Transcript Financial Aid Night Ways to Fund Your Future

Financial Aid Night
Ways to Fund Your Future
December 4, 2014
New Smyrna Beach High School
School Counseling Department
TONIGHT’S GOAL
 By the end of the evening parents and students should have
information that will allow them to apply for financial aid and
knowledge as to the various federal, state and local programs
that are available.
FLORIDA BRIGHT FUTURES
SCHOLARSHIPS
INITIAL ELIGIBILITY REQUIREMENTS FOR YEAR 2015 HIGH SCHOOL GRADUATES
FLORIDA BRIGHT FUTURES
SCHOLARSHIPS
INITIAL ELIGIBILITY REQUIREMENTS FOR YEAR 2015 HIGH SCHOOL GRADUATES
FLORIDA BRIGHT FUTURES
SCHOLARSHIPS
2014 -15 AWARD AMOUNTS PER CREDIT HOUR
OTHER FLORIDA SCHOLARSHIP
AND GRANT PROGRAMS
 Access to Better Learning and Education (ABLE) Grant
 First Generation Matching Grant
 Florida Incentive Scholarship
 Florida Fund for Minority Teachers
 Florida Resident Access Grant (FRAG)
 Florida Student Assistance Grant (FSAG)
 Florida Work Experience Program
 José Martí Scholarship Challenge Grant
 Mary McLeod Bethune Scholarship
 Rosewood Family Scholarship
 Scholarships for Children and Spouses of Deceased or Disabled Veterans
LEGISLATIVE CHANGES TO FLORIDA
SCHOLARSHIP PROGRAMS
 Expanded the Rosewood Family Scholarship to award 50
students tuition and fees, not to exceed $6,100, at a public
postsecondary institution.
 Created the Florida Incentive Scholarship to award National
Merit® or National Achievement Scholars® who stay in
Florida for their postsecondary education.
FLORIDA VIRTUAL CAMPUS
 FLVC.org replaces FACTS.org that was previously available.
COLLEGE COST ESTIMATES
Source: nces.ed.gov/collegenavigator
School
Tuition
Room & Board
Books
Total Costs
Bethune-Cookman University
14,410
8,548
1,400
24,358
Daytona State College
2,508
2,128
1,200
5,836
Embry-Riddle Aeronautical Univ.
31,948
9,850
1,400
43,198
Flagler College
16,180
9,000
1,400
26,580
Florida State University
6,592
10,208
1,000
17,800
Stetson University
40,040
11,546
1,000
52,586
University of Central Florida
5,930
9,758
1,146
16,834
University of Florida
6,310
9,630
1,290
17,230
University of North Florida
6,429
8,190
1,200
15,819
TERMS TO KNOW
 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.
 Data Release Number (DRN) - The four-digit number assigned to
your FAFSA that allows you to release your FAFSA data to schools you
did not list on your original FAFSA.You need this number if you contact
the Federal Student Aid Information Center to make corrections to your
mailing address or the schools you listed on your FAFSA.You find this
number below the confirmation number on your FAFSA submission
confirmation page or in the top right-hand corner of your Student Aid
Report (SAR).
TERMS TO KNOW
 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 FAFSASM, the application for federal
student aid.Your EFC is reported to you on your Student Aid Report (SAR).
 Student Aid Report (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.
 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.
TERMS TO KNOW
 Financial Aid 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.
 Student Aid Report (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.
 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.
TERMS TO KNOW
 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.
 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.
 Federal Perkins Loan - A federal student loan, made by the recipient's school, for
undergraduate and graduate students who demonstrate financial need.
 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.
TERMS TO KNOW
 Grant - Financial aid, often based on financial need, that does not need
to be repaid (unless, for example, you withdraw from school and owe a
refund).
 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.
 Federal Student Aid PIN -Your electronic personal identification
number that serves as your identifier to allow access to personal
information in various U.S. Department of Education systems and acts as
your digital signature on some online forms. If you do not already have a
PIN, you can request one online at www.pin.ed.gov.
