Ways to Fund Your Future December 4, 2014 New Smyrna Beach High School School Counseling Department...

Ways to Fund Your Future December 4, 2014 New Smyrna Beach High School School Counseling Department Financial Aid Night

TONIGHTS GOAL By the end of the evening parents and students should have information that will allow them to apply for financial aid and knowledge as to the various federal, state and local programs that are available.

FLORIDA BRIGHT FUTURES SCHOLARSHIPS FLORIDA BRIGHT FUTURES SCHOLARSHIPS INITIAL ELIGIBILITY REQUIREMENTS FOR YEAR 2015 HIGH SCHOOL GRADUATES

FLORIDA BRIGHT FUTURES SCHOLARSHIPS 2014 -15 AWARD AMOUNTS PER CREDIT HOUR

OTHER FLORIDA SCHOLARSHIP AND GRANT PROGRAMS Access to Better Learning and Education (ABLE) Grant First Generation Matching Grant Florida Incentive Scholarship Florida Fund for Minority Teachers Florida Resident Access Grant (FRAG) Florida Student Assistance Grant (FSAG) Florida Work Experience Program Jos Mart Scholarship Challenge Grant Mary McLeod Bethune Scholarship Rosewood Family Scholarship Scholarships for Children and Spouses of Deceased or Disabled Veterans

LEGISLATIVE CHANGES TO FLORIDA SCHOLARSHIP PROGRAMS Expanded the Rosewood Family Scholarship to award 50 students tuition and fees, not to exceed $6,100, at a public postsecondary institution. Created the Florida Incentive Scholarship to award National Merit or National Achievement Scholars who stay in Florida for their postsecondary education.

FLORIDA VIRTUAL CAMPUS FLVC.org replaces FACTS.org that was previously available.FACTS.org

COLLEGE COST ESTIMATES Source: nces.ed.gov/collegenavigatornces.ed.gov/collegenavigator

TERMS TO KNOW Cost of Attendance (COA) - The total amount it will cost you to go to schoolusually stated as a yearly figure. COA includes tuition and fees; room and board (or a housing and food allowance); and allowances for books, supplies, transportation, loan fees, and dependent care. It also includes miscellaneous and personal expenses, including an allowance for the rental or purchase of a personal computer; costs related to a disability; and reasonable costs for eligible study-abroad programs. Data Release Number (DRN) - The four-digit number assigned to your FAFSA that allows you to release your FAFSA data to schools you did not list on your original FAFSA. You need this number if you contact the Federal Student Aid Information Center to make corrections to your mailing address or the schools you listed on your FAFSA. You find this number below the confirmation number on your FAFSA submission confirmation page or in the top right-hand corner of your Student Aid Report (SAR).

TERMS TO KNOW Expected Family Contribution (EFC) - This is the number thats used to determine your eligibility for federal student financial aid. This number results from the financial information you provide in your FAFSASM, the application for federal student aid. Your EFC is reported to you on your Student Aid Report (SAR). Student Aid Report (SAR) - A summary of the information you submitted on your Free Application for Federal Student Aid (FAFSA). You receive this report (often called the SAR) via e-mail a few days after your FAFSA has been processed or by mail within 7-10 days if you did not provide an e-mail address. If there are no corrections or additional information you must provide, the SAR will contain your EFC, which is the number that's used to determine your eligibility for federal student aid. Financial Need - The difference between the cost of attendance (COA) at a school and your Expected Family Contribution (EFC). While COA varies from school to school, your EFC does not change based on the school you attend.

TERMS TO KNOW Financial Aid Package - The total amount of financial aid (federal and nonfederal) a student is offered by a college or career school. The school's financial aid staff combines various forms of aid into a package to help meet a students education costs. Student Aid Report (SAR) - A summary of the information you submitted on your Free Application for Federal Student Aid (FAFSA). You receive this report (often called the SAR) via e-mail a few days after your FAFSA has been processed or by mail within 7-10 days if you did not provide an e-mail address. If there are no corrections or additional information you must provide, the SAR will contain your EFC, which is the number that's used to determine your eligibility for federal student aid. Subsidized Loan - A loan based on financial need for which the federal government pays the interest that accrues while the borrower is in an in-school, grace, or deferment status.

