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Direction of Intention

Financial Aid & Scholarships Presenter: Ms. Maria Barbato Director of School Counseling Bishop Verot Catholic High School. Direction of Intention.

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Direction of Intention

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  1. Financial Aid & ScholarshipsPresenter: Ms. Maria BarbatoDirector of School CounselingBishop Verot Catholic High School

  2. Direction of Intention Lord Jesus, give me the grace to perform this action with you and through love for you. I offer to you all the good that I may do, and accept all the difficulty I may meet therein. Amen.St. Francis de Sales, Pray for UsSt. Francis of Assisi, Pray for UsLive Jesus in our hearts, Forever

  3. Agenda • What is financial aid? • How and When do I apply? • Who can help me? • How to obtain scholarships

  4. Determining how you will pay for a student’s college education is one of the most important decisions that families make. • Start early. Research options to make an informed decision. • If you miss a deadline, don’t give up. • Work with your student through each step of the financial aid process. They'll likely feel relief that you're helping them learn what options are available to pay for college. • Don’t assume that your student has the knowledge to take care of everything.

  5. Sources of Aid: • State student aid • Federal student aid • Institutional from colleges • Scholarships from other sources

  6. Types of Aid • Grants • Loans • Work-study • Scholarships • Need & non-need based

  7. Why Apply for Financial Aid? • Required for need-based Financial Aid by the Federal Government • Required for determination of eligibility for many State scholarships and grants • Access to federal student loans and work-study • Streamlines appeal process if family financial circumstances change later • Federal Form must be on file at many institutions in order for students to receive merit/athletic awards

  8. Who can get federal student aid? Basic eligibility… • U.S. citizen or permanent resident(or “eligible non-citizen;” F-1, F-2, I-20’s do not count for this) • Valid Social Security number • The Department of Education requires that all (male) students seeking Federal financial aid be registered for Selective Service (ages 18-25)

  9. Who can get other kinds of financial aid? Anyone! Depends upon eligibility criteria • States, colleges, and private scholarships have their own criteria • Be sure you know what you need to do to qualify & apply

  10. How do I apply for aid? • State aid: Florida Financial Aid Application (FFAA) www.floridastudentfinancialaid.org • Federal aid: Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov • School aid: Financial Aid link on website; possible forms: • CSS Profile: www.collegeboard.org • Institutional Form(s) • Scholarships: visit scholarship page on each institution’s website; check Weekly Scholarship update (posted by BV) or search on FREE websites (www.fastweb.com)

  11. Applying for State Aid Florida Financial Aid Application (FFAA) https://www.floridastudentfinancialaidsg.org/ Opens Oct 1 of Senior Year

  12. Florida Financial Aid Application (FFAA) Medallion Award: 3.0 & 1170 or 26 & 75 service hoursAward: 75% of tuitionAcademic Award: 3.5 & 1290 or 29 & 100 service hoursAward: 100% of tuition + $300 stipend Core GPA: • 4 - English/Language Arts • (three must include substantial writing) • 4 - Mathematics • (at or above the Algebra I level) • 3 - Natural Science • (two must have substantial laboratory) • 3 - Social Science • 2 - World Language (sequential, in same language)

  13. FFAA for Bright Futures continued… • Demographic information you enter MUST match what is on your high school transcript!!! • You should complete the FFAA even if you plan on attending college out-of-state; can be re-instated if return w/in 2 years • NEW: MUST send qualifying test score(s) to a public university in Florida from the test centers (College Board and/or ACT) for state to obtain them from Repository • COMPLETE FFAA BY CHRISTMAS BREAK TO GET “LOCKED IN” TO AN AWARD! • Toll Free Helpline: 888-827-2004

  14. Applying for Federal Student Aid Do NOT use www.fafsa.com !!! Scam website!

  15. StudentAid.gov; FAFSA4caster; FSA ID(FAFSA Home page at bottom)

  16. Your username does not expire, but your FSA ID password will • expire every 18 months unless you change it. • Parent can use same FSA ID for every child • Parent that already has a PIN (previously used prior to 2015) can link it to a new FSA ID • Students must have their own FSA ID • Allows you to sign & submit your FAFSA electronically & make changes if needed FSA ID

  17. When to file the FAFSA 2019-2020 FAFSA: ForFall 2019–Summer 2020 Opens Oct 1st 2018 • Uses prior-prior taxes (filed in 2017) • Use IRS Data Retrieval Tool if option • If you are applying for a summer session, check with your college to verify which application you should complete. FAFSA Must be re-filed every year in order to be considered for financial aid!

