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WELCOME TO. INDIANA HIGH SCHOOL FINANCIAL AID NIGHT January 10, 2013. What is Financial Aid?. Grants Loans Employment Opportunities Scholarships. Sources of Financial Aid. Federal State Institutional Funds Private. Federal Pell Grant Program.

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welcome to
WELCOME TO

INDIANA HIGH SCHOOL

FINANCIAL AID NIGHT

January 10, 2013

what is financial aid
What is Financial Aid?
  • Grants
  • Loans
  • Employment Opportunities
  • Scholarships
sources of financial aid
Sources of Financial Aid
  • Federal
  • State
  • Institutional Funds
  • Private
federal pell grant program
Federal Pell Grant Program
  • Awarded to eligible undergraduates pursuing first baccalaureate degree and certain students enrolled in post-baccalaureate teacher certification or licensing programs
  • Portable
  • Annual award amounts (for 2012-13)
    • $555 minimum
    • $5,550 maximum
  • Deadline – June 30, 2014
federal supplemental educational opportunity grant fseog
Federal Supplemental Educational Opportunity Grant (FSEOG)
  • Eligible students
    • Undergraduates pursuing first baccalaureate degree
    • Awarded first to students with exceptional financial need (i.e., students with the lowest EFCs at that school)
    • Priority to Federal Pell Grant recipients
  • Annual award amounts
    • $100 minimum
    • $4,000 maximum
  • Deadline established by school
teacher education assistance for college and higher education teach grant
Teacher Education Assistance for College and Higher Education (TEACH) Grant
  • 3.25 GPA or qualifying score on admissions test
  • Agree to teach full time for at least 4 years within 8 years of graduation at a school serving a high percentage of lower income students (Title I schools) in specific subjects
  • $4,000 annual maximum, up to a $16,000 undergraduate aggregate
  • Will convert to unsubsidized Direct Stafford Loan if teaching requirements not fulfilled
pennsylvania state grant
Pennsylvania State Grant
  • Administered by Pennsylvania Higher Education Assistance Agency (PHEAA)

1-800-692-7392

  • PHEAA-approved program must be at least two academic years in length
  • Maximum award for 2012-13
    • $4,348- based on institution’s total allowable education costs
  • For undergraduates only
  • Non-portable with MD, NJ, NY
federal work study
Federal Work-Study
  • Based on financial need
  • Employment may be on or off campus
  • Deadline established by school
  • Paid @ least once a month -@ least min. wage
  • Eligible employers
    • School
    • Federal, state, or local public agency
    • Private non-profit organization
    • For-profit organization
federal perkins loan
Federal Perkins Loan
  • Eligible students
    • Undergraduate or graduate students
    • Priority to exceptional need
  • Maximum loan limits
    • $4,000 undergraduate students per year
    • Cumulative limit of $20,000
  • Interest rate: 5%
federal perkins loan continued
Federal Perkins Loan (continued)
  • Deadline established by school
  • Nine-month grace period
  • Repayment period may be up to 10 years
  • Deferment and cancellation provisions available
william d ford federal direct stafford loan program
William D. Ford Federal Direct Stafford Loan Program
  • Funds provided directly by the Federal Government to the school to administer
  • Contact school for specific procedures
    • Application process
    • Master Promissory Note
    • Entrance Counseling
federal direct stafford loan subsidized and unsubsidized
Federal Direct Stafford Loan (Subsidized and Unsubsidized)
  • Subsidized Stafford: Must demonstrate “need”
  • Unsubsidized Stafford: Not based on “need”
  • Base annual loan limits
    • 1st year - $5,500 (maximum $3,500 subsidized)
    • 2nd year - $6,500 (maximum $4,500 subsidized)
    • 3rd year - $7,500 (maximum $5,500 subsidized)

and beyond

additional eligibility for unsubsidized federal direct stafford loan
Additional Eligibility for Unsubsidized Federal Direct Stafford Loan

Additional unsubsidized loan eligibility for independent undergraduates, graduate students, and dependent students whose parents are unable to borrow under the PLUS Program:

