Transcript Financial Aid Senior 2013

WHAT YOU
NEED TO KNOW
ABOUT FINANCIAL AID
2012-2013
WHAT IS FINANCIAL AID?
Financial aid is money provided to students
and families to help pay for educational
expenses.
TYPES OF FINANCIAL
AID?
 Grants- do not need to be repaid, based on financial need
 Loans- money that must be repaid, parents/students can qualify
 Work-study- employment on campus to off-set the cost of college
 Some Scholarships- do not need to be repaid, awarded on merit,
and some on financial need
THE PATH TO
FINANCIAL AID
 Apply for a PIN number
 Fill out Free Application to Federal Student Aid (FAFSA)
 Expected Family Contribution is determined (EFC)
 Information only sent to those colleges the student selected
 College’s Financial Aid determines financial need
 College notifies student of Financial Aid Award Package
 Bring copies of Award Letters/Offers to the High School Counselor
 Accept or Deny the offers with the College
HOW TO QUALIFY
FOR FINANCIAL AID?
fill out a Free Application for Federal Student Aid
send to the colleges student applied to
meet the deadlines (first come first serve)
display financial need
WHAT IS FINANCIAL
NEED?
Cost of Attendance
–
Expected Family Contribution
=
Financial Need
WHAT IS COST OF
ATTENDANCE (COA)?

Tuition & Fees

Room & Board

Books, supplies, transportation, and misc.
personal expenses

Varies widely from college to college
WHAT IS THE EXPECTED
FAMILY CONTRIBUTION (EFC)?
 Amount family is expected to contribute
 Calculated using data from the Free Application
for Federal Student Aid (FAFSA)
FREE APPLICATION FOR
FEDERAL STUDENT AID
(FAFSA)
 must complete FAFSA to qualify for Financial Aid
 fill out electronically/paper
 English or Spanish
 it is free
 beginning January 1, 2013
 colleges have their own FAFSA deadlines
FAFSA
 form collects demographic & financial information
 federal government calculates the Expected
Family Contribution or EFC
 colleges use the EFC to determine aid eligibility
and award financial aid
FEDERAL STUDENT AID
PERSONAL IDENTIFICATION
NUMBER (FSA PIN)
Website: www.pin.ed.gov
 sign FAFSA electronically
 speeds processing
FAFSA ON THE WEB

Website: www.fafsa.ed.gov

Benefits:
use Internal Revenue Service data retrieval
timely submission
detailed instructions and “help”
check application status on-line
WWW.FAFSA.ED.GOV
Click Here >
STUDENT PORTION
STUDENT
Demographic
Information
STUDENT PORTION
Heard this
before?
“I am not
sure which
college!”
List up to
10!
PARENT PORTION
Did Parents
File Taxes?
PARENT PORTION
 Link to IRS
• quick, easy
• reduces documents
requested by financial
aid office
• no need to order TAX
TRANSCRIPT
• avoid delays
FAFSA PROCESSING RESULTS

student notified of FAFSA processing results on-line or email

review Student Aid Report (SAR) data for accuracy

update tax information- can now link to IRS

meet all deadlines

follow up with financial aid office at colleges

turn in any other documents requested by college

wait for Award Letters
 bring copy of all Award Letters to Counselor’s

accept or decline Award offers
WHAT TO DO NOW…
 Student takes SAT or ACT (send scores directly to college)
 Check College Application Deadlines
 Complete College Applications (send scores, transcript, essays,
etc.)
 Work on Scholarships
 Attend College Forums, Scholarship meetings,
 Apply for PIN numbers for FAFSA (parents and students)
 Plan on doing taxes early in order to use IRS Link on FAFSA
 FAFSA opens January 1st
 Attend FAFSA nights
QUESTIONS?