Senior Parent Night January 27, 2016 Timeline for Class of 2016 August-DecemberAdmission Applications and College Visits By DecemberCreate FSA IDs January-MarchSubmit FAFSA MarchReceive your Award Letter May 1Submit Deposits and Accept Financial Aid May-AugustFinalize Payment Arrangements, Enroll, Move-In! Where do I Apply? Web site: FAFSA on the Web will become available on January 1, FAFSA on the Web will become available on October 1, 2016 When Should I Apply? The FAFSA should be completed between January 1 and March 1 of students senior year of high school. The FAFSA can be completed as early as October 1 Most need-based aid awarded on first-come, first-served basis Plan to submit FAFSA before each schools priority deadline FAFSA must be completed each year the student is enrolled Changes to the FAFSA for (Federal Student Aid Conference December 2015) Students will be able to submit a FAFSA as early as October 1, 2016, rather than beginning on January 1, 2017 Students and parents will report income information from an earlier tax year (2015 instead of 2016) Federal Student Aid ID Web site:You can get your FSA ID before you file the FAFSA Student and parent will each need an FSA ID Will be used by student and parents throughout aid process, including subsequent school years Expected Family Contribution (EFC) The calculated amount your family will be expected to contribute to your college costs, based on your familys income, assets and characteristics. Dollar amount of your familys contribution for one year for one student How is the EFC calculated? Federal methodology is the formula created by Congress to determine the EFC Determined by the Dept of Education, not the individual schools Uses student and parent income and assets Includes provisions and exceptions for your family and cost-of-living Total Annual Cost of Education Tuition Fees Room and Board Books Personal Expenses Travel Need Varies Based on Cost EFC X Y Z Cost of Attendance (Variable) Expected Family Contribution (Constant) Need (Variable) Need-Based Financial Assistance Formula College A Cost $ 20,000 EFC - 10,000 Need $ 10,000 College B $ 55, ,000 $ 45,000 Award Letter Lists scholarships, grants, loans, and work opportunities based upon FAFSA Sent out by schools in early March Award Letter Lists scholarships, grants, loans, and work opportunities based upon FAFSA Sent out by schools in early March Direct Loans Direct Subsidized LoanDirect Unsubsidized Loan How much can I borrow?$3,500$5,500* *Less any borrowing of the Direct Subsidized Loan Is it based on need?YesNo What is the interest rate?Fixed 4.29% (for ) When do I begin repayment?6 months after graduation or below time status Future Amounts$4,500 for So year $5,500 for Jr year $5,500 for Sr year $6,500 for So year* $7,500 for Jr year* $7,500 for Sr year* *Less any borrowing of the Direct Subsidized Loan Tackling your remaining balance Payment Plans Most schools offer at least one type of payment plan Parent PLUS loan Federally guaranteed Credit-based Private/Alternative Loans Do some research now! Parent Loan vs. Private Student Loan Parent PLUS LoanPrivate/Alternative Loan Who is the borrower?ParentStudent What is the interest rate?Fixed 6.84% (for )Variable Tied into Prime or Libor Index Is there an origination fee?Yes 4.272% (for )Varies by lender When is the loan repaid?60 days after disbursement. Forbearance options may be available to defer payments 6 months after graduation or below time status How much can I borrow?Up to the cost of attendance minus any other aid received Aggregate limits may apply Do I need a co-signer?NoYes, in most cases Is the loan based on credit?Yes If denied, the student is awarded $4,000 unsub loan Yes ACT & SAT Dates SAT March 5, 2016 May 7, 2016 June 4, 2016 ACT April 9, 2016 June 11, 2016 A+ Program Students should have already notified Snelson if participating and turned in agreement A+ Mentoring Logs are due to Snelson no later than Friday, April 29, Check with university for their requirements (if any) to be awarded aid for A+ Elgibility Community College Placement Scores St. Louis Community College Compass is required of all students unless academic credentials are submitted that qualify students to take such courses without testing. STLCC may waive all or part of the placement test if students provide written documentation of one of the following: A college transcript or grade report documenting successful completion (with a grade of "C" or higher) of reading, writing or mathematics course prerequisites (1818/ACP) A college degree from an accredited institution An ACT score earned within the last three years documenting: A reading score of 18 or above to waive the reading test An english score of 18 or above to waive the writing test A math score of 22 or above to waive the math test An SAT score earned within the last three years documenting: A critical reading score of 500 or above to waive the reading and writing tests A math score of 580 or above to waive the math test Dual Credits/Transcript Dual Credit Students must request a transcript from university upon completion and have it sent directly to the university they are attending (fee applicable). AP Request scores be sent directly to colleges of choice by College Board College Athletics & Academic Eligibility NCAA/NAIA Notify Snelson by March 1, 2016 if this applies SCHOLARSHIPS Merit Based Scholarships from College/University Based on GPA/ACT/SAT/Rank Start with colleges/universities youve applied for Some with show up automatically on financial aid award letter but others you have to apply for Local Scholarships Scholarship Foundation National Scholarship Searches Places of Employment Ask Human Resource with companies/organizations St. Louis Universitys Financial Aid Assistance Visit our Online Financial Education Center: FAFSA Workshops January 31 st February 14 th, 28 th 2016 FAFSA Chats February 11 th, 23 rd Announcements Sign up to get text messages/ s directly from Ms. Snelson about upcoming events and deadlines Text Messages Text the number: s Send anto Leave subject and message blank