  • $4,000 per year for first and second years of undergraduate study
  • $5,000 per year for remaining years of undergraduate study
independent student definition
Independent Student Definition
  • Born before January 1, 1990
  • Student is married
  • Working on Master’s or Doctorate Program
  • Veteran of the U.S. Armed Forces or currently serving on active duty (not reserves)
  • Student has children or dependents (other than a spouse) that receive more than half of their financial support from student
independent student definition1
Independent Student Definition
  • At any time since age 13:
    • Both parents are deceased
    • Was in foster care or dependent/ward of court
  • Emancipated minor before 18th birthday
  • In legal guardianship before 18th birthday
  • Determined to be an unaccompanied youth who was homeless
  • Determined to be independent by the financial aid administrator
costs of borrowing federal stafford loan
Costs of Borrowing Federal Stafford Loan
  • Interest rates
    • 6.8% for 2013-14 (Subsidized and Unsubsidized)
  • Loan fees – up to 4% of principal
  • Grace period and deferment provisions
federal plus and federal direct plus
Federal PLUS and Federal Direct PLUS
  • Borrowers are parents of dependent undergraduate students
  • Annual loan limit: cost of attendance minus other aid
  • Interest rate – 7.9%
  • Loan fees - up to 4% of principal
federal plus and federal direct plus continued
Federal PLUS and Federal Direct PLUS (continued)
  • Repayment begins 60 days after loan is fully disbursed for that term
  • Deferment provisions; only principal is deferred, but interest may be capitalized
alternative loans
Alternative Loans
  • Educational loans through private lending institutions
  • Loan is generally in student’s name and requires a credit-worthy cosigner
  • Many lenders use credit scoring to determine eligibility
  • Repayment can be deferred until education is completed
private scholarship search
Private Scholarship Search
  • Local library resources
  • Local businesses and civic organizations
  • Parents’ places of employment
private scholarship search1
Private Scholarship Search
  • Internet:
    • College Board’s Scholarship Search

www.collegeboard.com

    • FastWeb Scholarship Search

www.fastweb.com

    • Education Planner

www.educationplanner.org

slide22
The FTC cautions students to look for tell tale lines:

●“The scholarship is guaranteed or your money back.”

● “You can’t get this information anywhere else.”

● “I just need your credit card or bank account

number to hold this scholarship.”

● “We’ll do all the work.”

● “The scholarship will cost some money.”

● “You’ve been selected by a ‘national foundation’ to receive a scholarship” or “You’re a finalist” in a contest you never entered.

www.ftc.gov

definition of need
Definition of Need

Cost of Attendance (COA)

– Expected Family Contribution (EFC)

= Financial Need

costs
COSTS
  • Tuition and fees
  • Room and board
  • Books and supplies
  • Transportation
  • Personal expenses
  • Childcare (for students with dependents)
  • Special expenses for handicapped students
family contribution main factors
FAMILY CONTRIBUTION MAIN FACTORS
  • Parental Income
  • Parental Assets (excluding primary home)
  • Student Income
  • Student Assets
  • Family Size / Number in College
  • Age of the Older Parent
financial aid packages
Financial Aid Packages
  • Schools may or may not be able to meet 100% of need
  • Packages may be comprised of various types of aid (grants, loans, employment, etc.)
  • Packages can be very different from one school to another
free application for federal student aid fafsa
FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)

FILING OPTIONS

File on-line at www.fafsa.gov

or

Mail a paper FAFSA

paper fafsa
PAPER FAFSA

Go to www.fafsa.gov and click on FAFSA Filing Options to print a copy of the FAFSA; or

Call Federal Student Aid at1-800-433-3243 for one to be mailed to you; or

Obtain one from the Guidance Office or a Financial Aid Office

Click on FAFSA Filing Options

www fafsa gov
WWW.FAFSA.GOV
  • Pre-Application Worksheet & built-in edits to help prevent costly errors
  • Speeds up FAFSA processing
  • Apply for PINs at www.pin.ed.gov
application tips
Application Tips
  • Contact school for required forms and deadlines
  • Do NOT wait to be admitted before filing for aid
  • Respond quickly to requests
  • Keep copies of all applications/documents
  • FAFSA and other applications must be completed each year
  • Contact school and PHEAA if family has any special circumstances, such as loss of employment
frequent fafsa errors
Frequent FAFSA Errors
  • Social Security Number
  • Divorced/remarried parent information
  • Income earned by parents/stepparents
  • Untaxed income
  • U.S. income taxes paid
  • Household size
  • Number in postsecondary education
  • Real estate and investment net worth
  • Signatures
what paperwork emails to expect
What Paperwork/Emails to Expect?
  • Student Aid Report
  • PHEAA Grant notification of aid
  • School notification of aid
  • Loan disclosure statement
  • Verification Forms
  • Special Consideration
contact information
Contact Information
  • Federal Student Aid Information
    • 1-800-433-3243
  • PHEAA Grant Division
    • 1-800-692-7392
  • Important websites
    • www.finaid.org
    • www.pheaa.org or www.aessuccess.org
    • www.fafsa.gov
    • www.pin.ed.gov
    • Specific school’s Admissions and Financial Aid websites
good luck
Good Luck!

Better yet,

call your Financial

Aid Administrator

(that’s better than luck!)