Financial Aid Representa)ve s Name Natasha Powell

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1 Financial Aid Representa)ve s Name Natasha Powell

2 Agenda Basic Informa3on Federal Programs State Programs Filling out the FAFSA Addi3onal Resources 2

3 Basic Information 3

4 What is Financial Aid? Financial aid is money to pay for college or career school Examples of financial aid Grants Scholarships Loans Work- Study Programs 4

5 Sources of Financial Aid Federal Government Professional and Service Organiza3ons State Government Employers and Private Companies Colleges and Universi3es Private Founda3ons 5

6 Types of Financial Aid Merit- Based Scholarship (Hope Scholarship) Need- Based Grant (Pell Grant) Non- Need Based Grants (HOPE Grant) Student or Parent Loans Employment Opportuni3es, Work Study Military Aid and Grants Savings Plans (Path2College) 6

7 Who Can Get Federal Student Aid? U.S. ci3zen or permanent resident High school graduate or GED recipient Eligible degree/cer3ficate program Valid Social Security number Males registered for Selec3ve Service Sa3sfactory academic progress 7

8 How is Financial Need Calculated? Financial need is determined by Cost of AYendance (COA) and Expected Family Contribu3on (EFC) COA is tui3on, fees, room and board, transporta3on, etc. established by the school EFC comes from what you report on the Free Applica3on for Federal Student Aid (FAFSA) 8

9 Factors that Influence EFC Independent student/dependent student Income (students and/or parents) Savings Assets Number in college Family Size 9

10 Factors that Influence EFC Assets that are EXCLUDED from the FEDERAL family contribu3on calcula3on (EFC) Family home Family farm (under special circumstances) Value of re3rement accounts (IRA, KEOUGH, 401K) 10

11 Federal Programs 11

12 What are the Federal Programs? Pell Grant Maximum award amount for $5,775 Based on financial need, COA, full- 3me or part- 3me status and plans to ayend school for a full academic year or less May not receive Pell Grant funds for more than one school at a 3me Federal Supplemental Educa3onal Opportunity Grant (FSEOG) Full- 3me, undergraduates only Awards range from $100 - $4,000 Work- Study Award 12

13 What are the Federal Programs? Direct Subsidized Loan Interest is paid by the government while enrolled (at least half- 3me) Direct Unsubsidized Loan Student is responsible for paying the interest on the loan Federal PLUS Loan for parents of undergraduate students Grad PLUS Loan for graduate and professional students Federal Perkins Loan 13

14 Federal Loan Program Limits Academic Year Ini)al Loan Amount for Dependent Students whose Parents are Eligible for a PLUS Loan Base Addi)onal Unsubsidized Annual Maximum Amount Freshmen $3,500 $2,000 $5,500 Sophomore $4,500 $2,000 $6,500 Junior/Senior $5,500 $2,000 $7,500 Independent Students and Dependent Students whose Parents were Denied a PLUS Loan Base Addi)onal Unsubsidized Annual Maximum Amount Freshmen $3,500 $6,000 $9,500 Sophomore $4,500 $6,000 $10,500 Junior/Senior $5,500 $7,000 $12,500 14

15 State Programs 15

16 What are Some State Programs? Academic or Merit Scholarships HOPE Scholarship Zell Miller Scholarship Grants HOPE Grant Zell Miller Grant Strategic Industries Workforce Development Grant (SIWDG) HOPE GED Grant Loan Student Access Loan (SAL) 16

17 Other State Programs Georgia Military College State Service Scholarship HERO Scholarship Public Safety Memorial Grant REACH Scholarship Scholarship for Engineering Educa3on (SEE) Scholarship for Engineering Educa3on for Minori3es (MSEE) Tui3on Equaliza3on Grant (TEG) University of North Georgia Military Scholarship University of North Georgia ROTC Grant University of North Georgia ROTC Grant for Future Officers 17

