Transcript Financial Aid and Responsibility

COLLEGE
IS
POSSIBLE
Applying for Aid
Navigating the Process
Understanding and Leveraging
Your Resources
Topics for Discussion
What is financial aid?
Types of aid
How do I apply?
Who is eligible?
What happens next?
Understanding and Leveraging Resources
What is Financial Aid?
Financial aid is money from outside sources
intended to be used to help cover the cost
of education beyond high school.
Who is eligible?
Everyone who meets basic
eligibility requirements is eligible
to receive federal financial aid.
How do I apply for federal aid?
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Apply for financial aid by completing the
Free Application for Federal Student Aid online
Go to www.fafsa.gov always!!!
How do I apply for federal aid?
To apply, you will need:
PIN for student and a parent if applicable
www.pin.gov
2013 Federal Tax Return and W-2’s or income
statements
Asset/Investment Information, if applicable
When should I apply?
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Most schools have Deadlines for the FAFSA
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Find out when those deadlines are for all schools you
are looking at
You may need to use your previous years taxes to
complete the FAFSA in order to meet the deadline
If you miss the deadline, you may not be able to use
financial aid
When should I apply?
Students seeking federal financial aid
should complete the FAFSA every year.
College Goal Sunday is February 8, 2015
Register at http://www.ohiocollegegoalsunday.org/
Cuyahoga County Locations
Cuyahoga Community College Corporate College West
Cuyahoga Community College Western Campus
Cuyahoga County Public Library, Warrensville Heights Branch
What will the FAFSA tell you?

Your EFC (Estimated
Family Contribution)
 This
number determines
what your need is
based on the data
entered on the FAFSA
 The confirmation page
and the Student Aid
Report (SAR) will give
you this number
What will the FAFSA tell you?
The Dependency Status of the student:
In order to be Independent, the student has to be:
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24 years old
Married
Has children or dependents they financially support
Active Duty or a Veteran
Note: There are other circumstances that make a
student Independent, but you must see the FA office
Eligibility for Federal Aid

Students must provide an official copy of High
School, Home Education School or GED transcripts
in order to be eligible for financial aid
 It
must show the Graduation Date and come in a
sealed envelope
 Contact
the High School for official copies
 Contact Ohio Department of Education for GED or home
education transcripts
Sources of Financial Aid
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Federal Government
States
Colleges and Universities
Private Sources
Civic organizations and churches
Employers
Federal Gift Aid: Scholarships & Grants

Grants
 Do
not require
repayment
 Eligibility is based
on FAFSA results
and your overall
Cost of Attendance

Scholarships
 Do
not require
repayment
 Eligibility is based on
FAFSA results, merit,
GPA, community
involvement
 Separate application
required
Federal Self-Help Aid:
Loans & Work-Study Employment

Federal Work Study
 Allows
student to earn
money to help pay
educational costs
A
paycheck; or
 Nonmonetary
compensation, such as
room and board

Educational Loans
 Money
students and
parents borrow to help
pay college expenses
 Repayment usually
begins after
graduation
Federal Grants
Federal Pell Grant
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Awarded based on
financial need
Maximum lifetime award
of 12 full-time semesters,
or 6 years
Maximum award at highest
need is $5,730/year at
full-time enrollment
FSEOG
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Federal Supplemental
Educational Opportunity
Grant
Awarded to students with
exceptional financial need
Award is between $100
and $4,000 based on fund
availability at school
Federal Grants
TEACH Grants
 Teacher Education
Assistance for College and
Higher Education Grant
 Different than other types
of grants because it
requires specific coursework
and job-in-field to maintain
grant status; can turn into a
loan
Iraq & Afghanistan
Service Grant
 Based on need
 Parent or guardian was a
member of the US armed
forces and died as a result
of military service
performed in Iraq and
Afghanistan after 9/11
Federal Loans
Student Loans

