College Goal Sunday sm

Transcription

1 College Goal Sunday sm

2 Agenda College Goal Sunday Introduction Overview of the Financial Aid Process Types of Financial Aid Timeframes and Guidelines

3 What is College Goal Sunday? Free assistance for parents and students for completion of the FREE Application for Federal Student Aid (FAFSA) Host sites located throughout the state Computer labs for easy access to the online application Volunteers assist host site coordinators

4 College Goal Sunday History Created by the Indiana Student Financial Aid Association Funding from Lilly Endowment, Inc. Supplemental support from the Lumina Foundation for Education National College Access Network (NCAN) is the new national coordinator 2016 statewide coordinator is Office of Student Financial Assistance (OSFA), Florida Department of Education (FLDOE) in partnership with the Florida Association of Student Financial Aid Administrators (FASFAA)

5 College Goal Sunday Information CGS!Florida is Florida s 2016 logo Official state website: CGS!Florida National website: CollegeAccess.org

6 Financial Aid Overview

7 What is Financial Aid? Financial Aid is money received from: Federal State Institutional Private sources Financial Aid is awarded to help students pay for college expenses

8 Types of Financial Aid Financial aid is based on demonstrated need to help students who cannot afford the cost of attending college Gift aid includes grants and scholarships gifts of money to pay for college Self-help aid includes employment and student loans Merit-based scholarships reward grades, special talents, creativity, leadership, or other criteria

9 How is need determined? Cost of Attendance (COA) - Expected Family Contribution (EFC) = Financial Need Do I qualify?

10 College Costs The average cost for published tuition and fees in a public two-year in-state college per year is $2,690 The average cost for published tuition and fees in a public in-state four-year college or university per year is $8,240 Average surcharge for full-time out-of-state students at these institutions is $20,770 The average cost for published tuition and fees in a private four-year college per year is $28,500 Source for Statistics: What it Costs to Go to College, College Board 2012

11 Cost of Attendance Includes: Tuition, room and board Books and supplies, transportation, and miscellaneous personal expenses Loan fees Does NOT include: Cable TV/Netflix/Hulu Greek fees Sporting events Social activities (i.e. partying)

12 Need Varies Based on Cost EFC EFC Cost of Expected Family Unmet Attendance Contribution Need (Different Amount For Each School) (Stays the Same) (Different Amount For Each School)

13 The FREE Application for Federal Student Aid (FAFSA)

14 What is the FAFSA? First step in the financial aid process Must be completed annually for federal student aid Available electronically or in paper format Available on or after January 1st

15 Before Beginning the FAFSA Check ALL application deadlines School and state deadlines* may differ from federal guidelines Confirm dependency status* Search for school codes* Determine how to submit the FAFSA Electronically (up to 14 days FASTER!) (SEE NEXT SLIDE FOR ELECTRONIC SIGNATURE DETAILS) Manually Sign and mail the application *Can be done online at

16 Electronic Signature Format NEW! Federal Student Aid (FSA) now requires an ID and Password to electronically sign the FAFSA Replaces PIN for security Student and parent cannot use same address Set up can be completed at

17 Dependency Determination Students will need to determine if they will be filing as a dependent or independent applicant Special circumstances may permit a student s status to be changed

18 Gather Important Info Social Security Number Driver s License Number (if any) 2015 W-2 Forms and other records of money earned Student: 2015 Federal Income Tax Return Parent: 2015 Federal Income Tax Return (dependent students) 2015 untaxed income records Current bank statements Current business and investment mortgage information, business and farm records, stock, bond and other investment records Alien registration or permanent resident card (if non-citizen)

19 FAFSA on the Web Worksheet Allows a student or parent to read and complete FAFSA questions before entering information online Online at: or call FED-AID ( )

20 Complete the FAFSA - Electronically select Start A New FAFSA FREE! IRS Data Retrieval Tool is available U.S. Department of Education HIGHLY recommends using this tool

21 Complete the FAFSA - Paper Available in English or Spanish from the Federal Student Aid Information Center by calling FED-AID ( ) PDF version also available at Sign and mail the FAFSA in pre-addressed envelope or send it to the address indicated in the PDF version Two to three weeks processing time (longer during peak processing times)

22 Student Aid Report (SAR) Received via three to five days after FAFSA has been processed, if address provided Received by mail seven to ten days if no address provided

23 Student Aid Report (SAR) Provides official Expected Family Contribution (EFC) U.S. Department of Education calculates EFC and sends it to the postsecondary institutions listed The postsecondary institution determines financial aid Cost of Attendance (COA) - Expected Family Contribution (EFC) = Financial Need

24 Making Corrections Changes to SAR made on the FAFSA home page at Make Corrections to a Processed FAFSA under FAFSA Follow- Up on the home page Corrections to a paper SAR made by mail Students should check with the financial aid office BEFORE making corrections to determine who will file the corrections

