MY FAMILY WON T QUALIFY FOR NEED-BASED GRANTS SO I SHOULDN T BOTHER COMPLETING MY FAFSA.

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1 A QUICK HOW TO

2 MY FAMILY WON T QUALIFY FOR NEED-BASED GRANTS SO I SHOULDN T BOTHER COMPLETING MY FAFSA. The FAFSA is the application for federal need-based grants, but many families have been surprised to find they were eligible for state and/or institutional grants after completing the process. The FAFSA is also used to determine eligibility for federal work-study and federal student loans, so all families are encouraged to complete the application.

3 MY GRADES AREN T GOOD ENOUGH TO QUALIFY FOR FINANCIAL AID. There are merit-based financial aid programs, for which maintaining good grades is a prerequisite, and but there are also need-based financial aid programs. For many federal grant and loan programs, test scores and grades are not initially considered.

4 IF FINANCIAL AID DOESN T COVER THE COST OF MY TUITION EXPENSES, I CAN T ATTEND SCHOOL. Not every student will have the cost of an education covered through grants and scholarships alone, but most students are able to finance their education through a variety of financial aid programs, including student loans.

5 I HAVE MONEY SET ASIDE FOR COLLEGE SO I DON T NEED/I WOULD NOT QUALIFY FOR FINANCIAL AID. Saving money is always a good thing to do, especially when it comes to your education. Any savings you have can reduce how much loans you would have to pay with interest. Keep in mind, financial aid awards are based on a number of factors. Savings is just one of the considerations used in the financial aid formula.

6 LOANS ARE NOT A FORM OF FINANCIAL AID. Financial aid money used to support a worthy person or cause. In this case, the person is a student and the cause is pursuing a college degree. Loans part of financial aid because they help to lessen the overall cost, which otherwise may have been paid out-of-pocket by the student. If you are awarded a student loan in a financial aid award package and do not wish to borrow the entire amount, you always have the right to cancel or reduce your loan.

7 A FINANCIAL AID PACKAGE CAN T BE CHANGED. Your financial aid package is based upon information you provided at the time you filed your FAFSA. If your family has extenuating circumstances, you may be eligible to have your file reviewed based upon the change in circumstances.

8 My parents have not or will not be filing taxes, so I can t complete my FAFSA. Although it is easier to complete the FAFSA with the hard numbers at hand, your parents can complete you FAFSA by estimating their income based on the previous year s income. Later on, when they have received their W2 form they can adjust the numbers and update your FAFSA.

9 THE FAFSA COSTS MONEY TO COMPLETE. The FAFSA (FREE Application for Federal Student Aid) is a free financial aid application. There are sites that mimic the FAFSA and ask for credit card information. These sites are SCAMS.

10 I AM OVER 18 SO I CAN COMPLETE MY FAFSA AS AN INDEPENDENT STUDENT. Strict guidelines regarding a student being able to file their FAFSA as an independent student!

11 The U.S. Department of Education defines an independent student as: A student over 24 years of age (the date cut off for this classification can be found on the FAFSA) A student that is married; Many students (and parents) think that if a parent does not claim a student as a dependent on taxes that the student is independent. This is not the case.

12 NOT A LOT OF STUDENTS RECEIVE FINANCIAL AID AND THOSE THAT DO ONLY RECEIVE A SMALL AMOUNT. During the Academic year, 76.3% of all Undergraduates received some sort of assistance in the form of financial aid (loans, grants and/or scholarships). Students received approximately $180 million in financial assistance.

13 Grants free money! does not have to be repaid need-based if offered through FAFSA Pell Grant up to $5645 Federal Supplemental Educational Opportunity Grant $100-$4000

14 Work-Study program that is sponsored by a federal grant to pay students to work a great opportunity!!!

15 Loans- borrowed money that needs to be repaid SUBSIDIZED- interest is covered by the government while loan is in deferment; based on financial need UNSUBSIDIZED- interest accrues and is added to the principal (original amount taken out) during the life of the loan DIRECT (PARENT) PLUS LOANS- Must complete FAFSA to apply; not need based; simple credit check required; loan in parent s name

16 PIN- way to electronically sign all financial aid documents. BOTH parent and student need one each. Apply at W2 or idea of income earned for the year (IRS Data retrieval tool) Social Security Number/ Alien registration number Bank Statement/ knowledge of amounts in banking accounts

17 Select Start New FAFSA Follow directions step by step If you have any questions refer to panel on the right of the application

18 EFC expected family contribution this is a number that is based on your parent s income and current account balances and determines how much FAFSA believes your family can contribute toward your college experience SAR student aid report this is the estimated amount of aid predicted to be granted to the student following the FAFSA application

19 FAFSA Deadline MARCH 1 ST File early!!!! The sooner the better!

20 Visit Ms. Jackson or Mrs. Parent Room100C