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Figuring out Financial Aid. Presented by Leila G. Krutt From CONNTAC-EOC. We will talk about:. Federal student aid State student aid Student aid from colleges Scholarships from other sources. We will answer:. What is financial aid? Who can get it? What are the types of financial aid?

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figuring out financial aid

Figuring out Financial Aid

Presented by Leila G. Krutt

From CONNTAC-EOC

we will talk about
We will talk about:
  • Federal student aid
  • State student aid
  • Student aid from colleges
  • Scholarships from other sources
we will answer
We will answer:
  • What is financial aid?
  • Who can get it?
  • What are the types of financial aid?
  • How much can I get?
  • How do I apply?
  • What happens next?
what is financial aid
What is financial aid?
  • Financial aid is any type of money you receive to help fund your education
who can get federal student aid
Who can get federal student aid?
  • U.S. citizen or permanent resident
  • High school graduate/GED holder
  • Eligible degree/certificate program
  • Valid Social Security number
  • Males registered for Selective Service
  • Satisfactory academic progress
what are the types of financial aid
What are the types of financial aid?
  • Gift Aid: Grants / Scholarships – money is not paid back
  • Loan Aid: Borrowed money
  • Work Aid: Money earned as payment for a job
grants vs scholarships
Grants vs. Scholarships
  • Grants - Money that is given based on need
  • Scholarships - Money that is usually given based on merit or performance of some kind, sometimes in combination with a person’s need
types of federal grants
Types of federal grants
  • Federal Pell Grant – Up to $5,550 a year
  • Federal Supplemental Educational Opportunity Grant (FSEOG) – Up to $4,000 a year
  • TEACH Grant – Up to $4,000 a year
types of federal loans
Types of federal loans
  • Federal Perkins Loan – Up to $5,500 a year
  • Federal Stafford Loans
    • Subsidized - $3,500 to $8,500 a year depending on grade level
    • Unsubsidized - $5,500 to $12,500 a year depending on grade level
  • PLUS loans – Up to amount of unmet financial need.
federal work study
Federal Work Study
  • Part time job
  • Normally work for the school or a public service position
  • Can not earn more than what was stated in the award letter
connecticut state aid
Connecticut State Aid
  • Connecticut Aid for Public College Students - Up to amount of unmet financial need.
  • CT Independent College Student Grant Program (CICS) - Up to $8,166 a year
  • Connecticut Minority Teacher Incentive Program – Grants up to $5,000 a year for 2 years
financial aid from the school
Financial Aid from the School
  • Different scholarships and grants are available from school to school
  • May need to complete an institutional financial aid form or the CSS Profile
scholarship resources
Scholarship resources
  • Fastweb.com
  • Collegeboard.com
    • Search for “Scholarship Search” in upper left hand corner
  • CT Department of Higher Education:
    • http://www.ctdhe.org/SFA/default.htm
  • College websites – lists found on the school’s financial aid page
how to apply for financial aid
How to apply for financial aid

Fill out the FAFSA –

Free Application for Federal Student Aid

www.fafsa.ed.gov

BEWARE OF SCAMS!!!

Do NOT use:

  • fafsa.com
  • fafsaonline.com
  • NO dot coms!!
what documents you need
What documents you need:
  • Federal Income Tax Return (if you filed one)
    • IRS 1040, 1040A, or 1040EZ
    • Foreign Tax Return
    • Tax Return from Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federal States of Micronesia, or Palau
  • W-2 Forms and other records of money earned
cont d what documents you need
(cont’d) What documents you need:
  • Any untaxed income records, such as:
    • Workers compensation
    • Disability
    • Child support received
    • Veterans non-education benefits
how to determine dependency
How to determine dependency:
  • Answer NO to all dependency questions – You are a dependent
  • Answer YES to one or more dependency questions – You are an independent
only if you re a dependent
ONLY if you’re a DEPENDENT

Parental information you will need:

  • Full name
  • Social Security Number
  • Date of birth
  • Address
  • Alien registration number (if not a U.S. citizen)
cont d only dependents
(cont’d) ONLY DEPENDENTS:

Parental information you will need:

  • Date of parents’ marriage, separation, or divorce (month and year)
  • Parents’ total amount of money in checking, savings, cash, etc.
step 1 apply for a pin
Step 1: Apply for a PIN

Go to www.fafsa.gov and click on START HERE and follow the steps

Or go to: www.pin.gov

who needs a pin
Who needs a PIN?
  • The student needs a PIN
  • One parent needs a PIN (if the student does not qualify as an independent)
  • The parent can re-use a PIN created for a sibling’s FAFSA
step 2 fill out the fafsa
Step 2: Fill out the FAFSA

Fill in Login Information and make sure to double check it!

filling out the fafsa
Filling out the FAFSA…

Choose “Start 2012-2013 FAFSA”

    • Don’t leave questions blank
  • Read questions carefully
  • Pay attention to the years that are mentioned
submitting the fafsa
Submitting the FAFSA
  • Check FAFSA for mistakes
  • Enter your PIN and a parent’s PIN and submit the FAFSA
  • An estimated EFC (Expected Family Contribution) is generated
  • Pell Grant eligibility is predicted
after the fafsa
After the FAFSA
  • Receive a Student Aid Report (SAR)
my contact information
My contact information
  • Leila Krutt – Educational Counselor
  • Main office: (860)412-7263
  • Willimantic office: (860)423-1824
  • Email: LKrutt@qvcc.commnet.edu