2010-11 . Financial Aid Workshop Presented by Lake Superior State University. www.lssu.edu. www.lssu.edu. 1. 1. What you will learn tonight:. What is financial aid? Where does the money come from? What is need-based aid? What happens after you file? TIPS for getting the most aid!
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Financial Aid Workshop
Lake Superior State University
Grants & scholarships - Can be merit, talent or need-based. Never have to be repaid!
Student & Parent Loans -Loans must be repaid eventually!Campus Employment
Sources of Scholarships & Grants
Federal Pell Grant Program
You are automatically reviewed for Pell Grant eligibility first!
Federal Need-Based Aid:Academic Competitiveness Grant (ACG)
Students self-identify on the FAFSA!
Both merit-based and need-based:
FREE COLLEGE TUITION PROGRAM!
State Grants:Tuition Incentive Program (TIP)
Other Types of Aid:
Federal Student Loans:
Federal Perkins Loan
Federal Direct (Stafford) Loan
Federal Parent PLUS Loan:
- Must fit within cost of attendance budget
- May be deferred while in school
– No cap on interest rate or loan fees unless stated
30% of all FAFSA filers are “verified”
The FAFSA is filed once per year for each student
attending school who wants to receive federal financial aid
Parents & Students:
Parents & Students:
UNTAXED INCOME such as:
Child support received
Payments to a tax-deferred pension (W-2)
IRA deductions & payments to qualified plans (SEP, SIMPLE, Keogh)
ASSET INFORMATION, if required:
Cash on hand – as of the day you file the FAFSA
Investments (trust funds, money market & mutual funds, CDs, stocks, bonds, 529 college savings plans, refund value of prepaid tuition plans, land contract sales)
Report NET WORTH (value minus debt) of property other than primary home, family farm or business that has 100+ employees
No fees – it’s FREE!
Available beginning January 1, 2010
File by MARCH 1st for
Priority Aid in Michigan
but what happens
Your Eligibility for Need-Based Aid
What is the EFC ?
There is no “magic” income number for aid - as information changes each year, so does the student’s EFC & eligibility for aid.
How your Eligibility for Need-Based Financial Aid is Determined
Cost of Attendance (COA)
– Expected Family Contribution (EFC)
= Financial Need
Cost of Attendance(Budget that varies from school to school)
Cost of Attendance(Example of costs for on-campus student & in-state tuition)
Maximum Financial Aid (COA) $19,000
Basic Financial Aid Formula
Cost of Attendance (COA) $19,000 (includes $8,000 tuition)
- Expected Family Contribution for example$ 3,000
= Financial Need $16,000
Whether or not you have financial need, the very least you should qualify for is a low interest (6.8% in 2009-10)unsubsidizedFederal Student Loan
-both parents (biol. or adoptive) were deceased
-was in foster care
-was a ward of the court
EVEN if no longer in foster care or a ward of the court, or if currently adopted
(Supplemental Security Income, Food Stamps, Free or Reduced Price Lunch, TANF or WIC)
If your family has extra expenses -
If You Make a Mistake or Have to File Estimated Information:
Corrections on the Web
What Happens Once the FAFSA is Processed?
you will receive an award letter shortly.
Review your Award Letters
Provides Important Information
COA Budget$ 19,000
Less EFC- 3,000
Financial Need $ 16,000
Federal Pell Grant$ 2,400
LSSU Grant 500
Federal Work Study 2,000
Federal Sub. Loan3,500
Total Need-Based Aid$ 12,400
Figuring Out the Best Deal
Develop an Award Comparison Chart
Financial Aid Timeline
How to Maximize Your Aid:
BEWARE OF SCAMS! Don’t pay for help!
Most SCHOLARSHIP SEARCHES ARE FREE!
www.finaid.org - good scholarship search site
- links to Michigan aid such as Competitive, MET and TIP
Want help filing on-line?
College Goal Sunday
Feb. 14, 2010
Contact the Financial Aid Office at 906-635-2678