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financial aid

Agenda. Definition of financial aidFinancial need and how it is determinedFederal financial aid programsHow students apply for aid Description of other government resourcesLocal and national private scholarship programs. Before we begin

Mercy
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financial aid

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    1. Financial Aid Education Beyond High School

    2. This is what we will be discussing during our presentation, feel free to ask questions during the presentation We recognize that Financial aid can be an overwhelming process for students and parents. This is what we will be discussing during our presentation, feel free to ask questions during the presentation We recognize that Financial aid can be an overwhelming process for students and parents.

    3. Before we begin… Although it may seem that financial aid reps ask too much from you they truly work in education because they like kids. They are required by the government to verify 30% of the applications that come into their office so don’t feel that you have been singled out. They will work with you!Although it may seem that financial aid reps ask too much from you they truly work in education because they like kids. They are required by the government to verify 30% of the applications that come into their office so don’t feel that you have been singled out. They will work with you!

    4. Types of Financial Aid Gift aid: Grants and scholarships Self-help aid: Loans and employment There are the 2 types of financial aid: Gift Aid - consists of grants and scholarships. These funds do not need to be paid back. Scholarships can be either through HS, local or private organizations (there are websites in the pocket guide that is in your folder) Self-help aid - consists of loans and work study jobs. There are the 2 types of financial aid: Gift Aid - consists of grants and scholarships. These funds do not need to be paid back. Scholarships can be either through HS, local or private organizations (there are websites in the pocket guide that is in your folder) Self-help aid - consists of loans and work study jobs.

    5. Primary Sources of Financial Aid Federal State Institutional Private Financial aid can come from any of these sources. With private colleges, most of a student’s financial aid comes from the individual institution as Federal and State money is limited. Financial aid can come from any of these sources. With private colleges, most of a student’s financial aid comes from the individual institution as Federal and State money is limited.

    6. Goal of Financial Aid Primary goal is to assist students in paying for college and is achieved by: Evaluating family’s ability to pay for educational cost Distributing limited resources in an equitable manner Providing a balance of gift aid and self-help aid As students are completing the financial aid forms and receiving information back from the processing centers and financial aid offices, keep in mind the philosophy of financial aid. To the extent they are able, parents have primary responsibility to pay for their dependent children’s education Students also have a responsibility to contribute to their educational costs Families should be evaluated in their present financial condition A family’s ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect its ability to payAs students are completing the financial aid forms and receiving information back from the processing centers and financial aid offices, keep in mind the philosophy of financial aid. To the extent they are able, parents have primary responsibility to pay for their dependent children’s education Students also have a responsibility to contribute to their educational costs Families should be evaluated in their present financial condition A family’s ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect its ability to pay

    7. Application Process The forms Free Application for Federal Student Aid (FAFSA) CSS Profile Institutional Form Here are the 3 financial aid forms. They are all very important but all different All 3 are looking to measure the family’s ability to pay for college FAFSA- required at all colleges and university CSS Profile - Many private schools (St. A’s and Dartmouth being the only 2 in NH) It is put out by College Board, the same people who provide the SATs Institutional forms - additional form the college you are applying to may require Here are the 3 financial aid forms. They are all very important but all different All 3 are looking to measure the family’s ability to pay for college FAFSA- required at all colleges and university CSS Profile - Many private schools (St. A’s and Dartmouth being the only 2 in NH) It is put out by College Board, the same people who provide the SATs Institutional forms - additional form the college you are applying to may require

    8. Application Process Submit the Free Application for Federal Student Aid (FAFSA), CSS Profile and other required paperwork prior to your school’s deadline. To ensure maximum consideration for federal, state, and institutional aid, check information from each school to determine: Required application materials Application deadlines Students and parents should be very careful about deadlines. If they have any questions, they should contact the financial aid office. Students and parents should be very careful about deadlines. If they have any questions, they should contact the financial aid office.

