Financing Your Education

Transcription

1 Financing Your Education What is financial aid? Where does it come from? What aid is available? Who is eligible? How do I apply?

2 What is Financial Aid? Grants Money that does not have to be paid back Loans Money that has to be paid back Employment Opportunities (Work-Study) A job with paycheck Scholarships Money that does not have to be paid back

3 Overview - Good News/Bad News Good news- lots of money over 100 billion awarded annually Bad news- Over 70% of aid is in the form of loans Your Goal- minimize your costs and loans, maximize your aid

4 FAFSA on the Web Web site: Receive EFC (Estimated Family Contribution) FAFSA on the Web available on January 1, 2015 FAFSA on the Web Worksheet: Used as pre-application worksheet

5 EFC for Dependent Student 1. Parent Contibution -Based on Income (High) and Assets (Low) + 2. Student Contribution -Based on both income and assets with small protection.

6 Financial Aid Awarding Cost of Attendance $25,000 Minus EFC $ 8,000 Financial Need $17,000 COA $25,000 -EFC $ 8,000 -Scholarship $ 6,000 -Grant $ 5,000 -Work-Study $ 1,575 Unmet need $ 4,425

7 How Do I Pay My EFC or Unmeet Need? Past Income Savings College savings plans (529 Plan) Present Income Salary Payment plans Financial Aid Grants

8 Pell Grant Federal Grants Portable; maximum award for is $5730 SEOG Grant Awarded by schools; must have Pell eligibility. Other Grants- State and Private

9 Federal Work-Study Undergraduate or graduate students are eligible Employment may be on or off campus Eligible employers School Federal, state, or local public agency Private nonprofit organization For-profit organization Schools must use portion of FWS funds for community service activities

10 Outside Scholarships Where do I look? High School Guidance Office Library Parent s Place of Work

11 Free Application for Federal Student Aid Collects family s personal and financial information used to calculate the student s EFC File out the FAFSA onlinewww.fafsa.ed.gov (Free- no Fee!) Comply with all deadlines Use the IRS Datamatch!!!!

12 Common FAFSA Questions Do I have to put Parents information? YES,unless: Student is 24 Married Has a child that they support more than 50% Veteran Orphan/Ward of the Court or Homeless

13 Common FAFSA Questions Which Parent is on the FAFSA if parents are not together? The Parent the student lives with more than 50% of the time - This would include stepparent if parent is remarried.

14 Common FAFSA Questions What is collected to determine income? AGI (on tax return) Taxes paid (on tax return) Wages (on W-2) Not on tax return- Child support received, payments to tax deferred pensions, any untaxed income, IRA deductions, disability (but not social security).

15 Common FAFSA Questions When is asset information needed? o Only collected if income is over 50k or o Under 50k and not eligible to file a 1040A or o Under 50K and not receiving state benefits. What asset information is collected? o Cash, savings, checking o Investments (non-retirement) o Business value (business must have more than 100 employees)

16 After You File FAFSA Instant results gives EFC. Profile Get College Scholarship Service (CSS) Acknowledgment/Data Confirmation Report Award Letter from School 8-10 Business days Is it tentative or verified Review/Correct/Appeal if appropriate IMPORTANT- OBTAIN A COPY OF YOUR TAX TRANSCRIPT

17 College Financing Tips Find out the deadlines and comply Keep copies of what you send Guess-timate on your applications Don t rule out a school just because of costs Apply to one or two financially safe schools Think about how you (parent & student) will pay your share of 4 years of college If you have questions, ask!

18 Community College Alternative Costs are low- QVCC Full Time tuition for is $3986 Can live at home Flexible classes allow students to work Financial Aid to all who qualify NO LOANS - Financial Aid is in form of Grants and can be used for tuition, fees and books

19 Community College Alternative QVCC Guaranteed Transfer Programs with Area 4 Year Colleges University of Connecticut Eastern Connecticut State University Bryant College, Saint Joseph s and Others Small Classroom Size 2 Convenient Locations- Danielson and Willimantic Evening and Day Classes Available Tutoring Support Services Available

20 QVCC Financial Aid Staff & contact number: Kimberly Rich - Director of Financial Aid Donna Albeke - Associate Director of Financial Aid Good Luck!!!

21 The QVCC Foundation Annual Scholarships More than $100,000 in scholarships will be awarded at Scholarship Night in May 2015 from the QVCC Foundation to currently enrolled and incoming QVCC students. The scholarship application process will begin in February 2015 for May 2015 awards.