Transcript What You Need to Know About Paying for College

What You Need to Know
About Paying for College
Presented at Gull Lake High School
Jodee Stanton, GLHS School Counselor
Alisha Cederberg, Kalamazoo Valley Community College
Nancy Timmons, Kalamazoo Community Foundation
Mari Draeger, Gull Lake Community Schools Foundation
Topics To Be Discussed Tonight
• What is Financial Aid?
• Sources, Categories and Types of Financial Aid
• Free Application for Federal Student Aid (FAFSA)
• Foundation Scholarships
• Frequently Asked Questions and Application Tips
What is Financial Aid?
• Financial aid consists of funds
provided to students and families
to help pay for postsecondary
educational expenses.
Sources of Financial Aid
• Student Financial Aid comes from five primary sources:
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1. Federal Government
2. State Government
3. Institutions (colleges and universities)
4. Private Sources (associations, foundations, employers and unions)
5. Parent/Student
Federal Government
• Largest source of financial aid
• Free Application for Federal Student Aid (FAFSA) determines need-based
eligibility for federal programs
• Must apply each year using the FAFSA
• Aid Programs include: grants, work study and student loans
State Government
• Residency requirements usually apply
• Award aid on the basis of both merit and need
• Use information from the FAFSA and/or state aid applications
• Aid Programs include grants and scholarships
Postsecondary Institutions
Colleges and Universities
• Award aid on the basis of both merit and need
• Aid may be gift aid or self-help aid
• Use information from the FAFSA and/or institutional applications
• Check with each college or university for deadline and application
requirements
Private Sources
• Foundations, businesses, charitable organizations…
• Begin researching private aid sources early
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What is available in the community?
To what organizations and churches do student and family belong?
Companies may have scholarships available to children of employees.
• Deadlines and application procedures vary widely
• Small scholarships add up!
Categories of Financial Aid
• There are two (2) categories of Aid:
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Merit-based (academics, athletics, leadership, fine and performing arts)
Need-based (demonstrated financial need)
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In order to document financial need and qualify for federal and state need-based programs,
the student and parent need to file a Free Application for Feral Student Aid (FAFSA) after
January 1st of senior year
Applying for Federal
Financial Aid
Alisha Cederberg
Kalamazoo Valley Community College
Assistant Director of Financial Aid
Costs for College
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Financial Aid can help cover direct costs
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Tuition and Fees
Room and board
Books
Financial aid can also assist in indirect costs
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Living expenses
Travel
Cost of Attendance (COA)
• Established by the institution
• Includes direct and indirect costs
• Helps establish financial need
How Do I Apply?
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FAFSA
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FREE Application for Federal Student Aid
Available Online
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www.fafsa.gov
Also sometimes called “FotW” (FAFSA on the Web)
Must Renew FAFSA each school year (July 1 to June 30th)
Can also complete a paper FAFSA or call by phone 1-800-433-3243
FAFSA
• FREE – cannot emphasize this enough…the FAFSA will not ask for your
credit card number
• Pay sites provide NO BENEFIT as eligibility is based on the information you
provide on your FAFSA
• Information on the FAFSA is likely to be verified and will the be the same
whether or not you pay someone else to complete it for you
FAFSA – Required Information
• FAFSA is available at www.fafsa.gov
• “Skip technology” simplifies the application
• You will know the answer to almost all of the questions
• Only one question you cannot answer incorrectly: The Student’s Social
Security Number!! (schools and families can update and fix everything else).
Dependency Questions
The FAFSA asks a series of questions to determine if a student is independent
or dependent.
Dependent students will need to include parent(s) information on the FAFSA
Dependent students will also need parent(s) to sign the FAFSA
Which parent on FAFSA?
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If the parents have divorced or separated:
Answer the questions about the parent you lived with more during the past
12 months
If exactly equal time, who provides most support?
NOT: * who claims student on taxes
* who will result in highest eligibility
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If this parent has remarried as of today, answer the questions about both that
parent and the person to whom the parent is married (ie... Step parent)
Parent Income - Updates
• Parent 1 & Parent 2
• Biological parents living together must report both income if not married
• FAFSA now recognizes same-sex marriages if married in state or jurisdiction
that permits same-sex marriage
• Otherwise, parent information remains the same
• If biological parents are not living together, pick household based on
residence
Tax Information
• For the 2015-2016 school year, you will need your 2014 tax data
IRS Data Retrieval Tool (IRS DRT)
• For 2015-2016 FAFSA: Feature will be available in late February for those
who file 2014 taxes early
• You can complete your FAFSA and update it with the IRS DRT 2-3 weeks
after you have sent in your tax information to the IRS
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Requires taxes to be filed
Address match
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Will not work under a limited set of circumstances
Sign & Submit the FAFSA
• You will sign the FAFSA using your PIN
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www.pin.ed.gov
Unique to your SSN
Cannot be shared!
Parents of dependent students will have their own PIN
Expected Family Contribution (EFC)
• The FAFSA is used to calculate Expected Family Contribution (EFC)
• EFC determines eligibility for the federal Pell Grant
• COA – EFC=financial need
Four Types of Financial Aid
• Grants
• Scholarships
• Work programs (work-study)
• Loans
Grants
• Free money!
