FINANCIAL AID and SENIORITIS…

How do Colleges get my information?

Federal Government

YOU

Colleges

Then what?

Financial Packages

EFC (estimated family contribution) COA (cost of attendance) – This number will

be different at each college.COA – EFC = FINANCIAL

NEEDExample: Cost of attendance is $15,000EFC: $5,000Financial need is $10,000

How do colleges determine your financial aid package?

Free Application for Federal Student Aid (FAFSA)

VTAG Application (Private institutions only) Individual College’s financial aid form College Scholarship Service (CSS) Profile

Required Financial Aid Forms

Parent IncomeParent AssetsStudent IncomeStudent AssetsAge of older parentNumber in householdNumber of children in college

FAFSA

1. Apply for PIN (personal identification number) for you and your parent.

2. Gather information (tax documents, etc)3. You can fill out the paper worksheet (DO

NOT SEND THIS FORM)4. Fill out the FAFSA form after January 1st,

20135. Sign electronically

What are the steps?

Go to the web site www.fafsa.gov Check apply for PIN. You will need a birth date and

social security number for both you and your parent Select two 4 digit numbers, one for you and one for

your parent, and write them down If you have an older sibling in college, chances are

your parent already has a PIN, so get that number from them

BE SURE TO KEEP THOSE NUMBERS BECAUSE YOU WILL NEED THEM EVERY YEAR YOU ARE IN COLLGE!

How do I get a PIN?

Fill out the FAFSA every year you are in college Make sure to enter your info under the student

section and your parent’s under the parent section Include all the colleges to which you are applying Check info before you submit Be sure to sign electronically before you submit Print a copy of the FAFSA and the confirmation

page Get help if needed

Tips for filling out the FAFSA

Date of birth and social security number Completed 2012 tax forms – if they have not yet filed

you can use 2011 forms to estimate, but you will have to correct once the 2012 tax forms are done

Highest grade level of father’s and mother’s education

Parents’ date of marriage, divorce, or separation Assets Cash, savings, checking Child support received or paid Tax exemptions or credits received

What Parent Information?

Date of birth and social security number – it is very important to have these correct!

If you will be filing taxes, completed 2012 tax forms – if you have not yet filed you can use 2011 forms to estimate, but you will have to correct once the 2012 tax forms are done

Assets Cash, savings, and checking

What Student Information?

Submit the FAFSA Receive and review the STUDENT AID

REPORT Make note of your EFC and DRN (data

release number) on the SAR – You will need them for future references

Review carefully all college financial aid award letters

Complete all verification documents as requested

What happens next?

1. Scholarships2. Grants3. Loans – you will need to repay4. Work Study

Types of Financial Aid

Academic Athletic Special skills and talents

Scholarships

Pell Grant (up to $5500/year) FSEOG – Federal Supplemental Educational

Opportunity Grant VTAG – Tuition Assistance Grant (VA private

colleges) CSAP – College Scholarship Assistance

Program VGAP – VA Guaranteed Assistance Program

Grants

Parent Loans◦ PLUS Loan◦ Alternative Loans

Student Loans◦ Stafford Loans: $5,500 ($3,500 subsidized/$2,000

unsubsidized) ◦ Perkins Loans: Not all schools are participants –

up to $5,500/year up to a total of $27,500/4-years

Loans

Based on financial need Coordinated by individual college Average 10-15 hours per week Minimum wage or higher

Work Study

1. START EARLY2. Meet priority deadlines3. Keep photocopies of everything4. If the college asks for additional

information – send it ASAP!5. Re-apply every year6. Document any communication with

financial aid officers

Tips for hassle-free financial aid

STUDENT A comes from a family where both parents are employed with a combined income of $23,000 and assets totaling $2,000. The student is an only child.

College costs: $55,370 FINANCIAL AID PACKAGE:What the family pays: $1,900 School Scholarship:

$43,920Federal Pell Grant: $5,500Federal SEOG Grant: $4,000 Financial need:

$53,470 Total Aid Package: $53,470

Sample Aid Packages

STUDENT B comes from a two-parent family with both employed with a combined income of $70,600 and assets equal to $16,500. The student has one sibling in college and one younger sibling not in college.

College costs: $55,370 FINANCIAL AID PACKAGE:What the family pays: $4,200 School Scholarship: $46,920

Federal Pell Grant: $1,100Work Study + Loan: $3,000

Financial need: $51,170 Total Aid Package: $51,170

Sample Aid Packages

STUDENT C comes from a family with two working parents and a younger, non-college aged sibling. The parents earn a combined income of $125,000 and has $118,600 in assets.

College costs: $55,670 FINANCIAL AID PACKAGE:What the family pays: $21,400 School Scholarship: $28,270

Work Study: $3,000

Student Loan:$3,000

Financial need: $34,270 Total Aid Package: $34,270

Sample Aid Packages

Sample Aid Letter

noun. A crippling disease that strikes high school seniors. Symptoms include: laziness, an over-excessive wearing of track pants, old athletic shirts, sweatpants, athletic shorts, and sweatshirts. Also features a lack of studying, repeated absences, and a generally dismissive attitude. The only known cure is a phenomenon known as graduation.

SENIORITIS

The diary of an infected senior:

Dear diary. I have finally come to terms with my life-threatening case of senioritis. And while my parents and teachers tell me I should "get back on the horse" and study hard, I can only spit out the battle cry of my generation:

“SENIORITIS: We'd find a cure, but we just don't care.”

SENIORITIS

When you leave your backpack in your car trunk from 3pm - 8am.

SENIORITIS

symptoms of senioritis are variable. Most cases of senioritis tend to start after college applications and mid-year reports have been sent in. This entails a student not doing any work whatsoever, skipping class a lot, getting stoned/drunk for the first time ever, being apathetic about everything, and resenting taking all those hard classes to impress your favorite college which you won't get in most likely because it's too expensive.

SENIORITIS

This virus can be deadly to one's grades, as the carrier becomes totally apathetic about their grades, classes, homework etc. This results in many "Zeros ( 0 )" or failing grades - ultimately leading to the drastic lowering of the grade in the carrier's classes. Side effects include: Failure to give a poop, complete and utter apathy, and not graduating with the carrier's class.

SENIORITIS

1. Take care of yourself 2. Stay organized3. Get motivated4. Be realistic5. Visit the Guidance Office

How to Combat SENIORITIS

1. Don’t skip meals2. Exercise3. Take time for yourself

Take Care of Yourself

1. Time management2. Use of a planner – plan things out.

Stay Organized

1. Motivation at the end of your senior year is a good indication of your motivation towards the next stage of your life.

2. If you are not motivated – Get There.1. Think $$$... For those college bound – merit

based scholarships sometimes are based on end of the year reports.

2. For those work bound – employers typically don’t hire those who do not graduate.

Get Motivated

Enjoy your senior year… you have worked hard to get to this point. Be realistic about the options that are beyond graduation. Have fun – but remember there are consequences for every decision you make.

Be Realistic

Senior year can be sad and exhilarating at the same time. You and your friends catalog all the "lasts"—the last first day of school, the last football game, the last prom. But you're also looking forward to graduating and starting another chapter of your life… don’t be afraid to swing by my office and talk about what you are excited about and what you fear.

Visit Guidance