Figuring out Financial Aid

Figuring out Financial Aid

Presented by Leila G. Krutt From CONNTAC-EOC

We will talk about:

Federal student aid

State student aid

Student aid from colleges

Scholarships from other sources

We will answer:

What is financial aid?

Who can get it?

What are the types of financial aid?

How much can I get?

How do I apply?

What happens next?

What is financial aid?

Financial aid is any type of

money you receive to help

fund your education

Who can get federal student aid?

U.S. citizen or permanent resident

High school graduate/GED holder

Eligible degree/certificate program

Valid Social Security number

Males registered for Selective Service

Satisfactory academic progress

What are the types of financial aid?

1. Gift Aid: Grants / Scholarships – money is not paid back

2. Loan Aid: Borrowed money

3. Work Aid: Money earned as payment for a job

Grants vs. Scholarships

Grants - Money that is given based on need

Scholarships - Money that is usually given based on merit or performance of some kind, sometimes in combination with a person’s need

Types of federal grants

Federal Pell Grant – Up to $5,550 a year

Federal Supplemental Educational Opportunity Grant (FSEOG) – Up to $4,000 a year

TEACH Grant – Up to $4,000 a year

Types of federal loans

Federal Perkins Loan – Up to $5,500 a year

Federal Stafford Loans Subsidized - $3,500 to $8,500 a year

depending on grade level Unsubsidized - $5,500 to $12,500 a year

depending on grade level

PLUS loans – Up to amount of unmet financial need.

Federal Work Study

Part time job

Normally work for the school or a public service position

Can not earn more than what was stated in the award letter

Connecticut State Aid

Connecticut Aid for Public College Students - Up to amount of unmet financial need.

CT Independent College Student Grant Program (CICS) - Up to $8,166 a year

Connecticut Minority Teacher Incentive Program – Grants up to $5,000 a year for 2 years

Financial Aid from the School

Different scholarships and grants are available from school to school

May need to complete an institutional financial aid form or the CSS Profile

Scholarship resources

Fastweb.com Collegeboard.com

Search for “Scholarship Search” in upper left hand corner

CT Department of Higher Education: http://www.ctdhe.org/SFA/default.htm

College websites – lists found on the school’s financial aid page

How to apply for financial aid

Fill out the FAFSA – Free Application for Federal Student Aid

www.fafsa.ed.gov

BEWARE OF SCAMS!!!

Do NOT use:fafsa.comfafsaonline.comNO dot coms!!

What documents you need: Federal Income Tax Return (if you filed one)

IRS 1040, 1040A, or 1040EZ

Foreign Tax Return

Tax Return from Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federal States of Micronesia, or Palau

W-2 Forms and other records of money earned

(cont’d) What documents you need:

Any untaxed income records, such as:

Workers compensation

Disability

Child support received

Veterans non-education benefits

How to determine dependency:

Answer NO to all dependency questions – You are a dependent

Answer YES to one or more dependency questions – You are an independent

ONLY if you’re a DEPENDENT

Parental information you will need:

Full name

Social Security Number

Date of birth

Address

Alien registration number (if not a U.S. citizen)

(cont’d) ONLY DEPENDENTS:

Parental information you will need:

Date of parents’ marriage, separation, or divorce (month and year)

Parents’ total amount of money in checking, savings, cash, etc.

Step 1: Apply for a PIN

Or go to: www.pin.gov

Go to www.fafsa.gov and click on START HERE and follow the steps

Who needs a PIN?

The student needs a PIN

One parent needs a PIN (if the student does not qualify as an independent)

The parent can re-use a PIN created for a sibling’s FAFSA

The FAFSA homepage

Step 2: Fill out the FAFSA

Fill in Login Information and make sure to double check it!

Filling out the FAFSA…

Choose “Start 2012-2013 FAFSA”

Don’t leave questions blank

Read questions carefully

Pay attention to the years that are mentioned

Submitting the FAFSA

Check FAFSA for mistakes

Enter your PIN and a parent’s PIN and submit the FAFSA

An estimated EFC (Expected Family Contribution) is generated

Pell Grant eligibility is predicted

After the FAFSA

Receive a Student Aid Report (SAR)

My contact information

Leila Krutt – Educational Counselor

Main office: (860)412-7263

Willimantic office: (860)423-1824

Email: LKrutt@qvcc.commnet.edu