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Financial Aid What You Need To Know! PRESENTED BY: Your Name Director of Financial Aid YOUR COLLEGE.
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Transcript of Financial Aid What You Need To Know! PRESENTED BY: Your Name Director of Financial Aid YOUR COLLEGE.
Financial Aid
What You Need To Know!
PRESENTED BY: Your Name
Director of Financial Aid
YOUR COLLEGE
AGENDA
What is financial aid? How need is determined. Who do you call? Web sites for help. Step by step directions for filling out the
Free Application For Student Aid (FAFSA).
TWO CATEGORIES OF AID
Merit-Based Need-Based
TYPES OF AID
Scholarships– Merit based
– Free Money
Grants– Need based
– Free Money
Loans– Need based
– Must Be Repaid
Employment– Need based
– Work For Pay
SCHOLARSHIPS
Michigan Merit Scholarship Hope Scholarship Michigan Competitive Scholarship Sports Academic Other
GRANTS
Federal Grants– Pell Grant
Need based (family contribution)
Entitlement
– SEOG/Supplementary Educational Opportunity Grant
Need based Given at discretion of
each college
GRANTS continued
Academic Competitiveness Grant (ACG)
Pell Grant Recipient
Full Time Student
Show Need
First or Second Year Student
Rigorous Secondary School Curriculum
GRANTS continued
National SMART Grant
Pell Grant Recipient
Enrolled in 4 Year Degree Program
Full Time Enrollment
Show Need
In 3rd or 4th academic year of program
GRANT continued
SMART Grant continued…
3.0 GPA
In an Eligible Major
GRANTS CONTINUED
State Grants– MEOG/Michigan
Educational Opportunity Grant
Need based Given on first come first
serve basis
– APTG/Adult Part Time Grant
Out of high school two years
Independent status
– Michigan Tuition Grant
Need based Must be attending a
Michigan private college
LOANS Federal Loans
– Subsidized Stafford and Direct Loan Federal government will pay the interest until
student is no longer enrolled at least one-half time (6 Credits).
Interests rate will be 6.80 % Student can pay on principal while in school and
pay no interest. Principal payments begin 6 months after student is
no longer enrolled at least one-half time (6 credits).
LOANS CONTINUED
– Unsubsidized Stafford and Direct Loans Federal government does not pay interest. Interest rates are 6.54% during in-school, grace, and
deferment periods, and 6.80% during repayment. Student must begin paying interest upon approval of
loan. Principal payments begin six months after the
student is no longer enrolled in at least one-half time(6 Credits).
LOANS CONTINUED
– Perkins loans– Plus loans – 8.50% APR
State loans Institutional loans
EMPLOYMENT
Federal College Work Study
State College Work Study– Need based
– Usually work 25 hours or less per week while taking classes.
– Can work around class schedule.
DETERMINING NEED
Cost of attendance or budgets– Each college determines own budget
Will have dependent and independent budget
– You can find each college’s budget in school catalog or other informational material.
COST OF ATTENDANCE
Tuition & fees Room & board Books & supplies Transportation Miscellaneous personal expense
COST OF ATTENDANCE CONTINUED
Study abroad Child care Handicap expenses Cost of computer
EXPECTED FAMILY CONTRIBUTION (EFC)
Determination based on information family submits on FAFSA (Free Application For Student Aid)
Each family will have it’s own EFC– EFC number can be anywhere from 0 to 99,999
Each family will receive a Student Aid Report (SAR) and the EFC will be listed on this form.
Applying for a Pin
Go to www.fafsa.ed.gov Enter Personal Information Provide address Parent and Student both must have PIN Pin will be electronic signature
ESTIMATED COLLEGE COST OF ATTENDANCE COMPARISON
College NameTuition & Fees
Room & Board
Books & Personal Travel Total
Michigan State University $ 7,923 $ 5,788 $ 2,294 $ 500 $ 16,505 Central Michigan University $ 6,009 $ 6,376 $ 2,296 $ 750 $ 15,431 Davenport College $ 8,880 $ 10,581 $ 1,600 $ 1,200 $ 22,261 Lansing Community College $ 2,504 $ 3,400 $ 1,750 $ 1,200 $ 8,854 Ferris State University $ 6,740 $ 6,816 $ 1,864 $ 1,214 $ 16,634 Montcalm Community College $ 1,840 $ 3,423 $ 1,395 $ 1,218 $ 7,876
DEFINITION OF NEED
DETERMINING DEPENDENT OR INDEPENDENT STATUS
To be independent student must meet at least one of the these qualifications.– Where you born on or before Jan 1, 1983?– Are you a veteran of the U.S. Armed Forces?– Will you be working on a degree beyond a bachelor’s degree in
2006-2007?– As of today, are you married?– Are you an orphan or a ward of the court, or were you a ward of
the court until age 18?– Do you have
Children who receive more than half their support from you Dependents (other than your children or spouse) who live with you and receive
more than half their support from you, now and through June 30, 2007
CONTINUED
If student cannot meet one of these, the student will be considered dependent and financial information of both student and parents will be used to determine EFC.
Financial Aid Office can review dependency based on professional judgment.– Only used in unusual circumstances
Abuse, Death of both parents, etc. Must talk directly to FA Office to see if they will consider this
possibility. Everything will need to be documented.
WHO DO YOU CALL?
High school counselor for questions Call my office at Montcalm Community
College (989)328-1205 Call your college Financial Aid Office Please be very careful of companies telling
you they will guarantee financial aid if you will send them money.
WEB SITES FOR HELP
Web site to send FAFSA electronically– WWW. FAFSA.ED.GOV
– Will get information much quicker
– Must get a PIN number for both student and parent. This will be used as signatures.
– Make a copy of your form for your records.
– You will receive your copy of SAR within a month.
– College will send Award Letters in early Spring.
OTHER WEB SITES Www.michigan.gov/mistudentaid
– Michigan Department of Education MI-SEARCH
www.studentaid.ed.gov– U.S. Department of Education
www.finaid.org– Mark Kantowitz Financial Aid Information Page
www.msfaa.org– Michigan Student Financial Aid Association
College Goal Sunday
Will be held February 11, 2007. Locations throughout the State. Professionals available to answer questions
about completing the FAFSA. More information at
www.MICollegeGoal.org
QUESTIONS
Any questions you have should be asked.– There is never a
question about financial aid that is stupid! It could mean the difference between getting money or not getting money!
THE END Your Name
Your College Your Phone