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FINANCIAL AID AWARENESS 2000 PowerPoint PPT Presentation


FINANCIAL AID AWARENESS 2000. WHAT IS FINANCIAL AID?. Scholarships Grants Loans Employment Opportunities. TYPES OF NEED-BASED AID. Gift Aid Self-help Aid. GIFT AID. Grants Pell Grant Supplemental Educational Opportunity Grant (SEOG) Federal/State (LEAP) State Institutional Private.

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FINANCIAL AID AWARENESS 2000

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Financial aid awareness 2000 l.jpg

FINANCIAL AID AWARENESS 2000


What is financial aid l.jpg

WHAT IS FINANCIAL AID?

  • Scholarships

  • Grants

  • Loans

  • Employment Opportunities


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TYPES OF NEED-BASED AID

  • Gift Aid

  • Self-help Aid


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GIFT AID

  • Grants

    • Pell Grant

    • Supplemental Educational Opportunity Grant (SEOG)

    • Federal/State (LEAP)

    • State

    • Institutional

    • Private


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GIFT AID (cont)

  • Scholarships- Byrd- Douglas- NSSP- Presidential Access- NEISP

  • State

  • Institutional

  • Private


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FEDERAL PELL GRANT PROGRAM

  • Undergraduates pursuing first baccalaureate degree

  • Portable/Transferable

  • “Foundation” of financial aid package

  • Amount based on Cost of Attendance, enrollment status and EFC

  • Do not have to be a full-time student


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FEDERAL SEOG

  • Undergraduates pursuing first baccalaureate degree

  • Awarded first to students with exceptional financial need as determined by the institution

  • Priority to Federal Pell Grant recipients

  • Campus Based (NOT transferable)

  • Awards based on institutional policy and funding availability

  • Do not have to be a full-time student


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OHIO INSTRUCTIONAL GRANT (OIG)

  • State funded grant

  • Based on need

  • Must be an Ohio Resident

  • Pursuing an undergraduate degree

  • Must be a full-time student

  • FASFA data transmitted to State for consideration


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PART-TIME STUDENT INCENTIVE GRANT

  • State funded grant

  • Based on need determined by institution

  • Must be an Ohio Resident

  • Pursuing an undergraduate degree

  • Must be a part-time student


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OHIO PROFICIENCY SCHOLARSHIP

  • Must be an Ohio Resident

  • Must have passed all parts of the 12th grade proficiency test

  • $500 Scholarship

  • Ohio college of your choice


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INSTITUTIONAL GRANTS/SCHOLARSHIPS

  • Usually additional institutional application required

  • Contact each Financial Aid Office for applications

  • Check guidelines and deadlines

  • Early applications are critical


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PRIVATE GRANTS/SCHOLARSHIPS

  • Check with local clubs/organizations

  • Parent’s employers

  • Local newspaper

  • Local libraries

  • High school guidance counselors

  • Web (FASTWEB.COM etc)

  • Student’s responsibility


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SELF-HELP AID

  • FEDERAL PERKINS LOAN

  • STATE LOANS

  • INSTITUTIONAL/PRIVATE LOANS

  • FEDERAL STAFFORD LOAN

    • Federal Family Education Loan Program

    • Federal William D. Ford Direct Loan Program


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FEDERAL PERKINS LOAN

  • Priority to exceptional need

  • Undergraduate OR Graduate student

  • Determination of Federal Pell Grant eligibility

  • Campus Based (not transferable)

  • Interest rate: 5%

  • Nine month grace period


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FEDERAL STAFFORD LOAN

  • Federal Family Educational Loan - Bank as lender

  • William D. Ford Direct Loan - Institution/Department of Ed lender

    • Subsidized - Need based

    • no interest/no payments until 6 months after attendance in school

    • unsubsidized - Non-need based

    • no payments until 6 months after attendance in school

    • payments begin 30 days after disbursement


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FEDERAL STAFFORD LOAN (cont)

  • Dependent Student Loan limits

    • Freshman $2625

    • Sophomore $3500

    • Junior & Senior $5500

    • Graduate/professional $8500

  • Federal Plus Loan Program (Parent Loan for Undergraduate Students)

  • Interest and Repayment begin immediately after disbursement

  • Non-need based

  • Limited to cost of education


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    COST OF BORROWING FEDERAL STAFFORD LOAN

    • Stafford (subsidized and unsubsidized

      • Variable interest rate not to exceed 8.25%

      • Origination fee charged by lender = 3% taken off top of loan

    • PLUS

      • Variable interest rate not to exceed 9%

      • Origination fee charged by lender = 3%


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    FEDERAL WORK STUDY

    • On or off campus employment

    • Wages at least minimum wage

    • Usually 15 to 20 hrs per week (not to interfere with class schedule)

    • Taxable income


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    COMPLETION OF THE FAFSA

    • COMPLETE AND MAIL BY US MAIL

    • www.fafsa.ed.gov

    • COMPLETE WITH INSTITUTION, INSTITUTION TRANSMIT ELECTRONICALLY


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    ROLE OF THE FINANCIAL AID OFFICE

    • Determine final eligibility for need-based aid

    • Package aid

    • Send award notification which details:

      • Cost Of Attendance

      • Expected Family Contribution

      • Need

      • Types, amounts, and conditions of aid

      • Disbursement procedures


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    COST OF ATTENDANCE

    • Tuition

    • Room and Board

    • Books & Supplies

    • Transportation

    • Miscellaneous /personal expenses

    • Loan Origination fees

    • Study abroad costs


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    DEFINITION OF NEED

    • Cost of Attendance

    • - Expected Family Contribution

    • = Financial Need


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    SAMPLE NEEDS ANALYSIS

    • COST OF ATTENDANCE$ 5944

    • -FAMILY CONTRIBUTION 0

    • = ESTIMATED NEED$5944

    • - PELL GRANT$3000

    • -STATE GRANT$ 334

    • - OTHER GRANTS & SCHOLARSHIPS 0

    • = REMAINING NEED$ 2610

    • - SELF HELP (WORK OR LOANS)$2610

    • = REMAINING NEED ( PLUS LOAN OR UNMET NEED)


    Sample needs analysis29 l.jpg

    SAMPLE NEEDS ANALYSIS

    • COST OF ATTENDANCE$ 5944

    • -FAMILY CONTRIBUTION 3049

    • = ESTIMATED NEED$ 2895

    • - PELL GRANT$ 0

    • -STATE GRANT$ 0

    • - OTHER GRANTS & SCHOLARSHIPS$ 0

    • = REMAINING NEED$ 2895

    • - SELF HELP (WORK OR LOANS)$ 2625

    • = REMAINING NEED ( PLUS LOAN OR UNMET NEED)$ 270


    Sample needs analysis30 l.jpg

    SAMPLE NEEDS ANALYSIS

    • COST OF ATTENDANCE$ 10,000

    • -FAMILY CONTRIBUTION$13,590

    • = ESTIMATED NEED$ 0

    • - PELL GRANT$ 0

    • -STATE GRANT$ 0

    • - OTHER GRANTS & SCHOLARSHIPS$ 5,000

    • = REMAINING NEED$ 0

    • - SELF HELP (unsubsidized loan)$ 2,625

    • = REMAINING NEED ( PLUS LOAN OR UNMET NEED)$ 2,375


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    QUESTIONS ???


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    THANK YOU

    • JANEEN S. DEATLEY, Financial Aid Director

    • Southern State Community College

    • 1-800-628-7722 ext 2612


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