Helpful hints for applying for financial aid 2009 2010
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Helpful Hints for Applying for Financial Aid 2009-2010. Presented by Valencia Community College. Steps to Applying R (7). Get R eady R e-apply/Apply R eview R espond R eceive R emain Eligible R epeat Every Year. Get R eady. Start Practicing your Junior or Senior year

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Helpful hints for applying for financial aid 2009 2010 l.jpg

Helpful Hints for Applying for Financial Aid 2009-2010

Presented by

Valencia Community College


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Steps to Applying R(7)

  • Get Ready

  • Re-apply/Apply

  • Review

  • Respond

  • Receive

  • Remain Eligible

  • Repeat Every Year


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Get Ready

  • Start Practicing your Junior or Senior year

    • Look over scholarships and free scholarship web services and sites

      • www.fastweb.com

      • www.collegeanswer.com

      • www.hsf.net/Scholarship.aspx

    • Complete the Free Application for Federal Student Aid (FAFSA) 4Caster @ www.fafsa4caster.ed.gov


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Get Ready – Documents Needed

  • Social Security Number (make sure it’s correct)

  • Your Drivers License (if any)

  • Your Tax Returns

  • Your Parents Tax Returns

  • W-2 Forms

  • Untaxed Income Records

    • Social Security

    • Temporary Assistance for Needy families

    • Welfare

    • Veterans Benefits

  • Bank Statements

  • Business and Investment Statements

  • Alien Registration or Permanent Resident Card (non-US Citizen)


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Re-apply or Apply

  • Apply for a PIN (student and parent) @ www.pin.ed.gov

  • Complete the Free Application for Federal Student Aid (FAFSA) @ www.fafsa.ed.gov

  • On or After January 1st – Every Year

  • Check Schools & State Priority Dates and Application Requirements

Helpful Hint 1 – Complete the FAFSA by Valentines Day Every Year

Helpful Hint 2 – Apply for Scholarships beginning in February


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Re-apply or Apply - Eligibility

  • Who is eligible to receive Federal Student Aid?

    • Be a U.S. citizen or eligible non-citizen

    • Have a valid Social Security Number

    • Register with Selective Service if you are male and 18 to 25 years of age (go to www.sss.gov for more information).

    • Have a high school diploma or a General Education Development (GED) Certificate or pass an exam approved by the U.S. Department of Education.


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Re-apply or Apply - Eligibility

  • Who is eligible to receive Federal Student Aid?

    • Be enrolled or accepted in an eligible degree or certificate program

    • Not have a drug conviction for an offense that occurred while you were receiving federal student aid (such as grants, loans, or work-study)


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Dependency Questions for 2009-2010

If you answer yes to any of these questions you are considered independent

  • Born before 1/1/1986

  • Married

  • Graduate student

  • Active duty military

  • Veteran of the armed services

  • Children who you support


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Dependency Questions for 2009-2010

If you answer yes to any of these questions you are considered independent

  • Other dependents who you support

  • Foster care or orphan/ward of the court

  • Emancipated minor

  • In legal guardianship

  • Unaccompanied youth who was also homeless (58, 59 & 60)


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Parents Income/Household

Married

Separated/Divorced

Divorced (Widowed) and Remarried

Use both Parents

Use Parent Student lived with the most in last 12 Months

Use Parent and Step-parent Student lived with the most in last 12 months


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Never use as Parents unless they Legally Adopt You

  • Legal Guardians

  • Grandparents, Aunt, Cousins, Sibling, or other relative

  • Non-relative/friend of family

  • Foster parents


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Common Mistakes on the FAFSA*Important –read instructions on the FAFSA

  • Nicknames

  • Divorced/remarried parents

  • Income earned by mother and father

  • Other untaxed income – must be reported

  • Household size

  • Number in family attending college

  • U.S. income taxes paid

  • Real estate and investment net worth


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Analysis of Need – Federal Method

