Financial Aid Gloucester High School Counseling Department

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1 Financial Aid Gloucester High School Counseling Department

2 Presentation Overview Terms and Definitions Federal and State Aid FAFSA Process Necessary Forms FAFSA Worksheet Common FAFSA Errors SAR & Award Letters Scholarships & GHS Scholarship Form January Online assistance Questions 2

3 Handouts PowerPoint Handout Opportunities Workbook FAFSA/FOTW Worksheet GHS Scholarship Application 3

4 Philosophy of Financial Aid To the extent possible, it is the family s responsibility to pay for their child s postsecondary education. When that is not possible, the government will evaluate the circumstances and assist if it is determined that the student is eligible for federal financial aid. NASFAA,

5 What is Financial Aid? Financial Aid consists of outside funds that are provided to students and families to help pay for postsecondary educational expenses. NASFAA,

6 Types of Financial Aid Grants Do not need to be repaid. (Opportunities, p. 17) Loans Must be repaid. Low, fixed interest. (Opportunities, pp ) Work Study Must work to earn. (Opportunities, p. 17) Scholarships Do not need to be repaid. (Opportunities, pp ) 6

7 Federal Programs Pell Grant SEOG Grant TEACH Grant Federal Work Study Perkins Loan Stafford Loan Subsidized Unsubsidized PLUS Loan 7

8 State Aid Programs Opportunities booklet (pp.30-33) Check with Financial Aid Office at the college for college specific aid and application information. 8

9 Financial Aid Math COA EFC = Need 9

10 Cost of Attendance (COA) Direct costs Tuition, Room and Board, Fees anything that is billable by the institution Indirect costs Books, travel expenses, utilities, loan fees, personal expenses for a required computer, study abroad fees, disability related expenses 10

11 Expected Family Contribution (EFC) Amount the family can reasonably be expected to contribute. Stays the same regardless of the college. Stays the same regardless of number of students in number Two components: Student contribution Parent contribution Calculated using data from the FAFSA. 11

12 Need Cost of Attendance (COA) -Expected Family Contribution (EFC) =Financial Need 12

13 Need Example: James Madison University (SY13-14) Cost of Attendance (COA) $18,858 - Expected Family Contribution (EFC) $4,000 =Financial Need $14,858 13

14 Required Financial Aid Forms Some schools require the CSS/Profile Some schools have College Specific Forms Scholarships almost always require a separate application. 14 The Free Application for Federal Student Aid (FAFSA) is the primary document needed to access federal student aid. It is also, typically, the primary document needed to access state aid and institutional aid.

15 CSS Financial Aid Profile https://profileonline.collegeboard.com Used at selected schools to access their aid. Done online. Fee per school. 15

16 College Specific Forms Check with the financial aid office of EVERY college you are applying to. Be aware of deadlines 16

17 FAFSA FREE! Be careful of the website!!! fafsa.com and fafsa.org are FEE BASED SITES. DON T USE THEM!!!!!!!!! Submitted as soon as possible AFTER January 1, Must be done annually! 17 (Opportunities, pp )

18 PIN May request now! Student AND parent must have separate pins and should know each other s pin. Allows both to sign FAFSA electronically without delay. Can also be used to sign a promissory note for a loan. Both stay the same in the future. Don t lose them!

19 The FAFSA Process Step 1: Complete and file the FAFSA on or shortly after Jan. 1, DO NOT file before Jan. 1, Can use the IRS DATA Retrieval system. -We suggest you complete this online & sign with PINs. Step 2: Review and correct the (SAR) and resubmit it. (Do after taxes, should be done using the IRS Data Retrieval.) Step 3: Receive and review the corrected SAR. (Resubmit if needed.) Step 4: Review award letters from accepted schools. (You may accept or deny any part of the aid package.) 19

20 The FAFSA FOTW- Worksheet 20

21 Section 1 Student Information Remember this is for STUDENT information Selective Service Male/Female question defaults to male. Drug Conviction question must answer. Father/Mother education levels are for parents as defined in Section 3. 21

22 Section 2 Student Dependency Can a student be declared independent? For most recent high school graduates the answer is NO! Section 2 of the FAFSA Student Dependency Status will address the rare cases when HS graduates are independent. 22

23 Section 3 Parent Information The parent information is completed by the student s biological parent or, in some cases, the adoptive parent. If remarried information is from the biological parent and step-parent the student lives with. Grandparents, legal guardians, aunts, uncles, etc. do NOT complete parent section. If parents are in separate homes. Who did the student live with the most in the past twelve months? If neither or both, who provided the most financial support? 23

24 Section 4 Student Information Answer all questions that show up. Put 0 when answer is zero. Don t leave blanks. Don t forget to put in college codes before sending. 24

25 Errors Errors can be COSTLY!!! Any delay in the FAFSA application can result in loss of funds. Read the instructions carefully, take your time. Call for help: FED-AID Pay attention to numbers entered. SSN, birthdates, income, etc. Names MUST match social security card names NO NICKNAMES! IRS Data Retrieval info MUST match exactly to 1040 Don t report retirement accounts in parents assets. File electronically! 25

26 Special Circumstances If you believe you have special circumstances you must deal DIRECTLY with each school s financial aid office. The federal government WILL NOT get involved with you about this. Decisions are final and can vary from school to school. 26

27 Student Aid Report (SAR) EFC will be listed Will need to be corrected with updated financial information after your 2014 taxes are filed. Double check all information to ensure it is correct BEFORE resending. Financial information on the FAFSA can be corrected electronically via IRS Data Retrieval AFTER you have filed your 2014 Federal taxes. 27

28 Award Letters Every school that accepts a student and has the FAFSA on file will send an award letter. Review the award letter of the school you will attend and accept or deny any part of the award, you can even deny a part of any type of aid offered (ex: ½ the Stafford Loan offered). Look at the example in Opportunities, p

29 Scholarships National (Opportunities, p.19) State (Opportunities, pp ) College Specific (Check with each college) Local (See GHS website) GHS Scholarship Application 29

30 January FAFSA Help Need More Help? January 15, :00-7:00 pm GHS Library Computer open Assist with filing FAFSA Bring your financial information 30

31 Questions? Questions now? Call or if you think of questions later. Thanks for coming. 31

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