 Complete list of terms can be found at:
https://studentaid.ed.gov/glossary
FEDERAL GRANT PROGRAMS
FOR STUDENTS
FEDERAL GRANT PROGRAMS
FOR STUDENTS
FEDERAL STUDENT LOANS
FEDERAL STUDENT LOANS
FAFSA
 FAFSA is an acronym that stands for "Free Application for
Federal Student Aid." It is the basic form that must be filled
out for all students who wish to participate in Federal
student aid programs.
 Use www.fafsa.ed.gov
 Do Not Use fafsa.com as this site will charge you for filing
the FAFSA.
 Available to be filled out starting January 1, 2014
FAFSA- WHAT YOU NEED TO
KNOW TO GET STARTED
 Federal law requires the U.S. Department of Education to ensure that students can
apply for federal aid without paying a fee. To be considered for most federal student aid
programs, the student must complete and submit the Free Application for Federal
Student Aid (FAFSA).
 After the form is initially filed it must be renewed with a new filing for each school
year.
 The form can be filed starting January 1st and will be accepted until June 30th. The
deadline for Florida schools is May 15th. Most public schools give aid first to those that
have the FAFSA filed by March 1st - 15th (check with your school). Changes can be
made until September 20th.
 The form can be filed online, downloaded PDF (which has to be mailed) or in paper
form. The online form has major time advantages.
 Financial information can be sent to ten different schools with the online form.
WHAT INFORMATION DO I NEED
WHEN I FILL OUT THE FAFSA?
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Social Security card
Driver’s license (if any)
Permanent Resident Receipt Card (if applicable)
W-2 forms and other 2014 records of money earned
2014 income tax return (see the instructions on the FAFSA if the tax
return has not been completed)
Records of child support paid
Records of taxable earnings from Federal Work-Study or other needbased work programs
Records of student grant, scholarship and fellowship aid, including
AmeriCorps awards, that was included in your (or your parents’) AGI
Current stock, bond, and other investment records
Current business and farm records
Current bank statements.
TIPS FOR FILLING OUT THE FAFSA
 Fill out and finalize the FAFA as soon as possible. If scholarships are received
before you file, they count against the FAFSA.
 Ensure that the FAFSA is filled out correctly. A FAFSA that is filled out
incorrectly will be rejected faster than for any other reason. If you are unsure,
put down a zero and do not leave blank. Download the FAFSA On the Web
worksheet and fill out first.
 Ensure that the IRS Retrieval tool is used when filling in tax data. If your
taxes are filed electronically your information will be available approximately
2 to 3 weeks after you file your taxes. Failure to use the tool greatly increases
the chance of the school auditing your FAFSA.
 Several weeks after filing your taxes request a tax transcript from the IRS at
http://www.irs.gov/Individuals/Order-a-Transcript to have on hand if you
are audited.
CHANGES TO FAFSA THIS YEAR
 Adding some language for Foster Care Youth to make them
aware of some resources.
 Further clarification instructions on new parent marital status
of “unmarried and both parents living together”.
 Adding an infographic for student to assist them in deterring
whose information to report on the FAFSA in terms of
parent(s).
ARE YOU AN INDEPENDENT ON
THE FAFSA?
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Were you born before Jan. 1, 1992?
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As of today, are you married? (Answer “Yes” if you are separated but not divorced.)
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Yes
No
Are you a veteran of the U.S. armed forces?*
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Yes
No
Are you currently serving on active duty in the U.S. armed forces for purposes other than training? (If you are a
National Guard or Reserves enlistee, are you on active duty for other than state or training purposes?)
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Yes
No
At the beginning of the 2015–16 school year, will you be working on a master’s or doctorate program (such as an
M.A., M.B.A., M.D., J.D., Ph.D., Ed.D., graduate certificate, etc.)?