    9. Please note! Avoid being charged a fee to file the FAFSA Completing and processing the FAFSA is FREE. If filing FAFSA on the Web, go directly to: www.fafsa.ed.gov. Contact the Center for College Planning at NHHEAF 800-525-2577 x119 for hands-on assistance in completing the FAFSA. You never have to pay someone to assist you. Do not go to FAFSA.com as they will charge you $80. Remember that the FAFSA is a Federal form so the website ends in “gov”.Do not go to FAFSA.com as they will charge you $80. Remember that the FAFSA is a Federal form so the website ends in “gov”.

    10. FAFSA The Goal: Collects family’s personal and financial information used to calculate the student’s Expected Family Contribution. EFC is the amount, as determined by federal methodology, that represents the family’s ability to pay for one year of college.

    11. Paper FAFSA A bulk number of FAFSA forms will no longer be sent to schools. If a student needs a paper FAFSA they can download it from www.studentaid.ed.gov or call 800-4-Fed-Aid Three Ways to file FAFSA: 1. Apply online at www.FAFSA.ed.gov (Recommended) or 2. Complete a PDF FAFSA (Note: PDF FAFSAs must be mailed for processing) or 3. Request a paper FAFSA by calling the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) or 1-319-337-5665. If you are hearing impaired, please contact the TTY line at 1-800-730-8913. 2009-2010 FAFSA is green & purple Most important - the FAFSA deadlines on the right side of the form are the STATE deadlines . Most schools have much earlier deadlines that you have to abide by in order to be eligible for financial aid (usually around Feb 15th). A bulk number of FAFSA forms will no longer be sent to schools. If a student needs a paper FAFSA they can download it from www.studentaid.ed.gov or call 800-4-Fed-Aid Three Ways to file FAFSA: 1. Apply online at www.FAFSA.ed.gov (Recommended) or 2. Complete a PDF FAFSA (Note: PDF FAFSAs must be mailed for processing) or 3. Request a paper FAFSA by calling the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) or 1-319-337-5665. If you are hearing impaired, please contact the TTY line at 1-800-730-8913. 2009-2010 FAFSA is green & purple Most important - the FAFSA deadlines on the right side of the form are the STATE deadlines . Most schools have much earlier deadlines that you have to abide by in order to be eligible for financial aid (usually around Feb 15th).

    12. FAFSA on the Web www.fafsa.ed.gov Doing it online is much faster and more accurate. Paper FAFSA’s can take up to 4 weeks to process while if you complete it online, your FAFSA will be processed within several days and you receive your EFC immediately The 2009-2010 FAFSA will not become available until January 1st. The system does all of the additions for you and does not allow you to proceed to the next page until everything is complete Doing it online is much faster and more accurate. Paper FAFSA’s can take up to 4 weeks to process while if you complete it online, your FAFSA will be processed within several days and you receive your EFC immediately The 2009-2010 FAFSA will not become available until January 1st. The system does all of the additions for you and does not allow you to proceed to the next page until everything is complete

    13. Register for a PIN If student is completing the FAFSA online, Parents & Students will each need a PIN number. A PIN Number serves as their electronic signature. Important notes: The student and one of the parents will need a PIN You can register for your PIN at anytime at www.pin.ed.gov As mentioned, the pin is your electronic signature and the FAFSA can’t be submitted without it. The PIN is yours for life! You will be able to use it to apply for financial aid in the future as well as to access any DOE loan records. The FAFSA form is only saved in the system for 45 days !! If student is completing the FAFSA online, Parents & Students will each need a PIN number. A PIN Number serves as their electronic signature. Important notes: The student and one of the parents will need a PIN You can register for your PIN at anytime at www.pin.ed.gov As mentioned, the pin is your electronic signature and the FAFSA can’t be submitted without it. The PIN is yours for life! You will be able to use it to apply for financial aid in the future as well as to access any DOE loan records. The FAFSA form is only saved in the system for 45 days !!

    14. FAFSA REVIEW Put together activity on this one. Have FAFSA & Profile Handy. Put together activity on this one. Have FAFSA & Profile Handy.

