financial aid presentation western high school. where does financial aid come from? types of aid...
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Financial Aid PresentationWestern High School
Where Does Financial Aid Come From?
Types of Aid• Scholarships: Free money awards based on
merit or merit plus demonstrated need.• Grants: Free money awards based on
demonstrated need.• Loans: Must be repaid with interest.
FAFSA: Free Application for Federal Student Aid
The FAFSA stands for Free Application for Federal Student Aid. This form is used to determine the amount of money a family is expected to contribute to the price of attending a postsecondary institution. The results of the FAFSA are used in determining federal student grants, work study, and loan amounts.
How to Complete the FAFSA
After January 1st of 2015, you can complete the FAFSA at www.fafsa.ed.gov
What you will need:• PIN Numbers• Social Security Numbers• 2014 Federal Income Tax Returns• Bank Statements• Brokerage Statement
Before Completing the FAFSA:Register for PIN Numbers
•Both student and parent need to register for a student aid PIN at www.pin.edu.gov•The PIN serves as you and your student’s
electronic signature.•The PIN is also used to gain personal
records. So be carful to not share you or your student’s PIN with anyone.
When Completing your FAFSA
•Please use the IRS Data Match tab to draw in your income tax information. You can only do this 2 weeks after you filed your taxes.• If you have not filed your taxes yet when
you file your FAFSA, please go back and do a correction. Remember, you must wait 2 weeks after you file your taxes to make the correction.
The FAFSA Determines the EFC
The Expected Family Contribution (EFC) is a measure of your family’s financial strength and is calculated according to a formula established by law. Here are the factors that impact the EFC:• Taxed and untaxed income• Assets• Benefits (such as unemployment or Social Security)• Family size • Family members attending college
The EFC is Used to Determine Demonstrated Need
Federal Methodology: X - Y = Z
Cost of Attendance (X)
-Expected Family Contribution (Y)
= Financial Need (Z)
Special CircumstancesMany colleges have a process to recognize special circumstances that may have occurred in your family this past year. If you have experienced any of the following, you may qualify for more need-based aid:
• Change in employment status• Paid medical expenses not covered by
insurance• Change in parent marital status•Unusual dependent care expenses
Scholarships
Michigan Tuition Grant (Private): $1,524 (13/14)Michigan Competitive Scholarship (Public): $676 (13/14) March 1: Michigan priority deadline for filing the FAFSAJune 30: If your student is interested in both public and private institutions, make sure to list their school of choice in the #1 slot of the FAFSA school list to qualify for the MTG or MCS.
Grants
• PELL: $605 - $5,645 • Student Educational Opportunity Grant:
(SEOG): $100-$4,000 • TEACH Grant: $4,000
TEACH Grant
•$4,000 per year max $16,000•GPA of 3.25 on a 4.0 scale (freshman students
must have a 3.25 high school GPA or score in the 75th percentile on at least one school admissions test).•Plan to complete coursework and requirements
necessary to begin a career in teaching. •Applicants must agree to serve as a full-time
teacher for at least 4 academic years at a high-need school within 8 years after completing the course of study.
TEACH Grant: Eligible Teaching Fields
•Math •Science •Foreign Language •Bilingual Education •Special Education •Reading Specialist
LoansFederal Student Loans
Stafford Loans• Subsidized 3.86% (13/14) with 1.072% fees•Unsubsidized 3.86% (13/14) with 1.072% fees• 6-month grace period
Perkins Loan: 5%• 9-month grace period
Alternative Government Loans
• Federal Plus Loan-Parent 6.41% with 4.288% feesAlternative Private Loans: Ask for Financial Aid Department
Work Study
Federal Work-Study• On Campus & Off Campus Employment• Not Guaranteed• Must apply and be hired
Financial Aid CalendarSenior Year
• September: Apply for Admission• January: Complete the FAFSA• March 1: Michigan is priority deadline• February & March: Receive Financial Aid
Award Letter• May 1: Communicate Final College Decision• June: Apply for Federal & Private Loans• August: Fall Payment Due• September: Classes Start & Aid Applied to
Account
Helpful Hints
• First time FAFSA completers are encouraged to watch The 7 Easy Steps to the FAFSA: http://www.finaid.ucsb.edu/fafsasimplification/• Communicate significant or unusual changes in
family circumstances as soon as possible.• If you have any questions regarding your
Financial Aid, please let colleges know!