  • Cost of Attendance (COA) (college)

  • - Expected Family Contribution (EFC) (FAFSA)

  • =Need (Per Regulation)

  • COA

  • EFC

  • = Need


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Dependency Override

  • Request a Dependency Override at the Institution

  • Not Considered a Reason

    • Parent’s income is too high

    • Parents refuse financial information for the FAFSA

    • Parents refuse to support student financially

    • Student supports self financially

    • Parent in another country

  • Considered a Reason

    • No contact with the parents and;

    • Unusual circumstances – abandonment or abuse

Note: New Special Circumstances on FAFSA


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Special Circumstances-Professional Judgment - Check with the Institution the student is attending

  • Loss of Income/Assets used in the formula

  • Divorce or Loss of Parent

  • Unusual Medical Expenses – only debt considered in needs analysis PJ

  • Daycare/Private School Cost

  • Extenuating Financial Circumstances – does not include any debt for needs analysis PJ

  • All circumstances must be documented


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Cost of Attendance

  • Components

    • Fixed or Estimated Cost (Check with your Institution on the Specific Budget)

      • Tuition and Fees

      • Books and supplies

      • Loan Fees

      • Room and Board

      • Personal Expenses

      • Transportation

      • Study Abroad Cost

      • Dependent Care Expenses

      • Disability Related Expenses


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Cost of Attendance Example

  • Room and Board $ 4,669

  • Transportation $ 2,546

  • Personal $ 424

  • Tuition and Fees $ 2,228

  • Books & Supplies $ 1,061

  • Total $10,928


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Student Need Examples

  • COA 12000 12000

  • EFC (-) 2000 15585

  • Need 10000 -3585

Student A

Student B


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Need Varies Based on Cost

(Variable)

(Constant)

(Variable)

Cost of Attendance

Expected Family Contribution

NEED

15000

11500

12500

9000

10000

6500

3500

3500


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Re-apply or Apply - Scholarships

  • Apply Every Year (best months between February – April)

  • Scholarships Criteria

    • Varies – Ethnicity, Gender, Merit, Talent, Adversity, Community Service, Career Goals, etc.

    • May not have to meet federal eligibility criteria

    • Don’t have to be straight A student


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Re-apply or Apply - Scholarships

  • Scholarship Free Searches (many are FREE! – Don’t get scammed)

    • www.fastweb.com

    • www.collegeanswer.com

    • www.hsf.net/Scholarships.aspx


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Re-apply or Apply - Scholarships

  • Other places to look for Scholarships?

    • Foundations

    • Community Organizations/Churches

    • National Organizations

    • Local/National Labor Unions

    • Colleges and Universities

    • Large Companies

    • Many Others


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Review after you Apply

  • You will receive a Student Aid Report (SAR)

  • Review the SAR for accuracy

  • Make any necessary corrections on the Web @ www.fafsa.ed.gov (for faster results)


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Respond to your School

  • Your school may ask for additional documentation

    • Verification Worksheet

    • Copy of Taxes

  • Respond as soon as possible – this could get you more money!

  • You may just get awarded – Follow instructions carefully


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Receive your Financial Aid

  • Review your Award Notification

  • Follow all instructions carefully – ask the school for help if you need it

  • Enroll in school

  • Attend all classes

  • You will then receive your financial aid to pay for classes and books – check your schools disbursement policies


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Remain eligible for Financial Aid

  • You must maintain Satisfactory Academic Progress (SAP)

  • Regardless of Receiving Aid or Not!

  • At Valencia:

    • Complete Successfully 67% of all attempted credit hours

    • Maintain a 2.0 GPA (C Average)

    • Not attempted 150% of the length of your program of study

  • Check your Schools SAP Policy


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Repeat Every year

  • Remember the HINT!