    15. Frequently Asked Questions

    16. FAFSA Processing Results CPS notifies the student of the FAFSA’s processing result by: Paper Student Aid Report (SAR) if paper FAFSA filed and student’s e-mail address was not provided SAR Acknowledgement if filed via FAFSA on the Web and student’s e-mail address was not provided Paper SAR - provides your EFC, Lets you know if you have been selected for verification and need to provide paperwork directly to the financial aid offices. Located in the right hand upper corner Online SAR - immediately after submitted you will receive it as part of your confirmation and again in the SAR Notes about your EFC: EFC=1 year EFC: doesn’t mean you need to write a check for this amount immediately (It is comprised of Past - savings, Present - payment options with the college, Future Earnings - Loans) Paper SAR - provides your EFC, Lets you know if you have been selected for verification and need to provide paperwork directly to the financial aid offices. Located in the right hand upper corner Online SAR - immediately after submitted you will receive it as part of your confirmation and again in the SAR Notes about your EFC: EFC=1 year EFC: doesn’t mean you need to write a check for this amount immediately (It is comprised of Past - savings, Present - payment options with the college, Future Earnings - Loans)

    17. Corrections to FAFSA Corrections may be made by: The paper SAR Using “Corrections on the Web” if the student has a PIN Contacting the college or university *SAR Acknowledgement cannot be used to make corrections This is another reason that we encourage you to file on-line since the process is so much quicker. Also, you will most likely need to fill this form out every year so you will simply update each time. This is another reason that we encourage you to file on-line since the process is so much quicker. Also, you will most likely need to fill this form out every year so you will simply update each time.

    18. FAFSA4caster.ed.gov

    19. CSS Profile This is a form required by many higher-tiered, private colleges. For example, the only colleges in NH that require it are Dartmouth & St. Anselm. Last year’s fees were: $25 online registration fee, this will send information to one college free, every additional college has a $16 fee Non-Custodial parent form $25 Smart Application: The form is customized once you have registered. How do I pay for my application? credit card, debit card, or online check You can e-mail at help@cssprofile.org, or you can call at 305 829-9793. -Business/Farm Supplement, -Noncustodial PROFILE • Register at least two weeks before the earliest priority filing date specified by your colleges and programs. Go to the PROFILE Online home page and click on “Participating Institutions” to check the priority filing date for each of your colleges and programs. Complete your PROFILE Application. • After registering, print the Supplemental Information Worksheet to learn what additional information will be required by the colleges and programs you selected during the registration step. The Pre-Application Worksheet that you printed before registering contains only the standard questions asked of all applicants. Can’t make changes to Profile. This is a form required by many higher-tiered, private colleges. For example, the only colleges in NH that require it are Dartmouth & St. Anselm. Last year’s fees were: $25 online registration fee, this will send information to one college free, every additional college has a $16 fee Non-Custodial parent form $25 Smart Application: The form is customized once you have registered. How do I pay for my application? credit card, debit card, or online check You can e-mail at help@cssprofile.org, or you can call at 305 829-9793. -Business/Farm Supplement, -Noncustodial PROFILE • Register at least two weeks before the earliest priority filing date specified by your colleges and programs. Go to the PROFILE Online home page and click on “Participating Institutions” to check the priority filing date for each of your colleges and programs. Complete your PROFILE Application. • After registering, print the Supplemental Information Worksheet to learn what additional information will be required by the colleges and programs you selected during the registration step. The Pre-Application Worksheet that you printed before registering contains only the standard questions asked of all applicants. Can’t make changes to Profile.

    20. Institutional Application Required by some colleges to better assess students’ and parents’ ability to pay for college. If required by the college, it must be filed to determine your eligibility for institutional aid. 1-2 pages. Free to fill out Usually it is a very quick form where they will provide space for you to write about any special circumstances that you feel the FAFSA didn’t cover.1-2 pages. Free to fill out Usually it is a very quick form where they will provide space for you to write about any special circumstances that you feel the FAFSA didn’t cover.