18 How do I Apply for Aid? Federal aid: FREE Applica3on for Federal Student Aid (FAFSA) at fafsa.gov State aid: most states make awards based on FAFSA data GSFAPPS is a Georgia- specific financial aid applica3on available on GAcollege411.org School aid: contact school s financial aid office Scholarships: each scholarship provider has its own requirements 18

19 Filling Out the FAFSA FREE APPLICATION FOR FEDERAL STUDENT AID 19

20 FAFSA Homepage: FAFSA.gov 20

21 FAFSA Deadlines 21

22 What You Need to Complete the FAFSA Social Security number (Alien Registra3on Number, if not a U.S. ci3zen) Most recent federal income tax returns, W- 2s and other records of money earned Bank statements and investment records (if applicable) Records of untaxed income (if applicable) An FSA ID to sign electronically Order Spanish FAFSA at edpubs.gov 22

23 Replaces the PIN New FSA ID Consists of user- created username and password Provides electronic access to personal informa3on FSA ID can be used immediately upon crea3on to complete, sign and submit your FAFSA Parents and students must apply for their own FSA ID Note: The user will only receive immediate full benefit of the FSA ID if the student is linking an already established PIN. If not, the student can only use the FSA ID to sign their FAFSA un3l their FSA ID has been validated by the Social Security Administra3on. 23

24 Create Your FSA ID 24

25 Find the Answers on FAFSA.gov 25

26 FAFSA.gov Help Options 26

27 FAFSA on the Web Worksheet The informa3on provided in Sec3on 2 will determine whether the student is a dependent or independent student. These are the only ques3ons the Government uses in making this determina3on. 27

28 FAFSA on the Web Worksheet 28

29 Applicant will be validated IRS Data Retrieval Applicant will have the op3on to Transfer the tax informa3on to the FAFSA 29

30 Special Circumstances Cannot report on FAFSA Send explana3on to financial aid office at each college College will review special circumstances: Request addi3onal documenta3on Decisions are final and cannot be appealed to U.S. Department of Educa3on Examples of Special Circumstances: Change in employment status Medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Student cannot obtain parent informa3on 30

31 Confirmation Page Confirma3on Number Data Release Number (DRN) EFC es3mate Pell Grant and Direct Loan es3mates Op3on for parents to transfer informa3on to an applica3on for a sibling 31

32 FAFSA Processing Results Student will receive a Student Aid Report (SAR) Colleges listed on your FAFSA will receive the Ins3tu3onal Student Informa3on Record (ISIR) approximately 10 to 14 days amer FAFSA submiyed College reviews ISIR May request addi3onal documenta3on, such as copies of federal tax returns 32

33 Financial Aid Award Offer Name: Doe, John ID: Award #: 01 May 21, 2016 Housing: On- Campus Es3mated Cost of AYendance 2 Semesters $18,055 Residency: In- State Expected Family Contribu3on - 0 Established Financial Need $18,055 Type of Aid Fall Spring Summer Total Accept? Federal Pell Grant $2,887 $2,888 $0 $5,775 Yes or No HOPE Scholarship* $3,390 $3,390 $0 $6,780 Yes or No Federal Direct Loan Sub $1,750 $1,750 $0 $3,500 Yes or No Federal Direct Loan - Unsub $1,000 $1,000 $0 $2,000 Yes or No Total for Academic Year $18,055 *Es3mated HOPE Scholarship award amount for 15 credit hours per semester at University of Georgia. Award amounts vary by ins3tu3on. 33

34 Additional Resources 34

35 Additional Resources GAcollege411.org GSFC.org FAFSA.gov StudentAid.gov Prepare for College Types of Aid Who Gets Aid Apply for Aid Repay Your Loans 35

36 We re Here to Help You 36

37 Contact Us

38 Be Social 38

39 OUR MISSION To promote and increase access to educa3on beyond high school for Georgians. OUR VISION To be the premier provider of student financial aid and educa3onal services for Georgians. 39

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