Financial Aid Parent Meeting

Saginaw High School

Financial Aid Parent Meeting

Financial Aid Terms

Types of Aid

FAFSA

Resources

Financial Aid

Financial aid is money that the government and other organizations give you or

lend you so you can pay for college. To qualify for financial aid, you have to

apply.

Financial aid comes from these sources:

The federal government (the largest source)

State governments

Colleges and universities

Private organizations, such as companies, clubs and religious organizations

Banks and lending companies

Types of Aid

Grants

Scholarships

Loans

Work Study

Types of Aid: Grants

Financial aid, often based on financial need, that does not

need to be repaid.

Federal Pell Grant

Federal Supplemental Education Opportunity Grants (FSEOG)

Teacher Education Assistance for College and Higher

Education (TEACH) Grants

Iraq and Afghanistan Service Grants

Federal Pell Grants

Amounts can change yearly. For the 2016–17 award year (July 1, 2016, to June

30, 2017), the maximum award is $5,815. The amount you get, though, will

depend on

your financial need,

your cost of attendance,

your status as a full-time or part-time student, and

your plans to attend school for a full academic year or less.

You may not receive Federal Pell Grant funds from more than one school at a

time.

Types of Aid: Scholarship

Money awarded to students based on academic or other

achievements to help pay for education expenses.

Generally do not have to be repaid.

Check your personal connections like organizations, banks, and

employers for scholarship opportunities.

Scholarship: Resources

Saginaw High School Webpage

- Counseling Department

- Scholarships

Scholarship: Resources

Saginaw High School Webpage

- College & Career Center

- Paying for College

College & Career Center Website: Paying for College

FAFSA Information & Links

Financial Tools

Scholarship Database Links

Other Helpful Websites

Scholarship: Resources

Scholarship: Resources

Scholarship Databases

Scholarship: College Guidance Consultants

SHS:

UN: Saginaw

PW: Saginaw

BHS:

UN: Boswell

PW: Boswell

CTHS:

Technical

issues right

now, however

students can

use BHS or SHS

to search.

Scholarship: Career Cruising

Scholarship: Other Helpful Websites

Types of Aid: Loans

Subsidized Loan: A loan based on financial need for which the federal

government pays the interest that accrues while the borrower is in an in-school,

grace, or deferment status. For Direct Subsidized Loans first disbursed between

July 1, 2012, and July 1, 2014, the borrower will be responsible for paying any

interest that accrues during the grace period. If the interest is not paid during the

grace period, the interest will be added to the loan’s principal balance.

Unsubsidized Loan: A loan for which the borrower is fully responsible for paying

the interest regardless of the loan status. Interest on unsubsidized loans accrues

from the date of disbursement and continues throughout the life of the loan.

Types of Aid: Loans

Direct Loan: A federal student loan, made through the William D. Ford Federal Direct Loan Program, for which eligible students and parents borrow directly from the U.S. Department of Education at participating schools. Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Direct Consolidation Loans are types of Direct Loans.

Direct Loan PLUS: A loan made by the U.S. Department of Education to graduate or professional students and parents of dependent undergraduate students for which the borrower is fully responsible for paying the interest regardless of the loan status.

PLUS Loan: A loan available to graduate students and parents of dependent undergraduate students for which the borrower is fully responsible for paying the interest regardless of the loan status.

Private Loan: A nonfederal loan made by a lender such as a bank, credit union, state agency, or school.

Types of Aid: Work Study

A federal student aid program that provides part-time

employment while you are enrolled in school to help pay

your education expenses.

FAFSA

Free Application for Federal Student Aid

Federal Student Aid, a part of the U.S. Department of Education, is the largest provider of

student financial aid in the nation.

Provide grants, loans, and work-study funds to students attending college or career

school.

