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CFNC Financial Aid 101: The Basics

CFNC.org Financial Aid 101: The Basics. Partners provide the service CFNC. What does FAFSA stand for?. Financial Aid For Students Application Federal Application For Student Aid Free Application for Financial Student Aid Free Application for Federal Student Aid

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CFNC Financial Aid 101: The Basics

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  1. CFNC.orgFinancial Aid 101: The Basics

  2. Partners provide the service CFNC

  3. What does FAFSA stand for? Financial Aid For Students Application Federal Application For Student Aid Free Application for Financial Student Aid Free Application for Federal Student Aid Free Application for Federal Student Aid

  4. Which is the correct FAFSA website?

  5. Application Process Free Application for Federal Student Aid (FAFSA) fafsa.gov (TIP: Federal = .gov) Signature PIN pin.ed.gov

  6. Financial Aid Application Process Apply Early (after January 1) Meet your college’s deadlines Do not wait until you are admitted Complete all questions accurately Save your FAFSA answers for your own records Save your Confirmation Page for your own records ** Your Confirmation Page is NOT your award letter. Always follow up with your Campus Financial Aid Office**

  7. Parent and Student FAFSA Information What information do you think is reported on the Free Application for Federal Student Aid (FAFSA)? • Student and Parent Adjusted Gross Income, earnings from work, tax liability - from IRS form • Untaxed Income • Other financial information • Asset Information – including • Cash, savings, checking accounts • Other real estate and investments • Business (Small family business – not reported) • Investment Farm (Family farm – not reported)

  8. Frequent errors on the FAFSA • Parent and student names and Social Security Numbers • Divorced and remarried parental information • Income earned by parents or stepparents • Untaxed income • U.S. federal income taxes paid • Household size • Number of household members enrolled in college • Net worth of investments and real estate

  9. Financial Aid Basics Gift Aid Grants and Scholarships Self Help Employment and Loans What do you say when someone gives you a gift? What do you ask when offered a loan? How much do I really need? Thank you!

  10. Financial Aid Basics – Merit-Based or Need-Based? Academic Scholarship Federal Pell Grant Federal Stafford Loan Athletic Scholarship Music Scholarship

  11. FAFSA – Dependency Status (for 2012-13 year) Dependent student answers NO to all of these questions Born before January 1, 1990? Working on Masters or Doctorate in 2012-2013? Married? Has children or other dependents of his/her own that he/she supports (more than 50%)? On active duty in the U.S. Armed Forces? A veteran of the U.S. Armed Forces?

  12. FAFSA – Dependency Status At any time since age 13, were student’s parents deceased or is/was the student a dependent or ward of the court? Student is in foster care or was in foster care at any time when he/she was 13 years of age or older? Is/was an emancipated minor? Is/was in a legal guardianship? Has been verified as an unaccompanied youth who is a homeless child or youth or is at risk of homelessness?

  13. Best advice: Contact the Campus Financial Aid Office

  14. Who are the parents? Biological or adoptive parents married to each other – student lives with both parents Student lives with a single parent who is widowed or never married Divorced parents – list the parent with whom the student lived most often – include stepparent information if applicable

  15. Financial Aid Programs – Federal Aid Federal Pell Grant Federal Supplemental Grant (FSEOG) Federal Work Study Federal Perkins Loan William D Ford Federal Direct Loans Subsidized Stafford Loan Unsubsidized Stafford Loan Parent Loan for Undergraduate Students GradPLUS TEACH Grant

  16. Sector-Based State Financial Aid Programs UNC Need-Based Grant NC Community College Grant NC Need-Based Scholarship NC Education Lottery Scholarship

  17. Financial Aid Programs – State Aid North Carolina Forgivable Education Loan for Service -CFNC.org/FELS for list of majors and $$ Child Welfare Postsecondary Support Program Golden LEAF Scholarship Other NC programs described in Student Financial Aid for North Carolinians available at CFNC.org/fabook.

  18. Scholarship Information • CFNC has information about state scholarship programs • Links to • Fastweb.com • Collegeboard.org – Student section Never pay for scholarship information!

  19. Financial Aid Package – Your Net Cost Amount of gift aid offered? Requirements for scholarships? Is the scholarship renewable? Requirements for institutional grants? How much remains to be paid after gift aid? What is the process for obtaining a Federal Work Study position? What amounts and types of student and parent loans are recommended?

  20. CFNC Resources Financial Aid Primer Terms and frequently asked questions Scholarship and Grant Applications (State Programs) Videos Financial Literacy 101 Budget, Credit Card, Savings Calculators Smart Borrower Calculator

  21. CFNC’s Financial Literacy Education Tool On-line, interactive course for high school seniors – Financial Literacy 101 $500 scholarship opportunity Tools to help you make wise money management decisions Budgets Calculators Fact sheets Videos and Games

  22. Financial Aid Top Ten List for Senior Year 10. Look at college websites for financial aid deadlines *Keep in mind some colleges have early deadlines for scholarships 9. Talk with your school counselor about scholarships 8. Apply for scholarships by the deadlines 7. You and your parents prepare federal income tax returns as early as possible – DRT Tool 6. Fill out your FAFSA form early (after January 1) 5. Attend a financial aid workshop at your school 4. Visit CFNC.org for financial literacy education information 3. Ask questions 2 Stay organized – create files for your scholarships & FAFSA information 1. Enjoy your last year of free laundry and home cooking!

  23. Questions And More Information 866-866-CFNC (866-866-2362) Visit CFNC.org

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