Embed Size (px)
Citation preview
FINANCIAL AID 1012013-2014
Grants: free money to help with college Scholarships: merit based awardsStudent Loans: money you must pay back Student Employment: money earned from working
WHAT IS FINANCIAL AID?
Free Application for Federal Student Aid (FAFSA)
Website: fafsa.gov
FAFSA determines a students eligibility for federal grants/loans/ and work-study
Assists some schools with determining scholarshipsThe state uses the information for state scholarships and
grants
HOW DO I APPLY?
Complete your federal income taxes in February.Complete the FAFSA in March (or as early as possible).Use the IRS Data Retrieval tool on the FAFSA.Always complete as much information on the FAFSA as
possible.Be sure to include all school codes of colleges you may want
to attend.Contact the IRS for a federal tax transcript(s). You may need
this later on for the school.
FAFSA TIPS
Must be enrolled in eligible program.Must be pursuing a degree or certificate.Must be US citizen or eligible non-citizen and have valid
social security number.Males must be registered with the Selective Service.Cannot have a drug related conviction.Must not be in default on federal student loan or owe
repayment on federal grant.Must be making Satisfactory Academic Progress (SAP) as
defined by the school.
HOW DO I BECOME ELIGIBLE?
Apply for PIN (personal identification number) at www.pin.gov It is recommended to complete the FAFSA no later than April
1st each year you intend to attend school.You are encouraged to file your federal taxes as soon as
possible to utilize the IRS Data Retrieval tool. Your application may be randomly chosen for “Verification”.
MORE FAFSA DETAILS
Dependent students- must include their parents income information when applying for financial aid.
Independent students- apply solely on their own and do not have parental information included when applying for financial aid.
DEPENDENT VS. INDENPENDENT
At least 24 years old by December 31st of the award year covered by the FAFSA
Graduate or professional studentMarriedHas legal dependents other than a spouseOrphan or ward/dependent of the courtVeteran of US Armed Forces; orCurrently serving on active duty in the US Armed Forces
for purposes other than training
INDEPENDENT STUDENT DEFINED…
FEDERAL MONEY
Awarded to eligible undergraduates pursuing first bachelor’s degree.
Actual award amount based on Cost of Attendance, Expected Family Contribution (EFC), and enrollment status.
Award ranges from $600-$5645 annually.
PELL GRANT
FEDERAL WORK STUDY
Undergraduate or graduate students.Employment on or off campus.Typical pay rate is minimum federal rate.Can usually work up to 19.5 hours per week maximum.
Dependent StudentsFreshmen: $5,500 per year, Subsidized/UnsubsidizedSophomore: $6,500 per year, Subsidized/UnsubsidizedJunior/ Senior: $7,500 per year, Subsidized/UnsubsidizedIndependent Students Freshmen: $9,500 per year, Subsidized/UnsubsidizedSophomore: $10,500 per year, Subsidized/UnsubsidizedJunior/ Senior: $13,000 per year, Subsidized/Unsubsidized
STAFFORD LOAN YEARLY LIMITS
Subsidized Stafford- interest accrued while in school is paid by
the government
Unsubsidized Stafford- interest is the responsibility of the borrower- interest payments while in school are optional
School determines loan eligibility according to government guidelines
STAFFORD LOAN INFORMATION, CONT.
Loan is in the student’s name; no co-signer.
Fixed interest rate of (for 2013-2014): -3.86% for Undergraduate Subsidized; -3.86% for Unsubsidized loans for ALL students
Disbursed by semester; funds sent to school Repayment: 6 months after graduation or student falls ½ enrollment Repayment terms between 10 and 30 years Stafford Loan Fees:
- 1% Origination Fee and 1% Default Fee- Deferments and Forbearance provisions available
STAFFORD LOAN INFO CONT.
STATE FINANCIAL AID
Missouri Access Award
- Have a FAFSA on file with US Dept of Education by April 1 - Be enrolled full-time at a participating Missouri school - Maintain satisfactory academic progress - Have an EFC of $12,000 or less- Not be pursing a degree or certificate in theology or divinity
STATE SCHOLARSHIPS
A+ Program-For students who graduate from an A+ certified school district and
meet minimum A+ standards.-Student must maintain a minimum 2.50 cumulative grade point
average.-Student has until 105% of degree program and/or 48 months to
use A+ program funds.
Bright Flight- Top 3% of ACT scores (Typically a 31 or higher ACT score)- Full-time undergraduate; MO resident- Up to $1,500 annually (for 2011-2012)
For more information, go to: www.dhe.mo.gov
STATE FINANCIAL AID CONT.
OUTSIDE FINANCIAL ASSISTANCE
The private sector consists of lenders, businesses, and organizations. They offer combinations of …
- Scholarships- Loans- Tuition Programs
PRIVATE SECTOR
High School CounselorsLocal librariesWebsites:
- www.fastweb.com - www.gocollege.com- www.scholarships.com - www.finaid.org- www.srnexpress.com - www.collegeboard.com
National Companies (McDonalds, Walmart, etc)Community Organizations and Businesses (Banks, credit
unions, lodges, churches, etc.)
PRIVATE SCHOLARSHIP SOURCES
Private colleges generally have more campus scholarships to award than public colleges
Some scholarships are renewableLocal scholarships may be easier to obtain than national, due
to number of applicantsPrivate scholarships have very early deadlines, usually Fall or
preceding yearFollow instructions!Best source is your high school counselor
PRIVATE SCHOLARSHIP INFO
BEWARE OF SCAMS
All scholarship searches are free. Websites to check out sources:
www.finaid.org/scholarships/scams.phtmlwww.bbb.com (Better Business Bureau)www.studentaid.ed.gov/students/publications/lsa/index.htmlwww.ftc.gov/bcp/conline/publs/alerts/ourchart.htm
OTHER OPTIONS
MilitaryReservesNational GuardROTCAmericorpsNight School PlansEmployer Plans
IN SUMMARY
Get admitted and talk with schoolApply for private scholarshipsComplete FAFSA before April 1st
Complete paperwork required by school and state
Keep grades upRe-apply every school year
