Understanding Financial Aid and Applying for Scholarships
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Understanding Financial Aidand
Applying for ScholarshipsFinancial Aid NightJanuary 30, 2014
Lynette Anderson, LakeView CounselorAnd
Blake TaylorFinancial Aid Counselor
Office of Scholarships & Financial AidUniversity of Wisconsin-Parkside
262-595-2291
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Financial Aid Overview
College as an investment What is financial aid? How to apply Financial need Types of aid Other options Tax credits
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COLLEGECOLLEGEIS AN INVESTMENT FOR AIS AN INVESTMENT FOR A
LIFETIMELIFETIME
Over a lifetime, the gap in earnings between those with a high school diploma and a B.A. or higher exceeds $1,000,000.
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Basic Principles of Financial Aid
The family has primary
responsibility for financing post secondary education.
Financial aid is the BRIDGE.
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Purpose of Financial Aid
• Provide opportunity and access to higher education.
• Bridge the gap between what college costs and your ability to pay.
• Access to your goal.
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Financial Need Defined
Cost of Attendance (COA)
– Expected Family Contribution (EFC)
= Financial Need
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What Are the Costs?Tuition and Fees+ Room and Board+ Transportation+ Books & Supplies+ Miscellaneous Living
Expenses= Cost of Attendance
(COA)
Direct Costs = Tuition + R&B (on campus)
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Expected Family Contribution (EFC)(Federal Methodology established by U.S. Congress)
Determined by filing the FAFSA.
(Free Application for Federal Student
Aid)
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Main Determinants of the EFC
• Income• Assets• Family size• Number in
College• Age of the older
parent
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Examples of Financial Need
Public College
Cost $24,000EFC -$9,000Need $15,000
Private CollegePrivate College
CostCost $38,000$38,000
EFCEFC -$9,000-$9,000
NeedNeed $29,000$29,000
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To Register for a PIN: www.pin.ed.gov
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What’s a PIN?www.pin.ed.gov Personal Identification Number Students and parents can get PINs Electronic signature for FAFSA on the Web PIN delivered by e-mail within 24-36 hours
(by regular mail in 7-10 days) Can also be used for:
Renewal on the Web Corrections on the Web National Student Loan Database Signing promissory notes for student/parent
loans (Perkins, Stafford, PLUS)
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Timeline
The earliest you may file the FAFSA for the 2014-2015 academic year –
January 1, 2014
Check with the colleges at which your child plans to apply for deadlines and institutional requirements.
You must re-apply for aid every year.
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Financial Aid Regulations
• Are determined mainly by federal and state statutes and legislators
• Establish your eligibility for most types of aid
• Apply to all schools
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Independent Student Definition At least 24 years old; Graduate or professional student; Married; Has legal dependents other than a spouse; Orphan or ward of the court; Veteran of the U.S. Armed Forces; or Hardship Circumstances (Determined to be
independent by the financial aid administrator) Parents refusal to provide support or financial data is
insufficient to make a student independent regardless of tax filing status
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What happens after you file the FAFSA?• Results are sent electronically to the college(s)
your child selected.• You will receive the results of your FAFSA by
mail - Student Aid Report.• You may be required to verify the information
submitted on the FAFSA.• Contact the college with any Special
Circumstances.• After your child is admitted to a college, a
financial aid package (award) will be prepared.
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Gift Scholarships and GrantsAcademic - merit basedTalentServiceROTCPrivate
www.fastweb.comwww.finaid.orgwww.collegeboard.org
Institutional - need based (based on FAFSA results)State GrantsFederal Grants
PellSEOG
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Self HelpEmployment Two types:
• Federal Work Study• Regular Campus Employment
LOANSFederal StaffordFederal Stafford Subsidized= need basedSubsidized= need based Unsubsidized (anyone can borrow) Unsubsidized (anyone can borrow) Currently 6.8% during repaymentCurrently 6.8% during repayment Interest caps 8.25%Interest caps 8.25% 10 year repayment10 year repayment
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Step 1 – Applying for Scholarships
Where should I look? School Civic Organization Church College/University Parent employer Other companies
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Scholarship Opportunities What are scholarships for?
Merit Need-based Just for being you Involvement/Leadership/Activity related
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Scholarship Preparation What information is needed?
Essay Application Supporting documentation
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TIPS Scholarship Search Tips and Tidbits
Edit, edit, edit… and then edit again! Create secondary email address Don’t stop after first year! Do NOT ever PAY for scholarships!
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Go On-line to Search Commonly Used Scholarship Websites:
College Board: CollegeBoard.org FastWeb: FastWeb.org College Connection: collegescholarships.com CollegeScholarships.org Go College: gocollege.com And many, many, many more!
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Good Luck!
It’s not going to be easy but it will pay off! So, it’s time to get working paying for your future.
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Any Questions?
Thank you!
LakeView Technology Academy