    21. Role of the Financial Aid Office Verifies information provided by students and parents Determines eligibility for financial aid Packages aid Review your financial aid applications and may ask to verify the information you provided (ex, supply tax return forms) Determine your eligibly for financial aid Provide you with a detailed breakdown of your aid in an Award Letter (usually in March or April) which will consist of grants, scholarships, loans and work study Review your financial aid applications and may ask to verify the information you provided (ex, supply tax return forms) Determine your eligibly for financial aid Provide you with a detailed breakdown of your aid in an Award Letter (usually in March or April) which will consist of grants, scholarships, loans and work study

    22. Cost of Attendance Tuition and fees Room and board Books and supplies, equipment, transportation, and miscellaneous personal expenses Loan fees Study abroad costs Dependent care expenses Expenses related to a disability Expenses for cooperative education program This can be the hardest number to find in all of that college marketing material, but it is also the most important. If you don’t see it, ask! Cost of Attendance is the budget for the year. It includes: (read from slide) Whereas the tuition and fees (sticker price) include only the cost to take classes When comparing schools make sure you do not compare the sticker price but the actual cost of attendance as it is a more accurate representation of what the college will cost for the year. This can be the hardest number to find in all of that college marketing material, but it is also the most important. If you don’t see it, ask! Cost of Attendance is the budget for the year. It includes: (read from slide) Whereas the tuition and fees (sticker price) include only the cost to take classes When comparing schools make sure you do not compare the sticker price but the actual cost of attendance as it is a more accurate representation of what the college will cost for the year.

    23. Definition of Need Cost of Attendance (COA) – Expected Family Contribution (EFC) ______________________________________________________________________________________________________________ = Financial Need * Need refers to a student’s maximum eligibility for financial aid This does not mean that you will get the full 15,000 for aid but some schools do come very close Financial aid makes college much more affordableThis does not mean that you will get the full 15,000 for aid but some schools do come very close Financial aid makes college much more affordable

    24. Financial Aid 101 Filling the “Cost of College” Bucket A visual description of how financial aid is determined: The EFC is the bottom of your bucket Next to fill the bucket will be the gift aid - institutional grants(school), the state grant and the Pell Grant (government) The next tier to fill the bucket is self-help which consists of loans (state, gov or private borrower such as NHHEAF) and self-help If the bucket is not filled, there is a gap. Gap=unmet need Note: Gap+EFC=the bottom line, this is what you are expected to come up with To help meet the gap, you can always look into private loans. A visual description of how financial aid is determined: The EFC is the bottom of your bucket Next to fill the bucket will be the gift aid - institutional grants(school), the state grant and the Pell Grant (government) The next tier to fill the bucket is self-help which consists of loans (state, gov or private borrower such as NHHEAF) and self-help If the bucket is not filled, there is a gap. Gap=unmet need Note: Gap+EFC=the bottom line, this is what you are expected to come up with To help meet the gap, you can always look into private loans.

    25. Yet another way to better understand a financial aid award letter. There are also examples on the back of the Financial Aid Folder.Yet another way to better understand a financial aid award letter. There are also examples on the back of the Financial Aid Folder.