FAFSA: Eligibility

demonstrate financial need (for most programs);

be a U.S. citizen or an eligible noncitizen;

have a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau);

be registered with Selective Service, if you’re a male (you must register between the ages of 18 and 25);

be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program;

be enrolled at least half-time to be eligible for Direct Loan Program funds;

maintain satisfactory academic progress in college or career school;

sign the certification statement on the Free Application for Federal Student Aid (FAFSA®) stating that

you are not in default on a federal student loan and do not owe money on a federal student grant and

you will use federal student aid only for educational purposes; and

show you’re qualified to obtain a college or career school education by

having a high school diploma or a recognized equivalent such as a General Educational Development (GED) certificate;

completing a high school education in a homeschool setting approved under state law (or—if state law does not require a homeschooled student to obtain a completion credential—completing a high school education in a homeschool setting that qualifies as an exemption from compulsory attendance requirements under state law); or

enrolling in an eligible career pathway program and meeting one of the "ability-to-benefit" alternatives described below.

FAFSA: Myths

“… my parents make too much money, so I won’t qualify for aid.”

Reality: There is no income cut-off to qualify for federal student aid. Many factors besides income—from the size of your family to the age of your older parent—are taken into account.

Your eligibility is determined by a mathematical formula, not by your parents’ income alone. And

remember: when you fill out the Free Application for Federal Student Aid (FAFSASM), you’re also

automatically applying for funds from your state, and possibly from your school as well. In fact,

some schools won’t even consider you for any of their scholarships (including academic

scholarships) until you’ve submitted a FAFSA. Don’t make assumptions about what you’ll get— fill

out the application and find out.

“… only students with good grades get financial aid.”

Reality: While a high grade point average will help a student get into a good school and may help with academic scholarships, most of the federal student aid programs do not take a

student’s grades into consideration. Provided a student maintains satisfactory academic progress

in his or her program of study, federal student aid will help a student with an average academic

record complete his or her education.

FAFSA4caster

FAFSA: Other Financial Tools

Net Price Calculator: http://netpricecalculator.collegeboard.org/

College Cost Calculator: https://bigfuture.collegeboard.org/pay-for-college/college-

costs/college-costs-calculator

Compare Financial Aid and College Cost: http://www.consumerfinance.gov/paying-for-

college/compare-financial-aid-and-college-cost/

College Navigator: http://nces.ed.gov/collegenavigator/

Fafsa.gov.edu

FSA ID

The FSA ID is a username and password combination that serves as a student’s or parent’s identifier to allow access to personal information in various U.S. Department of Education systems and acts as a digital signature on some online forms.

On May 10, 2015, changes were made on the way you log in to fafsa.gov. You now must use an FSA ID to log in and sign the FAFSA online. You can no longer use a PIN. If you are required to provide parent information on the FAFSA, your parent must register for an FSA ID too. Create your FSA ID at StudnetAid.gov/fsaid

If you’re considered a dependent student, at least one of your parents, or your legal guardian will need an FSA ID as well.

You will use your FSA ID to renew/correct your FAFSA each school year, so keep it in a safe place.

If you have siblings, your parent can use the same FSA ID to sign FAFSAs for all his or her children.

Items you will need to have to complete the FAFSA:

Your FSA ID

Your Social Security number

Your driver’s license number

Your tax records

Records of your untaxed income

Records of all your assets (money)

List of the school(s) you are interested in attending

1. Go to fafsa.gov

One thing you don’t need in order to fill out the FAFSA? Money! Remember, the FAFSA is

FREE when you use the official .gov site: fafsa.gov.

2. Log in using your FSA ID

If you completed a FAFSA last year: Click “Login” and enter your FSA ID. If possible, make

sure you link your PIN during the FSA ID registration process. Otherwise, you will need to

wait 1-3 days before you can use your FSA ID to sign and submit your renewal FAFSA.

If this is your first time completing the FAFSA: Click “Start a new FAFSA” and enter your FSA

ID. You will be able to use your FSA ID to sign and submit your new FAFSA right away.

If you are a parent: Click “login” and “Enter the student’s information”.

3. Choose which FAFSA you’d like to complete

The new FAFSA that becomes available on January 1, 2016, is the 2016–17 FAFSA.

You should complete the 2016–17 FAFSA if you will be attending college between July 1,

2016 and June 30, 2017.

Remember, the FAFSA is not a one-time thing.

You must complete your FAFSA each school year.

Note: The 2015–16 FAFSA is also available if you will be attending college between July 1,

2015 and June 30, 2016, and you haven’t applied for financial aid yet.

