PORTLAND HIGH SCHOOL Wednesday, December 8, 2010 1.
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Transcript of PORTLAND HIGH SCHOOL Wednesday, December 8, 2010 1.
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What is Financial Aid?
Funding intended to help students pay educational expenses including tuition and fees, room and board, books and supplies, etc. for education at a college, university, or private school.
Supplied by a source other than the family to help pay for education costs. Financial aid may be "need-based" or awarded based on the financial need you possess.
It can also be "merit-based" or awarded for special talents or achievements you've made.
EFC (Estimated Family Contribution)◦ Determined by Free Application For Federal
Student Aid (FAFSA) ◦ Estimated cost the government determines a
family can afford to pay for school◦ Determined by several factors:
Student/Parent Income Assets Investments Number in household Number in college
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What Makes You Eligible?
FEDERAL GOVERNMENT
STATE GOVERNMENT
INSTITUTIONAL
PRIVATE SOURCES
EMPLOYERS
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SOURCES OF FINANCIAL AID
Scholarships
◦ Based on merit, skill or unique characteristic◦ Does not have to be paid back
Grants
◦ Based on financial need◦ Does not have to be paid back
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SCHOLARSHIPS AND GRANTS
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Michigan Tuition Grant
Supplemental Education Opportunity Grant (SEOG)
Grant awarded to students who attend a Private College
$ 1512
Award differs per institution
$ 280
Academic Competitiveness Grant
Completion of rigorous secondary education curriculum
$ 750 First Year$ 1300 Second Year
Federal Pell Grant Federal grant sponsored by the U.S. Department of Education based on a families income.
Up to $ 5550
TEACH Grant Grant for intend to teach in a public or private school that serves students from low-income families. students who
Up to $4000
SUBSIDIZED UNSUBSIDIZED
1ST YEAR $3500 $20002ND YEAR $4500 $20003RD YEAR $5500 $20004TH YEAR $5500 $2000
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Federal Direct Loans
• Subsidized means no interest while in school• 4.5% interest rate
• Unsubsidized means interest is accruing while in school• 6.8% interest rate
• No payment due until 6 months after leave school
PARENT PLUS◦ PARENTS BORROW FOR STUDENT◦ 8.5% INTEREST◦ UP TO ENTIRE REMAINING BALANCE
FEDERAL PERKINS◦ 5% INTEREST◦ UP TO $4000 PER YEAR
ALTERNATIVE LOANS◦ BORROW CAUTIOUSLY!
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OTHER LOANS
EMPLOYMENT (WORK STUDY)
◦ Students can apply for various positions on campus
◦ Work up to 20 hours per week
◦ Receive reduction in tuition statement
◦ Receive a paycheck to use for living expenses or pay toward bill
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WORK STUDY
Collect Information
Apply for a FAFSA PIN number
Complete FAFSA online
Review your
Student Aid Report
Submit other
applications
Receive Financial
Aid Award Letter
Evaluate Your
Financial Aid Offers
AID APPLICATION PROCESS
WHAT IS THE FAFSA ?
◦ FREE APPLICATION FOR FEDERAL STUDENT AID
◦ IMPORTANT TO COMPLETE BETWEEN JANUARY AND MARCH 1ST
◦ CALCULATES ELIGIBILITY FOR FEDERAL AID, STATE AID, LOANS AND SOME INSTITUTIONAL AID
ESTIMATED FAMILY CONTRIBUTION (EFC)
◦ INTENDED TO REPRESENT WHAT THE FAMILY CAN PAY TOWARD COLLEGE
◦ DEPENDS ON THE COST OF COLLEGE AND AMOUNT OF SCHOLARSHIPS FROM SCHOOL
PREPARING FOR THE FAFSA
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HOW TO APPLY
Web site: www.fafsa.gov
2011-12 FAFSA on the Web available on January 1, 2011
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APPLYING FOR A PIN NUMBER
• Web site: www.pin.ed.gov
• Sign FAFSA electronically
• Can request PIN before January 1, 2011
• Used by students and parents throughout aid process, including subsequent school years
◦ FAFSA PIN NUMBER FOR STUDENT AND PARENT (www.pin.ed.gov)
◦ MOST RECENT FEDERAL TAX FORM FOR PARENT AND STUDENT
◦ W-2 FORMS FOR PARENT AND STUDENT◦ SOCIAL SECURITY NUMBERS FOR STUDENT AND PARENTS◦ DRIVER’S LICENSE FOR STUDENT◦ UNTAXED INCOME INFORMATION◦ CURRENT INFORMATION ON BUSINESS, INVESTMENTS AND
FARM◦ CURRENT BANK STATEMENT
WHAT DO YOU NEED TO COMPLETE THE FAFSA?
◦ DETERMINING IF YOU ARE INDEPENDENT OR DEPENDENT
MARRIED 24 YEARS OLD HAVE CHILDREN & PROVIDING 50% SUPPORT VETERAN OF ARMED FORCES ACTIVE MEMBER OF ARMED FORCES (NOT TRAINING) FOSTER CHILD, ORPHAN OR WARD OF THE COURT UNACCOMPANIED HOMELESS YOUTH IN LEGAL GUARDIANSHIP OR EMANCIPATED MINOR
WHAT IF I CAN’T PROVIDE PARENT INFORMATION?
◦Name◦Address◦Date of birth◦Social security number◦Driver’s license number◦General enrollment information
Step One: Student Information
◦Information from tax form (watch for references to the line you should take information from)
◦Balance of cash, savings, checking◦Investments (Does not include
retirement)◦Net worth of business◦Untaxed income
Step Two: Student Income Information
◦Name◦Address◦Date of birth◦Social security number◦Number in Household◦Number in college◦Income information
Step Three: Parent Information
◦Type of form filed◦Information from tax form (watch for
references to the line you should take information from)
◦Balance of cash, savings, checking◦Investments◦Net worth of business◦Untaxed income
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Step Four: Parent Income Information
◦Can list up to ten colleges on the FAFSA◦College receive information, determine
eligibility and send award letter◦Can change college choices anytime◦Must put private college in #1 spot for
state grant◦Housing plans
Step Five: List your Colleges
◦Must be signed by student and parent ◦Create a 4-digit PIN# at www.pin.ed.gov◦Option to print signature page at end of
online FAFSA◦Get results much quicker if you use
online FAFSA and sign with PIN#
Step Six: Sign your FAFSA
SEND EXPLANATION TO FINANCIAL AID OFFICE AT EACH COLLEGE
COLLEGE REVIEWS SPECIAL CIRCUMSTANCES◦MAY REQUEST ADDITIONAL
DOCUMENTATION
SPECIAL CIRCUMSTANCES
◦DO NOT USE WWW.FAFSA.COM◦SIGNS OF FRAUDULENT SCHOLARSHIP
SERVICE “GUARANTEED” INFORMATION IS NOT AVAILABLE ANYWHERE
ELSE PROVIDE CREDIT CARD NUMBER THEY WILL DO ALL THE WORK COSTS MONEY FINALIST IN A CONTEST YOU NEVER ENTERED
AVOID SCAMS
January 1st 2011 – FAFSA is available
March 1st 2011 – FAFSA is due
Date: February 23rd from 7 pm to 9 pm Location: Lakewood High SchoolEvent: Financial Aid Workshop
Date: February 13th from 2 pm to 4 pmLocation: Kellogg Community CollegeEvent: College Goal Sunday
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IMPORTANT DATES