FinancialAid
TYPES OF FINANCIAL AID
MERIT-BASED AID
• Awarded to students who meet a certain set of criteria
• Usually competitive
NEED-BASED AID
• Awarded to students on the basis of financial need
• Non-competitive
• FEDERAL GOVERNMENT – 88 %
• STATE GOVERNMENT - 3 %
• EDUCATIONAL INSTITUTIONS
• PRIVATE BUSINESS / ORGANIZATIONS
SOURCES OF AID
9%
RESPONSIBILITIES OF THE SCHOOL COUNSELOR
• Make sure that all students are aware that funding is available for postsecondary
education
• Announce funding opportunities to all students
• Help students and parents apply for financial aid as requested
FEDERAL AIDGRANTS (GIFT)
• Pell GrantMax $3,125 yr
• Federal Supplemental Educational Opportunities GrantMax $4,000 yr
LOANS
• Perkins LoansMax $4,000 yr / 5% interest / School is Lender / Pay back after grad
• Stafford LoansMax $2,625 per year increasing each year to max of $5,500 Direct Loan – School is Lender / FEEL Loan – Bank is LenderSubsidized Loan: Need-based, govt pays interestUnsubsidized Loan: No-need, student pays interestPay back after graduate
• PLUS Loan (to parents)Max $4,000 yr / variable, not to exceed 9% / pay back while in school
FEDERAL WORK-STUDY• At least current minimum wage
STATE AID
HOOSIER SCHOLAR AWARD• $500 / Merit-Based• Top 20% + additional criteria as determined by the HS / Plan to attend IN college• No application, school nominates
INDIANA HIGHER EDUCATION GRANT PROGRAM• $$ varies / Need-Based• Plan to attend IN college & earn assoc. or bach. Degree• Application: FAFSA
INDIANA MINORITY TEACHER / SPECIAL EDUCATION SCHOLARSHIP / OCCUPATIONAL-PHYSICAL THERAPY• $1,000 Merit-Based ($4,000 with need)• Minority student seeking teaching cert. or student seeking special ed. cert. Or
student seeing occupational or physical therapy certification /Admitted to IN school, full time / intending to pursue teaching study / Pledge to teach in IN or work in OT or PT in IN for 3 of the first 5 years
• Application: HS guidance office or college financial aid office
STATE AIDINDIANA ROBERT C. BYRD HONORS SCHOLARSHIP PROGRAM• $1,121 yr / Merit-Based• SAT 1300 or ACT 31 or GED 65 / enroll in higher ed / no default loan or drug offense• Application: HS guidance office or SSACI• Deadline: April 24
INDIANA NURSING SCHOLARSHIP• $$ varies / Need-Based• Admitted to to IN school, full-time or part-time / Work in IN for two years /
GPA of 2.0 on 4.0 scale• Application: College or SSACI
INDIANA NATIONAL GUARD SUPPLEMENTAL GRANT• 100% of tuition costs• SSACI: Submit FAFSA, seek 1st assoc. or bach. Degree, attend IN college
Nat Guard: Active drilling status, no AWOL, submit Federal Tuition Assistance
STATE AIDTwenty-First Century Scholars Program
TWENTY-FIRST CENTURY SCHOLARS PROGRAM• Amount equivalent to 1) four years of state college tuition, or
for student attending a proprietary school, amount equal to four years at Ivy Tech
• Students sign pledge: HS GPA of 2.0; not use drugs, alcohol, or commit a crime; apply for college admission & financial aid, meet regular admissions requirements
• Application: MS guidance office, 21st Century Program, or ICPAC
SUPPORT PROGRAMS
• Tutoring and Mentoring (Americorps)• College Visits and Educational Workshops• Employment and Job Training• Activities for Parents
Applying for Federal and State Aid
1. Complete FAFSA(about 2 hours to complete) WHAT YOU NEED:
- Social Security card & drivers license - W-2 forms - Federal income tax return (student & parents) - Records other untaxed income - Bank statements & investment records - Business & farm records - Alien registration card
Indiana Deadline - March 1Federal Deadline – June 30
3-4 weeks to processWill send SAR (Student Aid Report) to family
2. Complete INST or PROFILE if required by the school
3. Complete SARCheck for accuracySubmit corrections
SAR will contain theEFC (Expected Family Contribution)
4. Review Financial Aid Award LetterSchools to which you have applied will send a Financial Aid PackageIncluding grants, loans, and work-studies.
