financing your education 2011 2012 n.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
Financing your education 2011-2012 PowerPoint Presentation
Download Presentation
Financing your education 2011-2012

Loading in 2 Seconds...

play fullscreen
1 / 34

Financing your education 2011-2012 - PowerPoint PPT Presentation


  • 135 Views
  • Uploaded on

Financing your education 2011-2012. www.ndscs.edu. Excerpts and Graphics Provided by: National Association of Student Financial Aid Administrators North Dakota Association of Student Financial Aid Administrators. Agenda. 1. Definition of Financial Aid. 2. Definition of Financial Need.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Financing your education 2011-2012' - loan


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
financing your education 2011 2012

Financing your education 2011-2012

www.ndscs.edu

Excerpts and Graphics Provided by:

National Association of Student Financial Aid Administrators

North Dakota Association of Student Financial Aid Administrators

agenda
Agenda

1

Definition of Financial Aid

2

Definition of Financial Need

3

Description of Financial Aid Programs

4

How to Apply for Financial Aid

financing your education
Financing Your Education
  • What is Financial Aid?
  • Who is Eligible?
  • Steps in Financial Aid Process
  • How do I apply?
  • Where does it come from?
  • What aid is available?
what is financial aid
What is Financial Aid?

Scholarships

NDSCS or Outside Agencies

Grants

Federal or State

Loans

Subsidized or Unsubsidized

Employment

Institutional or Federal

estimated family contribution efc
Estimated Family Contribution (EFC)

“Federal Methodology” is the formula created by Congress to determine the expected family contribution (EFC).

Information provided on the FAFSA is used to calculate the EFC.

dependency status
Dependency Status

Independent Students are:

  • At least 24 years old by December 31 of award year covered by FAFSA; or...
  • Graduate or professional student; or...
  • Married; or...
  • Has legal dependents other than a spouse; or...
  • At age 13 or older were an Orphan, in foster care or a ward/dependent of the court; or...
  • Veteran of U.S. Armed Forces; or…
  • Homeless as determined by a state entity
financing your education1
Financing Your Education

What is financial aid?

Who is eligible?

How do I apply?

Where does it come from?

What aid is available?

general eligibility criteria
General Eligibility Criteria
  • Degree-seeking
  • Must be active in and/or successfully completed 6 or more credits per term for financial aid to disburse
  • Must be currently enrolled in the term to receive financial aid
  • U.S. citizen or eligible noncitizen
  • Registered with Selective Service, if male
  • Valid Social Security Number
  • Must be in good academic standing with College
  • May not be in default on any previous student loans
  • May not have certain drug-related convictions
financing your education2
Financing Your Education

What is financial aid?

Who is eligible?

How do I apply?

Where does it come from?

What aid is available?

before you apply for financial aid
Before You Apply for Financial Aid
  • Student and Parent (if necessary) register for a PIN before completing the FAFSA on the Web
  • Receive PIN via email or online (real-time) or U.S. Postal Service (7 to 10 days)
  • The PIN acts as the student’s and parent’s electronic signature

www.pin.ed.gov

how do i apply for financial aid
How Do I Apply for Financial Aid?

As soon as possible complete a:

Free Application for Federal Student Aid(FAFSA)

fafsa process

The student (and parents, if necessary) complete the Free Application for Federal Student Aid (FAFSA)

Submit an electronic FAFSA.

FAFSA Process

The student will receive a Student Aid Report (SAR). The school will receive the same information. Student may be selected for “verification.”

FAFSA data is received by U.S. Department of Education Central Processing Service (CPS). The CPS calculates an Expected Family Contribution (EFC), and performs verification checks and edits.

special circumstance
Special Circumstance
  • Contact your Financial Aid Office:
  • Divorce/separation after filing FAFSA
  • Significant Loss of Income or Benefits
  • Death
  • Foreclosure/Liquidation
  • Documentation, if needed:
  • Paid receipts
  • Tax returns
  • Divorce decree
financing your education3
Financing Your Education

What is financial aid?

Who is eligible?

How do I apply?

Where does it come from?

What aid is available?

sources of financial aid
Sources of Financial Aid
  • Federal
    • Pell Grant
    • FSEOG Grant*
    • Work-Study*
    • Perkins Loans*
    • Direct Loans
  • Private/Local/Institutional
    • Loans
    • Scholarships*

* Colleges have a limited amount of these funds.

avoid being scammed
Avoid being Scammed

You shouldn’t have to pay to get free money.

The only paying that should be done

Ask questions and do some research.

is paying attention!

  • Better Business Bureau: http://www.bbb.com
  • U.S. Department of Education: http://studentaid.ed.gov/students/publications/lsa/index.html
  • Federal Trade Commission: www.ftc.gov/bcp/conline/publs/alerts/ouchart.htm
private scholarship searches
Private Scholarship Searches

Free Internet Scholarship Search Engines

tax benefits for college costs
Tax Benefits for College Costs

Tax Incentives (www.irs.gov) Publication 970:

  • Lifetime Learning Credit – families can claim $2,000 per year in tax credits for tuition expenses. No limit on number of years to be claimed.
  • American Opportunity Credit - taxpayers can claim a credit of up to $2,500 for each of the 2009 and 2010 tax years. Available for the first 4 years of college. In tax bill waiting to be passed for 2011 and forward.
  • Deduction for Student Loan Interest -You can deduct up to $2,500 in student loan interest. The deduction is taken as an adjustment to income.
  • Limited Deduction for Tuition Expenses - Taxpayers can deduct approximately $4,000 in tuition expenses as an exclusion from income.
remember
REMEMBER!

In Order for your federal (loans & grants) financial aid to disburse, you must be active in and/or have successfully completed 6 or more credits per term. You have to be currently enrolled in the term to receive your financial aid.

www ndscs edu

Thank You !

www.ndscs.edu