college is possible applying for aid navigating the process understanding and leveraging your...
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COLLEGE IS
POSSIBLEApplying for AidNavigating the ProcessUnderstanding and Leveraging Your Resources
Topics for Discussion
What is financial aid?Types of aidHow do I apply? Who is eligible?What happens next?Understanding and Leveraging Resources
Financial aid is money from outside sources intended to be used to help cover
the cost of education beyond high school.
What is Financial Aid?
Who is eligible?
Everyone who meets basic eligibility requirements is eligible to receive federal
financial aid.
How do I apply for federal aid?
Apply for financial aid by completing the Free Application for Federal Student Aid online Go to www.fafsa.gov always!!!
How do I apply for federal aid?
To apply, you will need:PIN for student and a parent if
applicable www.pin.gov2013 Federal Tax Return and W-2’s or
income statementsAsset/Investment Information, if
applicable
Most schools have Deadlines for the FAFSA
Find out when those deadlines are for all schools you are looking at
You may need to use your previous years taxes to complete the FAFSA in order to meet the deadline
If you miss the deadline, you may not be able to use financial aid
When should I apply?
When should I apply?
Students seeking federal financial aid should complete the FAFSA every year.
College Goal Sunday is February 8, 2015
Register at http://www.ohiocollegegoalsunday.org/
Cuyahoga County LocationsCuyahoga Community College Corporate College
WestCuyahoga Community College Western CampusCuyahoga County Public Library, Warrensville
Heights Branch
What will the FAFSA tell you? Your EFC
(Estimated Family Contribution) This number
determines what your need is based on the data entered on the FAFSA
The confirmation page and the Student Aid Report (SAR) will give you this number
What will the FAFSA tell you?
The Dependency Status of the student:
In order to be Independent, the student has to be: 24 years old Married Has children or dependents they
financially support Active Duty or a Veteran
Note: There are other circumstances that make a student Independent, but you must see the FA office
Eligibility for Federal Aid
Students must provide an official copy of High School, Home Education School or GED transcripts in order to be eligible for financial aid It must show the Graduation Date and
come in a sealed envelope Contact the High School for official copies Contact Ohio Department of Education for
GED or home education transcripts
• Federal Government• States• Colleges and Universities• Private Sources• Civic organizations and churches• Employers
Sources of Financial Aid
Federal Gift Aid: Scholarships & Grants
Grants Do not require
repayment Eligibility is
based on FAFSA results and your overall Cost of Attendance
Scholarships Do not require
repayment Eligibility is based
on FAFSA results, merit, GPA, community involvement
Separate application required
Federal Self-Help Aid: Loans & Work-Study Employment
Educational Loans Money students
and parents borrow to help pay college expenses
Repayment usually begins after graduation
Federal Work Study Allows student to
earn money to help pay educational costs A paycheck; or Nonmonetary
compensation, such as room and board
Federal Grants
Federal Pell Grant
Awarded based on financial need
Maximum lifetime award of 12 full-time semesters, or 6 years
Maximum award at highest need is $5,730/year at full-time enrollment
FSEOG Federal Supplemental
Educational Opportunity Grant
Awarded to students with exceptional financial need
Award is between $100 and $4,000 based on fund availability at school
Federal Grants
TEACH Grants
Teacher Education Assistance for College and Higher Education Grant
Different than other types of grants because it requires specific coursework and job-in-field to maintain grant status; can turn into a loan
Iraq & Afghanistan Service Grant
Based on need
Parent or guardian was a member of the US armed forces and died as a result of military service performed in Iraq and Afghanistan after 9/11
Federal Loans
Student Loans
Direct Subsidized Loans Interest Rate: 4.66% Does NOT accrue
interest while enrolled at least half-time
Direct Unsubsidized Loans Interest Rate: 4.66% Accrues interest
Direct PLUS loan
Department of Education is lender
Interest Rate: 7.21% Credit-based Maximum loan amount
based on Cost of Attendance
Federal Loans
Federal Perkins Loan
Eligibility based on exceptional financial need
Interest Rate: 5% Not all schools offer this
loan School is the lender;
repayment made to the school
State Aid
Choose Ohio First ScholarshipProvides scholarships to students in innovative academic programs developed by Ohio’s colleges and universities and their business partners to recruit and retain more students in STEMM fields.
Ohio Army National Guard Scholarship
The Ohio Army National Guard Scholarship program pays 100 percent of tuition and general fees at state universities or the equivalent amount at private institutions for members of the Ohio National Guard. The scholarship encourages young Ohioans to go to school in Ohio and serve in the Ohio National Guard.
Nurse Education Assistance Loan Program (NEALP)
Provides financial assistance to Ohio students enrolled for at least half-time study (or accepted for enrollment) in an approved Ohio nurse education program. NEALP provides funding for nurses who intend to serve as instructors or students who intend to serve as nurses after graduation.
Ohio College Opportunity GrantProvides grant money to Ohio residents who demonstrate the highest levels of financial need who are enrolled at Ohio public university main campuses (not regional campuses or community colleges), Ohio private, non-profit colleges or universities, and Ohio private, for-profit institutions.
State Aid Cont.
Ohio War Orphans Scholarship
The Ohio War Orphans Scholarship Program awards tuition assistance to the children of deceased or severely disabled Ohio veterans who served in the armed forces during a period of declared war or conflict
Ohio Safety Officers College Memorial Fund
This program provides tuition assistance to the children and spouses of peace officers, fire fighters and certain other safety officers who are killed in the line-of-duty, anywhere in the United States.
