Financial Aid 101 Paying for College

Transcription

1 Financial Aid 101 Paying for College

2 Senior Year Checklist FALL SEMESTER Take and retake the ACT/SAT Apply to several colleges (admissions, institutional aid, etc) and utilize their net price calculators Student and a parent should create FSA IDs (fsaid.ed.gov) SPRING SEMESTER Complete FAFSA available January 1, 2016 Complete local/private scholarship applications Review college acceptances, compare financial aid packages, ask questions, and follow up as needed

3 Cost of Attendance Direct Costs Tuition Fees Room & Board Indirect Costs Books Travel Personal

4 Cost of Attendance 2-yr 4-yr TN Private; Public Public Out of State Tuition/Fees $3,801 $12,436 $43,620 Room/Meals $4,210 $9,926 $14,670 Books/Supplies $1,200 $1,598 $1,370 Transportation $3,024 $1,664 VARIES Miscellaneous $400 $4,002 $4,620 COA $12,635 $29,626 $64,280

5 Paying for College Grants Loans Scholarships You College

6 Institutional Aid Academic Need-Based Performance Attribute Competitive? Renewable? Deadlines Determined by the EFC College may use Institutional Methodology Art Athletic Major Music Theatre Church affiliation Alumni Diversity Sibling

7 Private Aid School counselor Other high school websites

8 FAFSA FAFSA on the Web Available now (VERY IMPORTANT!) PRIORITY DEADLINE IS AS SOON AS POSSIBLE AFTER JANUARY 1, 2012!

9 FAFSA FAFSA on the Web Available January 1, (VERY IMPORTANT!) Student and parent are encouraged to create FSA IDs (fsaid.ed.gov) prior to January 1 To initially submit FAFSA in January, use estimated tax information (i.e tax return, 2015 W-2 information, or last paystub)

10 State Aid (2-yr) HOPE Scholarship GAMS Aspire Award $1,500 per semester $500 per semester $250 per semester 21 ACT or 980 SAT or 3.0 GPA* 29 ACT or 1280 SAT & 3.75 GPA* Parents AGI <=$36,000 *All courses calculated on a 4.0 scale per the Uniform Grading Policy

11 State Aid (4-yr) HOPE Scholarship $1,750/sem then $2,250/sem 21 ACT or 980 SAT or 3.0 GPA* GAMS $500 per semester 29 ACT or 1280 SAT & 3.75 GPA* Aspire Award $750 per semester Parents AGI <=$36,000 *All courses calculated on a 4.0 scale per the Uniform Grading Policy

12 State Aid HOPE Access Wilder- Naifeh TSAA $875 or $1,250 per semester $2,000 per academic year $1,000 $4,000 per academic year 18 ACT & 2.75 GPA* & Parent AGI <=$36,000 Certificate/ Diploma TCAT 0 EFC March 1 *All courses calculated on a 4.0 scale per the Uniform Grading Policy

13 HOPE Renewal 24 attempted hour benchmark 48 attempted hour benchmark 72 attempted hour benchmark 96 attempted hour benchmark 2.75 cumulative GPA 2.75 cumulative GPA 3.0 cumulative GPA or cumulative GPA & 3.0 semester GPA 3.0 cumulative GPA or cumulative GPA & 3.0 semester GPA

14 TN Promise Mentoring program with a last-dollar scholarship for any responsible Tennessee student.

15 TN Promise Your County s Partnering Organization Is

16 TN Promise Checklist Apply to the Tennessee Promise program at by November 2, 2015 Complete FAFSA at by February 15, 2016 Attend two mandatory meeting in the spring as coordinated by tnachieves Complete 8 hours of community service between January 1, 2016 August 1, 2016 Students selected for FAFSA verification must submit material to the college by August 1, 2016

17 TN Promise Examples A B C Tuition $4,000 $4,000 $4,000 HOPE/Pell/TSAA -$8,000 -$3,000 $0 Gap $0 $1,000 $4,000 TN Promise $0 Tuition $0 $1,000 $0 $4,000 $0

18 TN Promise Examples 2-yr Public 4-yr Public 4-yr Private Tuition $4,000 $8,000 $20,000 Eligible Tuition $4,000 $4,000 $4,000 HOPE/Pell/TSAA -$3,000 -$3,500 -$3,500 TN Promise -$1,000 -$500 -$500 Your cost $0 $4,000 $16,000

19 Online Applications Ned McWherter Dependent Children Dual Enrollment Grant Up to $6,000/ academic year February 15 Award amount varies High school juniors/seniors 29 ACT & 3.5 GPA* See brochure Contact institution *All courses calculated on a 4.0 scale per the Uniform Grading Policy

20 Financial Aid Sources Private Federal Institutional Your Financial Aid Package State

21 Contact Info Annie Trout (c)

22 Social Media Like us on Facebook at: Tennessee Student Assistance Corporation Follow us on Check out our website at:

23 Contact Info (o) (c)

24 ACT ACT TEST DATE REGISTRATION DEADLINE LATE FEE DEADLINE September 12, 2015 August 7, 2015 August 21, 2015 October 24, 2015 September 18, 2015 October 2, 2015 December 12, 2015 November 6, 2015 November 20, 2015 February 6, 2016 January 8, 2016 January 15, 2016 April 9, 2016 March 4, 2016 March 18, 2016 April 19, 2016 **JUNIORS** SEE SCHOOL COUNSELOR June 11, 2016 May 6, 2016 May 20, 2016

