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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

Helpful Hints for Applying for Financial Aid 2009-2010

Presented by

Valencia Community College

steps to applying r 7
Steps to Applying R(7)
  • Get Ready
  • Re-apply/Apply
  • Review
  • Respond
  • Receive
  • Remain Eligible
  • Repeat Every Year
get r eady
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
get r eady documents needed
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)
r e apply or apply
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

r e apply or apply eligibility
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.
r e apply or apply eligibility8
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)
dependency questions for 2009 2010
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
dependency questions for 2009 201010
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)
parents income household
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

never use as parents unless they legally adopt you
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
common mistakes on the fafsa important read instructions on the fafsa
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
analysis of need federal method
Analysis of Need – Federal Method
  • Cost of Attendance (COA) (college)
  • - Expected Family Contribution (EFC) (FAFSA)
  • =Need (Per Regulation)
  • COA
  • EFC
  • = Need
dependency override
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

special circumstances professional judgment check with the institution the student is attending
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
cost of attendance
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
cost of attendance example
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
student need examples
Student Need Examples
  • COA 12000 12000
  • EFC (-) 2000 15585
  • Need 10000 -3585

Student A

Student B

need varies based on cost
Need Varies Based on Cost

(Variable)

(Constant)

(Variable)

Cost of Attendance

Expected Family Contribution

NEED

15000

11500

12500

9000

10000

6500

3500

3500

r e apply or apply scholarships
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
r e apply or apply scholarships22
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
r e apply or apply scholarships23
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
r eview after you apply
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)
r espond to your school
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
r eceive your financial aid
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
r emain eligible for financial aid
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
r epeat every year
Repeat Every year
  • Remember the HINT!

Apply for Federal Aid and Scholarships Every Year around

February 14th

common need based award
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
pell grants
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
florida bright futures
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

common cost based awards
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.

stafford student loan limits dependent students subsidized and unsubsidized ffelp or direct
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

loan interest rates
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
ways to pay @ valencia
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
ferpa it s the law
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)
useful web sites for students and parents
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)
contact website
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