1 / 37

FINANCIAL AID

FINANCIAL AID. Are you ready?. COST OF ATTENDANCE. Tuition and Fees Room and Board Books & Supplies Incidentals. What is Financial Aid?. Resources from college, federal, state, and outside programs that are used to offset college costs. General Types of Aid. Gift Aid Grants

belita
Download Presentation

FINANCIAL AID

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. FINANCIAL AID Are you ready?

  2. COST OF ATTENDANCE • Tuition and Fees • Room and Board • Books & Supplies • Incidentals

  3. What is Financial Aid? Resources from college, federal, state, and outside programs that are used to offset college costs.

  4. General Types of Aid • Gift Aid Grants Scholarships • Self-help Aid Loans Work Study

  5. What is Financial Aid Based On? • Merit • Need-Based

  6. Who offers Aid? • Colleges and Universities • Federal government • State government • Outside Aid Programs

  7. Typical College Aid Programs: • Need Based Grants • Endowed Grants and Scholarships • Academic/Athletic Scholarships • Special Talent Scholarships • Loan Programs • College work programs

  8. Federal Aid Programs • Federal Pell Grant • Federal Supplemental Grant • Federal Work-Study • Federal Stafford Loan (subsidized) • Federal Unsubsidized Stafford Loans • Federal Perkins Loan • Federal Parent Loans (PLUS) • Federal TEACH Grant/Loan

  9. Interest Rates of Federal Loan Programs • Federal Direct Subsidized and Unsubsidized Loans • 3.4% for subsidized for 2012-13 • 6.8% for unsubsidized • Federal Perkins Loans—5% • Federal Direct PLUS Loans – 7.9% • Parents of dependent students • Graduate or professional students

  10. Federal Teach Grant/Loan • Teach in a high need area: • Bilingual Education and English Language Acquisition • Foreign Language • Mathematics • Reading Specialist • Science • Special Education • Teach in a school that serves low-income students.

  11. North Carolina Aid Programs • NC Community College Grant • UNC Need-Based Grant • NC Education Lottery Scholarship • NC Need-Based Scholarship • Forgivable Education Loan for Service (NC FELS)

  12. Other Funding Options • Private Alternative Loans for students Last resort--Always apply for federal loans first! • College Payment Plans • Tax credits--Hope and Lifelong Learning • Outside Scholarships/aid programs

  13. Outside Aid Programs • Outside Agencies • Local organizations • Churches • Civic Groups • Parents’ employers • Veterans Administration

  14. How do I Apply? • File the Free Application for Federal Student Aid (FAFSA) • Some Colleges Require the CSS/Financial Aid Profile to apply for non-federal aid. • Separate Application

  15. How do I Apply?(Depends on the source)

  16. When do I Apply? • FAFSA Form – After January 1 • CSS/Financial Aid Profile (After October) • Outside Agencies (check deadlines)

  17. Complete the CSS/ Financial Aid Profile The CSS/ Financial Profile must be completed online at www.collegeboard.com Click on Paying for College, then click on CSS/Profile

  18. Completing the FAFSA • Online at www.fafsa.gov • Limited supply of paper version available in Student Services

  19. General Eligibility for Federal Financial Aid • Demonstrate need • High School Diploma • Enrolled in eligible program • U.S. Citizen • Valid Social Security # • Complete a FAFSA • If Male must Register with Selective Service • No recent conviction for illegal drugs while receiving federal aid

  20. FAFSA on the Web’s Homepage

  21. Before Completing Your FAFSA • Check financial aid college deadlines • Gather Tax documents and information • Get your taxes done before March, if possible! • Register for a pin at www.pin.ed.gov • Student and parent should each have a PIN • Find college federal codes • Complete FAFSA on the Web Worksheet

  22. FAFSA on the Web Worksheet • Complete the Worksheet to help you complete the FAFSA on the Web • Questions on the Web are presented in a different order than the questions on the paper FAFSA • The questions on the Worksheet are ordered as they appear online • Worksheet is available in PDF form www.fafsa.gov

  23. Who Completes the FAFSA • The Student • The Parents (Natural and Legally adoptive)

  24. Parents are required to complete the FAFSA if? • Student is: • Not over the age of 23 years old • Not an Orphan, foster child/ward of the State • Not a parent who provides more than 50% support of a child • Does Not Have a legal guardian • Not Married • Not a Veteran or on active duty • Not a Graduate student • Not Legally emancipated • Not Homeless If a student meets one of the above he/she can file as an independent student

