Financial Aid 101: Beginning Financial Aid. Presented By Jimmy Mauger Northern Virginia Community College

Transcription

1 Financial Aid 101: Beginning Financial Aid Presented By Jimmy Mauger Northern Virginia Community College

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3 Sources of college funds 2013 Source: How America Pays for College, Sallie Mae,

4 Cost of Attendance Comparing COA the sticker price of various colleges does not give you an accurate picture of what it will cost to attend Can get an estimate of net price by using your college s net price calculator You find out the actual net price by applying for financial aid 4

5 About the FAFSA FAFSA = Free Application for Federal Student Aid Determines eligibility for Most federal financial aid programs Many state financial aid programs Much of the aid colleges award from their own funds Some scholarship programs Colleges may require additional forms to collect more detailed data 5

6 Eligibility for federal aid 6

7 Other Eligibility. Be registered with Selective Service if you are male and 18 to 25 years of age ( for more information) Have a high school diploma or equivalent Be working toward an eligible degree/certificate program Not have a drug conviction for an offense that occurred while you were receiving federal student aid Cannot owe on federal grant or be in loan default * Maintain Satisfactory Academic Progress 7

8 About the FAFSA FAFSA determines need by looking at Income, Assets Household Size Number of family members attending college 2016/2017 FAFSA = 2015 TAX INFORMATION 8

9 Do I need my parents information? Independent vs Dependent Born before Jan 1 st, 1993 Married Supporting a child (50% or more) Legal Guardianship/ Ward of Court (Different than custody) Foster Care after age 13 Veteran/ Active Duty Appeal???

10 FSA ID About the FAFSA Parent and Student Signature Must have SSN (online vs paper) Valid address, Password, 4 challenge questions, significant date Get them early, write them down! 10

11 Data Retrieval Tool 11

12 Data Retrieval Tool 12

13 EFC determines aid offered COA (Cost of attendance) EFC = financial need Financial aid office will then determine the student s eligibility for federal and state financial aid, and for any aid the college may be able to offer from its own funds Financial aid office may ask for additional information (Follow up w/ your school!) Student will receive an award letter 13

14 Federal Loans vs Grants Grants (Need Based) Pell Grant (Max $5775) SEOG Grant Loans Subsidized (Need Based) Unsubsidized 14

15 State Grants in Virginia Virginia Grants Virginia Commonwealth Award VGAP Virginia Guaranteed Assistance Program VTAG Virginia Tuition Assistance Grant Transfer Grant More details on these and other Virginia financial aid programs on 15

16 Tips for FAFSA success Meet all financial aid deadlines Can vary from college to college Meeting priority deadline results in best financial aid package based on your eligibility It s okay to estimate your financial information (Prior Prior) Will have an opportunity to correct List all colleges that you are applying to Retain a copy of your completed FAFSA 16

17 Frequent FAFSA Errors Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Household size Filing Status If you need help, just ask!!!

18 Verification Income (Use the DRT tool) Foreign income Filing status Untaxed income Household size Diploma, Citizenship, etc

19 Check your awards! 19

20 Scholarships Apply for as many as possible Eligibility Deadlines Essay- Sell yourself Grades, Volunteer experience, obstacles, career goals, how you will benefit from the money, tell your story 20

21 Where to start? High School Guidance Office College financial aid website Free websites- -Fastweb.com - Scholarships.com -Collegeboard.com 21

22 Online Resources: NOVA s Website - NOVA Financial Aid Support Center Request PINs - File the FAFSA - Information action Scholarship Searches -

23 Helpful Tips for Students Get student and parent FSA IDs in December. Complete tax returns early. File FAFSA online as soon after January 1 for next year as possible. Use IRS Data Retrieval Tool (If possible) Watch To Do List on MyNOVA and respond quickly. For Help, use this link: viewtodos.htm

24 Excuses for not filing the FAFSA $150 billion available in federal financial aid Grants, loans and work-study Many students simply don t file because I think my family makes too much money Only students with good grades get financial aid FAFSA is too hard to fill out I m too old to qualify for financial aid By not filing, will miss out on potential aid from the state and from their college Source: 24

25 Got NOVA Financial Aid Support Center or Your Campus Financial Aid Office