4. Enter your personal information

This is information like your name, date of birth, etc.

If you have completed the FAFSA in the past, a lot of your personal information will be pre-

populated to save you time.

Make sure you enter your personal information exactly as it appears on official

government documents. (That’s right, no nicknames.)

5. Enter your financial information*

All of it. You should use income records for the tax year prior to the academic year for

which you are applying. For example, if you are filling out the 2016–17 FAFSA, you will need

to use 2015 tax information.

If you or your parent(s) haven’t filed your 2015 taxes yet, which at this point, most people

haven’t, you can always estimate the amounts using your 2014 tax return; just make sure

to update your FAFSA once you file your 2015 taxes.

Once you file your taxes, you may be able to automatically import your tax information

into the FAFSA using the IRS Data Retrieval Tool. It makes completing the FAFSA super easy!

6. Choose up to 10 schools

Two-thirds of freshmen FAFSA applicants list only one college on their applications.

Make sure you add any school you plan to attend, even if you haven’t applied or been

accepted yet.

You can add up to 10 schools to your FAFSA at a time.

The necessary information will be sent over to the schools you listed so they can calculate

the amount of financial aid you are eligible to receive.

You must list an eligible in-state college to be considered for state grant aid. The order in

which you list the colleges will not impact your eligibility for state aid programs.

7. Sign the document with your FSA ID*

Your FSA ID serves as your electronic signature, or e-signature.

You’ll use it to electronically sign and submit your FAFSA.

11 Common FAFSA Mistakes

1. Not Completing the FAFSA®

2. Not Using the Correct Website

3. Not Getting an FSA ID Ahead of Time

4. Waiting to Fill Out the FAFSA until After You File Taxes

5. Not Filing by the Deadline

6. Not Reading Definitions Carefully

Your Number of Family Members (Household size)

Legal Guardianship

7. Inputting Incorrect Information

Confusing Parent and Student Information

Entering the Wrong Name

Entering the Wrong Social Security Number (SSN)

Amount of Your Income Tax

8. Not Reporting Parent Information

9. Listing only one college

10. Not Using the IRS Data Retrieval Tool

11. Not Signing the FAFSA

SAR

A summary of the information you submitted on your Free Application for Federal

Student Aid (FAFSA).

You receive this report (often called the SAR) via e-mail a few days after your

FAFSA has been processed or by mail within 7-10 days if you did not provide an e-

mail address.

If there are no corrections or additional information you must provide, the SAR will

contain your EFC, which is the number that's used to determine your eligibility for

federal student aid.

Expected Family Contribution (EFC)

This is the number that’s used to determine your eligibility for federal

student financial aid.

This number results from the financial information you provide in

your FAFSA®, the application for federal student aid. Your EFC is

reported to you on your Student Aid Report (SAR).

Cost of Attendance (COA)

The total amount it will cost you to go to school—usually stated as a

yearly figure.

COA includes tuition and fees; room and board (or a housing and

food allowance); and allowances for books, supplies,

transportation, loan fees, and dependent care. It also includes

miscellaneous and personal expenses, including an allowance for

the rental or purchase of a personal computer; costs related to a

disability; and reasonable costs for eligible study-abroad programs.

Financial Need

The difference between the cost of attendance (COA) at

a school and your Expected Family Contribution (EFC).

While COA varies from school to school, your EFC does

not change based on the school you attend.

Financial Package

The total amount of financial aid (federal and

nonfederal) a student is offered by a college or career

school.

The school's financial aid staff combines various forms of

aid into a “package” to help meet a student’s education

costs.

Award Amount: Amount of aid a school expects to pay a student based on the student’s

current grant and loan eligibility, enrollment, Expected Family Contribution (EFC), and the

school's cost of attendance.

Award Letter: An offer from a college or career school that states the type and amount of

financial aid the school is willing to provide if you accept admission and register to take

classes at that school.

Award Year: School year for which financial aid is used to fund a student’s education.

Generally, this is the 12-month period that begins on July 1 of one year and ends on June

30 of the following year.

Disbursement

Payment of federal student aid funds to the

borrower by the school.

Students generally receive their federal student

loan in two or more disbursements.

HELP

FAFSA on YouTube