Embed Size (px)
DESCRIPTION
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? - PowerPoint PPT Presentation
Citation preview
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: [email protected]
