Transcript College Counts and Money Matters

Fall 2012 Open House
Fall 2012 Open House
Topics for Discussion:
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Scholarships
Institutional aid
Federal student aid
The aid application process
Frequently Asked Questions:
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What is financial aid?
Who can receive it?
How much can a student receive?
How do you apply?
Where can I find more information?
www.financialaid.uconn.edu/prospective
What is Financial Aid?
There are four general types of aid:
• Scholarships
• Grants
• Loans
• Employment
Go to www.financialaid.uconn.edu for additional information
Click “Types of Aid” in the navigation menu
Where to look for scholarships
• See Scholarships section of www.financialaid.uconn.edu
• Private Scholarships
High School Guidance Office
Civic Organizations
Parent Workplace
Religious Affiliations
On the Web – More info in
“Links” section of our site
• University Scholarships
• State Scholarships
Types of Federal Student Aid
Grants (Pell, Supplemental Educational Opportunity)
• “Free money” based on financial need
• Pell Grant based on Expected Family Contribution figure from FAFSA
• Federal SEOG also based on limited funding allocated to individual
school
Employment (work-study)
• Students earn these funds through part-time work
• Based on financial need and funding allocated to individual
college/university
Types of Federal Student aid
Types of Federal Student Aid continued
Perkins Loans (subsidized)
• In student’s name: must be paid back
• Amount based on availability and students’ financial need
Direct Stafford Loans (subsidized and unsubsidized types)
• In student’s name: must be paid back
• Maximum amounts based on student status and financial need
• No credit check required
Direct Parent PLUS Loans
• In parent’s name: must be paid back
• Credit check required
Who can Receive Federal Student Aid?
The basic eligibility requirements:
• Demonstrate financial need via FAFSA
• U.S. citizens, permanent residents, and certain other eligible noncitizens
• Eligible degree/certificate program
• Valid Social Security number
• Males registered for Selective Service
• Not currently in default on an educational loan
The FAFSA
Application Process
Scholarships
Free Application for Federal Student Aid (FAFSA)
• Parent and student each apply for a PIN (Personal Identification
Number) used to sign the electronic form
• Parent and student complete FAFSA application online at
www.fafsa.ed.gov anytime after January 1st 2013
• Complete tax returns early enabling you to use the IRS data retrieval
tool within the online FAFSA for 2013-2014
• See Getting Started section of www.financialaid.uconn.edu for
additional information
• UConn’s On Time Financial Aid deadline for filing the FAFSA is
March 1, 2013.
PIN Registration
• May be used by students
and parents throughout
aid process, including
subsequent school years
• Sign FAFSA electronically
• Make changes or updates
electronically
• Check status of
application
FAFSA on the Web
Good reasons to file
electronically:
•Built-in edits
•Skip-logic
•IRS Data Retrieval
•Timely submission
•“Help” for common
questions
•Check application
status on-line
•Simplified yearly
renewal process
How much aid will a student receive?
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X
2
Y
$25K
$35K
$25K
3
$15K
Cost of
Attendance
(Variable)
$15K
EFC
$10K
Expected Family
Contribution
(Constant)
EFC
Need
(Variable)
Z
$5K
FAFSA Processing Results
Information is received; EFC is calculated; and the Financial Aid Office
determines an appropriate “package”
Sample package based on program maximums
• Federal Pell Grant: $5,550
• Federal Direct Stafford Subsidized Loan $3,500
• Federal Direct Stafford Unsubsidized loan $2,000
• Federal Carl Perkins Loan - varies
• Supplemental Educational Opportunity Grant - varies
• University Grant - varies
• Federal Work-Study: $2,200
• Federal Direct Parent PLUS loan: COA less other aid received
What happens next?
• Once a student decides which college/university to attend, he/she
should keep in touch with the Financial Aid Office
• UConn begins notifying students of financial aid awards via their
UConn email account in the spring (typically mid-March)
• Student should monitor email account for document request letters
and/or financial aid award notices
• Submit any documentation requested by the Financial Aid Office in a
timely manner
• Do not submit tax information unless requested
In Closing
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Begin looking and applying for scholarships now
Parent/student apply for PIN ID now
For UConn, complete FAFSA application after January 1st but before
March 1st to be considered on time
Plan to complete income tax returns early
Meet all deadlines or you could miss out on aid!
– Refer to the Financial Aid Calendar in the News & Calendar
section of www.financialaid.uconn.edu
Students: Take an active role as you explore your
Higher Education Journey!
Questions?