    26. Types of Aid Institutional Aid Scholarships and grants from the college or university Federal Grant Programs Federal Pell Grant Federal Supplemental Educational Opportunity Grant (FSEOG) Federal Academic Competitiveness Grant (ACG) Science and Mathematics Access to Retain Talent (SMART) Grant Federal Work-Study Campus-based program that provides employment for undergraduate and graduate students Federal Perkins Loan 5% interest rate, nine-month grace period, 10-year repayment Stafford/Direct Loans School determines eligibility and delivers loan proceeds to the student. fixed interest rate, 10-20 year repayment period, deferment provisions available Pell - Awarded to eligible undergraduates pursuing first bachelor’s or professional degree and certain students enrolled in post-baccalaureate teacher certification or licensing programs. Actual award amount based on Cost of Attendance, Expected Family Contribution (EFC), and enrollment status. $4050 maximum award SEOG - Awarded to undergraduate students pursuing first baccalaureate or professional degree. Awarded to students with exceptional financial need – priority to Pell Grant recipients. Annual award amounts range from $100 – $4,000 SMART - SMART guidelines require students to be – Pell Grant eligibility, U.S. Citizen, Enrolled full-time at 4-year institutions, 3rd and 4th Years of college – Must be pursuing an eligible major (Physical, Life or Computer Science, Technology, Math, Engineering, Critical Foreign Language or Multidisciplinary Studies), Must have minimum 3.0 cumulative GPA - Award amount up to $4,000. Work Study- Undergraduate or graduate students are eligible. Employment may be on or off campus. Eligible employers: School, Federal Gov, state, or local public agency, private non-profit organization, and for-profit organizations. Schools must use portion of FWS funds for community service activities Perkins Loan - Eligible students, Undergraduate or graduate students, Priority to students who show exceptional need. Loan amount varies. Maximum annual loan: $4,000 undergraduate students, $6,000 graduate and professional degree students. Interest rate: 5%, Nine-month grace period, Repayment period may be up to 10 years, Deferment and cancellation provisions available. Stafford Loans – School determines eligibility. Interest rate: 6.8% fixed. 10-20 year repayment period. Deferment provisions available. Base Annual Loan Limits: $3,500 for 1st year undergraduates $4,500 for 2nd year undergraduates $5,500 for each remaining undergraduate year Pell - Awarded to eligible undergraduates pursuing first bachelor’s or professional degree and certain students enrolled in post-baccalaureate teacher certification or licensing programs. Actual award amount based on Cost of Attendance, Expected Family Contribution (EFC), and enrollment status. $4050 maximum award SEOG - Awarded to undergraduate students pursuing first baccalaureate or professional degree. Awarded to students with exceptional financial need – priority to Pell Grant recipients. Annual award amounts range from $100 – $4,000 SMART - SMART guidelines require students to be – Pell Grant eligibility, U.S. Citizen, Enrolled full-time at 4-year institutions, 3rd and 4th Years of college – Must be pursuing an eligible major (Physical, Life or Computer Science, Technology, Math, Engineering, Critical Foreign Language or Multidisciplinary Studies), Must have minimum 3.0 cumulative GPA - Award amount up to $4,000. Work Study- Undergraduate or graduate students are eligible. Employment may be on or off campus. Eligible employers: School, Federal Gov, state, or local public agency, private non-profit organization, and for-profit organizations. Schools must use portion of FWS funds for community service activities Perkins Loan - Eligible students, Undergraduate or graduate students, Priority to students who show exceptional need. Loan amount varies. Maximum annual loan: $4,000 undergraduate students, $6,000 graduate and professional degree students. Interest rate: 5%, Nine-month grace period, Repayment period may be up to 10 years, Deferment and cancellation provisions available. Stafford Loans – School determines eligibility. Interest rate: 6.8% fixed. 10-20 year repayment period. Deferment provisions available. Base Annual Loan Limits: $3,500 for 1st year undergraduates $4,500 for 2nd year undergraduates $5,500 for each remaining undergraduate year

    27. Managing the Cost Payment Plan Options PLUS Loan Private Student Loan Home Equity Loan Borrowing from Retirement Accounts

    28. Financial Aid Calendar Note: emphasize that many schools are moving to electronic notification of both admissions decisions and financial aid awards. While most schools will send a notification that invites students to go to a secure portion of the campus website to view sensitive information, at some schools it is the ONLY way students are notified of the aid award. Families need to pay careful attention to communications from the schools of most interest to them. March-April - breakdown of your aidNote: emphasize that many schools are moving to electronic notification of both admissions decisions and financial aid awards. While most schools will send a notification that invites students to go to a secure portion of the campus website to view sensitive information, at some schools it is the ONLY way students are notified of the aid award. Families need to pay careful attention to communications from the schools of most interest to them. March-April - breakdown of your aid