• Federal Pell Grant is the biggest source of grant money
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Eligibility is based on the EFC determined by the FAFSA (0-5188 EFC’s qualify)
Is limited to 6 years (or the equivalent of 12 full-time semesters
• SEOG – priority to Pell Grant recipients
• Institutional Grants
Scholarships
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Free money
Usually requires a separate application as determined by the donor
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FAFSA is often required
Many state scholarships require a specific FAFSA submission date
Scholarships can be local, national, institutional, regional…all sorts of “als”
Always check with employers for tuition reimbursement
Student is responsible for researching, applying
Employment
• Work-study programs (federal and institutional, no state funds)
• Self-help program that provides on-campus (and sometimes off-campus)
employment to eligible undergraduate and graduate students
• Each institution determines awarding rules and priorities for work-study
dollars
Loans
• Federal Direct loans
• Perkins Loan
• Parent PLUS Loan for parents of dependent students
• Graduate PLUS Loan for graduate students
• Private/alternative loans
Federal Direct Loans
• Subsidized
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Low-interest loans for financially needy undergraduate students
Interest does not accrue while the student is in school
Limited based on grade level, financial need, and time spent completing your program
• Unsubsidized
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Low-interest, not need-based
Dependency status/grade level determines eligibility
Federal Direct Loan (cont.)
• Amount determined by grade level, dependency status:
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Dependent Freshman qualify for $5500 ($3500 can be subsidized)
Independent Freshman qualify for $9500 ($3500 can be subsidized)
Michigan Programs
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Tuition Incentive Program
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For students who received Medicaid coverage for 24 months within a 36 month period
Phase I:Covers tuition and mandatory fees for associate degree/certificate program at
Community College
Phase II: Provides $2000 tuition assistance at an eligible in-state four-year college/university
Michigan Competitive Scholarship: $630
Michigan Tuition Grant: $1524 per year
What to do next?
• You must be admitted as a regular student into an eligible program
• Check with your institution
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Award letter
Requirements to complete financial aid eligibility
Requirements may vary from college to college
Requirements/next steps may be fund specific
Continued Eligibility
• Complete a FAFSA each year
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2015-2016 FAFSA will be available January 1, 2015
• Attend classes, pass classes
• Continue scholarship search
Searching for Scholarships
Nancy Timmons
Kalamazoo Community Foundation
Donor Relations Manager
www.kalfound.org
HISTORY
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1925
Dr. W.E. Upjohn
Established Kalamazoo Community Foundation with a $1,000 gift of stock
Today
Kalamazoo Community Foundation is one of the largest and successful
community foundations in investments and as a scholarship provider.
2014 Scholarship Awards
• $1,184,000 in total scholarship awards
• 380 awards
• 53 scholarship funds
BUILD A BETTER
APPLICATION
BEAT(don’t just meet) the DEADLINE
Keep copies of everything
Follow-up with the organization
Choose your references wisely
Proof your application & use spell check
Write an essay pertinent to the scholarship
Read and follow the instructions carefully
Keep a list of school & volunteer activities
CLARENCE REMYNSE SCHOLARSHIP
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High school senior and Kalamazoo County resident or attends a
Kalamazoo County High School
Financial need (file FAFSA by March 1)
Business, Science, Engineering, Education, Psychology,
Law, Medicine
Planning to seek a baccalaureate degree as a full-time student at a
College or University
Demonstration of Leadership & Service
December 1 Deadline Renewable Awards of $250-$7,500
2015 General Application
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Available at www.kalfound.org by end of December
Web-based Application – eGrant
41 Scholarships for undergrads & graduate students
One application – apply for up to 8 scholarships and submit
online
Recommendations and transcripts can be uploaded into
application
March 31 deadline, unless stated otherwise
PARTNERS IN EDUCATION
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Student who is a permanent resident of Kalamazoo County or
graduating or graduated from a Kalamazoo County High school
Pursue a two- or four-year degree or trade, technical, vocational or
certificate program full-time at a college/university or program
within the State of Michigan
2.80-3.80 GPA and demonstrate school/community involvement,
leadership & work ethic; must demonstrate financial need.
Multiple awards up to $2,000 (renewable)
March 31 deadline
BHARGAVA FAMILY SCHOLARSHIP
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High Schools Senior who is a Kalamazoo County resident or attends
a high school within Kalamazoo County
Minimum 3.75 GPA and 28 ACT or 1240 SAT
Demonstration of leadership & service
Full-time enrollment, four-year college/university
Preference PPS students/KAMSC/Asian Indian
Awards of $1,000
March 31 Deadline
E. EARL WRIGHT SCHOLARSHIP
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Must be a resident of Kalamazoo County or a student graduating or
graduated or received a GED from a school within Kalamazoo County
Planning to enroll full- or part-time in a two year degree program or
vocational or technology training
Minimum 2.00 GPA
Demonstration of extracurricular/volunteer activities and work
experience
March 31 deadline Awards up to $1,000
EARL HAAS SCHOLARSHIP
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Must be a resident of Kalamazoo County or a student graduating or
graduated from a high school or alternative school or received a GED within
Kalamazoo County
Planning to enroll full- or part-time in a two- or four-year degree program
or vocational or technology training
Must demonstrate financial need
March 31 deadline Awards up to $1,000
Searching for Scholarships
Continued
Mari Draeger
Gull Lake Community Schools Foundation
GLCSF Trustee
GLCS Foundation Scholarships & Programs
GLCS Foundation Focus
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Grants
Scholarships
Spark Series
Distinguished Academic Scholars
How to Apply for Scholarships
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Go to www.glcsf.org and click on
“Our Scholarships”
Pick up an application packet in the
GLHS Guidance office, if needed
33 scholarships available
Deadline: February 27 at 3 pm
Questions?
• Beat the Deadlines!
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Friday, February 27
--Gull Lake Foundation Scholarships
Sunday, March 1
--FAFSA (Free Application for Federal Student Aid
Tuesday, March 31
--Kalamazoo Community Foundation Scholarships
Power Point available on the GLHS Guidance website under Financial Aid/Scholarship Information
• Thank YOU for being here!