WELCOME TO FINANCIAL AID WELCOME TO FINANCIAL AID AWARENESSAWARENESS

“Investing in Your Educational “Investing in Your Educational Success”Success”

Presented byPresented by

The Office of Financial AidThe Office of Financial Aid

Florida State UniversityFlorida State University

Cost of AttendanceCost of Attendance

Tuition & feesRoom & boardBooks, supplies, transportation, &

miscellaneous personal expensesStudy abroad costs (optional)

Estimated Cost of AttendanceEstimated Cost of Attendance2004/20052004/2005

In StateIn State

$2,892

3,770

3,496

800

1,000

1,124

$13,082$13,082

Tuition & Fees

Room

Board

Books & Supplies

Transportation

Personal Expenses

TOTAL

Out of StateOut of State

$15,398

3,770

3,496

800

1,000

1,160

$25,624$25,624

FinancingFinancing Your EducationYour Education

What is financial aid and where does it come from?

Who is eligible?What aid is available?How do I apply?

WHAT IS FINANCIAL AID?WHAT IS FINANCIAL AID?

Money set aside by the federal government for the next generation of leaders.

Invested money to ASSIST the student with paying the cost of their education.

Where does financial aid come Where does financial aid come from?from?

PLAN “A”

OR

PLAN “B”

PLAN “A”PLAN “A”Scholarships (Research)

– Private

– Institutional

– State

PLAN “B”PLAN “B”

Complete the FAFSAFREE APPLICATION FOR FEDERAL

STUDENT AID

WHO’S ELIGIBLE?WHO’S ELIGIBLE?

All are eligible! (for at least some type of aid)

–Even if you make $200,000

It’s an investment.

FORMULA USED TO FORMULA USED TO DETERMINE AID ELIGIBILITYDETERMINE AID ELIGIBILITY

Estimated Cost of AttendanceEstimated Cost of Attendance

LessLess

Expected Family Expected Family Contribution Contribution

EqualsEquals

Eligibility for Need Based Eligibility for Need Based AidAid

WHAT AID IS AVAILABLE?WHAT AID IS AVAILABLE?

Free Aid

Loans

TYPES OF FREE AIDTYPES OF FREE AID

Grants– Federal Pell Grant– Federal SEOG– FSAG (Florida

Resident)– FSUG

Federal Work Study– On Campus– Off Campus– Florida Work

Experience

Scholarships– Private– Institutional– State

FSU STAR Center– 8:30-4:30 M-F– Located 4th floor of

University Center in Office of Financial Aid

TYPES OF LOANSTYPES OF LOANS

Federal Perkins Loan– Limited Funds– Need based– 5% interest– Repayment begins 9

months after graduation Subsidized Stafford

Loan– Need based– Government pays

interest while in school– Repayment begins 6

months after graduation

Unsubsidized Stafford Loan– Non-need based– Accruement of interest

begins while in school

Federal Parent Plus Loan– Loan is to the parents– Based on parents’

credit rating– If denied, the student

may be eligible for additional unsubsidized funds

FREE APPLICATION FOR FREE APPLICATION FOR FEDERAL STUDENT AIDFEDERAL STUDENT AIDIn filling out the FAFSA, you’re going

to need your tax information, as well as your parent(s)’:–Why? – The Federal Government

believes the first investment should come from the family.

HOW DO I APPLY?HOW DO I APPLY?

PIN Registration

– Web site: www.pin.ed.gov

– May be used throughout aid process

–Will receive within 24-48 hours via email (keep in a secure location)

To Register for a PIN: To Register for a PIN: www.pin.ed.govwww.pin.ed.gov

The two most important tips we The two most important tips we can give you tonight for filing the can give you tonight for filing the Free Application for Federal Free Application for Federal Student Aid (FAFSA)Student Aid (FAFSA)

Apply Early - January 1st of every year

Apply Online - apply at www.fafsa.ed.gov

Advantages of submitting the Advantages of submitting the FAFSA earlyFAFSA early

Many funds are limited.

