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LEAF Financial Aid 101

LEAF Financial Aid 101. “LEAF links students to resources that open doors to higher education”. LEAF is a …. Non-profit college access agency serving students of all ages in Lake and Geauga Counties. Our services are free to students and parents. Advisors are at the high schools

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LEAF Financial Aid 101

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  1. LEAF Financial Aid 101 “LEAF links students to resources that open doors to higher education”

  2. LEAF is a … Non-profit college access agency serving students of all ages in Lake and Geauga Counties. • Our services are free to students and parents. • Advisors are at the high schools • Evening and Saturday appointments in the LEAF Resource Center

  3. Seniors will have a busy year Getting into and financing your higher education takes a lot of paperwork!

  4. Timeline to keep on track The “secret” to a successful application and financial aid process is to meet the DEADLINES!

  5. Fall of Senior Year

  6. Get a file or box … • College applications • Scholarship applications • Financial aid forms and applications • Tax information used to complete applications

  7. Organize your thoughts, too… After visiting campuses, researching college information, collect your thoughts on an application organizer.

  8. Update student resume • List all activities, honors, achievements in and out of school since 9th grade to prepare for college and scholarship applications

  9. Apply Obtain college admission applications Read the college viewbooks • What is the admission deadline? (could be 2 deadlines – the earlier one is to be considered for merit aid) • How much does the school cost? • Is there a separate application for merit aid?

  10. Application tips • College admission app fees sometimes are waived if the student attends an open house or applies online. • LEAF offers waivers for application fees based on income eligibility guidelines. (College apps and SAT/ACT tests)

  11. What else can I do right now?

  12. Obtain a PIN • www.pin.ed.gov • Personal Identification Number from the US Dept of Education • Obtain PIN for student and one parent • Electronic signature for FAFSA

  13. Request Recommendation Letters • From Teachers (the ones that like you) • Employers • Supervisor from volunteer work • People that can speak highly of you – but not your family!

  14. Know your high school’s process • Where to obtain college and scholarship applications • How are students informed of new scholarship applications? Listen to PA announcements this year! • Requesting transcripts • Turning in college and scholarship applications

  15. Take or Retake the ACT or SAT • A higher score can = more merit aid.

  16. Look for Scholarships • Begin looking NOW for applications at your high school guidance office • LEAF website www.leaf-ohio.org for a local directory • Internet searches for National databases

  17. Scholarships Part 2 • Competitive • Takes a lot of effort (but can be worth it!) • Best place to look…at your high school • Next best place…the college

  18. Winter

  19. Financial Aid Process • After January 1, apply for Federal and State aid with the FAFSA (Free Application for Federal Student Aid) • Most colleges use this application for their need-based aid, too.

  20. The Financial Aid Officer • The college financial aid office administers the federal and state aid programs • They do consider special circumstances

  21. Filing the FAFSA • FAFSA deadline is set by the college • Get your taxes done early • If you file your taxes 4/15, estimate income on the FAFSA

  22. Filing the FAFSA • FAFSA on the Web the best way to file • www.fafsa.ed.gov • Mailing paper FAFSA still an option • Beware of Internet sites using the FAFSA name and charging a fee to complete it!

  23. Who is the Parent? • Married • Divorced/single • Remarried/stepparent • Live with during the last 12 months • 50/50

  24. What about becoming Independent? • 24 years old • Graduate degree work • Married • Have child or dependent • Orphan or ward of the court • veteran

  25. Student income from 2002 tax information Untaxed income Assets Parent(s) income from 2002 tax information Untaxed income Assets The FAFSA looks at…

  26. What Does the FAFSA Do With That Info? • Calculates the Expected Family Contribution (EFC) • How much can the family afford in a given year to educate the student?

  27. The EFC and Financial Need College Costs Tuition Room and Board Indirect Expenses • EFC = Financial Need

  28. Filing the FAFSA does not complete the aid process!! • Award letter from the college • Respond to the award letter by the deadline • 30% selection for verification • Loan papers • Option of payment plans

  29. Gift Aid Grants Scholarships Self-Help Aid Loans Work Study Job Types of Financial Aid

  30. Sources of Financial Aid

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