Senior Financial Aid Presentation. December, 2015

Transcription

1 Senior Financial Aid Presentation December, 2015

2 Objectives To give an overview of the financial aid process To identify sources to pay for post-secondary education To highlight scholarship searches and resources

3 Financing Your Future What does college cost? How do I apply for financial aid? What types of aid are available? Where can I get more information?

4 Cost of Attendance (COA) The cost of attending an institution includes more than just tuition and fees. Also included are: Room and Board Books and Supplies Transportation Personal Expenses

5 How will I pay for it? Family support Savings Financial Aid Summer Jobs/Work

6 What is financial aid? Merit-based aid (Scholarships) From within the college/university From private/public sources outside the college/university Grants Loans Work Study -- Employment Opportunities

7 How do I apply for financial aid? Obtain a FSA ID Complete the Free Application for Federal Student Aid (FAFSA). Never pay a fee to complete this. Meet application deadlines Apply for scholarships both within and outside of the college/university Contact your financial aid administrator if you have special circumstances

8 FAFSA on the Web Apply for FSA ID here On this website you can: Complete the FAFSA Retrieve IRS data Reapply Apply for FSA ID Find college codes Check status of FAFSA Make corrections Add additional colleges Print SARs

9 FSA ID Registration An FSA ID gives you access to Federal Student Aid s online systems and can serve as your legal signature. Apply online NOW!

10 Expected Family Contribution (EFC) Once your parents and you put in all your financial information, the FAFSA gives you ONE number.. EFC = Expected Family Contribution ($$)

11 How does a school determine my financial aid award? Cost of Attendance (COA) - Expected Family Contribution (EFC) = Eligibility for need-based financial aid

12 Financial Aid Examples School A School B School C COA $30,000 EFC - 5,000 NEED $25,000 $15,000 $4,000-5,000-5,000 $ 10,000 $0 Your Expected Family Contribution (EFC) remains the same!

13 Student Loans- one way to pay for EFC Loans come from federal and state governments or private entities that must be repaid with interest Government loans typically have lower interest rates than private loans The average student loan debt after four years is about $35,000 Make wise decisions about student loans and borrowing!

14 The chart below provides a guideline for the estimated minimum salary you would need to repay different levels of student loan debt. The chart assumes a fixed 6.8 percent interest rate & a minimum of 120 monthly (or 10 years) payments. Amount Borrowed Monthly Payments(120) Estimated Income Level. $ 10,000 $ 115 $14,400 15, ,600 20, ,800 23, ,100 30, ,200 40, ,500 50, ,900 65, ,200

15 Scholarship Searching Family Connection RHS Website RHS Career Center Community, church, civic, and business organizations Employers Colleges and universities

16 RHS Local Senior Scholarship Online Application-class of 2016 This is LIVE on the RHS website Go to >guidance >post secondary planning>scholarship & financial aid information>click on RHS Local Scholarship Application 2016 Due date is Wednesday, March 30, 2016 Some require certain majors or financial need Flint Hills requires an additional essay Some of the local scholarships from 2015 include: Apple Valley Ford, Anchor Bank, Apple Valley Ford, Dakota Electric, Fairview Ridges, First State Bank of Rosemount (Business), Flint Hills, Food & Nutrition, Kopp, Pine Bend Paving

17 RHS Senior Scholarship Application

18 Additional Local Scholarships The scholarships listed below were also offered in 2015, but you must complete a separate application for each scholarship. These are NOT included in the RHS Local Senior Scholarship Online Application Cedar Park, Diamond Path Elementary, RAHA Hockey, RHS Men s Lacrosse, RHS Men s Soccer, RHS Women s Soccer, Rosemount Elementary, Rosemount Middle, Scott Highlands (2), Shannon Park (2) and Dakota County Technical College, TEAM Kaleigh Memorial, Warrior 196 Trust Watch for announcements regarding the application process for each of these individual scholarships

19 Selective Service Registration Male students years old must register with Selective Service FAFSA on the Web interface with Selective Service system verifies students has registered If not verified, student won t be eligible until registered

20 What should I do and when? Apply for scholarships now and throughout college Apply for your FSA ID number NOW FAFSA-Fill out AFTER January 1, 2016 and each year you are in college Reciprocity-Apply starting March 1 (WI, ND, SD) Free Financial Aid Books to take home today You may view this PowerPoint presentation online (go to RHS guidance main page>go to classroom presentations)

21 GOOD LUCK