Financial Aid Basics Junior Parent Night 2015 Franklin High School

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1 Financial Aid Basics Junior Parent Night 2015 Franklin High School

2 What is Financial Aid? Sources of Financial Aid. What types of aid are there? How do I apply for/receive each type? What are the basic principles and terminology of financial aid?

3 What is Financial Aid? Financial aid is money that the government and other organizations give or lend you so you can pay for college. To qualify for financial aid, you MUST apply!

4 Financial Aid Sources Financial Aid can come from various sources Federal Government State Government Colleges and Universities Private organizations such as companies, clubs, and religious organizations Banks and lending companies

5 Types of Financial Aid Grants Scholarships Loans Federal Work Study

6 Grants Come from Federal and State Directed Programs Need Based- FAFSA Required Grant Programs: Federal Pell Grant All eligible students receive Pell Grants Eligibility depends on need, cost of attendance, and enrollment status (full vs. part time) max will be $5,775 Federal Supplemental Educational Opportunity Grant (FSEOG) First come first served- awarded by college financial aid offices Limited funds available variable amounts from $100-$4000 MASSGrant Require Expected Family Contribution (EFC) between $0-$5,081

7 Scholarships Do not require repayment Find and apply for as many as you can Research early and meet deadlines Thousands available May cover entire cost of tuition or awarded one time To find scholarships contact your college, high school, federal agencies, state agencies, online resources, employers

8 Scholarships Merit-based awards distributed by colleges GPA/SAT consideration Special talents (extracurricular, leadership) Often no separate application required National Scholarship Competitions Examples: Coca-Cola, Tylenol Eligibility requirements Applications required Fastweb.com, collegeboard.org, Naviance Local Scholarships Available in Guidance the end of March

9 Loans Federal Student Loans Federal Perkins Loan College/University is the lender Awarded to students with exceptional need maximum of $5500 Undergraduate maximum of $27,500 Interest Rate of 5% Direct Loans US Department of Education is the lender Four types of Direct Loans

10 Federal Direct Loans Direct Subsidized Loan Eligibility based on demonstrated financial need No interest while full-time student and six months after Interest rate of 4.66% Direct Unsubsidized Loan Need not considered for eligibility Interest accrues and capitalizes Interest rate of 4.66% Direct PLUS Loan Parents are recipient of this loan If eligible, max loan amount is Cost of Attendance (COA) minus all other aid Interest Rate of 4.292% Direct Consolidation Loan - (StudentLoans.gov)

11 Federal Work Study Program Money set aside for the student to earn during the school year Award amount varies depending on: Level of need When you apply for financial aid College financial aid resources Examples of Work Study Jobs Checking student IDs at the gym Office work on campus Off campus at private non-profit or public agencies

12 Applying for Financial Aid Free Application for Federal Student Aid (FAFSA) Primary form for all Federal Student Aid Required at virtually all colleges for need based aid (and non-need based in some cases) No application fee CSS Financial Aid PROFILE Required form for additional institutional aid at some colleges Approximately 250 colleges nationally require this form $25 fee for submission to first school/$16 for each additional School (Fee waivers available via PROFILE application)

13 Free Application for Federal Student Aid (FAFSA) Submit as soon as possible after January 1 of Senior year in high school Documents/information required: Social Security Numbers Driver s License Numbers Previous year s tax return for student and parent Cash/Savings information Colleges to which you want information sent Sign electronically with a FAFSA PIN Receive Student Aid Report (SAR) in three days to three weeks Expected Family Contribution (EFC) calculated based on Federal Methodology

14 CSS Financial Aid PROFILE Available after October 1 of Senior year yet still requires financial information from year s end Early submission may be required by schools with Early Decision/Early Action programs Documents/Information required: Previous year s tax return W-2 Forms Records of untaxed income and benefits Bank statements Mortgage statements Records of savings, bonds, stocks, and other investments Colleges to which you want information sent Expected Family Contribution calculated based on Institutional Methodology

15 How is need calculated? Cost of Attendance (COA) - Expected Family Contribution (EFC) Demonstrated Need

16 Questions to ask: What percentage of need do you meet? Are admissions decisions need blind? Is there an impact on financial aid if the student applies Early Decision or Early Action? What is your priority deadline for submission of forms? Do you have a separate application for financial aid or scholarships?

17 Need Assistance with Financial Aid? Financial Aid Night November FHS FAFSA Day/College Goal Sunday Last weekend in January 2016 and February 2016 MEFA (Massachusetts Educational Financing Authority) Provide Seminars locally ASA (American Student Assistance) or

18 Resourses FAFSA- CSS PROFILE

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