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Know Before You Go

Know Before You Go. Karemah Campbell Manselle Assistant Director Student Financial Aid Florida A & M University College of Law. START. Jump to:. Scholarships. Loans. Student Employment. Grants. Understanding the Financial Aid Process. Free Application for Federal Student Aid

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Know Before You Go

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  1. Know Before You Go Karemah Campbell Manselle Assistant Director Student Financial Aid Florida A & M University College of Law START Jump to: Scholarships Loans Student Employment Grants

  2. Understanding the Financial Aid Process • Free Application for Federal Student Aid • Completed Each Year • www.fafsa.gov • Becomes Available on January 1st each year. • Required to Receive many forms of Financial Aid Apply Online!

  3. Types of Financial Aid Available Gift Aid Free money given to students to assist with educational expenses. Examples • Grants • Scholarships Self Help Funds students either earn through employment or funds that must be repaid. Examples • Student Loans • Workstudy

  4. Common Financial Aid Terms • Cost of Attendance (COA)- Budget of Educational Expenses created by Financial Aid Office • Expected Family Contribution (EFC)- The Dollar Amount Generated by the U.S. ED based on Information Inputted on the FAFSA • Need (Financial Need) = COA - EFC

  5. Scholarships Scholarship Sources • Institutional Scholarships • Donor Scholarships • Scholarship Searches Bright Futures Florida Academic Scholars- $100 per credit hour (4 year) / $61 per credit hour (2 year) Florida Merit Scholars and Gold Seal Awards- $76 per credit hour/ $47 per credit hour (2 year) www.floridastudentfinancialaid.org/SSFAD/bf/

  6. Grants Available • Pell Grant- Need-based grant that is prorated based on the student’s EFC and Enrollment Status • Federal Supplemental Education Opportunity Grant- Need-based award given to students with the most need • Florida Student Assistant Grant- State funded grant given to Pell Grant Recipients

  7. Student Employment The Workstudy program allows students to earn a biweekly pay check as a part of their financial aid packages. Image by Purdue University http://www.purdue.edu/studentsuccess/specialized/purduepromise/Resources/Understanding%20Work%20Study.html

  8. Student Loans Stafford Loan • Subsidized Stafford Loan- Need-based award; does not accrue interest during periods of in school deferment • Unsubsidized Stafford Loan- Accrues interest after disbursement Perkins Loans Need based low interest loan(limited resource); 5% Interest Rate Parent PLUS Loan Credit Based Loan that Allows Parents to Borrow up to the Student’s Cost of Attendance

  9. Financial Aid Tips • File the FAFSA Early Each Year (Becomes Available on January 1st; Know Your School’s Priority Filing Date) • Borrow as Little as Possible • Apply for as Many Scholarships as Possible • Never Pay Someone to Assist with the FAFSA • Believe in the Investment You are Making

  10. Questions Karemah Campbell Manselle 407-254-4016 karemah.manselle@famu.edu

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