Oakland University Financial Services Funding Education Beyond High School Supplemental Worksheet

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1 Elements of Financial Aid Oakland University Financial Services Funding Education Beyond High School Supplemental Worksheet A) Four types of financial aid available to students: B) Three different categories: Refers to scholarships based on academic accomplishments, such as the high school GPA and ACT score. Includes grants, subsidized student loans, and federal workstudy awards. Refers to unsubsidized student loans and Parent PLUS loans. C) Four different resources FAFSA A) The first step in applying for financial aid is to complete the FREE application for federal student aid, also known as the FAFSA. FAFSA may collect: B) Complete the FAFSA online at In order to complete the FAFSA successfully, both the student and the parent should obtain to sign the application electronically. Students and parents can obtain PINs at at least three days before filing the FAFSA.

2 C) File faster online! It takes about days for the Department of Education to process a FAFSA submitted online, but a FAFSA submitted by mail takes 6-8 weeks to process. If you are concerned about putting your information online, be confident FAFSA.gov is a federal website. The Data Retrieval Tool in the FAFSA offers the ability to link to the IRS tax information. D) The FAFSA should initially be completed as soon after as possible in the student s senior year of high school and in the same timeframe every year thereafter the student intends to enroll in courses. The reason it is recommended the student complete the FAFSA so early is because some awards are offered on a, so to be considered for the maximum amount of aid it is best for students to submit the FAFSA as early as possible. Parents and students are not likely to have their taxes completed so early in the year, so we encourage students and parents to enter estimated information on the FAFSA using the previous year s tax return or most recent pay stub. Once taxes are completed, upload the information using the Data Retrieval Tool within the FAFSA. In order to be eligible for aid from the State of Michigan, students must complete the FAFSA by March 1 st at the latest. E) Once the FAFSA has been submitted, two things happen at the Department of Education. The amount of money the federal government calculates you can reasonably contribute to the student s education. Shows all the questions and answers listed on the FAFSA to provide you the opportunity to make sure the information you intended to submit is actually the information you submitted. F) Once the SAR is received, it should be reviewed immediately for accuracy. If there are necessary corrections to be made: Before award notification is received: After award notification is received: FAFSA Processing

3 A) Represents the maximum amount of financial aid a student can receive at the particular college or university in a specific academic year. The cost of attendance includes: 1. An estimate of direct charges a student will receive from the university, such as tuition and room and board if the student lives on campus. 2. An estimate of indirect expenses, things a student will not be charged for directly by the university, but things the student may have to pay for while enrolled, like books, room and board for off-campus housing, transportation and personal expenses. B) Now that the university has determined how much financial aid a student is eligible for by determining the cost of attendance, the next step is to use the EFC to determine the type of financial aid for which the student is eligible. Cost of Attendance EFC = Financial Need The amount of needbased and merit-based aid a student can receive. Only merit based aid can exceed financial need, but if merit based need is less than financial need- a student may be eligible to meet the financial need cap with grants, federal work-study, or subsidized loans. Any remaining cost of attendance eligibility will be awarded in unsubsidized aid. C) If you recall, in the beginning of the presentation we reviewed the categories of aid. Merit and need based aid is what falls into the Financial Need part of the Cost of Attendance. Once the financial need amount is met, the remaining amount of aid awarded to a student will be non-need based. D) The Federal Department of Education selects 30% of all FAFSA applicants to complete a process conducted by the colleges and universities listed on the FAFSA. It is important to submit the requested documents quickly to ensure the student s financial aid package can be confirmed as soon as possible. Sources of Financial Aid A) Federal:,, and are free money a student can use for their educational expenses. is also free money a student can use and not repay. Federal work-study is a program through which a student

4 obtains a job on campus and gets paid wages through the Federal grant, rather than through the hiring office s budget. The Perkins and Stafford Loans are awarded to a student, in the student s name only parents are not cosigners for these loans and students will be required to repay the loans after graduation. There are two kinds of Stafford Loans available to students: loan is interest free while the student is in school, and only begins accruing interest one the student graduates. loan accrues interest while the student is in school and the student is given the option of paying the interest quarterly. The Parent PLUS loan, an optional, credit worthy loan a parent can apply for and if approved, utilize as a supplement to the student s financial aid package. If a parent is denied the PLUS loan, the student will receive an additional amount of the unsubsidized loan in the student s name. B) State of Michigan: is required to receive the Michigan Competitive Scholarship. This scholarship has additional requirements tied to the student s ACT score. The FAFSA must be completed by at the latest to be considered for the Michigan Competitive Scholarship. The state also offers: These awards require additional paperwork to be submitted with the State of Michigan and can be obtained from Colleges and universities: The FAFSA is required to receive and the university may have additional scholarship applications necessary to receive aid.

5 C) Private sources: Social and religious organizations, as well as employers, may provide scholarships to members and employees, or their dependents. High school guidance offices will keep a record of any local scholarships being offered. Students are encouraged to apply for those frequently, as the pool of competition is much smaller. Clearing houses are online database resources where students can create a profile indicating all their hobbies, skills, and talents. Special Circumstances A) Sometimes circumstances change after the FAFSA is filed and results in a different financial position for the household. For example, a parent or student could experience a change in employment status, a change in marital status, or increased medical expenses. B) These circumstances will not change the information on the FAFSA, but the college or university the student attends should be notified promptly. Documentation will be collected and will be able to determine if a student is eligible for a different type of aid, or additional aid. Next Steps The student and the parent can create their PINs used for signing the FAFSA electronically. Get help filing a FAFSA. Oakland University offers workshops that are open to the public throughout January and February. and click the Event link on the right side of the page. Take advantage of the Net Price Calculator available on every school s website to discover the Cost of Attendance information, as well as potential financial aid awards. Begin applying for private scholarships on a regular basis. Oakland University Financial Services Federal Department of Education State of Michigan

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