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Denver School of Science and Technology

Denver School of Science and Technology. Understanding Financial Aid. Denise Suarez College and Financial Aid Advisor. Takeaway Point . You only apply to college once; you must apply for financial aid every year. . How much will college cost?. Community University Private College

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Denver School of Science and Technology

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  1. Denver School of Science and Technology • Understanding • Financial Aid Denise Suarez College and Financial Aid Advisor

  2. Takeaway Point You only apply to college once; you must apply for financial aid every year.

  3. How much will college cost? Community University Private College College (in Colorado) or University live w/ parents live on campus live on campus In State Tuition In State Tuition Tuition & Fees Books, Supplies Room, Board Personal Expenses (include insurance, transportation) COST OF ATTENDANCE

  4. Takeaway Point These are merely starting or sticker prices. Financial aid can help you cover the costs, if you apply for it.

  5. Types of Financial Aid • NEED-BASED • Grants • Work-study • Student Loans • MERIT-BASED • Institutional or Private Scholarships • SELF HELP • Work, savings, cash

  6. Grants • Come from federal and state governments, colleges and private organizations. • Awarded to the student based on need. • Do not need to be paid back. Pell Grant Up to $5,550 in 2011-12

  7. Work Study Provides financial assistance in the form of a part-time job on-campus or some off-campus sites. • Must find your own job • Money goes to you, not directly to pay to tuition • Up to 20 hours per week, most work-study jobs 10-15 hours • Flexible employers and on-campus networking • Income not used against student for next year’s financial aid

  8. Student Loans Stafford Student Loans • Low fixed interest rates • 6 month grace period • In student’s name • No credit check/income verification • Up to $5,500 per year • Subsidized Stafford • Need-based • Interest Rate = 3.4% (2011-12) • Government pays interest while student in college and during grace period • Unsubsidized Stafford • Not need-based • Interest rate = 6.8% • Student pays interest thataccrues while in college and during grace period • Can pay quarterly

  9. Parent PLUS Loans • Federal Parent Loan for Undergraduate Students • In parent name - for undergraduate and dependent students • Fixed interest rate of 7.9%, unsubsidized • Credit check required • - If denied, student eligible for additional unsubsidized Stafford allowance • Repayment begins 6 weeks after the loan is fully disbursed – or - parent may defer repayment: • - While the student on whose behalf the parent borrowed the loan is enrolled on at least a half-time basis, and • - Dollar Amount: Up to unmet need • - Fees: Up to 4%

  10. Scholarships Awarded for a variety of reasons to students. • Does not need to be paid back • Institutions may require you to complete an institutional scholarship application • Check email! www.denverscholarship.org/scholarshipdirectory

  11. To qualify for aid you must… • Public and Institutional Scholarships Start Now • Grants • Loans • Work Study

  12. FREE APPLICATION FOR FEDERAL STUDENT AID FAFSA = • FAFSA is not a scholarship application. It is an application that can qualify you for specific financial assistance to help pay for college. • U.S. Citizen, Permanent Resident, Refugee/Asylum, awaiting a Green Card with an SSN • Available Jan. 1 each year, submit early • Must submit the FAFSA each year • www.fafsa.ed.gov NOT www.fafsa.com,www.fafsa.org

  13. Applying for Financial Aid: Preview Award letters STUDENT College A verification FAFSA US Dept of Ed. SAR College B verification SAR College C verification

  14. To Complete The FAFSA, You Need: • Your and your parent (s) 2011 tax returns (1040, 1040A, 1040EZ) and W-2s • Your and your parent (s) social security number (student’s required) • Your and your parent (s) name is it appears on social security card • PIN NUMBER (4 digit number) • You can apply for one while filling out the FAFSA. Nevercreate your own number. Let FAFSA do it and be sure to select display “display immediately.” Your PIN will never change.

  15. New this year: IRS Data Match • Initial Eligibility Criteria: • Must have a valid SSN, student and parent • Must have filed a 2011 federal tax return, and • Must have an unchanged marital status since December 31, 2011, student or parent Initial Ineligibility Criteria: • My (my parent) tax filing status is Married Filing Separately • My (my parent) tax filing status is Head of Household • I (my parent) filed an amended tax return • I (my parent) filed a Puerto Rican or foreign tax return • I (my parent) recently filed my taxes (less than 2 weeks electronic; less than 8 weeks paper)

  16. IRS Data Match (part II) • You can still do the FAFSA now using 2010 tax returns as an estimate. However, if you are eligible, you must use the IRS data match/retrieval before your financial aid will be packaged at most colleges. Contact your college with specific deadline and processing questions. • Must provide a hard copy of your 2011 tax returns to complete the FAFSA as some information is not retrieved. • If you are not eligible to use the IRS data match/ retrieval tool, or you chose not to use it, you will be required to request at tax transcript from the IRS and submit it to the Office of Financial Aid. • Electronically file 2011 taxes as soon as possible!

  17. The FAFSA… The U.S. Department of Education processes the information on your FAFSA and provides you and the colleges you selected your Expected Family Contribution (EFC) • The EFC is an index that colleges use to determine your eligibility for financial aid. • You are not expected to have this amount in cash but it is an amount that you could expect to contribute for your freshman year.