Direct Subsidized Loans
Interest Rate: 4.66%
 Does NOT accrue interest
while enrolled at least
half-time
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Direct Unsubsidized Loans
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Interest Rate: 4.66%
Accrues interest
Direct PLUS loan
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Department of Education is lender
Interest Rate: 7.21%
Credit-based
Maximum loan amount based on
Cost of Attendance
Federal Loans
Federal Perkins Loan
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Eligibility based on
exceptional financial need
Interest Rate: 5%
Not all schools offer this
loan
School is the lender;
repayment made to the
school
State Aid
Choose Ohio First Scholarship
Provides scholarships to students in innovative
academic programs developed by Ohio’s colleges
and universities and their business partners to
recruit and retain more students in STEMM fields.
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Ohio Army National Guard Scholarship
The Ohio Army National Guard Scholarship
program pays 100 percent of tuition and general
fees at state universities or the equivalent amount
at private institutions for members of the Ohio
National Guard. The scholarship encourages
young Ohioans to go to school in Ohio and serve
in the Ohio National Guard.
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Nurse Education Assistance Loan
Program (NEALP)
Provides financial assistance to Ohio students
enrolled for at least half-time study (or
accepted for enrollment) in an approved
Ohio nurse education program. NEALP
provides funding for nurses who intend to
serve as instructors or students who intend to
serve as nurses after graduation.
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Ohio College Opportunity Grant
Provides grant money to Ohio residents who
demonstrate the highest levels of financial
need who are enrolled at Ohio public
university main campuses (not regional
campuses or community colleges), Ohio
private, non-profit colleges or universities,
and Ohio private, for-profit institutions.
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State Aid Cont.
Ohio War Orphans Scholarship
The Ohio War Orphans Scholarship Program
awards tuition assistance to the children of
deceased or severely disabled Ohio veterans
who served in the armed forces during a
period of declared war or conflict
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Ohio Safety Officers College Memorial
Fund
This program provides tuition assistance to
the children and spouses of peace officers,
fire fighters and certain other safety officers
who are killed in the line-of-duty, anywhere
in the United States.
Ohio Third Frontier Internship Program
This initiative will link college students with
Ohio companies that are commercializing
new knowledge, enhance their education
experience and expose them to employment
opportunities within the state. Eligible students
must be Ohio residents or a student in an
Ohio higher learning institution in good
academic standing (2.5 GPA or above).
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Forever Buckeye
A provision included in the FY 12‐13 budget
bill, extends the in‐state resident tuition rate
to any public or private Ohio high school
graduate who leaves the state but returns to
enroll in an undergraduate or graduate
program at an Ohio college and also
establishes residency in Ohio. Simply stated,
if you graduated from an Ohio high school
and move back to Ohio, you are eligible for
in‐state tuition rates.
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Institutional Aid
Institutional aid refers to any form of financial
assistance provided to a student through their
College or University.
Institutional Aid
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Some colleges and universities provide their students
with institutional grants and scholarships, which reduces
a student’s expenses.
Similar to grants from the State of Ohio, these can be
based on areas of study, academic merit, financial
need, and more.
Requirements and application deadlines vary by
institution. Be proactive—apply with your prospective
institutions early!
Examples of Institutional Aid
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Cuyahoga Community College:
Academic Excellence Scholarship--up to $1750 per year,
renewable
 Honors Program Fellowship—up to $4250 per year, renewable
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Cleveland State University:
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The Ohio State University:
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President’s Award--up to $6000 per year
Maximus Scholarship--$6000 per year (up to $24,000)
University of Toledo:
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Presidential Scholarship--covers full tuition and general fees, room
and board and provides a one-time summer stipend of $3000
What happens after I’ve applied?
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For federal aid, the Department of Education will send
you a Student Aid Report. This means your application
has been processed at the federal level.
The Department of Education will send up to 25 schools
of your choosing your FAFSA information. Schools will
