Transcript Financial Aid

Financial Aid
What You Need To Know!
PRESENTED BY:
Your Name
Director of Financial Aid
YOUR COLLEGE
AGENDA
 What
is financial aid?
 How need is determined.
 Who do you call?
 Web sites for help.
 Step by step directions for filling out the
Free Application For Student Aid (FAFSA).
TWO CATEGORIES OF AID
 Merit-Based
 Need-Based
TYPES OF AID

Scholarships

– Merit based
– Free Money

Grants
– Need based
– Free Money
Loans
– Need based
– Must Be Repaid

Employment
– Need based
– Work For Pay
SCHOLARSHIPS
 Michigan
Merit Scholarship
 Hope Scholarship
 Michigan Competitive Scholarship
 Sports
 Academic
 Other
GRANTS

Federal Grants
– Pell Grant
Need based (family
contribution)
 Entitlement

– SEOG/Supplementary
Educational
Opportunity Grant
Need based
 Given at discretion of
each college

GRANTS continued
 Academic
Competitiveness Grant (ACG)
Pell Grant Recipient
Full Time Student
Show Need
First or Second Year Student
Rigorous Secondary School Curriculum
GRANTS continued
 National
SMART Grant
Pell Grant Recipient
Enrolled in 4 Year Degree Program
Full Time Enrollment
Show Need
In 3rd or 4th academic year of program
GRANT continued
 SMART
Grant continued…
3.0 GPA
In an Eligible Major
GRANTS CONTINUED

State Grants
– MEOG/Michigan
Educational
Opportunity Grant
Need based
 Given on first come
first serve basis

– APTG/Adult Part Time
Grant
Out of high school two
years
 Independent status

– Michigan Tuition
Grant
Need based
 Must be attending a
Michigan private
college

LOANS
 Federal
Loans
– Subsidized Stafford and Direct Loan
 Federal
government will pay the interest until
student is no longer enrolled at least one-half time (6
Credits).
 Interests rate will be 6.80 %
 Student can pay on principal while in school and
pay no interest.
 Principal payments begin 6 months after student is
no longer enrolled at least one-half time (6 credits).
LOANS CONTINUED
– Unsubsidized Stafford and Direct Loans
 Federal
government does not pay interest.
 Interest rates are 6.54% during in-school, grace, and
deferment periods, and 6.80% during repayment.
 Student must begin paying interest upon approval of
loan.
 Principal payments begin six months after the
student is no longer enrolled in at least one-half
time(6 Credits).
LOANS CONTINUED
– Perkins loans
– Plus loans – 8.50% APR
 State
loans
 Institutional loans
EMPLOYMENT
Federal College Work
Study
 State College Work
Study

– Need based
– Usually work 25 hours
or less per week while
taking classes.
– Can work around class
schedule.
DETERMINING NEED
 Cost
of attendance or budgets
– Each college determines own budget
 Will
have dependent and independent budget
– You can find each college’s budget in school
catalog or other informational material.
COST OF ATTENDANCE
 Tuition
& fees
 Room & board
 Books & supplies
 Transportation
 Miscellaneous personal expense
COST OF ATTENDANCE
CONTINUED
 Study
abroad
 Child care
 Handicap expenses
 Cost of computer
EXPECTED FAMILY
CONTRIBUTION (EFC)
 Determination
based on information family
submits on FAFSA (Free Application For
Student Aid)
 Each family will have it’s own EFC
– EFC number can be anywhere from 0 to 99,999
 Each
family will receive a Student Aid
Report (SAR) and the EFC will be listed on
this form.
Applying for a Pin
 Go
to www.fafsa.ed.gov
 Enter Personal Information
 Provide address
 Parent and Student both must have PIN
 Pin will be electronic signature
ESTIMATED COLLEGE COST OF
ATTENDANCE COMPARISON
Tuition &
Room &
Fees
Board
College Name
Michigan State University
$
7,923 $
5,788
Central Michigan University
$
6,009 $
6,376
Davenport College
$
8,880 $ 10,581
Lansing Community College
$
2,504 $
3,400
Ferris State University
$
6,740 $
6,816
1,840 $
3,423
Montcalm Community College $
Books &
Personal
Travel
Total
$
2,294 $
500 $ 16,505
$
2,296 $
750 $ 15,431
$
1,600 $
1,200 $ 22,261
$
1,750 $
1,200 $ 8,854
$
1,864 $
1,214 $ 16,634
$
1,395 $
1,218 $ 7,876
DEFINITION OF NEED
DETERMINING DEPENDENT OR
INDEPENDENT STATUS

To be independent student must meet at least one of the
these qualifications.
– Where you born on or before Jan 1, 1983?
– Are you a veteran of the U.S. Armed Forces?
– Will you be working on a degree beyond a bachelor’s
degree in 2006-2007?
– As of today, are you married?
– Are you an orphan or a ward of the court, or were you
a ward of the court until age 18?
– Do you have


Children who receive more than half their support from you
Dependents (other than your children or spouse) who live with you
and receive more than half their support from you, now and through
June 30, 2007
CONTINUED
If student cannot meet one of these, the student
will be considered dependent and financial
information of both student and parents will be
used to determine EFC.
 Financial Aid Office can review dependency based
on professional judgment.

– Only used in unusual circumstances
Abuse, Death of both parents, etc.
 Must talk directly to FA Office to see if they will consider this
possibility. Everything will need to be documented.

WHO DO YOU CALL?
 High
school counselor for questions
 Call my office at Montcalm Community
College (989)328-1205
 Call your college Financial Aid Office
 Please be very careful of companies telling
you they will guarantee financial aid if you
will send them money.
WEB SITES FOR HELP

Web site to send FAFSA electronically
– WWW. FAFSA.ED.GOV
– Will get information much quicker
– Must get a PIN number for both student and parent.
This will be used as signatures.
– Make a copy of your form for your records.
– You will receive your copy of SAR within a month.
– College will send Award Letters in early Spring.
OTHER WEB SITES

Www.michigan.gov/mistudentaid
– Michigan Department of Education MI-SEARCH

www.studentaid.ed.gov
– U.S. Department of Education

www.finaid.org
– Mark Kantowitz Financial Aid Information Page

www.msfaa.org
– Michigan Student Financial Aid Association
College Goal Sunday
 Will
be held February 11, 2007.
 Locations throughout the State.
 Professionals available to answer questions
about completing the FAFSA.
 More information at
www.MICollegeGoal.org
QUESTIONS

Any questions you
have should be asked.
– There is never a
question about
financial aid that is
stupid! It could mean
the difference between
getting money or not
getting money!
THE END
Your Name
Your College
 Your Phone
