What You Need to Know About Financial Aid Office of Student Financial Aid Montgomery College.
WHAT YOU NEED TO KNOW ABOUT FINANCIAL AID 2012-2013.
-
Upload
hugo-mervin-white -
Category
Documents
-
view
216 -
download
2
Transcript of WHAT YOU NEED TO KNOW ABOUT FINANCIAL AID 2012-2013.
Financial aid is money provided to students and families to help pay for educational
expenses.
WHAT IS FINANCIAL AID?
Grants- do not need to be repaid, based on financial need
Loans- money that must be repaid, parents/students can qualify
Work-study- employment on campus to off-set the cost of college
Some Scholarships- do not need to be repaid, awarded on merit, and some on financial need
TYPES OF FINANCIAL AID?
Apply for a PIN number
Fill out Free Application to Federal Student Aid (FAFSA)
Expected Family Contribution is determined (EFC)
Information only sent to those colleges the student selected
College’s Financial Aid determines financial need
College notifies student of Financial Aid Award Package
Bring copies of Award Letters/Offers to the High School Counselor
Accept or Deny the offers with the College
THE PATH TO FINANCIAL AID
fill out a Free Application for Federal Student Aid
send to the colleges student applied to
meet the deadlines (first come first serve)
display financial need
HOW TO QUALIFY FOR FINANCIAL AID?
Tuition & Fees
Room & Board
Books, supplies, transportation, and misc. personal expenses
Varies widely from college to college
WHAT IS COST OF ATTENDANCE (COA)?
Amount family is expected to contribute
Calculated using data from the Free Application for Federal Student Aid (FAFSA)
WHAT IS THE EXPECTED FAMILY CONTRIBUTION (EFC)?
must complete FAFSA to qualify for Financial Aid fill out electronically/paperEnglish or Spanish it is freebeginning January 1, 2013colleges have their own FAFSA deadlines
FREE APPLICATION FOR FEDERAL STUDENT AID
(FAFSA)
form collects demographic & financial information federal government calculates the Expected
Family Contribution or EFC colleges use the EFC to determine aid eligibility
and award financial aid
FAFSA
Website: www.pin.ed.gov
sign FAFSA electronically
speeds processing
FEDERAL STUDENT AID PERSONAL IDENTIFICATION
NUMBER (FSA PIN)
Website: www.fafsa.ed.gov
Benefits:
use Internal Revenue Service data retrieval
timely submission
detailed instructions and “help”
check application status on-line
FAFSA ON THE WEB
PARENT PORTION
Link to IRS
• quick, easy • reduces documents
requested by financial aid office
• no need to order TAX TRANSCRIPT
• avoid delays
student notified of FAFSA processing results on-line or email
review Student Aid Report (SAR) data for accuracy
update tax information- can now link to IRS
meet all deadlines
follow up with financial aid office at colleges
turn in any other documents requested by college
wait for Award Letters
bring copy of all Award Letters to Counselor’s accept or decline Award offers
FAFSA PROCESSING RESULTS
Student takes SAT or ACT (send scores directly to college) Check College Application Deadlines Complete College Applications (send scores, transcript, essays,
etc.) Work on Scholarships Attend College Forums, Scholarship meetings, Apply for PIN numbers for FAFSA (parents and students) Plan on doing taxes early in order to use IRS Link on FAFSA FAFSA opens January 1st
Attend FAFSA nights
WHAT TO DO NOW…