What is Financial Aid? PIN FAFSA SAR - Home -...
Transcript of What is Financial Aid? PIN FAFSA SAR - Home -...
![Page 1: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/1.jpg)
![Page 2: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/2.jpg)
What is Financial Aid?
How Do I Know if I Qualify?
Categories and Types of Financial Aid
PIN
FAFSA
FAFSA Processing Results
SAR
Special Circumstances
Budgeting/Spending
College Goal Sunday
![Page 3: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/3.jpg)
Financial aid are any type of funds provided to students and families to help pay for postsecondary educational expenses.
![Page 4: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/4.jpg)
Direct Costs – tuition, fees, room, board etc.
Indirect Costs – personal expenses, transportation
Direct and indirect costs combine to form the cost of attendance (COA)
Vary widely from college to college
![Page 5: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/5.jpg)
Amount family can reasonably be expected to contribute
Stays the same regardless of college
Two components
- Parent contribution
- Student Contribution
Calculated using Free Application for Federal Student Aid (FAFSA) data and a federal formula
-
![Page 6: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/6.jpg)
Cost of Attendance (COA)
Expected Family Contribution
= Financial Need
![Page 7: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/7.jpg)
High Financial Need Low Financial Need
Cost of Attendance = $18,000 Cost of Attendance = $18,000
Expected Family Contribution = 0
Expected Family Contribution = $18,000
Financial Need = $18,000 Financial Need = $0
May be eligible for grants and other need based aid
Eligible for unsubsidized loan and/or PLUS Loan
![Page 8: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/8.jpg)
Need-Based
Scholarships
Grants
Subsidized Loans
Work Study
Tribal Scholarships
![Page 9: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/9.jpg)
Non need-based
Unsubsidized loan
Merit based scholarships
Parent Loan for Undergraduate Students (PLUS)
Private Alternative Loans
![Page 10: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/10.jpg)
Money that does not have to be paid back
Awarded on the basis of merit, skill, or a unique characteristic
Scholarships can be need based or non-need based
Scholarship Essay help: http://www.scholarshiphelp.org/scholarship_essay.htm
![Page 11: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/11.jpg)
Free Scholarship Searches: o Fast Web – www.fastweb.com o College Answer – www.collegeanswer.com o College Board –
https://bigfuture.collegeboard.org/pay-for-college/scholarships-grants
Be wary about paying anyone to “find” scholarships for you!
![Page 12: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/12.jpg)
Many scholarship deadlines occur in March
Scholarships are then awarded to student in May for the following academic year
Scholarships usually are not awarded for the summer semester/quarter
![Page 13: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/13.jpg)
High School Counselors Office University/College Admissions Office Financial Aid Office Public Library Internet Bookstore Local Church Parent’s Place of Employment
![Page 14: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/14.jpg)
Money that does not have to be paid back
Usually awarded on the basis of financial need
Are limited (with the exception of the Pell Grant) and are awarded on a first come, first served basis
Complete your FAFSA early!
![Page 15: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/15.jpg)
Money students and parents borrow to help pay educational expenses
Repayment usually beings after education is finished
Only borrow what is really needed
Look at loans as an investment to the future
Two types – need based & non-need based
![Page 16: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/16.jpg)
Dependent Students (Except Students Whose Parents Cannot Borrow PLUS)
Base Amount Additional Unsubsidized Loan Amount
Freshman $3,500 $2,000
Sophomore $4,500 $2,000
Junior or Senior $5,500 $2,000
Independent Undergraduate Student AND Dependent Student Whose Parents Cannot Borrow a PLUS Loan
Base Amount Additional UnsubsidizedLoan Amount
Freshman $3,500 $6,000
Sophomore $4,500 $6,000
Junior or Senior $5,500 $7,000
![Page 17: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/17.jpg)
Need – Based
Subsidized Direct Loan
o No interest while in school
o Fixed interest rate of 3.4% (through 12/13)
o 10 years to repay on standard repayment plan
o No penalty for early repayment
o 6 month grace period
![Page 18: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/18.jpg)
Non Need – Based
Unsubsidized Federal Direct Loan
o Fixed interest of 6.8% (12/13) accrues while in school
o 10 years to repay on standard repayment plan
o No penalty for early repayment
o 6 month grace period
![Page 19: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/19.jpg)
Non Need – Based cont’d
Private/Alternative Loan
o Variable interest rates according to lender
o Based on credit worthiness
o Most students will need a co-signer
![Page 20: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/20.jpg)
Non Need – Based cont’d
Parent Loan for Undergraduate Students (PLUS)
o Parent is the borrower
o Only for parents of dependent students
o Fixed interest rate of 7.9% (12/13)
o Based on credit worthiness
![Page 21: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/21.jpg)
![Page 22: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/22.jpg)
Federal Work Study o Gov’t pays 70% of salary, dept pays other 30% o Money earned does not count as income on next year’s
FAFSA
Student Wage o Non – Work Study o Work on Campus
Off Campus Employment o May not be as flexible as on-campus employment
Students receive a paycheck
![Page 23: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/23.jpg)
• Applicants should contact their tribal scholarship office as soon as possible to learn deadlines etc…
![Page 24: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/24.jpg)
• Website: www.pin.ed.gov
• Sign FAFSA electronically
• Can request PIN before you file
• BOTH parent and student will need a PIN
