1. FINANCIAL AID 101 2013-2014

2.  Grants: free money to help with college  Scholarships: merit based awards  Student Loans: money you must pay back  Student Employment: money earned from working WHAT IS FINANCIAL AID?

3. Free Application for Federal Student Aid (FAFSA) Website: fafsa.gov  FAFSA determines a students eligibility for federal grants/loans/ and work-study  Assists some schools with determining scholarships  The state uses the information for state scholarships and grants HOW DO I APPLY?

4.  Complete your federal income taxes in February.  Complete the FAFSA in March (or as early as possible).  Use the IRS Data Retrieval tool on the FAFSA.  Always complete as much information on the FAFSA as possible.  Be sure to include all school codes of colleges you may want to attend.  Contact the IRS for a federal tax transcript(s). You may need this later on for the school. FAFSA TIPS

5.  Must be enrolled in eligible program.  Must be pursuing a degree or certificate.  Must be US citizen or eligible non-citizen and have valid social security number.  Males must be registered with the Selective Service.  Cannot have a drug related conviction.  Must not be in default on federal student loan or owe repayment on federal grant.  Must be making Satisfactory Academic Progress (SAP) as defined by the school. HOW DO I BECOME ELIGIBLE?

6.  Apply for PIN (personal identification number) at www.pin.govwww.pin.gov  It is recommended to complete the FAFSA no later than April 1 st each year you intend to attend school.  You are encouraged to file your federal taxes as soon as possible to utilize the IRS Data Retrieval tool.  Your application may be randomly chosen for “Verification”. MORE FAFSA DETAILS

7.  Dependent students- must include their parents income information when applying for financial aid.  Independent students- apply solely on their own and do not have parental information included when applying for financial aid. DEPENDENT VS. INDENPENDENT

8.  At least 24 years old by December 31 st of the award year covered by the FAFSA  Graduate or professional student  Married  Has legal dependents other than a spouse  Orphan or ward/dependent of the court  Veteran of US Armed Forces; or  Currently serving on active duty in the US Armed Forces for purposes other than training INDEPENDENT STUDENT DEFINED…

9. FEDERAL MONEY

10.  Awarded to eligible undergraduates pursuing first bachelor’s degree.  Actual award amount based on Cost of Attendance, Expected Family Contribution (EFC), and enrollment status.  Award ranges from $600-$5645 annually. PELL GRANT

11. FEDERAL WORK STUDY  Undergraduate or graduate students.  Employment on or off campus.  Typical pay rate is minimum federal rate.  Can usually work up to 19.5 hours per week maximum.

12. Dependent Students Freshmen: $5,500 per year, Subsidized/Unsubsidized Sophomore: $6,500 per year, Subsidized/Unsubsidized Junior/ Senior: $7,500 per year, Subsidized/Unsubsidized Independent Students Freshmen: $9,500 per year, Subsidized/Unsubsidized Sophomore: $10,500 per year, Subsidized/Unsubsidized Junior/ Senior: $13,000 per year, Subsidized/Unsubsidized STAFFORD LOAN YEARLY LIMITS

13.  Subsidized Stafford - interest accrued while in school is paid by the government  Unsubsidized Stafford - interest is the responsibility of the borrower - interest payments while in school are optional  School determines loan eligibility according to government guidelines STAFFORD LOAN INFORMATION, CONT.

14.  Loan is in the student’s name; no co-signer.  Fixed interest rate of (for 2013-2014): -3.86% for Undergraduate Subsidized; -3.86% for Unsubsidized loans for ALL students  Disbursed by semester; funds sent to school  Repayment: 6 months after graduation or student falls ½ enrollment  Repayment terms between 10 and 30 years  Stafford Loan Fees: - 1% Origination Fee and 1% Default Fee - Deferments and Forbearance provisions available STAFFORD LOAN INFO CONT.

15. STATE FINANCIAL AID

16.  Missouri Access Award - Have a FAFSA on file with US Dept of Education by April 1 - Be enrolled full-time at a participating Missouri school - Maintain satisfactory academic progress - Have an EFC of $12,000 or less - Not be pursing a degree or certificate in theology or divinity STATE SCHOLARSHIPS

17.  A+ Program -For students who graduate from an A+ certified school district and meet minimum A+ standards. -Student must maintain a minimum 2.50 cumulative grade point average. -Student has until 105% of degree program and/or 48 months to use A+ program funds.  Bright Flight - Top 3% of ACT scores (Typically a 31 or higher ACT score) - Full-time undergraduate; MO resident - Up to $1,500 annually (for 2011-2012) For more information, go to: www.dhe.mo.govwww.dhe.mo.gov STATE FINANCIAL AID CONT.

18. OUTSIDE FINANCIAL ASSISTANCE

19.  The private sector consists of lenders, businesses, and organizations. They offer combinations of … - Scholarships - Loans - Tuition Programs PRIVATE SECTOR

20.  High School Counselors  Local libraries  Websites: - www.fastweb.com- www.gocollege.comwww.fastweb.comwww.gocollege.com - www.scholarships.com- www.finaid.orgwww.scholarships.comwww.finaid.org - www.srnexpress.com- www.collegeboard.comwww.srnexpress.comwww.collegeboard.com  National Companies (McDonalds, Walmart, etc)  Community Organizations and Businesses (Banks, credit unions, lodges, churches, etc.) PRIVATE SCHOLARSHIP SOURCES

21.  Private colleges generally have more campus scholarships to award than public colleges  Some scholarships are renewable  Local scholarships may be easier to obtain than national, due to number of applicants  Private scholarships have very early deadlines, usually Fall or preceding year  Follow instructions!  Best source is your high school counselor PRIVATE SCHOLARSHIP INFO

22. BEWARE OF SCAMS  All scholarship searches are free.  Websites to check out sources: www.finaid.org/scholarships/scams.phtml www.bbb.comwww.bbb.com (Better Business Bureau) www.studentaid.ed.gov/students/publications/lsa/index.html www.ftc.gov/bcp/conline/publs/alerts/ourchart.htm

23. OTHER OPTIONS  Military  Reserves  National Guard  ROTC  Americorps  Night School Plans  Employer Plans

24. IN SUMMARY  Get admitted and talk with school  Apply for private scholarships  Complete FAFSA before April 1 st  Complete paperwork required by school and state  Keep grades up  Re-apply every school year

25. Samantha Johnson MCC-Blue River Samantha.Johnson@mcckc.edu 816-604-6730 PRESENTED BY: