“We Need M oney!!!!” Financial Aid 101

1. “We Need Money!!!!”Financial Aid 101 Information Session Class of 2014 GSMST

2. Session Objectives • Become familiar with FAFSA • Discuss scholarships, grants • HOPE Scholarship • Spring Semester important dates • Typical Financial Aid Letter

3. FAFSA • Free Application for Federal Student Aid • WHO fills this out? • HOW do you fill it out? • WHEN do you fill it out?

4. FAFSA - Who Fills It Out? • Parents and Students – EVERYONE!* • No matter the income, it must be filled out • Colleges use this for their own financial aid packages • You may not qualify for Federal monies, but you may qualify for the college money • *Requires SSN

5. FAFSA – How To Fill Out? • Online is easiest! • www.fafsa.gov • Paper copy available also • Let’s take a look…

6. FAFSA – When?? • RIGHT NOW!!! As soon as possible • Most colleges have February 1-15 as their deadlines • Do not wait until you file 2013 Taxes • FAFSA allows for 2013 estimates, but asks for validation when you file • IRS DATA RETRIEVAL

7. FAFSA – Not Scary • Paper copy contains all of the FAQ for each question • FAFSA has excellent customer service • Best help? The Federal Government’s own site: • www.studentaid.ed.gov

8. Scholarships & Grants • Tons of scholarships available, becomes 2nd job • www.fastweb.com, College Board, even Google provides outlets for finding scholarships • Go to the college financial aid website for college-specific aid • Three HUGE ones in our school: • PTSA Area II, $750 for one student at GSMST. • GSMST PTA usually offers one each year ($1000 last year) • Kay Harvey Scholarship – peer nominated, information coming soon • Scholarship applications should never have high fees • GSMST posts announcements about scholarships we receive from outside sources

9. HOPE Scholarship • Two tiers of scholarship • Zell Miller Scholars – 3.7 GPA, 1200 M/CR SAT • “regular” HOPE – 3.0 GPA • HOPE GPA is not what you see on your transcript • GaCollege411 has all information • Apply through methods shown on GaCollege411 • Let’s look… www.gacollege411.org • Go to the HOPE Scholarship Program link on the right side of the page

10. This Semester • Gather your tax items for 2013, and file FAFSA as soon as possible • College decisions arriving after March 1 may have financial aid letters with them • Unless you signed a binding agreement for Early Decision, you do NOT have to commit to a college until May 1. • Some schools ask for a housing deposit, but this only guarantees housing. Colleges cannot take your admissions away just because you wait until May 1. • Colleges can take away decisions if grades are bad, legal issues, etc.

11. Typical Financial Aid Letter • Colleges are supposed to be moving towards more consistent letters • They are all required to list Cost of Attendance • This must be an analyzed estimate of the average TOTAL cost for a student, including food, books, etc • Watch for the LOAN word. Some “awards” will actually contain loans • Let’s look… • http://www.finaid.gatech.edu/content/understanding-letter

12. Loans? • Loans can be scary, but keep them in perspective • Types of loans • How much you can afford to take out for a loan is a FAMILY decision and very personal • Guideline I use is “car payment” • If student can pay off the loan in 5-6 years, with a monthly payment resembling a car payment, it’s probably okay • Also confirm the “intended career payscale” with the loan – what salaries can the student expect, and is it comparable to what you spend on the degree?

13. Ready? • Remember that all of you are going through the FAFSA • If you know someone with college students, reach out to them. They’ve done the FAFSA! • Community organizations often have resources to help • Don’t pay someone to do your FAFSA. That’s not money well spent. Use the help line and website • Your students will be tremendously successful.