Post on 28-Mar-2015
Financing your Education
Big Bend
Community College
Questions we will answer.
What is financial aid?
Where does it come from?
What aid is available?
Who is eligible?
How do I apply?
What is Financial Aid?
Scholarships
Grants
Loans
Employment opportunities
Types of Aid
Gift aid: Grants and scholarships (need-based or merit-based)
Self-help aid: Loans and employment (need-based or non-need-based)
General Student Eligibility Criteria
Must be enrolled or accepted for enrollment in eligible program of study
Must be pursuing degree, certificate, or other recognized credential
Must be US citizen or eligible noncitizen Must be registered with Selective Service (if
male)
General Student Eligibility Criteria cont.
Must have valid Social Security Number May not be in default on a federal student
loan Must not owe an overpayment of federal
grant or loan funds Must be making satisfactory academic
progress (as defined by school)
Goals of Financial Aid
Primary goal is to assist students in paying for college and is achieved by:
-Evaluating family’s ability to pay educational costs
-Distributing limited resources in an equitable manner
-Providing balance of gift aid and self-help aid
Definition of Need
Cost of attendance (COA) or Budget
minus Expected family contribution (EFC)
___________________________________= Need
Cost of Attendance
Tuition and fees Room and board Books, supplies, transportation, and miscellaneous
personal expenses Loan fees Study abroad costs Dependent care expenses Disability-related expenses Documented costs for a personal computer
Need Varies Based on Cost
1
2
3
YZ
EFC EFC
Cost of Attendance
(Variable)
Expected Family Contribution
(Constant)
Need
(Variable)
X
Principles of Need Analysis
To extent they are able, parents have primary responsibility to pay for dependent student’s education
Students also have responsibility to contribute to educational costs
Independent Student Definition
At least 24 years old by Dec. 31 of award year covered by the FAFSA
Married Has children or dependents (other than a spouse) for
whom the student provides more than half support Orphan or ward/dependent of the court Veteran of US Armed Forces Determined to be “independent” by financial aid
administrator based on unusual circumstances
Federal Pell Grants
Awarded to eligible undergrads pursuing first bachelor’s degree
Portable Maximum award for 2008-09 = $4,731 Academic Competitiveness Grant-has to be
Pell eligible and completed rigorous secondary classes
Federal Supplemental Educational Opportunity Grants (FSEOG)
Eligible students:
-Undergraduates pursuing first bachelor’s or professional degree
- Awarded first to students with “exceptional financial need” (students with lowest EFCs at that school)
-Priority to Federal Pell Grant recipients
Federal Work-Study (FWS) Earnings
Eligible students: Undergraduate, graduate, and professional students
Employment may be on or off campus
Federal Perkins Loans
Eligible students: Undergraduate, graduate, and professional students
-Priority to students who show “exceptional need” as defined by school
Maximum annual loan amounts:
- $4,000 per year undergrad students
- $6,000 grad and professional students
Stafford Loan
Student loans available under:
-Federal Family Education Loan (FFEL) program with funds provided by lenders
-Federal Direct Student Loan program with funds provided directly by federal government via participating schools
School determines loan eligibility and delivers loan proceeds to students
Stafford Loans
Subsidized: Must demonstrate “need” Unsubsidized: Not based on “need” Base annual loan limits (combined sub and unsub
- $ 5,500 for 1st year dependent undergrads
- $ 9,500 for 1st year independent undergrads
- $ 6,500 for 2nd year dependent undergrads
- $10,500 for 2nd year independent undergrads
- $ 5,500 for each remaining undergrad year
Stafford Loans
Additional unsub loan eligibility for independent undergrad, grad, and dependent students whose parent are unable to borrow PLUS:
-$4,000 per year for 1st and 2nd year
-$5,000 per year for remaining years of under-grad study
Application Process
Submit FAFSA prior to school’s deadline Most aid awarded on “first-come, first-
served” basis To ensure maximum consideration for
federal, state, and institutional aid, check information from each school to determine:– Required application materials– Application deadlines
FAFSA
Collects family’s personal and financial information used to calculate student’s EFC
Available in English and Spanish Electronically via FAFSA on the Web
FAFSA on the WEB
Web site: www.fafsa.ed.gov 2009-10 FAFSA on the Web available on or
after Jan. 1, 2009 Pre-application Worksheet: available early
November at high schools Questions follow order of FAFSA on the Web Apply as soon after Jan. 1 as income can be
estimated
PIN Registration
Web site: www.pin.ed.gov Can get PIN before Jan. 1, 2009 Not required, but speeds processing May be used by students and parents
throughout aid process, including subsequent school years
CAUTION!
Avoid being charged a fee to file the FREE application for Federal Student Aid
Completion and processing of the FAFSA are FREE
If filing via FAFSA on the Web, go directly to www.fafsa.ed.gov
Contact financial aid office for help completing the FAFSA
FAFSA Processing Results
Central Processing System (CPS) notifies student of FAFSA processing results by:-Paper Student Aid Report (SAR) if paper FAFSA was filed and student’s e-mail address was not provided-SAR Information Acknowledgement if filed electronically via FAFSA on the Web
Where Do I Go From Here?
Obtain and review admissions and financial aid Web sites and materials for each school to which you are applying
Meet all application deadlines-Complete FAFSA and other application materials if required by school-Submit all requested follow-up documents
Investigate other sources of aid
Other Government Resources
Corporation for National and Community Service (AmeriCorps) www.americorps.gov
Veteran’s benefits-www.gibill.va.gov ROTC scholarships or stipends Bureau of Indian Affairs (BIA) grants State Division of Vocational Rehabilitation US Dept. of Health and Human
Services(HHS) Bureau of Health Professions-www.bhpr.hrsa.gov/dsa
Other Sources of Funds
State grants, scholarships, loans, and work programs (usually only need the FAFSA)
State Need grant and State Work Study in WA School need-based and non-need-based programs
(academic, athletic and other talent-based scholarships and grants)
Private business scholarships (Wal-Mart, Gates Foundation, etc)
Civic organization scholarships (Elks, PTA, etc)
Private Scholarship Search
Free Internet scholarship search engines: Finaid on the Web: www.finaid.org College Board: www.collegeboard.com FastWeb: www.fastweb.com Scholarship Resource Network Express:
www.srnexpress.com GoCollege: The Collegiate Websource:
www.gocollege.com
Private Scholarship Search
Local library resources Local businesses and civic organizations Parents employers High school counselor or career office
Avoid Being Scammed
To check legitimacy of scholarship search services or individual, for information about financial aid scam, and tips to avoid being scammed visit these Web sites:
US Dept. of Education: www.studentaid.ed.gov/students/publications/lsa/index.html
Federal Trade Commission: www.ftc.gov/bcp/conline/publs/alerts/ouchart.htm
Better Business Bureau: www.bbb.com
Questions?
André Guzman (509) 793-2031
Rita Delgado (509) 793-2032
José A. Esparza (509) 793-2072
BBCC Financial Aid (509) 793-2034
BBCC toll free #: (877) 745-1212
Big Bend Community College