Financial Aid 101: What it is and How to Apply

Transcription

1 Financial Aid 101: What it is and How to Apply Cookie Greer Student Financial Services South Puget Sound Community College 1

2 What is Financial Aid? Scholarships Grants Loans Employment opportunities

3 WHERE MONEY COMES FROM? Federal Funding State Funding Institutional Funding

4 Types of Federal Aid Federal Pell Grant Federal Supplemental Educational Opportunity Grant (FSEOG) Federal Work Study (FWS) National Science and Mathematics Access to Retain Talent Grant (SMART)

5 Types of Federal Aid continued Federal Loan Programs Available under: Federal Direct Student Loan (Direct Loan) Program with funds provided directly by federal government via participating schools Federal Perkins Loans PLUS loans for Parents

6 Types of State Aid Grants such as the Washington State Need Grant (SNG),TRIO, and GEARUP Work programs including the State Work Study and Literacy Work Study programs Scholarships such as the Washington Academic Vocational Excellence Scholarship (WAVE), Nurses Conditional Scholarship, and many more which are student specific. For additional information on state aid programs visit

7 Types of Institutional Aid Vary by college but generally include: Institutional Grant Programs funded by tuition dollars Tuition Waivers Work Study Programs Loan Programs Foundation Partnerships for Scholarship funding Targeted grant programs funded by students for students i.e. Daycare Grants

8 WHO IS ELIGIBLE? Cost of attendance (COA) Expected family contribution (EFC) = Financial need

9 Cost of Attendance Tuition & fees Room & board Books, supplies, transportation, & miscellaneous personal expenses, including documented costs for personal computer Loan fees Study abroad costs Dependent care expenses Disability-related expenses Cooperative education program costs

10 What is the Expected Family Contribution (EFC) Calculated using data from a federal application form and a federal formula Federal Methodology is the formula created by Congress to determine the expected family contribution (EFC). Reasonably be expected to contribute, but not what the family will pay to the college EFC the same regardless of what college the student attends Two components: Parent contribution Student contribution

11 Need Varies Based on Cost 1 X 2 Y 3 Z EFC EFC Cost of Expected Family Need Attendance Contribution (Variable) (Variable) (Constant)

12 General Student Eligibility Criteria Must be enrolled or accepted for enrollment in an eligible program of study Must be pursuing an approved degree, certificate, or other recognized credential Must be U.S. citizen or eligible noncitizen Must be registered with Selective Service (if male & required) May not have eligibility suspended or terminated due to drug-related conviction if convicted while receiving aid

13 General Student Eligibility Criteria Must have valid Social Security Number May not be in default on federal student loan Must not owe overpayment of federal grant or loan Must be making satisfactory academic progress (as defined by school)

14 Application Process Submit Free Application for Federal Student Aid (FAFSA) prior to school s deadline To ensure maximum consideration for federal, state, & institutional aid, check information from each school to determine: Required application materials such as Data Sheet, tax returns, etc Application deadlines Most aid on first-come, first-served basis

15 Role of Financial Aid Office Determines aid eligibility using federal formula Packages aid depending on availability of funds Sends award notification including: Student s Cost of Attendance (COA) Student s Expected Family Contribution (EFC) Amount of student s financial need Award amount for each program for which student is eligible Disbursement methods & time frames Terms & conditions of each award

16 FAFSA on the Web Web site: FAFSA on the Web available on January 1, 2012 FAFSA on the Web Worksheet: Used as worksheet for on-line entry Questions follow order of FAFSA on the Web

17 PIN Site Web site: Sign FAFSA electronically Can request PIN before January 1, 2012 Not required, but speeds processing May be used by students and parents throughout aid process, including subsequent school years

18 FAFSA on the Web Homepage

19 This is the new Login page for FOTW.

20 IRS Data Retrieval Available January 30, 2012, for processing cycle Participation is voluntary Could reduce documents requested by financial aid office Not available to applicants with a recent change in marital status

21 Household Size & Number in College Household Size = Members of the household who receive more than 50% of their support from you (or your parents if you are a dependent student, even if you do not live with parents) Number in College = Members of the above household who are also enrolled at least half time in an eligible program of study (excluding parents)

22 College Codes

23 Signature Process

24 CAUTION! Avoid being charged a fee to file the Free Application for Federal Student Aid Processes of completing & processing FAFSA are FREE If filing via FAFSA on the Web, be sure to go directly to Contact financial aid office for help completing FAFSA

25 FAFSA Processing Results FAFSA Results are sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted College reviews results May request additional documentation, such as copies of federal tax returns, institutional application (data sheet), birth certificate, social security card, selective service confirmation, etc

26 Student Aid Report Student should review SAR Check for accuracy Contact school for additional instruction if corrections are needed Update information when appropriate

27 Where Do I Go From Here? Obtain and review admissions and financial aid materials from each school to which you are applying Meet all application deadlines Complete FAFSA Other application materials, such as College Scholarship Service s PROFILE application, if required by school or state agency Investigate other sources of aid

28 Scholarship Search Options College Foundation Scholarship Applications available in March- due mid-april More than 290,000 awarded in 11-12!! One application to be considered for all scholarships Attend Scholarship Workshop to learn more Scholarship Drawer at SPSCC Private business scholarships Civic organization scholarships The Washington Scholarship Coalition

29 Avoid Being Scammed To check legitimacy of scholarship search services or individuals, for information about financial aid scams, and tips to avoid being scammed visit these Web sites: Better Business Bureau: U.S. Department of Education: html Federal Trade Commission:

30 Good Luck! Contact our office with any questions If you want to speak with an financial aid advisor one-on- one make an appointment or come in during our drop in times Cookie Greer Program Specialist 2 South Puget Sound Community College (360)