• Never expires
![Page 25: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/25.jpg)
• A standard form that collects demographic and financial information about the student and family
• Available every year after January 1
• Colleges may set FAFSA filing deadlines
• Must be completed every year
• Colleges use the EFC to award financial aid
![Page 26: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/26.jpg)
• Must be a U.S. Citizen or eligible non-citizen
• Must have a valid Social Security Number
• Be enrolled/accepted in an eligible program of study
• Must be pursuing a degree, certificate or other recognized credential
• Males must be registered with Selective Service
![Page 27: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/27.jpg)
• Web site: www.fafsa.gov
• 2013-2014 FAFSA available now
• FAFSA on the Web Worksheet: o Use as a “pre-application” worksheet o Questions follow order of FAFSA on the
Web
![Page 28: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/28.jpg)
• Enhanced Security
o SSN will no longer appear on the Student Aid Report
o SSN will no longer be used on the confirmation page
o Virtual keyboard added ⁻ Used when entering SSN and date of
birth for students and parents ⁻ Helps prevent a malicious source from
tracking keystrokes
![Page 29: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/29.jpg)
• Required ⁻ Student ⁻ One parent (dependent students)
• Format
₋ Electronic using PIN ₋ Signature page – snail mail
![Page 30: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/30.jpg)
• After submitting a FAFSA, the Central Processing System (CPS) notifies student of FAFSA processing results by:
₋ E-mail: If one was provided then a notification will be sent containing a direct link to the student’s on-line Student Aid Report
• Student with PIN may view SAR on-line at www.fafsa.gov.
![Page 31: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/31.jpg)
• The student will receive this 3-5 days after FAFSA has been processed:
₋ If email has been provided ₋ If no email then 7-10 days for snail mail
• Why it’s important ₋ Verify information ₋ Review for corrections ₋ Provides EFC
![Page 32: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/32.jpg)
• FAFSA information is sent to colleges listed on the FAFSA approximately 10-14 days after the FAFSA has been submitted
• The college then reviews the information and calculates eligibility
₋ May request additional documentation, such as copies of federal tax transcripts.
• College mails an award letter to student
• Student responds
![Page 33: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/33.jpg)
• Under certain conditions, some applicants who are selected for verification will need to submit an IRS Tax Return Transcript for the 2012 tax year (copies of tax returns are NOT acceptable)
• These conditions are (but not limited to): o When the student or parent did not use
the IRS Data Retrieval Process, either at initial FAFSA filing or through the correction process
![Page 34: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/34.jpg)
• When info included on the FAFSA using the IRS Data Retrieval Process was changed
• When a married independent student and spouse filed separate tax returns
• When the parents of a dependent student filed separate tax returns
• When a student or student’s parent had a change in marital status after the end of the tax year on Dec. 31, 2012.
• When the student, parent or spouse filed an amended tax return.
![Page 35: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/35.jpg)
• How to order a tax transcript
o Visit: http://www.irs.gov/Individuals/Order-a-Transcript
![Page 36: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/36.jpg)
• If necessary, corrections to the FAFSA may be made by:
₋ Using www.fafsa.gov ₋ Your school may be able to make them for
you electronically (check with your school) ₋ If you received a paper SAR, make changes
and mail to the address on the form.
![Page 37: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/37.jpg)
• Change in employment status
• Medical and/or dental expenses not covered by insurance
• Tuition expenses at an elementary or secondary school
• Dependent student issues; living with grandparents, ward of the court, extenuating circumstance at home etc…
![Page 38: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/38.jpg)
• Talk directly with a financial aid professional at the institution of your choice as there are often appeal processes available
• Medical and/or dental expenses not covered by insurance
• Tuition expenses at an elementary or secondary school
• Dependent student issues; living with grandparents, ward of the court, extenuating circumstance at home etc…
![Page 39: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/39.jpg)
• REMEMBER – BORROW ONLY WHAT YOU NEED FOR SCHOOL
• Getting an education is expensive
• Know what you are financing
• What you borrow, you MUST pay back
• Your credit history stays with your for a lifetime
![Page 40: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/40.jpg)
Develop a financial game plan • Needs vs. Wants
• Complete a Budget Planning Worksheet EVERY SEMESTER
Other Tips • Compare award letter to the essential costs
of the college you are considering attending
• Higher awards don’t always equal less money out of pocket
![Page 41: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/41.jpg)
Closest site: • Glendale Community College Student Union
Time: 2:00 – 4:00 p.m. Date: Sunday - February 10, 2013
www.collegegoalsunday.com
What to Bring: • Your parents • Their 2012 income data (W-2’s or pay stub
and/or 2012 tax return)
![Page 42: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/42.jpg)
• University/College Financial Aid Office • Student Aid on the Web www.studentaid.ed.gov
• U.S. Department of Education o 1.800.433.3243
![Page 43: What is Financial Aid? PIN FAFSA SAR - Home - …greenway.guhsdaz.org/UserFiles/Servers/Server_759379/File...What is Financial Aid? How Do I Know if I Qualify? Categories and Types](https://reader031.fdocuments.net/reader031/viewer/2022030506/5ab47cc77f8b9ab7638bc662/html5/thumbnails/43.jpg)