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Financial Aid Night Trenton HS Alex Landen Senior Admissions Adviser Eastern Michigan University. FREE APPLICATION FOR FEDERAL STUDENT AID ( fafsa ). Apply online at www.fafsa.gov Required for students to be considered for federal grants, loans and work-study
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Financial Aid Night Trenton HSAlex LandenSenior Admissions AdviserEastern Michigan University
FREE APPLICATION FOR FEDERAL STUDENT AID(fafsa) • Apply online at www.fafsa.gov • Required for students to be considered for federal grants, loans and work-study • The FAFSA collects family financial information in order to calculate the Expected Family Contribution (EFC) • Complete and submit annually, as soon after October 1 as possible.
FREE APPLICATION FOR FEDERAL STUDENT AID(fafsa) • What do they collect? • Demographic Information • Student Income Information • Parent Income Information • Possible Institutions
What HAPPENS AFTER THE FAFSA IS SUBMITTED? • The FAFSA is processed by the U.S. Department of Education. • The Expected Family Contribution (EFC) is calculated. • Results are sent to the student and the schools listed on the FAFSA. • The schools award Financial Aid and notify the student.
What is the efc? • EXPECTED FAMILY CONTRIBUTION • The EFC is calculated from the student’s and parent’s information reported on the FAFSA • The EFC represents how much the family can reasonably be expected to contribute towards the total Cost of Attendance (COA) for one school year
WHAT IS THE COA? • COST OF ATTENDANCE • Tuition and Fees $ 7,566 • Room and Board $ 8,020 • Books and Supplies $ 900 • Transportation $ 900 • Personal Expenses $ 900 • Total estimated COA $18,286 Non-resident: Add $14,397 to Estimated COA Estimated costs based on 2010-11
DETERMINING FINANCIAL NEED Cost of Attendance - Expected Family Contribution (EFC) = Financial Need
TYPES OF AID: GRANTS AND WORK STUDY • Grants (need based aid) • Pell Grant • University Grant • College Work Study (need based aid) • Employment, paid in a bi-weekly paycheck
TYPES OF AID: LOANS • Student Loans • Subsidized Stafford Loan* • Unsubsidized Stafford Loan • Repayment deferred until 6 months after graduation (or when student drops below half time enrollment) *Interest free while in school • Parent Loans • Parent PLUS Loan • Repayment 60 days from full disbursement
TYPES OF AID: scholarships • University Scholarships • All freshman are automatically considered for scholarships through their Admission application. Eligible students were notified with their Admission letter. • Other Scholarships • Other scholarships should be reported to the Office of Financial Aid. Students are encouraged to apply for any scholarships they qualify for. Remember: searching for outside scholarships is a lot like a job search! • Examples • www.fastweb.com • www.meritaid.com • www.scholarships.com • www.college-scholarships.com
Satisfactory Academic Progress (SAP) • To continue receiving Financial Aid each year, all students must: • Maintain a minimum 2.0 EMU cumulative GPA (3.0 GPA for graduate students) • Earn passing grades in a minimum of 67% of the credit hours they take (E, W, I, N or NC grades are not “earned”) • Complete their degree within 150% of their minimum program requirements
Closing remarks • Complete the Release of Information Form (FERPA) • Service EMU in the Student Center • Be prepared to purchase books and supplies We recommended that all students prepare for approx. $1000/year for books and supplies
CONTACT INFORMATION Alex Landen Senior Admissions Adviser Eastern Michigan University Phone: 734.487.6469 Email: alanden@emich.edu
CONTACT INFORMATION Office of Financial Aid • 403 Pierce Hall • Ypsilanti • MI • 48197 Service EMU • 268 Student Center • Ypsilanti • MI • 48197 www.emich.edu/finaid Email: financial_aid@emich.edu Phone: 734.487.0455 888.888.3465 (toll free) 734.487.4281 (fax)