Financial Aid 2013. RIVER VALLEY HIGH SCHOOL. Financial Aid Helping make college more affordable!. Financial Aid Is: Money for college A supplement to family resources A partnership between government, school, and family. You May Be Eligible For Aid, But….
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Financial Aid Is:
(fafsa.ed.gov or fafsa.gov vs. / .com -- $70- $80)
* College Board Report
(Missing a deadline - $$$)
BY APRIL 1 … for Wisconsin Covenant !
** FAFSA—Paper / Not recommended
** FAFSA—Electronic fafsa.gov
** Institutional form / if there is one
Need is determined by Federal Methodology
Cost of Attendance (Tuition/Fees, Room/Board, etc.)
- Expected Family Contribution (EFC)*
*Consideration of: income, non-home assets, family size, age of parents, # of parents working, # in college, other resources [outside scholarships, benefits, H.S. awards]
ABILITY…not willingness…to contribute
* Reduce if school has text rental; # allowance for rent off campus
Pell $400 - $5,550
SEOG $100 - $4,000
WHEG $250 - $2,500 **
WTG $250 - $2,900
Wisconsin Scholars Fund: ~ 3,500 Grants ($1800-3500K)
> Public institutions<
Wisconsin Covenant $250-$2,500
Note: Wisconsin grant programs for use only in WI
--Wisconsin-Minnesota Reciprocity—Must Apply
Federal Direct Loan Program
Perkins Loan Program
> Private Student Alternative Loans
Compare the differences: PLUS / Alt.
FEDERAL DIRECT LOAN PROGRAM:
1st Year $3,500 + $2,000
2nd Year $4,500 + $2,000
3rd Year $5,500 + $2,000
Aggregate Maximum = $31,000 ($23,000 Sub)
- Capitalize or pay
--Separate application required. (MPN)
--Must apply for financial aid to access subsidized student loans.
Must be offered
5% interest / 9 month grace
Parent is the borrower
9% cap on interest: 7.9% / 4% orig. fee
Can be denied
Repayment begins at disbursement
Deferment available on principal
Separate application needed
Cost of Education
- Other Financial Aid
Private Alternative LoansPERKINS
Other Loan Programs…
Federal Family Education Loan Programs
4-Year Public $26,238 (all certified loans)
4-Year Private $34,000+ (all certified loans)
(Survey does not include Alternative Loan or credit card debts.)
> 25% of undergrads report using credit cards to pay tuition/fees; average credit card debt for college students: ~$3,200 <
In the last 10 years—Average debt has doubled.*
NEW: Calculate your monthly payments @ DOE website.
(* From “The Project on Student Debt”)
BEWARE of Scholarship Searches requiring $$$
Free Scholarship By Fraudulent Scholarship Scams…
Saturday & Sunday, February 23 & 24
Platteville H.S., & Edgewood, UW-Baraboo—Saturday, February 23
MATC, UW-LaCrosse—Sunday, February 24
Completing the By Fraudulent Scholarship Scams…
Completing The FAFSA By Fraudulent Scholarship Scams…
Be neat / accurate w/paper application.
Include correct SS#
If paper app, use black ink.
Useful information to have:
2012 federal tax information.
Property tax & other financial records.
Other Important Bits Of Advice: By Fraudulent Scholarship Scams…
Keep all records.
Make copies & keep them.
Keep copies of your tax returns & W-2’s.
Establish a financial aid file.
Respond to correspondence, when required.
Respond to requests for additional information.
Away for the summer?
Be sure you make provisions for mail forwarding.
Contact your financial aid office.
About The FAFSA By Fraudulent Scholarship Scams…
Length of application shortened; streamlined help text/instructions
(current value minus debt)
EFC set to Zero
No Assets counted in EFC
Next Steps… By Fraudulent Scholarship Scams…
(1 in 3 selected)
Additional Thoughts By Fraudulent Scholarship Scams…
Things not covered on the form you think should be?
Contact your college financial aid office.
Why File Electronically? By Fraudulent Scholarship Scams…
More Reasons For FOTW…. By Fraudulent Scholarship Scams…
children in college; can transfer information to add’l apps
Student Is Notified Of FAFSA Processing Results By… By Fraudulent Scholarship Scams…
Frequent FAFSA Errors By Fraudulent Scholarship Scams…
Questions About Your Application? By Fraudulent Scholarship Scams…
www.fafsa.ed.gov for ‘Follow up’
Phone # on Page 1 of FAFSA.