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Financial Aid: 101

Financial Aid: 101. 2004-2005 Financial Aid Presentation Presented by: Andrea Tracy, Program Director Lake/Geauga Educational Assistance Foundation. Agenda. At this time, where should you be in the financial aid process. Quick look at the Free Application for Federal Student Aid (FAFSA)

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Financial Aid: 101

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  1. Financial Aid: 101 2004-2005 Financial Aid Presentation Presented by: Andrea Tracy, Program Director Lake/Geauga Educational Assistance Foundation

  2. Agenda • At this time, where should you be in the financial aid process. • Quick look at the Free Application for Federal Student Aid (FAFSA) • What can I expect in the next few months. • What types of financial aid could a student be eligible for? • Where do I go from here?

  3. What Steps Should Already Be Completed? • Admission Application should be send to the College or University you will be attending. • Admission status should be know except if the Admission Application was submitted in the last two weeks. • Student should have completed, or be in the process of completing, outside scholarship applications. • Free Application for Federal Student Aid (FAFSA) should be completed or in the process of completing. • All College or University deadlines should be known.

  4. To Register for a PIN: www.pin.ed.gov

  5. FAFSA on the Web’s Homepage

  6. Providing Electronic Signatures

  7. Paper FAFSA 2004-05 FAFSA is an 8-page booklet containing: • General instructions for completing the form; • 103 questions, including certifications and signature spaces; • 3 worksheets; and • Pre-addressed envelope to mail the completed form and postcard

  8. Corrections to the FAFSA • Corrections can be made on-line by using a PIN. • If you completed the FAFSA using estimated tax information, corrections must be made after your 2003 Federal Tax Returns are completed. • All corrections must be signed either by a PIN (student and parent for dependent students) or by printing a signature page from the FAFSA website.

  9. On-line Corrections

  10. Timeline for the Next Few Months (After the FAFSA is Completed). • The FAFSA will be processed and a Student Aid Report (SAR) will be sent to you. • The school(s) will electronically receive a copy of the SAR. • Mid-March/Early April: A Financial Aid Award letter will be sent to the student with a list of aid that he/she is eligible to receive. • May 1, 2004 : Most schools will require a deposit if the student will be attending their institution. • Special Conditions/Change of Circumstances are usually processed within a month of being received. A new Financial Aid Award Letter will be sent if the student is eligible for additional aid.

  11. Verification • 10 out of every 30 Students are selected for verification. • Students can be institutionally selected. • When in verification, the institution will collect student and parent(s) federal tax returns and other verification documents like W2s and tax schedules.

  12. Need Varies Based on Cost The Expected Family Contribution is found on the Student Aid Report.

  13. Types of Aid • Federal • Campus Based • State • Institutional • Other Aid

  14. Federal Aid • Stafford Loans • Unsubsidized Stafford: Interest accumulates while the student is in school. • Subsidized Stafford (need based): Interest doesn’t accumulate until the student goes into repayment. • Repayment begins on principle six months after the students last date of attendance. • Variable interest rate capped at 8.25% • Loan is in the student’s name.

  15. Federal Aid (con’t) • PLUS Loan • Repayment begins 60 days after the second disbursement. • Can be deferred by contacting the Lender. • Interest rate is variable but capped at 9% • Loan is in the parent’s name. • Loan cannot be transferred to the student’s name.

  16. Federal Aid (con’t) • Pell Grant • Need based. • Transferable. • Only for Undergraduate students. • Eligibility will be listed on the SAR.

  17. Campus Based Aid • Campus Based Aid is Federal Aid but the school awards it. • Perkins Loan • Need Based. • Fixed interest rate: 5% • Loan is in the student’s name. • SEOG (Supplemental Educational Opportunity Grant) • Need based. • Priority goes to Pell Grant recipients.

  18. State Aid • Ohio Choice Grant • Non-need based. • Given to students attending a private university or college in Ohio. • The FAFSA does not have to be completed in order to qualify. • Ohio Instructional Grant • Need based. • The FAFSA must be completed by October 1, 2004. Ohio Board of Regents website: www.regents.state.oh.us

  19. Institutional Aid • Financial Aid Office • College Grants • College Scholarships • Admissions Office • Academic Awards • Proficiency Awards

  20. Other Aid • Outside Scholarships • National Scholarship Search: www.fastweb.com • Local Scholarship Search: www.leaf-ohio.org • Alternative Loans • Structured like federal student loans, but they are private loans! • Freshmen need co-signers. • Interest rate is variable. Follows the LIBOR or Prime rate. • Loan is in the student’s name.

  21. Where should I go from here? • Make sure any additional Institutional Financial Aid Paperwork is completed. • Meet all deadlines! • Ask questions! • Keep track of who is speak to and what they tell you!

  22. Questions? Phone: 440-942-5323 Fax: 440-942-5346 Website: www.leaf-ohio.org

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