George C. Marshall HSAVD & Economics and Pers. Finance ClassesFall 2015

Gardner Humphreys, GCM Career Center

PAYING FOR COLLEGE

You need the resources of your family to make your college plans a reality.

Money Talks handoutOpportunities Book (in class)

What are some ways to help you get that support?

Money Talks

Financial Aid can include:

1. Grants2. Loans3. Scholarships4. Work-Study

Basic Financial Aid Info

FAFSA: Free Application for Federal Student AidFSA ID: User Name and Password (handout)

GET YOUR FSA ID AND FILE HERE: www.fafsa.ed.gov

* Do not use a fee service or “.com”!

How to Get Federal Fin Aid

Not this!

faster processing: 2-3 days instead of 6 weeks

minimize errors: real time correction and skip logic

IRS Data Retrieval Tool:avoids verification process

Some parents are more comfortable with paper: get them the help they need to file online

Always file online—Why?

SENIORS: You need to file in January of your HS graduation year. Then update it w/your tax info once your/your parents file tax returns.

JUNIORS: You can file as early as October of your senior year in HS with last year’s tax info.

You also need to file every year after that if you will be a college student the following school year.

Filing the FAFSA

Who can file?US Citizens and eligible non-citizens(Alien Registration/Green Card holders)

What if you are out of status? File anyway – colleges can give non-federal aid

but still need the FAFSA Register for DACA

More FAFSA Filing Details

Is your answer NO to all of these questions?

Over 24 years old Married Working on a second degree Active duty military or veteran Supporting a child or other dependent

Are you a Dependent Student?

Orphaned or in foster care after the age of 13 Ward of the court after age 13 An emancipated minor In legal guardianship Homeless or at risk of being homeless

You are a dependent student if you answer NO to every question.

More Dependency Questions

Why do you care?? Dependent students must report parent income

and assets What if your parents say they won’t help pay for

college? What if you don’t have access to a parent for any

reason?

Dependent vs. Independent

Their Social Security numbers and legal names Their birthdates and wedding or divorce date

IRS – tax Information: Their income Their assets—savings, stock, other property

NOT the home you live in

What info do you need from your parents to file the

FAFSA?

Four Components:SAR—Student Aid ReportEFC—Expected Family ContributionCOA—Cost of AttendanceFinancial Need

Calculating Your College Cost

Your EFC is your Expected Family Contribution for ONE year of college.You get a new EFC every year that you file the FAFSA.

Ask your college financial aid office: Do you package 100% of need? Are loans capped? Included at all?

The important number: EFC

You might get a ZERO EFC if your family’s income is below a certain threshold or if you are receiving free/reduced lunch benefits.

You might get a ZERO EFC if you are an independent student.

If your EFC is unrealistic, you can appeal to your college financial aid officer.

Important EFC Considerations

Cost of Attendance (COA) at each college can include:1. Tuition and fees2. Room and board3. Books and supplies4. Personal expenses and transportation

COA is always posted in the financial aidsection of your college website

What will college cost you?

The magic formulas:

FAFSA: SAR provides your EFC

Colleges: COA – EFC = NEED for each college

College Financial Aid offices will try to meet your need.

How is your need calculated?

The Net Price Calculator is also found on every college website

You can use it to estimate your financial aid package and scholarships to arrive at your cost—not the total COA.

Net Price Calculator

An additional financial aid application required by SOME colleges. The application is customized for each participating college.

It’s located on the College Board website. And it’s NOT free. You still have to file the FAFSA.

CSS Profile

If you are receiving free/reduced lunch benefits, or otherwise might qualify for a zero EFC, you don’t have to pay for:

SAT and ACT testsSAT Subject testsCollege application feesCSS Profile fees

Fee Waivers

These can be called award letters or award packages.

Not always mailed to you—some colleges only post them online or email them to you.

You must activate your student account (or portal) and check it regularly, preferably every week.

Financial Aid Award Letters

Admissions offers by April 1 (or earlier if you applied ED or EA or Rolling)

Financial aid packages in March or April Deposit date is May 1

Other deadlines might exist for accepting scholarships, priority consideration for housing, etc.

Timing

Don’t miss any deadlines. You can accept or decline each line item in your

package. If you accept any loans, there are always

additional steps. Look for the Tasks in the TO DO section of your student account.

Accepting your Fin Aid

Tuition Payment Plans Academic Common Market Virginia Tuition Assistance Grant (VTAG) 529 Plans Scholarships Tuition Reimbursement plans

How Else to Lower/Manage the Cost of College

Your college scholarship website Your college department website College & Career website College Scholarship Binder – Career Center Family Connection>college tab>scholarships www.fastweb.com and www.meritaid.com Scholarship Handbooks Google your special characteristics Local organizations

Where to Find Scholarships

Family Connection

1. Summer jobs2. On-campus positions (for example – RA)3. Savings—yours and/or your parents’4. Get college credit for HS classes5. Take a heavier course load6. Start at a community college

Other Resources to Help Pay for College

Career CenterSchool CounselorFAFSA Help Line: 1-800-For FED AID

College Financial Aid Offices

EVERYONE CAN AFFORD COLLEGE !

Who can help?

Financial Aid NightMonday, Nov. 307 pm in the GCM auditorium

FAFSA Fill-In WorkshopWednesday, January 205-7PM in the GCM Career Center / Library

Mark these dates: