Financial Aid Processfor Seniors at Mead

HS

Khan Academy - Khan's Story (video)

What are the different types of financial aid?

Grants

ScholarshipsWork-Study

Loans

$$ Money that you don’t have to pay back

May be for academic, athletic, leadership, music, theater, etc.

Usually competitive Institutional National State and Local including civic

organizations

Scholarships

Spring applications and deadlines

-Unclaimed $$$ every year -Missed Opportunities

Boulder & Weld County Longmont, Mead, Frederick and Firestone SVVSD Local Scholarships Mead HS students

Local Scholarships

$$ More money you don’t have to pay back, but must complete the FAFSA

Federal Pell Grants – up to $5730 per year◦ Based on exceptional financial need

FSEOG Grants – up to $4,000 per year◦ Based on exceptional financial need

State Grants Institutional Grants from colleges

◦ Must apply and be accepted to colleges to be considered for these grants

Weld County Bright Futures Grant - $3,000 per year

Grants

$$ Money earned while working an on-campus job, but must complete the FAFSA

Based on financial need Student is provided an on campus job that

is flexible with student class schedules 10-15 hours per week

Work Study

Work Study (video)

Federal Direct Stafford Loan (Subsidized and Unsubsidized)

$$ Money that must be repaid. Subsidized : Must demonstrate “need” Unsubsidized : Need is not a consideration Base annual loan limits (combined subsidized and

unsubsidized) ◦ $5,500 for 1st year undergraduates◦ $6,500 for 2nd year undergraduates◦ $7,500 for each remaining undergraduate year◦ $8,500 for each year of graduate/professional study

Student Loans (video)

Research and compare the cost of college Net Cost Calculators FAFSA 4Caster FAFSA ID Research and Apply for Scholarships NOW Apply for the College Opportunity Fund

(COF)

What do do before you apply for financial aid?

Naviance – add colleges to your lists & compare

College Board – www.collegeboard.org

College Scorecard◦ President Obama’s new data site for

students to make reliable decisions about their education (includes graduate salaries and anticipated debt).

◦ https://collegescorecard.ed.gov/

Research the cost of college

The Net Price Calculator is a tool that students can use to estimate their “net price” to attend a particular college or university.

Net price is the difference between the “sticker” price (full cost) to attend a specific college, minus any grants and scholarships for which students may be eligible. Sticker price includes direct charges (tuition and fees, room and board) and indirect costs (books and supplies, transportation, and personal expenses).

All colleges and universities are required to have a Net Cost Calculator on their website.

https://collegecost.ed.gov/netpricecenter.aspx

Net Cost Calculators

Net Cost Calculator (video)

An online tool that provides an early estimate of your federal student aid eligibility to help you financially plan for college.

https://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e2s1

FAFSA4caster

The FSA ID ― a username and password ― has replaced the Federal Student Aid PIN and must be used to log in to certain U.S. Department of Education websites. Your FSA ID confirms your identity when you access your financial aid information and electronically sign Federal Student Aid documents. If you do not already have an FSA ID, you can create one when logging in to fafsa.gov

Get your FAFSA ID now!

It’s never too early to apply for scholarships Scholarship deadlines occur every week and

many scholarships go unclaimed Apply for Local, State and National

Scholarships Use Naviance to find scholarships Institutional Scholarships – Must apply and

get accepted for admission to the college first

Research and Apply for Scholarships

https://cof.college-assist.org/ All Colorado residents must complete the

online Colorado Opportunity Fund (COF) application to receive in state tuition

College Opportunity Fund (COF)

Free Application for Federal Student Aid Get you FAFSA ID now Online application is available on January 1st Apply early – some grants are limited and

once they’re gone…they’re GONE! You need to complete the application with

your parents…they need to provide their income

Most colleges require you to complete the FAFSA to be eligible for aid at the college

www.fafsa.ed.gov

FAFSA

See your school counselor for more information on the ASSET and DACA programs, as well as other local, regional and national resources for undocumented students accessing college and financial aid.

What if I am not a U.S. Citizen?

The federal government reviews and determines how much federal financial aid you’re eligible for using family income, assets, # of dependents in college and cost of attendance.

The federal government determines what your EFC is…Estimated Family Contribution

You’re EFC is sent to you and each college that you apply to

Financial Aid Award Letter from each college

What happens after the FAFSA is complete and submitted?

Cost of Education (the total cost of attending college - tuition, books, fees, room & board)

– Expected Family Contribution (minus the parents’ and student’s financial resources)

= Financial Need

Definition of Financial Need

Need Varies Based on Cost(If everybody used the same formula to determine need)

X

Y

Z

Cost of Expected Family NeedAttendance Contribution (Va ria b le ) (Va ria b le ) (Co ns ta n t)

1

2

3

EFC EFC

Expected Family Contribution (EFC) isinfluenced by these factors: The amount the student’s parents should or will be

asked to pay from income and assets The amount the student can contribute from earnings

and savings Any gift amount that the student receives Family size, age of oldest parent, number of children

currently attending college

Assessing Student Need

Do’s and Don’ts of Applying for Financial Aid DON’T panic –Ask Questions DO have financial records available: tax returns etc... DO read instructions thoroughly DO apply before institutional application deadline DO complete all questions DO keep copies for your records DO respond to all inquiries ASAP DON’T get discouraged-- ASK QUESTIONS!

College Goal Sunday

Sunday, February 21, 20161:00pm – 3:00pm

Free help to complete your FAFSA by college financial aid professionals.

Scholarships available

FRCC – Longmont

More details coming soon

Web Resources for Financial Aid Planning www.fafsa.gov www.collegeboard.org (www.bigfuture.org) www.studentaid.ed.gov www.finaid.org College Net Price Calculators –Use Them! Watch out for scams –Don’t pay for a college

scholarship search. Scholarship Search Sites (Naviance, Mead HS website)

Where Do We Go From Here?

Obtain and review admission and financial aid materials from colleges of interest

Use Net Price Calculators early and often!

Investigate other sources of aid Don’t rule out options on Sticker

Price You won’t know what it will cost you

until you apply for financial aid!

QUESTIONS