TERMS TO KNOW Unsubsidized Loan - A loan for which the borrower is fully responsible for paying the interest regardless of the loan status. Interest on unsubsidized loans accrues from the date of disbursement and continues throughout the life of the loan. Direct Loan - A federal student loan, made through the William D. Ford Federal Direct Loan Program, for which eligible students and parents borrow directly from the U.S. Department of Education at participating schools. Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans and Direct Consolidation Loans are types of Direct Loans. Federal Perkins Loan - A federal student loan, made by the recipient's school, for undergraduate and graduate students who demonstrate financial need. PLUS Loan - A loan available to graduate students and parents of dependent undergraduate students for which the borrower is fully responsible for paying the interest regardless of the loan status.

TERMS TO KNOW Grant - Financial aid, often based on financial need, that does not need to be repaid (unless, for example, you withdraw from school and owe a refund). Award Letter - An offer from a college or career school that states the type and amount of financial aid the school is willing to provide if you accept admission and register to take classes at that school. Federal Student Aid PIN - Your electronic personal identification number that serves as your identifier to allow access to personal information in various U.S. Department of Education systems and acts as your digital signature on some online forms. If you do not already have a PIN, you can request one online at www.pin.ed.gov. Complete list of terms can be found at: https://studentaid.ed.gov/glossary https://studentaid.ed.gov/glossary

FEDERAL GRANT PROGRAMS FOR STUDENTS

FEDERAL STUDENT LOANS

FAFSA FAFSA is an acronym that stands for "Free Application for Federal Student Aid." It is the basic form that must be filled out for all students who wish to participate in Federal student aid programs. Use www.fafsa.ed.govwww.fafsa.ed.gov Do Not Use fafsa.com as this site will charge you for filing the FAFSA.fafsa.com Available to be filled out starting January 1, 2014

FAFSA- WHAT YOU NEED TO KNOW TO GET STARTED Federal law requires the U.S. Department of Education to ensure that students can apply for federal aid without paying a fee. To be considered for most federal student aid programs, the student must complete and submit the Free Application for Federal Student Aid (FAFSA). After the form is initially filed it must be renewed with a new filing for each school year. The form can be filed starting January 1 st and will be accepted until June 30 th. The deadline for Florida schools is May 15 th. Most public schools give aid first to those that have the FAFSA filed by March 1st - 15 th (check with your school). Changes can be made until September 20 th. The form can be filed online, downloaded PDF (which has to be mailed) or in paper form. The online form has major time advantages. Financial information can be sent to ten different schools with the online form.

WHAT INFORMATION DO I NEED WHEN I FILL OUT THE FAFSA? Social Security card Drivers license (if any) Permanent Resident Receipt Card (if applicable) W-2 forms and other 2014 records of money earned 2014 income tax return (see the instructions on the FAFSA if the tax return has not been completed) Records of child support paid Records of taxable earnings from Federal Work-Study or other need- based work programs Records of student grant, scholarship and fellowship aid, including AmeriCorps awards, that was included in your (or your parents) AGI Current stock, bond, and other investment records Current business and farm records Current bank statements.

TIPS FOR FILLING OUT THE FAFSA Fill out and finalize the FAFA as soon as possible. If scholarships are received before you file, they count against the FAFSA. Ensure that the FAFSA is filled out correctly. A FAFSA that is filled out incorrectly will be rejected faster than for any other reason. If you are unsure, put down a zero and do not leave blank. Download the FAFSA On the Web worksheet and fill out first. Ensure that the IRS Retrieval tool is used when filling in tax data. If your taxes are filed electronically your information will be available approximately 2 to 3 weeks after you file your taxes. Failure to use the tool greatly increases the chance of the school auditing your FAFSA. Several weeks after filing your taxes request a tax transcript from the IRS at http://www.irs.gov/Individuals/Order-a-Transcript to have on hand if you are audited. http://www.irs.gov/Individuals/Order-a-Transcript

CHANGES TO FAFSA THIS YEAR Adding some language for Foster Care Youth to make them aware of some resources. Further clarification instructions on new parent marital status of unmarried and both parents living together. Adding an infographic for student to assist them in deterring whose information to report on the FAFSA in terms of parent(s).