25 Verification Application may be selected by federal government or by school Confirms accuracy of information reported on FAFSA

26 Verification Requires proof via the Verification Worksheet provided by the school: IRS data retrieval 2015 U.S. Income Tax Transcript SNAP - food stamps Child support paid High school completion status Identity/statement of educational purpose

27 Information to Keep In Mind School determines award eligibility FAFSA may be used for aid from other sources, including school and state For help completing the FAFSA or questions, call the Federal Student Aid Information Center toll-free at FED-AID Student loans are a last resort

28 State Grants and Scholarships

29 State Grants & Scholarships OSFA administers state-funded scholarship and grant programs and the Federal Family Education Loan Program

30 Applying for State Grants & Scholarships The Florida Financial Aid Application is available December 1st Each scholarship and grant program has its own application deadline

31 Bright Futures Scholarship Program Scholarships based on high school academic achievement Florida s largest merit-based scholarship program Three scholarship awards Florida Academic Scholars (FAS) Florida Medallion Scholars (FMS) Florida Gold Seal Vocational Scholars (GSV)

32 Bright Futures Scholarship Program To be considered, a student must submit a completed (error-free) Florida Financial Aid Application during his or her last year in high school (after December 1st and prior to graduation) Eligibility requirements can be found in the new BRIGHT FUTURES STUDENT HANDBOOK

33 Legislative Updates Bright Futures Award Amounts

34 Test Score Requirements Graduation Year Year of Initial Eligibility SAT FAS ACT SAT FMS ACT

35 Additional Bright Futures Requirements Service hours are required for ALL Bright Futures Scholarship Awards FAS 100 hours FMS 75 hours GSV 30 hours

36 RE: Gold Seal Vocational Scholars and beyond Gold Seal Vocational Scholars WILL NOT BE FUNDED if enrolled in an AA or BA degree program MAY BE FUNDED at a Florida public or eligible Florida private postsecondary institution for: Applied Technology Diploma, up to 60 credit hours or equivalent clock hours Technical Degree Education Program, not to exceed 72 credit hours or equivalent clock hours Career Certificate Program, not to exceed 72 credit hours or equivalent clock hours

37 Florida Incentive Scholarship (FIS) For National Merit Scholars and National Achievement Scholars Must enroll in an eligible Florida postsecondary institution For more details about the FIS, please visit:

38 Other State Grants & Scholarships The Florida Financial Aid Application also determines eligibility for other state grants and scholarships administered by the state of Florida José Martí Scholarship Challenge Grant Fund Rosewood Family Scholarship Program Scholarships for Children and Spouses of Deceased or Disabled Veterans Application deadline is April 1 For more details about these state programs, please visit:

39 Other State Grants & Scholarships Institutions determine eligibility for other state grants and scholarships administered by the state of Florida Florida Student Assistance Grant Florida Resident Access Grant Access to Better Learning and Education Grant Florida Work Experience Program Mary McLeod Bethune Scholarship For more details about these state programs, please visit:

40 Florida Shines Florida Shines ( is Florida's official online student advising system to help plan and track educational progress in Florida

41 Searching for Other Types of Aid

42 Free scholarship database that includes over 1.3 million scholarships worth over $3 billion Local, national, and college-specific scholarships Search and compare detailed college profiles Search for internships or part-time job openings Recommended by more than 16,000 schools and 3,600 colleges Requires a User ID and Password

43 Other Sources High School Guidance Office Employers Community Based Organizations

44 Scholarship Scams Beware of scholarship scams Visit the Federal Trade Commission (FTC) website at for additional information on scams, or contact the FTC by calling FTC-HELP ( ) or TTY Scams can be received via phone, letter, or Warning signs include: Send $$ to receive/hold the scholarship Need credit card number to reserve scholarship Need bank routing number to direct deposit Need Social Security Number or other personal identifying information

45 Tax Incentive Programs Tax incentives can help to make college affordable American Opportunity Tax Credit Lifetime Learning Credit Detailed information can be found at:

46 Financial Aid Office Determines eligibility for financial aid Packages aid Sends award notification Can assist students with special circumstances

47 Special Circumstances Circumstances which may affect a family s ability to pay for college include: Loss or reduction in parent or student income or assets Death or serious illness Natural disasters affecting parent income or assets Unusual medical or dental expenses not covered by insurance Reduction in child support or other untaxed benefits Financial responsibility for elderly grandparents Tuition expenses at elementary or secondary schools Unusually high child care costs OR Any other unusual circumstances that affect a family s ability to contribute to higher education

48 Questions? FEDAID ( ) OSFA s Outreach Team is available to assist with any financial aid questions (enlarge map for contact information)

49 For More Information