students should create a budget to help them meet their short and long term goals.

37. Earning College Credits in High School  College Credit Plus +  Formerly PSEOP  The State of Ohio offers this program to High School students to earn college level credits while still in High School  All charges for college-level classes could be covered by the ODE with no out of pocket expense to the student  Contact the Counseling office in your High School for more details Grades 7-12 are now eligible

38. Earning College Credits in High School  Created by College Board to offer high school students college level curricula and exams to earn college level credit  Can allow the student to skip introductory classes once they get to College  Contact your High School Counseling department for more information

39. Things to Remember Did You Know? The FAFSA takes an average of 23 minutes to complete. Every year, $150 billion in federal financial aid is made available to students.  College IS POSSIBLE. Everyone meeting basic requirements is eligible for something.  Student loans can be an investment in your future, but responsible budgeting and borrowing are key.  Compare award letters—ask questions!  Seniors: Mark your calendar for February 8, 2015—College Goal Sunday—free assistance completing your FAFSA

40. Questions?