Financial Aid 101
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Transcript of Financial Aid 101
Financial Aid 101
Financial Aid 101 Presented by the Adult Education Department atIndian River State College Virtual Workshop Orientation
Orientation
Orientation
Orientation
Orientation
Orientation
Orientation
ObjectivesNavigate the financial aid process
Locate and complete the Free Application for Federal Student Aid (FAFSA)
List sources of financial aid and understand financial aid terminology
Financial Aid topics What is financial need
Cost of attendance (COA)
Expected Family Contribution (EFC)
Types and sources of financial aid
Free Application for Federal Student Aid (FAFSA) What is Cost of Attendance Includes:
Tuition & Fees
Room & Board
Books, supplies, transportation, etc.What is Expected Family Contribution or EFCAmount family can reasonably be expected to contributeCost of Attendance Expected Family Contribution =Financial Need
Parent contribution/Student contribution
Calculated using data from a federal application form and a federal formula
Stays the same regardless of college
Types of Financial Aid Scholarships Aid that is awarded on the basis of merit, skill, or unique characteristic that does not have to be repaid
Grants Aid awarded on the basis of financial need that does not have to be repaid
Loans- Money students and parents borrow to help pay college expenses Repayment usually begins after education is finishedOnly borrow what is really neededLook at loans as an investment in the future
Sources of Financial Aid Federal government
States
Private sources
Civic organizations and churches
Government Aid Federal Largest source of financial aid
Aid awarded primarily on the basis of financial need
Must apply every year using the Free Application for Federal Student Aid (FAFSA)
Government Aid State Residency requirements
Award aid on the basis of both merit and need oftentimes
Use information from the FAFSA
Deadlines vary by state; check FAFSA on the Web site
Private SourcesFoundations, businesses, charitable organizations, civic & community organizations & churchesBegin researching private aid sources earlyDeadlines and application procedures vary widelyIRSC Foundation Scholarships STARS application at https://stars.irsc.edu/STARS/ Websites such as http://www.collegeboard.com/student/pay/index.html
Common Federal Aid Programs Federal Pell Grant
Federal Supplemental Educational Opportunity Grant
Federal Work-Study
Subsidized and Unsubsidized Loans
Federal Pell Grant Awarded amount based on EFC, COA, and enrollment status (full-time, half-time, etc.) Maximum award for 2011-2012 = $5,550FSEOG - Federal Supplemental Educational Opportunity GrantAnnual award amounts vary from $100 to $4,000 a year Students with the lowest EFCs are awarded first Priority goes to Federal Pell Grant recipients and is often based on the date you submit your FAFSA
Federal Work Study -FWSProvides part-time employment while you are enrolled in school
Employment may be on or off campus
Inquire about work-study jobs at IRSCs Financial Aid Office
Federal Direct LoansSubsidized must demonstrate need U.S. Department of Education will pay (subsidize) the interest that accrues while in school Unsubsidized not based on need most everyone can qualify Interest accrues while in school
Private LoansBanks and credit card companies may provide education loansThese type of educational loans will likely have a higher interest rate than government student loansRequires credit-worthiness
Loans have maximum amounts based on your year in college
Free Application for Federal Student Aid (FAFSA)Collects demographic and financial information about the student and familyInformation used to calculate the Expected Family Contribution or EFCmoney a student and parent may reasonably be expected to contribute to the cost of the students education per academic yearColleges use EFC to award financial aidThis form is the basis for all need-based financial aidWebsite: www.fafsa.gov IRSC federal school code is 001493
FAFSA AssistanceIndian River State Colleges financial aid departmentCollege Goal SaturdayFAFSA website Toll-free 1-800-4FED AID 1-800-433-3243Online live assistance Email (Assistance available M-F 8 am 12pm Sat 9am-6pm)
How much did you learn?1) Do you complete the FAFSA form only once while you are attending college?
2) Do grants have to be repaid?
3) Does the cost of attendance include room and board?How did you do?1) Do you complete the FAFSA form only once while you are attending college? No, it is completed every year that you are in college.
2) Do grants have to be repaid? No.
3) Does the cost of attendance include room and board? Yes, regardless of whether or not you stay on campus.
Any questions regarding financial aid or the FAFSA?
Thank you for your attendance!