    29. Financial Aid Calendar Note: emphasize that many schools are moving to electronic notification of both admissions decisions and financial aid awards. While most schools will send a notification that invites students to go to a secure portion of the campus website to view sensitive information, at some schools it is the ONLY way students are notified of the aid award. Families need to pay careful attention to communications from the schools of most interest to them. March-April - breakdown of your aidNote: emphasize that many schools are moving to electronic notification of both admissions decisions and financial aid awards. While most schools will send a notification that invites students to go to a secure portion of the campus website to view sensitive information, at some schools it is the ONLY way students are notified of the aid award. Families need to pay careful attention to communications from the schools of most interest to them. March-April - breakdown of your aid

    30. Private Scholarship Search College Board Search www.collegeboard.com/paying FastWeb Scholarship Search www.fastweb.com Local Scholarship Search www.nh93.com School Soup Scholarships www.schoolsoup.com College Board, School Soup, and Fastweb are National but still worthwhile because their databases are so large. NH 93 is local, so students have a higher percentage of receiving awards. You can get a list of available scholarships at these websites, in our pocket guide, or in the guidance office Scams!! Do not pay to receive any information about scholarships. Give EX. Someone came to the office and said that they paid 150$ to get a list of available scholarships, the list was printed directly from www.fastweb.com Other Sources of Aid: 1.School need based and non-need based programs (academic, athletic, etc) 2.Private business scholarships 3.High school guidance counselor College Board, School Soup, and Fastweb are National but still worthwhile because their databases are so large. NH 93 is local, so students have a higher percentage of receiving awards. You can get a list of available scholarships at these websites, in our pocket guide, or in the guidance office Scams!! Do not pay to receive any information about scholarships. Give EX. Someone came to the office and said that they paid 150$ to get a list of available scholarships, the list was printed directly from www.fastweb.com Other Sources of Aid: 1.School need based and non-need based programs (academic, athletic, etc) 2.Private business scholarships 3.High school guidance counselor

    31. Local Contacts New Hampshire Charitable Foundation: Scholarships for New Hampshire residents 1-800-464-6641 www.nhcf.org NH Postsecondary Education Commission: State Grant Program 1-603-271-2555 www.nh.state.us/postsecondary New England Board of Higher Education: Tuition savings through the APPLE Program 1-617-357-9620 www.nebhe.org The New Hampshire Higher Education (NHHEAF) Network Federal Stafford Loan Program and Center for College Planning 1-800-525-2577 x119 www.nhheaf.org NHCF is a great resource. 20% of all applicants receive scholarships. $20 fee, only time to pay money to get money! NH Incentive Program – $1000 to full-time students going to a college in NH and $500 to colleges within New England. NEBHE, Apple Program: Now called Tuition Break. If the major you want is not offered at any of the NH State schools, you may be able to go to one of the other NE state schools at a reduced cost. NHCF is a great resource. 20% of all applicants receive scholarships. $20 fee, only time to pay money to get money! NH Incentive Program – $1000 to full-time students going to a college in NH and $500 to colleges within New England. NEBHE, Apple Program: Now called Tuition Break. If the major you want is not offered at any of the NH State schools, you may be able to go to one of the other NE state schools at a reduced cost.

    32. Where Do I Go From Here? Obtain & review admission and financial aid materials from each school to which you are applying Meet all application deadlines Investigate other sources of aid I’ve given a lot of information tonight and you should know that you can’t know it all. From this point, begin to gather information to better help you file the FAFSA and any other forms that your colleges require. After that, sit back and wait to hear what they are willing to offer!I’ve given a lot of information tonight and you should know that you can’t know it all. From this point, begin to gather information to better help you file the FAFSA and any other forms that your colleges require. After that, sit back and wait to hear what they are willing to offer!

    33. Thank you!Thank you!

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