Once a school starts to award aid, funding can become quickly exhausted. You want to be in line to be considered as soon as awarding starts.

Advantages to filing the FAFSA Advantages to filing the FAFSA onlineonlineFaster processing - Data reaches the

school within 7 to 10 (maybe sooner) days of submission versus 3 to 6 weeks for the paper application.

More accurate - Less data is missed so there are fewer rejects

Additional AdvantagesAdditional Advantages

Secure processing - no mail delays

Easy record keeping and renewal - access from any online location

www.fafsa.ed.gov

Paper FAFSAPaper FAFSA

2005-06 FAFSA is an 8-page booklet containing:

General Instructions for completing the form

3 worksheets

FAFSA: Step OneFAFSA: Step One

Step One asks for general information about the student:

Name, Address SSN, DOB Telephone number Driver’s license and

state E-mail address

FAFSA: Step One FAFSA: Step One Questions 31Questions 31 Question 31: You

need to mark (“yes” OR “no”) whether you have ever had a Drug Conviction

FAFSA: Step TwoFAFSA: Step Two

Step two collects the student’s (and spouse, if married) income and asset information

You will need to complete worksheets

FAFSA: Step Three - Remember!FAFSA: Step Three - Remember!

Step three asks questions which determine dependency status

If all “no” responses, student is dependent If “yes” to any question, student is independent

Independent Student DefinitionIndependent Student Definition

At least 24 years old by December 31st of the award year covered by the FAFSA

Graduate or professional student Married Has legal dependents other than a spouse Both parents deceased or ward of the

court Veteran of the U.S. Armed Forces

FAFSA: Step FourFAFSA: Step FourQuestions 55 through 64:Questions 55 through 64: Step four requests parental information

– If widowed, divorced, separated and/or remarried, refer to page seven of the FAFSA.

– Taxes, income, etc.

FAFSA: Step SixFAFSA: Step SixQuestions 86 through 98Questions 86 through 98

School code for sending FAFSA data (FSU 001489)

FAFSA: Step SevenFAFSA: Step SevenQuestions 99 through 103Questions 99 through 103 Signatures

– PIN # (online)

Student Parent

FREE APPLICATION FOR FREE APPLICATION FOR FEDERAL STUDENT AIDFEDERAL STUDENT AID

Complete and submit FAFSA at www.fafsa.ed.gov

Student receives student aid report (SAR)

Collect verification data if applicable (30% federally selected)

School sends notification of estimated financial aid (award letter)

Avoid ERRORS!Avoid ERRORS!

Errors on the FAFSA or supplemental forms may DELAY application processing & result in the LOSS of financial aid funds.

Please read the instructions & complete all forms carefully!

DEBT MANAGEMENTDEBT MANAGEMENT

Set a realistic budget and stick to it.Exhaust all other alternatives before

borrowing.Only borrow what you need.

Tips on using your credit wiselyTips on using your credit wisely

Avoid credit cards (high interest rates)

Avoid greedy friends!Look @ what you NEED verses

what you WANT.

Benefits of having good credit?Benefits of having good credit?

Buying a homeBuying a carGetting future creditGetting a jobGetting a cell phone IN YOUR

NAME!!

TIPS TO REMEMBERTIPS TO REMEMBER

File FAFSA each academic year as soon as possible after Jan. 1 File FAFSA each academic year as soon as possible after Jan. 1

Estimated tax calculations are acceptable

Student will review (SAR) and make any necessary corrections

Keep copies of all requested documents

Include the students social security number on all documents

Turn in any additional requested documents as soon as possible

Check on financial aid status via the web at www.fsu.edu

Best Wishes!Best Wishes!

FLORIDA STATE FLORIDA STATE UNIVERSITY UNIVERSITY

OFFICE OF FINANCIAL AID

A4400 UNIVERSITY CENTER TALLAHASSEE, FL 32306

Office Hours 8:30 AM-5:00 PM

PHONE – (850) 644-0539

FAX - (850) 644-6404

School Code: 001489

FSU WEB PAGE:

www.fsu.edu