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Need Money for School?

Need Money for School?

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Need Money for School?

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  1. Need Money for School? A Step by Step Process to Apply for Financial Aid Rhonda Goldsby

  2. Step One • Fill out the Free Application for Federal Student Aid (FAFSA). • Can be filled out online at www.fafsa.ed.gov. This process takes approximately 2-4 weeks. • Can be filled out by paper application. This process takes approximately 4-6 weeks. Rhonda Goldsby

  3. Step Two • The online or paper application will be processed. • An electronic copy of the application will be sent to each school listed on the FAFSA. • Student will be notified via mail if any additional information is needed. Rhonda Goldsby

  4. Step Three • Student will receive a financial aid award letter. The financial aid award letter will show: • Grants • Institutional Scholarships • External Scholarships • Loans • Federal Work Study. Rhonda Goldsby

  5. Institutional Aid Amounts for Eligible Students • Pell Grant maximum amount is $4,050. • Supplemental Education Opportunity Grant (SEOG) maximum amount is $4000. • Perkins Loan maximum amount is $4000. Rhonda Goldsby

  6. Loan Amounts for Eligible Undergraduate Students • Undergraduate loans amounts for an academic year are: • Freshman: Subsidized $2,625; Unsubsidized $4000 (only if the parent loan is denied). • Sophomore: Subsidized $3,500; Unsubsidized $4000. • Junior/Senior: Subsidized $5500; Unsubsidized $5000. Rhonda Goldsby

  7. Loan Amounts for Eligible Graduate Students • Graduate Students loans amounts for an academic year are: • Subsidized Loans $8,500 • Unsubsidized Loans $10,000. Rhonda Goldsby

  8. Step Four • Student should accept, decline, or reduce financial aid online at www.cau.edu. • Student should apply for loans accepted online at www.cau.edu. • Student should complete online entrance counseling form at www.cau.edu. Rhonda Goldsby

  9. Step Five and Final Step • Student must register for classes with advisor. • Student must use financial aid to pay for classes. • Student must attend classes through the drop/add period before financial aid is disbursed to student’s account. Rhonda Goldsby

  10. Financial Aid Disbursements and Refund Policy • Financial aid for Freshman students will disburse 30 days after the first day of class. • Financial aid for all other students will disburse after the drop/add period. • Financial aid refunds will be available one week after aid disburses to a student’s account. Rhonda Goldsby

  11. Number of Students on Financial Aid per Classification Rhonda Goldsby

  12. Recap of Financial Aid Steps • Complete FAFSA (online or by paper). • FAFSA will be processed and sent to school. • Student receives financial aid award letter. • Student applies for loans and fills out entrance counseling form. • Finally, student selects, pays, and attend classes. Rhonda Goldsby

  13. References • Clark Atlanta University (2003). Enrollment status. Retrieved February 14, 2003, http://www.cau.edu. Rhonda Goldsby