  25. Who Are Considered Parents on the FAFSA? • Parents living and married to each other • Parent widowed or single • If Parents are divorced or separated—answer questions for parent with whom student lived more during past 12 months • If student lived with each parent exactly the same amount of time, answer for the parent who provided more financial support during the past 12 months or during the most recent year that the student actually received support from a parent • If parent remarried, answer about that parent and the person whom parent married (stepparent)

  26. Who Are NOT Considered Parents on the FAFSA? • Foster parents • Legal guardians who have not adopted the student • Relatives, such as grandparents, who have not adopted the student • Stepparents who have not adopted the student and the natural parent in the household is deceased. Must use remaining biological/adoptive parent, if any.

  27. Some Information requested on the FAFSA • Adjusted Gross Income • Untaxed Income • Federal Tax Paid (not withheld) • Child Support paid by parents • Child Support received • Cash, Saving and Checking • Assets/Investments (excluding home equity) • Number of Family Members in the Household • Number of children attending college

  28. IRS Data Retrieval Tool • To use the Tool, must have: • A valid Social Security Number and • Filed a 2012 federal tax return • The exact street address used on the tax return! • Filtering question on FAFSA helps determine if you can use • IRS Data Retrieval Process meets verification requirements • Secure and FASToption • Students (and parents) not using the “Tool” and selected for verification: • In most cases, must submit an IRS Tax Return Transcriptcan be a 10 day process

  29. IRS Data Retrieval Tool(within FAFSA) • Available February 3, 2013 • Within several days for electronic tax • Within several weeks for paper tax filers • Available to those who have filed taxes and now are: • Completing the FAFSA • Correcting their FAFSA (updating with IRS data) • Does not apply to • Married but are filing separately • Filing status is Head of Household • Marital status changed after 12/31/12 • Those filing amended or foreign tax returns

  30. Need Help?FAFSA Day 2013 • Saturday, February 23, 2013 • Any time between 9 a.m. and noon in most locations • Get FREE help completing your FAFSA from college financial aid officers. • Visit CFNC.org/fafsaday or call toll-free at 866-866-CFNC (2362) to: • Learn more • Find closest location • Register for FAFSA Day • Sponsored by: • College Foundation of North Carolina • North Carolina Association of Student Financial Aid Administrators, and • State Employees Credit Union

  31. What happens after I file the FAFSA? • Complete verification if required. • Respond to any questions from the campus aid office. • Receive financial aid notification (award letter) • Reply to offers of aid (and admission). • Complete promissory note if borrowing money. • Notify campus of outside scholarships.

  32. Student Aid Report • Student Aid Report (SAR) is the results you will receive after the FAFSA is processed. • Allows you to check your answers • This report will tell you the Expected Family Contribution (EFC) • Check your SAR to see if you have sent this report to the Colleges of your choice

  33. The Financial Aid Award Letter • It presents all eligible aid programs that the family may qualify. • Sent only to those who are accepted. • Award letters are typically mailed in the spring. • Each College’s award letter may be different

  34. Helpful Hints • Apply early • Know what financial aid forms need to be completed • Keep track of financial aid deadlines and details • Complete federal income taxes early • Complete all forms accurately and completely. • Provide all information requested • Be consistent on all forms • Keep copies • Follow through

  35. Helpful Hints • Get student involved in the process. • Double check entered SSNs • Begin searching for outside scholarships now! • Develop a student resume • DO NOT PAY for scholarship searches • DO NOT PAY to complete the FAFSA! • Private Colleges are not always more expensive • Explain unusual circumstances to the Financial Office • Meet earliest deadline of colleges in which you are interested • Provide all information requested • Complete all questions accurately • Estimate if necessary to meet early deadlines • Don’t wait until you are admitted to file the FAFSA • Keep a photocopy of all documents for your records

  36. Additional Information • College Foundation of North Carolina www.cfnc.org • Additional scholarship information www.fastweb.com • A helpful financial aid web site www.finaid.org

  37. Contact Information Kevin Michaelsen Director of Financial Assistance Meredith College 3800 Hillsborough Street Raleigh, NC 27607 1-800-MEREDITH 919-760-8565 finaid@meredith.edu

More Related