25 SAT SAT TEST DATE REGISTRATION DEADLINE LATE FEE DEADLINE October 3, 2015 September 3, 2015 September 22, 2015 November 7, 2015 October 9, 2015 October 27, 2015 December 5, 2015 November 5, 2015 November 23, 2015 January 23, 2016 December 28, 2015 January 12, 2016 March 5, 2016 February 5, 2016 February 23, 2016 May 7, 2016 April 8, 2016 April 26, 2016 June 4, 2016 May 5, 2016 May 25, 2016

26 FAFSA FAFSA on the Web Available now (VERY IMPORTANT!) PRIORITY DEADLINE IS AS SOON AS POSSIBLE AFTER JANUARY 1, 2012!

27 FAFSA Checklist Student s Social Security number Parent(s) Social Security number(s) Student s driver s license number if you have one 2015 tax information for student and parent(s) To complete and submit FAFSA in January, use estimated tax information (i.e tax return, 2015 W-2 information, or last paystub) Records of your untaxed income, such as child support and veterans noneducation benefits for student and parent(s) Information on checking and savings account balances; investments; and business and farm assets

28 FAFSA FAFSA on the Web Available now (VERY IMPORTANT!) PRIORITY DEADLINE IS AS SOON AS POSSIBLE AFTER JANUARY 1, 2012!

29 Student Demographics Last Name, First Name, SSN must match social security card Length of residency question leave blank if you prefer to receive information by postal mail Selective Service males only; register me Grade level never attended college/1 st yr. Degree 1 st bachelor s degree, associate degree, certificate or diploma Work-study yes

30 Dependency Status If all no responses, student is dependent; parental information needed If yes to any question, student is independent; parental information is not needed If you have a special circumstance and cannot provide parental information, contact the financial aid office at the college(s) you plan to attend in order to complete the FAFSA; professional judgment

31 Parent Demographics Parent adoptive or biological Divorced/separated answer questions about parent whom you lived with more during the past 12 months Remarried answer questions about parent you live with and your stepparent Last Name, 1 st initial of 1 st name, SSN must match social security card Length of residency question # in college do not include your parents in this number

32 Financial Information 2015 IRS tax return already completed, will file, or not going to file Will file 2014 tax return, 2015 W-2 forms, or last pay stub Income tax amount paid; should not be the same as the AGI IRS Data Retrieval Tool once 2015 tax return is completed, return to FAFSA to make corrections; tax information imported directly from IRS; simplifies verification

33 FAFSA Investments INCLUDE Rental property Trust funds Money market funds Mutual funds Certificates of deposit Stocks Stock options 529 college savings plans DO NOT INCLUDE Primary place of residence 401[k] plans Pension funds Annuities Non-education IRAs UTMA/UGMA accounts for which you are the custodian but not the owner

34 Preparer no Sign & Submit Sign electronically student and parent are encouraged to create FSA IDs (fsaid.ed.gov) prior to January 1 Terms of Agreement agree SUBMIT MY FAFSA NOW see I promised it wasn t that bad!

35 FAFSA Reminders Student Aid Report PLEASE REVIEW IT!!!!!!! Correction deadlines Be cognizant of college deadlines for FAFSA corrections A student must possess a valid SSN and be a U.S. citizen or an eligible noncitizen to complete a FAFSA and qualify for Title IV aid. DREAM Act SSN s are NOT considered valid for FAFSA completion.

36 Confirmation Pell Grant estimate ( EFC) and info on student loan eligibility Detailed college information (grad, retention, and transfer rates) Begin a new application with parents info link

37 Student Aid Report Notification of FAFSA processing results via e- mail (if provided on FAFSA) or paper (if not provided on FAFSA) or online Review data for accuracy Institutional Student Information Report (ISIR) sent to colleges listed on FAFSA two weeks after initial FAFSA submission Additional documentation may be requested by institution; verification

38 Federal Aid Pell FSEOG Work Study $626 - $5,775 per academic yr EFC Need based $100 - $4,000 per academic yr Exceptional financial need Amount Varies Typically paid to student

39 Federal Aid Subsidized Stafford Unsubsidized Stafford Parent PLUS 4.29% fixed 4.29% fixed 6.84% fixed Interest does not accrue Interest does accrue Interest does accrue

40 Loan Wisdom Borrow Federal first because they re cheaper, more available, and have better repayment terms than private student loans. Live like a student while you re in college so you don t have to live like one after college. Do not borrow more for your entire education than your expected starting salary after you graduate. If you are borrowing more than $10,000/year for college, consider a less expensive school.

41 Award Letter 0 EFC; 3.0 GPA 2-yr Public 4-yr Public TN Private COA $12,635 $29,626 $64,280 Pell Grant -$5,775 -$5,775 -$5,775 HOPE/Aspire -$3,500 -$5,000 -$5,000 TN Promise $0 $0 $0 Inst/Private????????? Net Price $3,360 $18,851 $53,505

42 Award Letter 5158 EFC; 2-yr Public 4-yr Public TN Private 3.0 GPA COA $12,635 $29,626 $64,280 Pell Grant $0 $0 $0 HOPE -$3,000 -$3,500 -$3,500 TN Promise -703 $0 $0 Inst/Private????????? Net Price $8,932 $26,126 $60,780

43