ARE YOU AN INDEPENDENT ON THE FAFSA? Were you born before Jan. 1, 1992? Yes No As of today, are you married? (Answer Yes if you are separated but not divorced.) Yes No At the beginning of the 201516 school year, will you be working on a masters or doctorate program (such as an M.A., M.B.A., M.D., J.D., Ph.D., Ed.D., graduate certificate, etc.)? Yes No Are you currently serving on active duty in the U.S. armed forces for purposes other than training? (If you are a National Guard or Reserves enlistee, are you on active duty for other than state or training purposes?) Yes No Are you a veteran of the U.S. armed forces?* Yes No Do you have children who will receive more than half of their support from you between July 1, 2015, and June 30, 2016? Yes No

ARE YOU AN INDEPENDENT ON THE FAFSA? Do you have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you, now and through June 30, 2016? Yes No At any time since you turned age 13, were both your parents deceased, were you in foster care, or were you a dependent or ward of the court? Yes No Has it been determined by a court in your state of legal residence that you are an emancipated minor or that you are in a legal guardianship? Yes No At any time on or after July 1, 2014, were you determined to be an unaccompanied youth who was homeless, as determined by (a) your high school or district homeless liaison or (b) the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development?** Yes No At any time on or after July 1, 2014, did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?** Yes No

HOW IS A STUDENTS FINANCIAL NEED DETERMINED COA (Cost of Attendance) EFC (Expected Family Contribution) =Financial Need

WHAT HAPPENS AFTER I FILE THE FAFSA? After you submit the Free Application for Federal Student Aid (FAFSA), we will send you a Student Aid Report (SAR). If we have a valid e-mail address on file for you, we will send you an e-mail, within 3 to 5 days, with instructions on how to access an online copy of your SAR. If we do not have a valid e-mail address on file, your SAR will be mailed to you via postal mail within 7 to 10 days. The colleges that you listed on your FAFSA will have access to your information electronically one day after it is processed. However, depending on their own process and workload, they might not retrieve your information immediately. If your application is complete, an Expected Family Contribution (EFC) will display on your SAR. If your application is incomplete, your SAR will not include an EFC, but it will display text that specifies any issues that need to be resolved.

WHAT HAPPENS AFTER I FILE THE FAFSA? If your FAFSA is incomplete: Make corrections to your FAFSA by clicking Login on the home page to log in to FAFSA on the Web. Click Make FAFSA Corrections, enter your PIN, and add or correct the information that caused your FAFSA to be incomplete. Submit your corrections. Add or correct information on your paper SAR, sign it, and mail it to the address provided. If your FAFSA is complete: The EFC that displays on your SAR is a calculation based on the information that you reported on your FAFSA. Your college uses the EFC to determine the amount of federal grants, loans, and work-study for which you may be eligible. Your college will send you a financial aid award letter that details the financial aid you are eligible to receive. Your EFC is not the amount of money your family will have to pay for college nor is it the amount of federal student aid you will receive. It is a number used by your school to calculate the amount of federal student aid you are eligible to receive.

ANSWERS TO THE MOST COMMONLY ASKED QUESTIONS If a parent is remarried, the step parents information must be included on the FAFSA. If a parent will not provide information a student can still fill out the FAFSA but can only be offered an unsubsidized loan. Just because a student does not live with a parent does not make them independent. The Financial Aid officer at a school has the final decision on financial aid. A student does not have to take all financial aid that is offered in an award letter.

HELPFUL FINANCIAL AID WEBSITES fafsa.ed.gov finaid.ed.gov floridastudentfinancialaid.com

LOCAL SCHOLARSHIPS Application Deadline for local scholarships is March 13 th, 2015 unless otherwise noted. NSBHS Standard Application will be available on our Website Special Applications will be available on our website or See Mr. Rivera. Local scholarship awards range from $250 to over $25,000.

THANK YOU FOR ATTENDING THIS PRESENTATION

Ways to Fund Your Future December 4, 2014 New Smyrna Beach High School School Counseling Department...

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