  18. What does the FAFSA do? Determines Fin Aid Eligibility for 1 year(Grants; Loans; Work Study) • Tabulates EFC (Expected Family Contribution) • “0” EFC = maximum Pell Grant • Max Pell award 2018: $6,095 NOTE: While there isn’t a hard-and-fast income cutoff for all Pell Grants, there is a soft cutoff for a two-person household at $60,000. At that income level, you’ll generally need to have at least three people in the home to receive a small Pell Grant of under $1,000. With $70,000 in annual income, you would need five people in the household to qualify.

  19. Before beginning the FAFSA Gather documents needed to apply For example: • Taxes/w-2’s • investment information • bank account information • Social security numbers (parent & student) • driver’s license numbers Determine dependency statusStudents are dependent until they are 24 years old unless there is an unusual circumstance (children/marriage/military/homeless)

  20. Who is considered a Parent? A legal parent includes a biological or adoptive parent, or a person that the state has determined to be your parent (for example, when a state allows another person’s name to be listed as a parent on a birth certificate). Grandparents, foster parents, legal guardians, older brothers or sisters, widowed stepparents, and aunts and uncles are not considered parents unless they have legally adopted you If your parents live together, even if they are separated, were never married, or are divorced, you file the FAFSA for both of them. If your parents are divorced, separated, or were never married and DON'T live together, you fill out the FAFSA based on your custodial parent.

  21. What the FAFSA looks at Parent and Student Assets • Assets • Cash/Savings/Checking account balances • Equity in rental property • Business & Farm assets • CDs, brokerage accounts, money market, investment real estate, stocks, bonds, mutual funds, ETFs, commodities and 529 college savings and prepaid plans, Trust Funds • Not an Asset • Family Home • Retirement assets such as 401k, 403b, IRAs, SEP, SIMPLE, Keogh, profit sharing, pensions and Roth IRAs • Court Restricted Medical Trusts

  22. What Else Does the FAFSA Look At? • Household Size • How many people will your parent/parents support? • College Members • How many will be attending college? • Do NOT include parent

  23. Helpful Tips • Don’t wait until you have been admitted; & list all colleges applied to on FAFSA • You must meet the college deadline(s) to file • Qualifying for aid does not guarantee aid; Fin Aid is first-come, first serve

  24. Student Aid Report (SAR) • Provides basic information about federal student aid eligibility • Received (after you submit the FAFSA) via email within 3-5 days if you provided an email address • Received via mail within 7-10 days if you did not provide an email address • Correct errors, if needed • Will contain an expected family contribution (EFC) • Assists institutions in the financial aid award packaging processCOA-EFC=Financial need

  25. College Costs • COA=Cost of Attendance varies from: • Institution to institution • In State vs. out of state • On campus vs. off campus • COA= Direct Costs + Indirect Costs • Net Price Calculator • Find on each institution’s website

  26. The college side • The Fin. Aid Office of each college you listed: • Uses your EFC to put together your Aid Package • Provides you with Award information (status check; email; mail) • You can accept or decline any part of the offer, but you musty respond by their deadline date!

  27. Special Circumstances • IF you cannot report a circumstance on the FAFSA: • Send written explanation to financial aid office at each college • EXAMPLES: • Change in employment • Medical expenses not covered by insurance • Change in parent marital status • Unusual dependent care expenses • Student cannot obtain parent information

  28. How is Aid Awarded Or Packaged? • Award Need-based aid first (grants) • Florida Prepaid & your Bright Futures & other scholarships will cover any remaining fees (tuition or otherwise), and any remaining balance will be sent to you as a refund. • Total of aid offered can’t exceed student’s COA

  29. Sample Financial Aid Package 1 C.O.A. …………………$20,000 E.F.C.. …………………$-5,000 Need……………………$15,000 Grants/Schol……………$ 6,500 Work Study..……………$ 2,500 Loans……...…………...$ 5,500 $14,500 Un-met need: $500 + EFC: $5000 Family must come up with $5,500

