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The Financial Aid Process

The Financial Aid Process. Quakertown Senior High School Guidance Department. We will talk about:. Federal student aid State student aid Student aid from colleges Scholarships from other sources. What is Financial Aid?.

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The Financial Aid Process

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  1. The Financial Aid Process Quakertown Senior High School Guidance Department

  2. We will talk about: • Federal student aid • State student aid • Student aid from colleges • Scholarships from other sources

  3. What is Financial Aid? • Financial aid is any assistance to help students fund their education. It can take the form of: • Grants • Loans • Work-study • Scholarships

  4. Sources of Aid: • Federal • State • Educational Institution • Outside or Private Organizations • Civic Organizations • Parents • Employers • Schools

  5. Merit versus Need-Based Aid Merit-Based Aid = awarded to students • Strictly on the basis of merit. May be based on: Academic Record • Skills or Talent • Involvements or Service • Does not have to be repaid, usually renewable from year to year. Need-Based Aid = provided on the basis of financial need. Re-evaluated each year as financial situations may change.

  6. Gift Aid vs. Self-Help Aid Gift Aid: Grant/Scholarship = Aid awarded that does not have to be repaid. Self-Help Aid: Loans = Borrowed money that has to be repaid over a period of time, often after the student completes their degree. Work-Study = Money students earn by working on campus.

  7. The Costs of Attending College Direct Costs: • Tuition/Room and Board • Books/Fees Indirect Costs: • Transportation • Spending Money • Childcare/other responsibilities you took care of while living at home.

  8. How do I apply for aid? • Federal student aid: fill out Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov All Students/Parents Must Fill Out the FAFSA!!! • State aid: Students will be directed to the state aid questionnaire on the FAFSA confirmation page. Note: this will take to you AES (American Education Services). This is a division of PHEAA. • School aid: contact financial aid office at schools you are considering • Scholarships: visit scholarship Web sites (Naviance) and research private scholarships.

  9. What does the FAFSA form do? • The FAFSA will calculate your Expected Family Contribution (EFC) to help determine Financial Need • How is Financial need determined? Cost of Attendance – EFC = Financial Need* *Financial Need is the amount that the college financial aid offices will try to assist you in meeting, not the remaining EFC

  10. Need Varies Based on Cost: • The cost of college varies greatly, but your EFC will be the same. Financial need will be different based upon school cost: School ASchool BSchool C Cost: 6,000 18,000 35,000 EFC 4,000 4,000 4,000 Need 2,000 14,000 31,000

  11. Filling out my FAFSA Form: 1st Step: Get a PIN at www.pin.ed.gov • Your parent will need a PIN too • Choose your own PIN or let the site choose one for you

  12. Filling out my FAFSA Form: 2nd Step: Fill out your FAFSA online at www.fafsa.gov(double check address) • Apply on or after Jan.1 but as early as possible to meet all deadlines. • Need help? Use “Live Help” icon or call 1-800-4-FED-AID. • Don’t forget to print confirmation page.

  13. Filling out my FAFSA Form: 3rd Step: Watch for response by e-mail, from FederalStudentAidFAFSA@cpsemail.ed.gov, or by mail • Double-check your information online at www.fafsa.gov (use your PIN to log on) or on the paper Student Aid Report mailed to you • Correct any mistakes and update any information as necessary

  14. I’ve completed my FAFSA…..What now? Watch for e-mails or letters from the schools you are considering • Provide the schools with any additional paperwork they ask for • Meet all deadlines or you could miss out on aid!

  15. What happens next? • Each school will tell you how much aid you can get at that school (your financial aid package or award). • Once you decide which school to attend, keep in touch with the financial aid office to find out when and how you will get your aid.

  16. What Aid Can I Receive? • Federal Government: • Pell Grant (gift aid) • Stafford Loan (aka direct loan) • Must be paid back, may be subsidized • State Government: PHEAA Grant (gift aid) • Institutional Grants: (gift aid) Comes from the college financial aid office

  17. Sample Financial Aid Package   College A College B • Tuition/Fees      5,300    21,300 • Room and Meals   8,000      8,000 • Books        900        900 • Transportation        600        600 • Miscellaneous /Personal 1,200       1,200 • Total Cost $16,000 $32,000 • Less EFC   -3,200    -3,200 • Equals Need - $12,800 $28,800     • Financial Aid Offer (Package) • State Grants    2,200  2,200 • Federal Grants    4,700    4,700 • Other Scholarships/Grant   1,800   14,000 • Fed. Direct Loan    2,100    3,500 • Fed. Work Study    2,000   2,000 • Total Financial Aid Package $12,800 $26,400 • Percentage Loan and Work 32% 21% • Percentage Grant 68% 79% • Percentage of Need Met 100% 92%   • Add. Unsub. Direct Loan 3,400 2,000

  18. Other Sources of Funds • Federal Work Study Program • Private Business Scholarships • Civic Organization Scholarships • Additional college-based programs (be sure to fill out all requests for information from your college quickly and completely)

  19. Where can I get more info? • www.FederalStudentAid.ed.gov • Information about aid programs • Free scholarship search • Free college search • 1-800-4-FED-AID • Help with the FAFSA form. • www.Pheaa.org • Information about state aid programs

  20. Using Naviance to search for Scholarships • Naviance Account: Under the “colleges tab”, scroll to “scholarships and money”. Below are a couple of resources. • Scholarship List: maintains a list of scholarships entered by the guidance office that many of our students have applied for in the past. • National Scholarship Search: will ask you to answer some demographic questions and provide a list of national scholarships for which you may qualify.

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