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Yes
No
Yes
No
Do you have children who will receive more than half of their support from you between July 1, 2015, and June
30, 2016?
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Yes
No
ARE YOU AN INDEPENDENT ON
THE FAFSA?
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Do you have dependents (other than your children or spouse) who live with you and who receive more than half
of their support from you, now and through June 30, 2016?
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At any time since you turned age 13, were both your parents deceased, were you in foster care, or were you a
dependent or ward of the court?
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Yes
No
At any time on or after July 1, 2014, were you determined to be an unaccompanied youth who was homeless, as
determined by (a) your high school or district homeless liaison or (b) the director of an emergency shelter or
transitional housing program funded by the U.S. Department of Housing and Urban Development?**
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Yes
No
Has it been determined by a court in your state of legal residence that you are an emancipated minor or that you
are in a legal guardianship?
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Yes
No
Yes
No
At any time on or after July 1, 2014, did the director of a runaway or homeless youth basic center or transitional
living program determine that you were an unaccompanied youth who was homeless or were self-supporting and
at risk of being homeless?**
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Yes
No
HOW IS A STUDENT’S
FINANCIAL NEED DETERMINED
COA (Cost of Attendance)
EFC (Expected Family Contribution)
=Financial Need
WHAT HAPPENS AFTER I FILE
THE FAFSA?
 After you submit the Free Application for Federal Student Aid (FAFSA), we
will send you a Student Aid Report (SAR).
 If we have a valid e-mail address on file for you, we will send you an e-mail, within
3 to 5 days, with instructions on how to access an online copy of your SAR.
 If we do not have a valid e-mail address on file, your SAR will be mailed to you via
postal mail within 7 to 10 days.
 The colleges that you listed on your FAFSA will have access to your information
electronically one day after it is processed. However, depending on their own
process and workload, they might not retrieve your information immediately.
 If your application is complete, an Expected Family Contribution (EFC) will display
on your SAR. If your application is incomplete, your SAR will not include an EFC,
but it will display text that specifies any issues that need to be resolved.
WHAT HAPPENS AFTER I FILE
THE FAFSA?
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If your FAFSA is incomplete:
 Make corrections to your FAFSA by clicking Login on the home page to log in to FAFSA on the Web. Click
Make FAFSA Corrections, enter your PIN, and add or correct the information that caused your FAFSA to be
incomplete. Submit your corrections.
 Add or correct information on your paper SAR, sign it, and mail it to the address provided.
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If your FAFSA is complete:
 The EFC that displays on your SAR is a calculation based on the information that you reported on your
FAFSA.
 Your college uses the EFC to determine the amount of federal grants, loans, and work-study for which you
may be eligible.
 Your college will send you a financial aid award letter that details the financial aid you are eligible to receive.
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Your EFC is not the amount of money your family will have to pay for college nor is it the amount of federal
student aid you will receive. It is a number used by your school to calculate the amount of federal student aid you
are eligible to receive.
ANSWERS TO THE MOST
COMMONLY ASKED QUESTIONS
 If a parent is remarried, the step parent’s information must be included
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on the FAFSA.
If a parent will not provide information a student can still fill out the
FAFSA but can only be offered an unsubsidized loan.
Just because a student does not live with a parent does not make them
independent.
The Financial Aid officer at a school has the final decision on financial
aid.
A student does not have to take all financial aid that is offered in an
award letter.
HELPFUL FINANCIAL AID
WEBSITES
 fafsa.ed.gov
 finaid.ed.gov
 floridastudentfinancialaid.com
LOCAL SCHOLARSHIPS
 Application Deadline for local scholarships is March 13th, 2015
unless otherwise noted.
 NSBHS Standard Application will be available on our Website
 Special Applications will be available on our website or See Mr.
Rivera.
 Local scholarship awards range from $250 to over $25,000.
THANK YOU FOR
ATTENDING THIS
PRESENTATION