  30. Sample Financial Aid Package 2 C.O.A. …………………$50,000 E.F.C.. …………………$-5,000 Need……………………$45,000 Grants/Schol……………$ 27,000 Work Study..……………$ 2,500 Loans……...…………...$ 15,500 $45,000 Un-met need: $0 + EFC: $5000 Family must come up with $5,000 BUT Loans are greater! AND multiply the loan by 4 years! 30

  31. National Notification Deadlinefor students May 1st, 2019 Have until this day to make final decision Gives you time to compare Fin Aid Awards When accepted…Ok to ask for an extension if you receive a letter saying you have 30 days to accept offer (ex: for a scholarship offer)

  32. Institution Fin Aid Forms Institutional Forms: Check each institution’s financial aid website to see if additional forms are required CSS/Financial Aid PROFILE: • used by nearly 400 colleges & scholarship organizations • must have/create College Board account • first report $25; each thereafter is $16 (waivers available) • https://cssprofile.collegeboard.org • FAFSA required as well

  33. Institutional Aid • Academic/Merit-based • Departmental Awards • Talent scholarships (Athletics/Art/Music) • NCAA: www.eligibilitycenter.org • NAIA: www.playnaia.org • Foundation ScholarshipsSome colleges have a separate scholarship application that must be completed to be considered for their awards • (Example: FGCU 3/1/19 deadline; Jan 1st priority)

  34. Other Resources • Foundations, businesses, charitable organizations- Southwest Florida Community Foundation- Ronald McDonald House Charities of SW Florida • Civic Organizations & Churches (Kiwanis Clubs) • Employers (parent & student) • National Community Service – AmeriCorps or Peace Corps • ROTC • Education Tax benefits :https://studentaid.ed.gov/sa/types/tax-benefits • Parents: http://www.savingforcollege.com

  35. Weekly Scholarship Update POSTED ON NAVIANCE HOME PAGE & BV COUNSELING WEBSITELocal Examples: • Ronald McDonald House Charities • Cape Mayor’s Scholarship • Cape Coral Kiwanis Club Scholarship • LC Genealogical Society • Ding Darling Environmental Studies • SWFL Community Foundation • floridacommunity.com/scholarships • Over 70 scholarship funds

  36. FREE Scholarship Searches Online • National Scholarship search in Naviance!! • Searching for Scholarships brochure • “Google” by topic • http://www.chegg.com/scholarships • www.collegeboard.com/scholarships • www.fastweb.com

  37. Additional Information • www.finaid.org • www.mymoney.gov • www.navigatingyourfuture.org • Raise.Me • https://www.raise.me/ • Get micro-scholarships from participating colleges • & universities for achievements in high school!

  38. Applying for Scholarships • Follow same process as for college applications • Be aware of deadlines • Request letters from same person that wrote your college letters; can be emailed as PDF to student; Thank you note • Send scholarship applications through BV unless online • (If Hard Copy: Must be Neat & Complete! Don’t fold papers!) • Turn in copies of any scholarship offer and/or award that you have received • WRITE A THANK YOU NOTE WHEN AWARDED A SCHOLARSHIPfrom a private donor!

  39. Naviance Process for Scholarships • Colleges > Scholarships and Money • Click Scholarship Applications • Click add scholarships ”+” (red circle) • Enter info How To Request a Transcript: • Email Miss B to receive unofficial electronic copy • See Mrs. Murphy if you need an official hard copy Reminder… National Scholarship Search in Naviance

  40. Where NOT to get help • Organizations that offer to locate more aid and then charge you a fee • Anyone who charges you a fee: • for information about financial aid • to complete the FAFSA • to apply/receive a scholarship • Organizations that guarantee you will get a scholarship or aid. www.FAFSA.com

  41. Recap of process • Step 1: Complete the FAFSA • Complete FFAA for Bright Futures & State Grants • Complete CSS Profile if required by institution • Step 2: Apply for scholarships • Step 3: Estimate and compare your total college costs • Step 4: Determine if you need additional money for college • Step 5: Explore additional college financing options

  42. Summary • Lots of aid available from federal and state governments…as well as scholarships! • Complete forms by deadlines- complete tax forms as early as possible! • Respond promptly to colleges if additional information is requested • College will notify via email, Web or mail of aid eligibility • Start applying for scholarships!

  43. Feel free to set up individual appointments with if needed! Thank you for attendingQuestions?

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