Financial Aid Senior 2013
Download
Report
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?