financial aid for your education the financial aid process the university of akron – office of...
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Financial Aid for your EducationThe Financial Aid Process
The University of Akron – Office of Student Financial Aid and Employment | January 28, 2015
330-972-7032
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We will talk about:
• Federal student aid• State student aid• University Scholarships / Other Scholarships
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Questions Answered
• What is financial aid?• Who can get it?• How much can I get?• How do I apply?• What happens next?• Where can I get more info?
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What is financial aid?
• Money to pay for college or career school• Grants• Loans• Work-study• Scholarships
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Who can get federal student aid?
• U.S. citizen or permanent resident• High school graduate/GED holder• Eligible degree/certificate program• Valid Social Security number• Males registered for Selective Service• Satisfactory academic progress in college/career
school (SAP)Questions on citizenship status or other unusual circumstance:
www.studentaid.ed.gov/eligibility
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Who can get other kinds of financial aid?
• States, colleges, and private scholarships have their own eligibility criteria.
• Be sure you know what you need to do to qualify.
Websites:
OHIO www.ohiohighered.org/sgs
PA www.pheaa.org/
UNIVERSITY OF AKRON www.uakron.edu/finaid/scholarships
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How much federal student aid can I get?
In general, depends on your financial need.•Financial need determined by Expected Family Contribution (EFC) and cost of attendance (COA)•EFC comes from what you report on FAFSA•COA is tuition, fees, room and board, transportation, etc.
COA – EFC = financial need
NOTE: Generally No Federal Grants with EFC over 5100
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COA = COST OF ATTENDANCE
DON’T GET CONFUSED
COST OF ATTENDANCE IS NOT A BILL FROM YOUR UNIVERSITY!
Cost of attendance is an estimate of your education expenses.
The actual amount due to your college or university will vary greatly.
Living on campus vs. living at home with family
Contact your university’s student accounts office and housing department to get a true estimate.
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How much federal student aid ?Maximum amounts for the major programs for a dependent freshman in 2014-15:•Federal Pell Grant: 2015-16 max award TBD [$5,730 in 2014-15]•Direct Subsidized and Unsubsidized Loans: $5,500 total•($7,500) for INDEPENDENT STUDENT (OVER 24 years old)•Federal Work-Study: depends on funds available at school•Direct PLUS Loan (for parents): COA minus other aid received
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How much federal student aid can I get?
For early estimate, use FAFSA4caster:•Go to www.fafsa4caster.ed.gov •Enter some financial information•Get an estimate
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Maintaining Financial Aid How do I remain eligible for Financial Aid?
• Maintain grade point average. MUST BE 2.O OR GREATER
• Do not drop courses. MUST COMPLETE 67% OR HOURS ATTEMPTED
• Finish your degree on time. MUST COMPLETE DEGREE WITHIN 150% HOURS
REQUIRED
WEBSITE: www.uakron.edu/finaid/academic-progress
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APPLYING FOR FEDERAL AID
• Federal student aid: fill out Free Application for Federal Student Aid (FAFSASM) at www.fafsa.gov
School aid: contact financial aid offices at schools you are considering
• Scholarships: visit scholarship website or call contact number for information
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FEDERAL AID APPLYING FOR
Fill out your FAFSA at www.fafsa.gov. • Apply on or after January 1 but as early as possible to
meet all deadlines.• Need help? Use the help functions within the FAFSA
(including live chat) or call 1-800-4-FED-AID.• Don’t forget: watch for the confirmation page that
says your FAFSA has been submitted. THEN log out.
WARNING! Avoid websites that offer financial aid asistance for a fee.
Assistance with the Fafsa is FREE ! Contact your college or university’s Financial Aid Office!
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APPLYING FOR FEDERAL AID
Watch for response by e-mail or by mail. • Double-check that your info is correct by logging on at
the FAFSA site and reviewing your data.• Correct any mistakes and submit the corrected info.
• SAR = STUDENT AID REPORT
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APPLYING FOR FEDERAL AID
VERIFICATION PROCESS
SCHOOL WILL REQUEST DETAILED TAX OR OTHER PERSONAL RECORDS.
To minimize chances of verification:
Complete your tax return early and use the IRS DATA retrieval tool within the FAFSA.
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What happens next?
• Each school will tell you how much aid you can get at that school.
• Once you decide which school to attend, keep in touch with the financial aid office to find out when and how you will get your aid.
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Where can I get more info?
• StudentAid.gov– Info about aid programs– Links to free scholarship and college searches
• 1-800-4-FED-AID– Info about aid programs– Help with FAFSA
www.uakron.edu/finaid
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Questions?
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Thanks for coming
Contact information:• Office of Student Financial Aid and Employment
– Phone: (330) 972-7032– E-mail: [email protected]