  18. Factors that determine EFC: • Parent income and assets (assets do not include family’s primary home, businesses with fewer than 100 employees, retirement, life insurance policies, farms.) • Student income and assets • Cash, savings, investments, businesses • Number in household, and in college • Untaxed income • Note that debt/bills are not listed. • EFC range to receive the Pell Grant: 0-5,273 • Maximum Pell Grant Award for 2011-12: $5,550

  19. Special Circumstances: • Parents are divorced, whose taxes do I use? Whoever provides more than 50% or your support. If my mom is remarried, do I have to use her husband’s financial information, whether he files jointly or separately? Yes. • I live with my grandma, and she doesn’t file taxes. It doesn’t matter who you live with, if they aren’t your court appointed legal guardian, we need parent financial information. • I am independent because I’m 18 and I provide for myself and my parents don’t help me now financially and won’t help me when I’m in college. You must be legally emancipated, 23, or married, or we will need parent tax information. • My parents don’t file taxes. It’s ok, you must still complete the FAFSA. • My parents refuse to give me their taxes or SSN. Unless you are considered independent, you need them. • My parents don’t have a social security number. It’s ok, you can still complete the FAFSA • My parents haven’t completed their 2011 taxes. We can use their 2010, BUT the FAFSA must be updated once the 2011 taxes are prepared. • See Ms. Suarez to discuss how you fill out your FAFSA BEFORE you fill it out!

  20. Independent vs. Dependent Students • I live with my brother, he is my legal guardian. You will be considered independent, we will only use your income and tax information (if applicable). • I have a child. If your child receives more than half of their support from you, you are independent. • I am in a foster home. If at any time since you turned 13 you were in foster care, you are independent. • I am homeless or an unaccompanied youth. Must have documentation from DPS, independent. • I am not in a legal guardianship but can’t locate my parents or they are incarcerated. Special circumstance, can’t provide parent information and would need to provide documentation to financial aid office for professional judgment. • See Ms. Suarez to discuss how to fill out your FAFSA • BEFORE you fill it out!

  21. What Happens After I Submit My FAFSA? • When you receive the SAR make sure to check it for accuracy. • 1)If there is a mistake or something has changed since you submitted it make the changes online with your PIN. • 2)Your information is now sent to the schools you indicated on the FAFSA STUDENT AID REPORT (SAR) email, mail, or student portal

  22. After theSAR is sent to me and my colleges? • The colleges are going to send you letters saying YOUR FINANCIAL INFORMATION IS INCOMPLETE. • The verification process allows college to verify you didn’t lie on the FAFSA. • Automatic verification: if you indicate you receive food stamps, if there are multiple children in college and if one parents pays child support to another VERIFICATION email, mail, or student portal

  23. What happens after verification? • Oftenthere will be some amount left that you and your family will have to cover. • This is where you need evaluate your family’s unique situation. • As a family do you have a college savings plan? • Are your parents credit worthy? • Follow directions to accept/decline an award! • Award Letters will vary by college. AWARD LETTERS Email, mail, or student portal

  24. The CSS Profile Requires MORE information than FAFSA, including: • Optional Noncustodial PROFILE - information regarding divorced/separated parent • Family housing status (own or rent; how much owed; current market value; year purchased/ monthly mortgage payment) • Retirement fund amounts • Amount of itemized deductions • How much parents paid & plan to pay on their educational loans, including k-12 tuition for all dependents • Other dependents in college = name of school/tuition, fees, room, board costs/aid received • Make/year of vehicles • Special circumstances detail - helps evaluate need for additional funds before an appeal is rec’d • Three years of income information requested from parentsto help identify year-to-year changes in family ability to pay • Business and farm information collected regardless of the number of employees

  25. The CSS Profile • Colleges use this information to award institutional aid. • CSS Profile will calculate an EFC using Institutional Methodology; May be >, <, or = FAFSA EFC Fee Waiver: • Reduced price lunch income guidelines • Total parental income (taxable & untaxed)except Earned Income Cr. • Parental assets • Dependent students whose parents report net assets in excess of $34,120 are not eligible for fee waiver • The fee waiver covers the application and six total school reports

  26. Applying for Financial Aid: Review Check mail, email, student portals often!

  27. DSST FAFSA Night Getprofessional help submitting your FAFSA & CSS Profile! Thursday, Feb. 9 • Sign up for a 1 hour slot from 4-7 pm • To Bring • - Your and your parent (s) 2011 tax returns (1040, 1040A, 1040EZ) • Your and your parent (s) social security number (student’s required) • Your and your parent (s) name as it appears on Social Security Card

  28. Questions?

  29. Paying for College –DSF Scholarship • DSF Scholarship: for DPS graduates who • are enrolled in a DPS high school for all four hears of High School • have a 2.0 cumulative G.P.A • have financial need • enroll in Colorado colleges • Awards are based on financial eligibility (FAFSA), school choice, and enrollment (full-time or part-time) • This fall, DSF Scholars received up to $3400 • Renewable for up to five years

  30. Satisfactory Academic Progress (SAP) • Three components: • Grade Point Average (GPA): Usually C Average; determined by college, could be different than academic standard • Completion Rate: Must complete certain percentage of classes • Credit Limit: Cannot exceed determined credit total for program of study (i.e. 180 total) • - Probation/Suspension • - Appeal process • - Repayment

  31. DSF Scholarship -Deadlines • April1 - Submit DSF application - Apply for 3 additional scholarships - Submit FAFSA - Submit proof that you submitted FAFSA • May 1 - Submit College Choice Form (CCF) - Graduate from DPS high school with a 2.0 cumulative GPA • July 15 - Complete Financial Aid File - Enroll in college - Update CCF if you plan to attend a different college • Sept 15 - check in with DSF campus advisor l

  32. College Opportunity Fund Pays a portion of total in-state tuition per credit hour.$62 per semester credit hour12 credits= $744 savings Must apply – just once at: cof.college-assist.org Must have SSN and Colorado ID, license or permit number. Will take you 3 minutes.

  33. Denise Suarez College & Financial Aid Advisor Denver School of Science and Technology Email dsuarez@denverscholarship.org 303-524-6366

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