1. “How Can I Pay For College?” Financial Aid Basics for College Counselors Matthew F. Newlin University of Missouri-St. Louis

2.  Federal & State Aid overview  FAFSA online ◦ Steps to completing the FAFSA successfully ◦ What is the EFC?  Grants  Loans  State Awards  Scholarships 2

3.  Federal Aid Programs ◦ Pell Grant ◦ SEOG ◦ TEACH Grant ◦ Stafford Loans ◦ Perkins Loan ◦ Federal Work-Study ◦ ACG and SMART Grant  State of Missouri Aid Programs ◦ Bright Flight Scholarship ◦ A+ Program ◦ Access Missouri Grant 3

4.  Website for counselors and mentors: ◦ Handbook ◦ FAFSA information ◦ Student aid information ◦ EFC Formula Guide www.fsa4counselors.ed.gov  Website for students and parents: ◦ FAFSA4caster ◦ Aid eligibility ◦ Loan repayments www.studentaid.ed.gov 4

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7.  Were you born before January 1, 1988?  As of today, are you married?  At the beginning of the 2011-12 academic year, will you be working on a graduate degree?  Are you currently serving on active duty?  Are you a veteran of the U.S. Armed Forces?  Do you have children who receive more than half of their support from you?  Do you have dependents (other than children) who you support?  Are both your parents deceased?  Are you an emancipated minor? Legal guardianship? 7

8. 8 1.Complete FAFSA 2.Apply for PIN (both student and parent) 3.Submit online 4.Check status of FAFSA 5.View Student Aid Report (SAR) information 6.Make any necessary corrections 7.Confirm FAFSA is received by institution www.fafsa.ed.gov www.fafsa4caster.ed.gov

9. 9  Estimated Family Contribution ◦ NOT what the student/parent(s) are required to pay ◦ Based on all information entered on FAFSA  Definition of Need: ◦ Cost of Attendance – EFC = Need ◦ Lower EFC = greater need But, Matt, what about students who cannot/will not supply parental information?

10. 10 *Will remain $5,550 for 2011-12

11.  Pell Grant ◦ $5,550 maximum (tentatively) for 2011-2012 ◦ Student must be working on 1 st undergraduate degree ◦ Lower EFC = higher Pell award  SEOG ◦ Awards range from $100 – $4,000 ◦ Only awarded to Pell recipients ◦ Very limited funds for each institution ◦ Typically only awarded to lowest EFCs 11

12.  TEACH Grant ◦ $4,000/year based on enrollment ◦ Must have a FAFSA completed ◦ Education majors ◦ Strict requirements for post-graduation job selection ◦ 75 th percentile or higher on college admissions test, 3.25 GPA for renewal or transfer students 12

13.  Subsidized Stafford Loan ◦ Need-based loan ◦ Does not accrue interest while student is enrolled at least half-time ◦ Six-month grace period  Unsubsidized Stafford Loan ◦ Does not require financial need ◦ Does accrue interest while the student is enrolled ◦ Six-month grace period 13

14.  Perkins Loan ◦ “First come, first served” due to limited funds ◦ Does not accrue interest while student is enrolled at least half-time ◦ Nine-month grace period ◦ Awarded by the school  Parent PLUS Loan ◦ Option for parents of dependent students ◦ Based on parent’s credit ◦ Repayment begins while student is in school 14

15. 15 Grade Level2011-2012 Freshmen$3,500 + $2,000 (Unsub)* Sophomore$4,500 + $2,000 (Unsub)* Junior$5,500 + $2,000 (Unsub)* Senior$5,500 + $2,000 (Unsub)* Maximum Undergraduate$31,000 (maximum $23,000 Sub) *Students are not required to accept full loan amounts offered.

16. 16 Type of Loan2011-2012 Stafford – Subsidized4.5% Stafford – Unsubsidized6.8% Perkins5.0% Parent PLUS (Parent loan for undergrads) 7.9%

17.  Bright Flight Program ◦ ACT of 31 or above / SAT verbal 800 or above and math 790 or above ◦ $1,500/year for 2011-2012 ◦ 2.5 cum GPA for renewal  Access Missouri Grant ◦ April 1 st FAFSA deadline ◦ EFC range: 0 – 12,000 ◦ Public 2-year: $300 – $1,000 ◦ Public 4-year: $1,000 - $2,150 ◦ Private: $2,000 - $4,600 17

18.  Institutional ◦ ACT/SAT based (Merit) ◦ Application based (Competitive) ◦ Apply for admission early ◦ Research deadlines  Employers/Organizations ◦ Parent(s) place of employment ◦ Clubs, activities, memberships ◦ Typically very limited resources 18

19.  Online ◦ Fastweb.com ◦ BrokeScholar.com ◦ CollegeScholarships.com ◦ CollegeBoard.com ◦ St. Louis Scholarship Foundation (sfstl.org) ◦ Encourage students to always complete the essay portion! 19

20. 20 Grants Loans Scholarships Work-Study FAFSA Outside Assistance InternetASKING QUESTIONS!

21. Questions? Matthew Newlin University of Missouri-St. Louis newlinm@umsl.edu 314.516.5528 21