use this information to determine what is needed to
finalize your eligibility.
Be on the lookout for communication from your school!
What happens after I’ve applied?
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Make sure you let your school’s Financial Aid office
know if there are any changes in your household
income.
 You
may be eligible for an override also known as a
Professional Judgment that can help you get
additional funding
After You’ve Been Awarded Aid
After you’ve been awarded aid by institutions you’ve
applied to, you will receive an award letter.
Your award letter will outline
direct costs and indirect costs.
Understanding Your ResourcesCost of Attendance
 Direct
Costs – Paid directly to the school
 Tuition
 Fees
 On
campus room & board (dorms)
 Indirect
 Off
Costs – Not paid directly to the school
campus room & board
 Transportation
 Books
 Personal Expenses
Understanding Your ResourcesCost of Attendance
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Sample Cost of Attendance
 Tuition:
$12,500
 Fees:
$1,000
 Room & Board: $8,000
 Transportation: $600
 Books:
$1,200
TOTAL COST: $23,300
Understanding Your ResourcesCost of Attendance
Your Cost of Attendance determines the size of your bucket
How are you going to fill it?
Understanding Your ResourcesAward Letter
Your school helps “fill” your bucket, or to help you meet
your cost of attendance, by offering you the type(s) of
financial aid you are eligible for based on FAFSA results
and other documentation
Understanding Your ResourcesAward Letter
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Sample Award Letter
Pell Grant:
 Subsidized Loan:
 Unsubsidized Loan:
 PLUS Loan:
 Work Study:
 Academic Scholarship:
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TOTAL AWARD:
TOTAL COST:
$5,730
$3,500
$2,000
$4,000
$5,000
$3,070
$23,300
$23,300
Congratulations, your bucket is full!
Leveraging Resources:
Responsible Borrowing:
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How much does everything cost?
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Tuition, fees and books minus your other sources of aid (grants,
scholarships) to determine what to borrow
Consider a work study position and earn $$ instead of
borrowing
Remember – you are borrowing against your future
earnings….borrow only what you need to cover your direct
educational costs!
Remember that interest accrues on some loans!
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The Unsubsidized loan has interest that begins to accrue from the
first disbursement
Responsible Borrowing
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William D. Ford Loans
Dependent Student
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Parent PLUS loan
 No
Limit
 $31,000
 No
more than $23,000
can be Subsidized
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Independent Student
 $57,500
 No
more than $23,000
can be Subsidized
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Federal Perkins Loan
 $27,500
Responsible Borrowing
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If you are considering borrowing loans, it is
important to understand your repayment obligations
and to include your student loan repayment into
your future budget.
Check out www.studentloans.gov to review
repayment plans, calculators, and detailed
information on loan types.
Responsible Borrowing
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Example: for every $5,500 in loans borrowed by a
student, it will cost approximately $58 per month to
repay their loan in 10 years
Making the Most of Your Aid
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It is important to have a strong academic plan in place
along with a financial plan to ensure you graduate from
your chosen program with the least amount of debt
possible.
Creating a personal budget is key to financial success.
All students should create a budget to help them meet
their short and long term goals.
Earning College Credits in High School

College Credit Plus +
 Formerly
PSEOP
 The State of Ohio offers this program to
High School students to earn college level
credits while still in High School
 All charges for college-level classes could
be covered by the ODE with no out of
pocket expense to the student
 Contact the Counseling office in your High
School for more details
 Grades
7-12 are now eligible
Earning College Credits in High School
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Created by College Board to offer high
school students college level curricula and
exams to earn college level credit
Can allow the student to skip introductory
classes once they get to College
Contact your High School Counseling
department for more information
Things to Remember
Did You Know?
The FAFSA
takes an
average of 23
minutes to
complete.
Every year,
$150 billion in
federal
financial aid is
made available
to students.
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College IS POSSIBLE. Everyone meeting basic
requirements is eligible for something.
Student loans can be an investment in your
future, but responsible budgeting and
borrowing are key.
Compare award letters—ask questions!
Seniors: Mark your calendar for February 8,
2015—College Goal Sunday—free
assistance completing your FAFSA
Questions?