Free Application for Federal Student Aid

LEARN MORE, EARN MORE 2

What is financial aid? Cost of attendance (COA) Expected Family Contribution (EFC) What is financial need? Categories, types, and sources of financial aid Free Application for Federal Student Aid (FAFSA) Local Scholarships

Funds provided to students and families to help pay for postsecondary educational expenses

Direct costs Billed by or paid directly to the college, such as tuition and on campus housing Indirect costs Necessary expenses, such as transportation and personal care items, that are not paid to the college Direct and indirect costs combined into cost of attendance Varies widely from college to college

Amount family can reasonably be expected to contribute Stays the same regardless of college Two components Parent contribution Student contribution Calculated using data from a federal application form (FAFSA) and a federal formula

Cost of Attendance (varies by college) Expected Family Contribution = Financial Need (always the same) (determines how much aid you may receive)

Need based Awarded on the basis of financial need Merit based Awarded on the basis of a student s ability or talent, such as academic achievements, athletic ability, musical talent, or ethnic heritage

Scholarships Work- Study FINANCIAL AID Grants Loans

Money that does not have to be paid back Awarded on the basis of merit, skill, or unique characteristic Essays

Private Sources Civic Organizations and Churches Employers The college please note for some college merit based scholarships a FAFSA must be on file. Read the fine print.

Use to research colleges Students have accounts. Parents sign in as a guest. Sign up for programs and college visits Learn about upcoming events and activities List of important links Order transcripts Most updated list of local scholarships

Money that does not have to be paid back Usually awarded on the basis of financial need

Allows student to earn money to help pay educational costs Receive a paycheck Non-monetary compensation, such as room and board Better to work on campus the college is more understanding of students schedules.

Money that students and parents borrow to help pay college expenses Repayment can begin after student leaves school (Subsidized and Unsubsidized) Only borrow what is really needed Educational loans are not forgiven even in bankruptcy. Look at loans as an investment in the future

Largest source of financial aid Aid awarded primarily on the basis of financial need Must apply each year using the Free Application for Federal Student Aid (FAFSA)

The student must be one of the following to receive federal financial aid: US citizen US national US permanent resident (I-151, I-551, I-551C) Possess an I-94 with designation refugee, asylum granted, Cuban-Haitian Entrant, Victim of human trafficking, or parolee

Federal Pell Grant - $5,635 for 2013-14 Teacher Education Assistance for College and Higher Education Grant Federal Supplemental Educational Opportunity Grant Federal Perkins Loan Federal Work-Study Subsidized and Unsubsidized Loans PLUS Loans

Obtain FAFSA PIN s at www.pin.ed.gov for student and one parent, if parental info required. Enter FAFSA data at www.fafsa.ed.gov as soon after January 1 as tax returns are completed. Complete college application and enroll in an eligible program of study. Respond to requests for additional information.

Website: www.pin.ed.gov Sign FAFSA electronically Not required, but speeds processing (Student and one parent need own unique PINs) May be used by students and parents throughout aid process, including subsequent school years

May be filed at ANY TIME DURING AN ACADEMIC YEAR, but no earlier than January 1 prior to the academic year. For Fall 2014 Summer 2015 enrollment, the FAFSA can be filed starting January 1, 2014 and should be filed on the earliest possible date after taxes completed. First come, first served. Colleges may set FAFSA filing deadlines/priority filing dates. Many schools are Feb. 15 th, March 1 st or May 1 st. Filing a FAFSA using estimated income?

Student & parent Social Security Numbers Student driver s license, if applicable Alien registration or permanent resident card, if not U.S. citizen Student & Parent (or spouse, if married) 2013 Federal Income Tax Returns for 2014-15 school year (1040, 1040A, 1040EZ, or foreign) 2013 untaxed income records for 2014-15 (Child support, IRA/pension deductions & payments, etc.) Current bank statements, business, farm, investment records Financial Aid Office may ask for these items in verification process.

While completing FAFSA, applicant may submit real-time request to IRS for tax data IRS will authenticate taxpayer s identity If match found, IRS sends real-time results to applicant in new window Applicant chooses whether or not to transfer data to FAFSA Could reduce documents requested by financial aid office

Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth

New FAFSA Available Complete Tax Returns to prepare to use IRS DRT (Data Retrieval) Start gathering information to complete FAFSA Most Colleges Priority Deadlines This deadline for submitting all required documents will normally allow students consideration for all aid types. Tuition Deadline for Fall & Spring Financial Aid must be complete or another form of payment must be arranged to prevent classes from dropping.

Should review data for accuracy Update estimated information (if used) when actual figures are available Address all issues effecting eligibility Contact the college s financial aid office if your situation has changed. Respond to all requests for additional information

Request PINs - www.pin.ed.gov File the FAFSA - www.fafsa.ed.gov Information www.vawizard.org/vccs/main. action www.nasfaa.org www.studentaid.ed.gov www.finaid.org Scholarship Searches - www.fastweb.com www.collegeboard.org FAMILY CONNECTION

Gar-Field High School s Career Center is here to help Remember FAFSA stands for the FREE Application for Federal Student Aid. Do not pay someone to complete the FREE form for you. (Average cost - $125) Be sure you are on the correct website: www.fafsa.ed.gov. If something looks wrong call us.

Thursday morning, Feb. 13 7:30 AM 10:00 AM at Gar-Field High School Wednesday afternoon and evening, Feb. 26 3:00 PM to 7:00 PM at Gar-Field High School Super FAFSA Week Feb. 8 NOVA Saturday, Feb. 1 9:00 AM 12:00 PM FAFSA Presentation and hands on help Stonewall Jackson High School.

Questions????