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The Financial Aid Process. Quakertown Senior High School Guidance Department. We will talk about:. Federal student aid State student aid Student aid from colleges Scholarships from other sources. What is Financial Aid?. - PowerPoint PPT Presentation
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The Financial Aid Process
Quakertown Senior High School
Guidance Department
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We will talk about:
• Federal student aid
• State student aid
• Student aid from colleges
• Scholarships from other sources
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What is Financial Aid?
• Financial aid is any assistance to help students fund their education. It can take the form of:
– Grants
– Loans
– Work-study
– Scholarships
Sources of Aid:• Federal• State• Educational Institution• Outside or Private Organizations
– Civic Organizations– Parents– Employers– Schools
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Merit versus Need-Based Aid
Merit-Based Aid = awarded to students• Strictly on the basis of merit. May be based on:
Academic Record• Skills or Talent• Involvements or Service• Does not have to be repaid, usually renewable from
year to year.
Need-Based Aid = provided on the basis of financial need. Re-evaluated each year as financial situations may change.
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Gift Aid vs. Self-Help Aid
Gift Aid: Grant/Scholarship = Aid awarded that does not have to
be repaid.
Self-Help Aid: Loans = Borrowed money that has to be repaid over a
period of time, often after the student completes their degree.
Work-Study = Money students earn by working on campus.
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The Costs of Attending College
Direct Costs: – Tuition/Room and Board
– Books/Fees
Indirect Costs:• Transportation
• Spending Money
• Childcare/other responsibilities you took care of while living at home.
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How do I apply for aid?• Federal student aid: fill out Free Application for Federal
Student Aid (FAFSA) at www.fafsa.gov All Students/Parents Must Fill Out the FAFSA!!!
• State aid: Students will be directed to the state aid questionnaire on the FAFSA confirmation page. Note: this will take to you AES (American Education Services). This is a division of PHEAA.
• School aid: contact financial aid office at schools you are considering
• Scholarships: visit scholarship Web sites (Naviance) and research private scholarships.
What does the FAFSA form do?
• The FAFSA will calculate your Expected Family Contribution (EFC) to help determine Financial Need
• How is Financial need determined?
Cost of Attendance – EFC
= Financial Need**Financial Need is the amount that the college financial
aid offices will try to assist you in meeting, not the remaining EFC
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Need Varies Based on Cost:
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• The cost of college varies greatly, but your EFC will be the same. Financial need will be different based upon school cost:
School A School B School C
Cost: 6,000 18,000 35,000
EFC 4,000 4,000 4,000
Need 2,000 14,000 31,000
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Filling out my FAFSA Form: 1st Step:
Get a PIN at www.pin.ed.gov• Your parent will need a PIN too
• Choose your own PIN or let the site choose one for you
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Filling out my FAFSA Form: 2nd Step:
Fill out your FAFSA online at www.fafsa.gov (double check address)
• Apply on or after Jan.1 but as early as possible to meet all deadlines.
• Need help? Use “Live Help” icon or call 1-800-4-FED-AID.
• Don’t forget to print confirmation page.
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Filling out my FAFSA Form: 3rd Step:
Watch for response by e-mail, from [email protected], or by mail
• Double-check your information online at www.fafsa.gov (use your PIN to log on) or on the paper Student Aid Report mailed to you
• Correct any mistakes and update any information as necessary
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I’ve completed my FAFSA…..What now?
Watch for e-mails or letters from the schools you are considering
• Provide the schools with any additional paperwork they ask for
• Meet all deadlines or you could miss out on aid!
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What happens next?
• Each school will tell you how much aid you can get at that school (your financial aid package or award).
• Once you decide which school to attend, keep in touch with the financial aid office to find out when and how you will get your aid.
What Aid Can I Receive?
• Federal Government: – Pell Grant (gift aid)
– Stafford Loan (aka direct loan)• Must be paid back, may be subsidized
• State Government: PHEAA Grant (gift aid)
• Institutional Grants: (gift aid) Comes from the college financial aid office
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Sample Financial Aid Package College A College B
• Tuition/Fees 5,300 21,300
• Room and Meals 8,000 8,000
• Books 900 900
• Transportation 600 600
• Miscellaneous /Personal 1,200 1,200
• Total Cost $16,000 $32,000
• Less EFC -3,200 -3,200
• Equals Need - $12,800 $28,800
• Financial Aid Offer (Package)
• State Grants 2,200 2,200
• Federal Grants 4,700 4,700
• Other Scholarships/Grant 1,800 14,000
• Fed. Direct Loan 2,100 3,500
• Fed. Work Study 2,000 2,000
• Total Financial Aid Package $12,800 $26,400
• Percentage Loan and Work 32% 21%
• Percentage Grant 68% 79%
• Percentage of Need Met 100% 92%
• Add. Unsub. Direct Loan 3,400 2,00017
Other Sources of Funds
• Federal Work Study Program
• Private Business Scholarships
• Civic Organization Scholarships
• Additional college-based programs(be sure to fill out all requests for information
from your college quickly and completely)
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Where can I get more info?
• www.FederalStudentAid.ed.gov – Information about aid programs– Free scholarship search– Free college search
• 1-800-4-FED-AID– Help with the FAFSA form.
• www.Pheaa.org– Information about state aid programs
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Using Naviance to search for Scholarships
•Naviance Account: Under the “colleges tab”, scroll to “scholarships and money”. Below are a couple of resources.•Scholarship List: maintains a list of scholarships entered by the guidance office that many of our students have applied for in the past.
• National Scholarship Search: will ask you to answer some demographic questions and provide a list of national scholarships for which you may qualify.