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What is Financial Aid? - PowerPoint PPT Presentation


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What is Financial Aid?. Gift Aid *Scholarships *Grants Self-Help Aid *Work Study *Loans. Who is Eligible for Aid ?. Citizens or eligible non-citizens of the U.S. Students enrolled in degree or certificate program on at least a half-time basis

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Presentation Transcript
slide2

What is Financial Aid?

  • Gift Aid
      • *Scholarships
      • *Grants
  • Self-Help Aid
      • *Work Study
      • *Loans
slide3

Who is Eligible for Aid ?

Citizens or eligible non-citizens of the U.S.

Students enrolled in degree or certificate program on at least a half-time basis

Student not in default or needing to repay a federal grant

Males who are registered with Selective Service

slide4

How to Apply forStudent Financial Aid

Apply for a PIN at www.pin.ed.gov.

Complete the Free Application for Federal Student Aid (FAFSA) in January or early February

slide5

Can I Get Help?

YES! Make an appointment with your ACCESS Advisor.

Let your ACCESS Advisor file your FAFSA for you.

Eliminate the chance of errors resulting in financial aid award delays.

slide6

What kind of information will I need to provide at my appointment?

Student and Parent Name

Student and Parent SSN

Household Size

Student and Parent Adjusted Gross Income, Untaxed Income and Taxes Paid

Student and Parent Bank Account Balances

College(s) to which Student has Applied

slide7

Information to provide, cont.

Parent Educational Background

Number of Parent’s Dependents

Number of Dependents Concurrently Enrolled in College

Student and Parent Date of Birth

slide8

What Documents WillI Need to Bring?

Parent and Student 2007 tax returns

Parent and Student 2008 W-2 forms or most current pay stubs

Parent and Student’s most recent bank statement(s)

slide9

Updating Your FAFSA

Your ACCESS Advisor will file an estimated FAFSA in January or early February based on 2007 tax return.

After your 2008 tax return is filed, your ACCESS Advisor will make corrections based on the new tax information.

slide10

Priority Filing Deadlines!!

For most colleges, the priority filing deadline is February 15th ; for some colleges, it is February 1st

Virginia colleges award state grants based on their priority filing deadline

slide11

Most Common Mistakes

  • Use of income tax withheld versus U.S. income tax paid
  • Net worth of investments, business or farm
  • Untaxed income (Worksheet A)
  • Parent marital status
slide12

Most Common Mistakes

Not accurately recording Social Security Number for Student and Parent

Not using name as it appears on Social Security Card

Not listing colleges on the form

Parent not signing the form with PIN

slide13

Other FAFSA Considerations

  • Dependent Student – students must provide parent’s income on the FAFSA unless the student:
    • Is 24 years old
    • Is married
    • Is active duty military
    • Has a legal dependent for whom they provide support
    • Is an orphan or ward of the court
  • Independent Student – students may be considered independent if they meet any of the above conditions.
slide14

Other FAFSA Considerations

  • Household Size
  • Stepparent’s Income
  • Drastic Changes in Income
    • Retirement
    • Loss of job
    • Death of parent
slide16

What’s the COA?

Cost of Attendance

Tuition and Fees

Room and Board

Books and Supplies

Travel

Loan Fees

Personal Expenses

Other Educational Expenses

slide17

What’s the EFC?

Expected Family

Contribution

An analysis of a family’s ability to contribute to a college education based upon their income and assets

Used by colleges to calculate the type and amount of financial aid for which you qualify

slide18

What’s Financial Need?

COA – EFC = Need

slide19

Comparing the Effectsof EFC on COA

Assume a family with an EFC

of $4,000 applies to 3 different schools:

slide20

Whose bill is it anyway?

Parents?

The Government?

The College?

slide21

What Happens afterthe FAFSA?

The student will receive a Student Aid Report (SAR) from the processor showing the EFC and any edit errors

Any institutions listed on the FAFSA will receive an electronic copy of the SAR

slide22

Financial Aid Process

Filed

EFC

  • Grant
  • Loan
  • Work study
slide23

Then What?

Accept the aid offer from the college of your choice

Attend to any additional documents that may need to be signed or any loan counseling required by the college

slide24

ACCESS Scholarship

Every high school in South Hampton Roads

Application due May of each year

See ACCESS Advisor for application

slide25

5 Keys to Success

File the FAFSA early with your ACCESS Advisor!

Search for scholarships

Keep copies of everything

Use the Financial Aid Officer at your college as a resource

Don’t forget to visit the ACCESS office during winter break to file your FAFSA for the next school year!

slide26

In Conclusion…

What questions

do you have

about financial aid?