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Understanding Financial Aid for College

Learn about different types of financial aid available, eligibility requirements, how to apply for FAFSA, and other useful resources to secure funding for your education journey.

kennedy-little
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Understanding Financial Aid for College

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  1. Financial Aid What is it & what types are there? Who is eligible? How to apply for FAFSA FAFSA on the Web After you apply… Other Resources

  2. What is it and what types are there? • Federal or nonfederal financial assistance for College • 4 Types: • Loans: money borrowed & must be repaid • Direct: through Fed. Govt. (Stafford/ FFEL) • Subsidized: need based • Unsubsidized: not need based • Perkins: Campus-based • Grants: money that never has to be repaid. Awarded based on need (Pell) • Federal Work-Study: Money earned while working in college; never repaid • Scholarships: money that never has to be repaid!

  3. Who is eligible? You need: • High school diploma/GED* • U.S. Citizen/National/Permanent resident • S.S. number • To qualify for financial assistance • Males- must register with Selective Service To keep Financial Aid during college… • Enrolled in an eligible program • Be working toward a degree • Maintain satisfactory GPA

  4. How to apply for FAFSA… • Get a PIN number at www.pin.ed.gov • (Submit College Applications –Nov/Dec.) • Gather neededdocuments: • SS #, W-2 forms, income tax statements, license. • Complete FAFSA on the WEB worksheet -in December • Complete & submit FAFSA applicationon-line atwww.fafsa.ed.gov • When: ASAP after Jan 1st(deadline is Jun. 30th, 2009) • Paper form - high school, library, college

  5. FAFSA on the web • It’s FREE to apply! • Your application is processed quicker online! • Apply early - deadline June 30th, 2009 • Use electronic PIN # for corrections, & signature • Receive e-mail confirmation when application is processed For a head-start.. • NEW! Estimate your aid package before applying at FAFSA4CASTER at www.FederalStudentAid.ed.gov • On-line Pre-application worksheet in December • Web demo - thru Dec. • On-line Customer Service Chat System

  6. You’ve applied, now what? • Receive & reviewSAR (Student Aid Report) for accuracy. • Tells you your EFC – Expected Family Contribution • Cost of School – EFC =Financial Need • TIP: online Quick EFC Calculator: http://www.finaid.org/calculators/quickefc.phtml • SubmitSARfor reprocessing • Your FAFSA results will be sent to colleges you selected • All correspondence & ?s at this point should be with individual SCHOOLS, not FAFSA processors. • Receive Financial Aid Award Letter from colleges detailing your financial aid package. COMPARE PACKAGES! • (Usually March – April) • Choose which school you will attend and notify them by MAY 1.

  7. Other $$ Sources… • Apply for SCHOLARSHIPS - Free $$ • School Counseling Office, Colleges, & internet • Nonfederal aid: state, private, school • National & Community Service • www.americorps.org • Military assistance • Veterans benefits - GI Bill • www.gibill.va.gov • Tax breaks – save up to $1,500! • www.irs.gov

  8. Useful Resources • FAFSA PIN # …………………...www.pin.ed.gov • FAFSA form & useful tools…..www.fafsa.ed.gov • Federal Student Aid Information Center…..1-800-4-FED-AID (1-800-433-3243) • Web FAFSA demo …………….http://fafsademo.test.ed.gov • FAFSA4CASTER ………………www.FederalStudentAid.ed.gov • Online Quick EFC Calculator: http://www.finaid.org/calculators/quickefc.phtml • FinAid! Website……………….www.finaid.org • U.S. Dept. of Education Info…www.studentaid.ed.gov • College Financial Aid Office • Your High School Counselor • Your High School’s Financial Aid Night!! • OHS: January 8th, 2009 • David H. Aramaki, MBA: Financial Advisor/Advanced Advisor Group Financial Education Specialist Ameriprise Financial Services, Inc. 601 - 108th Avenue NE, Suite 1900 Bellevue, WA 98004 Office: 206.267.8811 Fax: 1.800.747.2093 david.h.aramaki@ampf.com

  9. GOOD LUCK & BE PATIENT !!

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