5. Pick One School;notify the others
EXPECTED FAMILY CONTRIBUTION
Student income
Student assets
Parent income
Parent assets
Number in family
Age of parents
Number in postsecondary
Business / Farm
CONSIDERATIONSFEDERAL
NEEDS
ANALYSIS
METHODOLOGY
FOR THE
2000 – 2001
AWARD
YEAR
HOW COLLEGES USE THE EFC
COLLEGE COST - EFC = NEED
BALL STATE UNIVERSITY*
College Cost $ 10,050
Family Cont. 4,000
NEED $ 6,050
Need Met (80%) 4,840
Need Unmet 1,210
TOTAL PAID $ 5,210
UNIVERSITY of NOTRE DAME*
College Cost $ 30,207
Family Cont. 4,000
NEED $ 26,207
Need Met (100%) 26,207
Need Unmet 0
TOTAL PAID $ 4,000
* 1999-2000 budget figures
FREE ASSISTANCE WITH THE FAFSA
College Goal Sunday
Sunday in February, 2:00 – 4:00
31 sites Call-In Radio Broadcasts
Throughout February
Nine stations 2000 Results
5,400 served
615 volunteers
INSTITUTIONAL AID
AMOUNT: Few hundred dollars to full tuitionRenewable
ELIGIBILITY: Students enrolled at that university
CRITERIA: Varies, often class rank and/or SAT/ACT scores
APPLICATION: Available from the postsecondaryinstitution
MILITARY AID MILITARY : Four-year college, tuition-free
ACADEMIES Bachelor degree + commission
ROTC AT COLLEGE: Tuition, fees, books, monthly allowance
MONTGOMERY Army, at the end of active duty, $65,000 GI BILL + ARMY Army Reserve during college, $29,000COLLEG FUND
LOAN REPAYMENT 4-year Army enlistment, up to $65,0004-year Army Reserve, up to $20,000
EARNED COLLEGE Many colleges give credit for forCREDIT military training and experience
PRIVATE AID SPONSORS: Businesses, foundations, professional
associations, service clubs
SOURCES: College Aid Sources for HigherEducation (CASHE) via the Internethttp://www.cashe.com
Parents business, service clubs, church HS guidance office
SCHOLARSHIP Federal Trade Commission CautionSCAM Six Signs of a Scam:
1. Scholarship guaranteed or your money back.2. You can’t get this information anywhere else.3. May I have your credit card or bank account number to hold this scholarship?4. We’ll do all the work.5. The scholarship will cost some money.6. You’ve been selected. . . You’re a finalist . . .
DOLLARS FOR SCHOLARS
WHAT IS DFS? National network of DFS chaptersCommunity-based, volunteer-operatedIndividual scholarship foundations
WHAT DO DFS Raise scholarship moneyCHAPTERS DO? Coordinate other local scholarships
Single application process Award scholarships
HOW TO START Request a “How to Organize” Kit Recruit Steering Committee Complete chapter agreement
forms Form a Board of Directors Elect officers and adopt
bylaws
AMERICORPS Work settings: 1,000 national and local groups
Red Cross Habitat for
Humanity Boys and Girls
Clubs 21st Century
Scholars
Skills learned: Teamwork Communication Responsibility
Income, benefits: Living allowance Health insurance Student loan deferment $4,725 education award
FEDERAL RESOURCES
STUDENT GUIDE – FINANCIAL AID FUNDING YOUR EDUCATION LOOKING FOR STUDENT AID
INSTRUCTIONS FOR COMPLETING THE FAFSA
Provide for All Students
Federal Student Aid Information Center1-800-4-FED-AID (1-800-433-3243)
On-Line at http://www.ed.gov/prog_info/SFA/
ISFAAIndiana State Financial Aid Administrators
Annual spring & winter conferences Annual workshops for HS counselors Speakers for “Financial Aid Nights” Power point presentations on the web
http://www.isfaa.org/resources.htm- Financial Aid 101- Obtaining Cash for College- FAFSA on the Web- Early Awareness
Resources on the web
GETTING INFO TO KIDS AND PARENTS
RELEVANT INFO 1 Title2 Amount3 Eligibility4 Criteria for award5 Where to get application6 Deadline7 Competition level
(national, state, inst, local)
HOW TO DISTRIBUTE INFO• Financial Aid Night• Financial Aid Newsletter• Local Newspaper Column• Database on Website• Direct email to students• Direct applications to students• PA announcements
SORTING STUDENTS ELECTRONICALLY - DATABASE FIELDS• Name, Address, Phone, Parents• Diploma goal• Career cluster• Possible occupation(s)• Post HS goal• Possible majors / occupation• Possible campus / worksite
• Campus visits• Worksite experience• Hobbies• Awards• Scholarships• 4-yr course plan• Meetings / notes
PARENT VOLUNTEERS
Maintain database of scholarships Send email announcements to appropriate students Send hard copy of scholarship application to appropriate students Meet with students individually
• encourage them to apply for specific scholarship
• check in to make sure they applied Answer parent questions at various community functions Serve as Parent-to-Parent Mentors for FAFSA
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