Ohio Third Frontier Internship Program
This initiative will link college students with Ohio companies that are commercializing new knowledge, enhance their education experience and expose them to employment opportunities within the state. Eligible students must be Ohio residents or a student in an Ohio higher learning institution in good academic standing (2.5 GPA or above).
Forever BuckeyeA provision included in the FY 12‐13 budget bill, extends the in‐state resident tuition rate to any public or private Ohio high school graduate who leaves the state but returns to enroll in an undergraduate or graduate program at an Ohio college and also establishes residency in Ohio. Simply stated, if you graduated from an Ohio high school and move back to Ohio, you are eligible for in‐state tuition rates.
Institutional Aid
Institutional aid refers to any form of financial assistance provided to a student through their College or
University.
Institutional Aid
Some colleges and universities provide their students with institutional grants and scholarships, which reduces a student’s expenses.
Similar to grants from the State of Ohio, these can be based on areas of study, academic merit, financial need, and more.
Requirements and application deadlines vary by institution. Be proactive—apply with your prospective institutions early!
Examples of Institutional Aid
Cuyahoga Community College: Academic Excellence Scholarship--up to $1750 per year,
renewable Honors Program Fellowship—up to $4250 per year,
renewable Cleveland State University:
President’s Award--up to $6000 per year The Ohio State University:
Maximus Scholarship--$6000 per year (up to $24,000) University of Toledo:
Presidential Scholarship--covers full tuition and general fees, room and board and provides a one-time summer stipend of $3000
What happens after I’ve applied?
For federal aid, the Department of Education will send you a Student Aid Report. This means your application has been processed at the federal level.
The Department of Education will send up to 25 schools of your choosing your FAFSA information. Schools will use this information to determine what is needed to finalize your eligibility.
Be on the lookout for communication from your school!
What happens after I’ve applied? Make sure you let your school’s Financial
Aid office know if there are any changes in your household income. You may be eligible for an override also
known as a Professional Judgment that can help you get additional funding
After You’ve Been Awarded Aid
After you’ve been awarded aid by institutions you’ve applied to, you will
receive an award letter.
Your award letter will outline direct costs and indirect costs.
Understanding Your Resources-Cost of Attendance
Direct Costs – Paid directly to the school Tuition Fees On campus room & board (dorms)
Indirect Costs – Not paid directly to the school Off campus room & board Transportation Books Personal Expenses
Understanding Your Resources-Cost of Attendance
Sample Cost of Attendance Tuition:
$12,500 Fees: $1,000 Room & Board: $8,000 Transportation: $600 Books: $1,200
TOTAL COST:$23,300
Understanding Your Resources-Cost of Attendance
Your Cost of Attendance determines the size of your bucket
How are you going to fill it?
Understanding Your Resources-Award Letter
Your school helps “fill” your bucket, or to help you meet your cost of attendance, by offering you the type(s) of financial aid you are eligible for based on FAFSA results and
other documentation
Understanding Your Resources-Award Letter
Sample Award Letter Pell Grant: $5,730 Subsidized Loan: $3,500 Unsubsidized Loan: $2,000 PLUS Loan: $4,000 Work Study: $5,000 Academic Scholarship: $3,070
TOTAL AWARD: $23,300TOTAL COST: $23,300
Congratulations, your bucket is full!
Leveraging Resources:Responsible Borrowing:
How much does everything cost? Tuition, fees and books minus your other sources of
aid (grants, scholarships) to determine what to borrow Consider a work study position and earn $$
instead of borrowing Remember – you are borrowing against your
future earnings….borrow only what you need to cover your direct educational costs!
Remember that interest accrues on some loans! The Unsubsidized loan has interest that begins to
accrue from the first disbursement
Responsible Borrowing
William D. Ford Loans
Dependent Student $31,000
No more than $23,000 can be Subsidized
Independent Student $57,500
No more than $23,000 can be Subsidized
Parent PLUS loan No Limit
Federal Perkins Loan $27,500
Responsible Borrowing
If you are considering borrowing loans, it is important to understand your repayment obligations and to include your student loan repayment into your future budget.
Check out www.studentloans.gov to review repayment plans, calculators, and detailed information on loan types.
Responsible Borrowing
Example: for every $5,500 in loans borrowed by a student, it will cost approximately $58 per month to repay their loan in 10 years
Making the Most of Your Aid
It is important to have a strong academic plan in place along with a financial plan to ensure you graduate from your chosen program with the least amount of debt possible.
Creating a personal budget is key to financial success. All students should create a budget to help them meet their short and long term goals.
Earning College Credits in High School
College Credit Plus + Formerly PSEOP The State of Ohio offers this program
to High School students to earn college level credits while still in High School
All charges for college-level classes could be covered by the ODE with no out of pocket expense to the student
Contact the Counseling office in your High School for more details Grades 7-12 are now eligible
Earning College Credits in High School
Created by College Board to offer high school students college level curricula and exams to earn college level credit
Can allow the student to skip introductory classes once they get to College
Contact your High School Counseling department for more information
Things to Remember
Did You Know?
The FAFSA takes an
average of 23 minutes to complete.
Every year, $150 billion in federal
financial aid is made
available to students.
College IS POSSIBLE. Everyone meeting basic requirements is eligible for something.
Student loans can be an investment in your future, but responsible budgeting and borrowing are key.
Compare award letters—ask questions!
Seniors: Mark your calendar for February 8, 2015—College Goal Sunday—free assistance completing your FAFSA
Questions?
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