Apply for Federal Aid and Scholarships Every Year around

February 14th


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Common Need-based Award

  • Pell Grants $4731 maximum for 2008-2009

  • ACG & Smart Grants (variable based on Year in School)

  • Bright Futures (Florida Residents)

  • FSAG (Florida Residents)

  • SEOG

  • Scholarships

  • Subsidized Stafford/Perkins Loans

  • Institutional Need and Merit-Based Aid


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Pell Grants

  • Pell grant awards are based on semester & enrollment

  • School defines fulltime – awards are prorated

    • 12+credit hours is equal to fulltime

    • 9+ but <12 is ¾ time

    • 6+ but < 9 is ½ time

    • <6 is equal to less than ½ time

  • Pell = 2 fulltime semesters or a combination. Example FA 9 hrs, SP 9 hrs, SUM 6 hours (24 hrs)

  • Pell $ amount is same regardless of Institution and costs in most cases


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Florida Bright Futures

  • Florida Academic Scholar

    • 100% Tuition and Fees – Public Institution/CC

    • Private School = 100% Average Public School Cost

    • College Related Expenses $375 per year (prorated)

  • Florida Medallion Scholar

    • 100% Tuition and Fees – Community College

    • 75% Tuition and Fees – Public Institution

    • Private School = 75% Average Public School Cost

  • Florida Gold Seal Vocational Scholar

    • 75% Tuition and Fees – Public Institution/CC

    • Private School = 75% Average Public School Cost

www.FloridaStudentFinancialAid.org


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Common Cost Based Awards

  • Unsubsidized Stafford Loans

  • Parent Loans for Undergraduate Students (PLUS) – up to cost of attendance – credit based

  • Private Education Loans – Alternative Loans*

  • TEACH Grant – see institution for participation

    • http://studentaid.ed.gov/PORTALSWebApp/students/english/TEACH.jsp

*Basic Rule – If attendance at a postsecondary institution is required for the loan, it must be counted as a resource for financial aid purposes.


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Stafford Student Loan Limits –Dependent StudentsSubsidized and Unsubsidized – FFELP or Direct

Annual MaxSub Max

Freshman $5500 $3500

Sophomore $6500 $4500

Junior $7500 $5500

Senior $7500 $5500

Note: Plus Denial/Additional Eligibility


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Loan Interest Rates

  • Please note that the College Cost Reduction and Access Act (CCRAA) of 2007 cut the fixed interest rates on newly originated subsidized Stafford loans for undergraduate students to:

    • 6.0% (2008-09)

    • 5.6% (2009-10)

    • 4.5% (2010-11)

    • 3.4% (2011-12)

    • Returns to 6.8% in 2012-13


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Ways to Pay @ Valencia

  • Financial Aid

  • Florida Pre-pay and 529 Plans

  • Cash, check, money order, credit card

  • Tuition Payment Plan

  • You must pay by the due date or the student will be dropped for non-payment

  • Getting classes – it’s a tough year in Florida


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FERPA – It’s the Law

  • Family Educational Rights and Privacy Act

  • Educational records become the students when they turn 18 or attend a postsecondary education institution at any age

  • Students may give parent permission to receive educational record information by completing a release at the college – see institution for office locations (Answer Center)


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Useful Web Sites for Students and parents

  • www.fafsa.ed.gov(Free application)

  • www.fafsa.ed.gov/help.htm(Application help)

  • www.pin.ed.gov(PIN-e-Signature application)

  • http://www.valenciacc.edu/finaid(Resources)

  • www.studentaid.ed.gov(All about fed. Aid)

  • www.fafsa4caster.ed.gov(Juniors & Seniors)

  • www.nslds.ed.gov(Track your aid)



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Contact & Website

  • Valencia Community College – Answer Center

  • Phone Number: 407-299-5000

  • Website: www.valenciacc.edu/finaid

  • College Website: www.valenciacc.edu

  • High School Night Resource Website:

  • www.valenciacc.edu/finaid/HSN.cfm


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