understanding financial aid and applying for scholarships
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Understanding Financial Aid and Applying for Scholarships. Financial Aid Night January 30, 2014 Lynette Anderson, LakeView Counselor And Blake Taylor Financial Aid Counselor Office of Scholarships & Financial Aid University of Wisconsin-Parkside 262-595-2291. Financial Aid Overview. - PowerPoint PPT PresentationTRANSCRIPT
Understanding Financial Aidand
Applying for ScholarshipsFinancial Aid NightJanuary 30, 2014
Lynette Anderson, LakeView CounselorAnd
Blake TaylorFinancial Aid Counselor
Office of Scholarships & Financial AidUniversity of Wisconsin-Parkside
262-595-2291
Financial Aid Overview
College as an investment What is financial aid? How to apply Financial need Types of aid Other options Tax credits
COLLEGECOLLEGEIS AN INVESTMENT FOR AIS AN INVESTMENT FOR A
LIFETIMELIFETIME
Over a lifetime, the gap in earnings between those with a high school diploma and a B.A. or higher exceeds $1,000,000.
Basic Principles of Financial Aid
The family has primary
responsibility for financing post secondary education.
Financial aid is the BRIDGE.
Purpose of Financial Aid
• Provide opportunity and access to higher education.
• Bridge the gap between what college costs and your ability to pay.
• Access to your goal.
Financial Need Defined
Cost of Attendance (COA)
– Expected Family Contribution (EFC)
= Financial Need
What Are the Costs?Tuition and Fees+ Room and Board+ Transportation+ Books & Supplies+ Miscellaneous Living
Expenses= Cost of Attendance
(COA)
Direct Costs = Tuition + R&B (on campus)
Expected Family Contribution (EFC)(Federal Methodology established by U.S. Congress)
Determined by filing the FAFSA.
(Free Application for Federal Student
Aid)
Main Determinants of the EFC
• Income• Assets• Family size• Number in
College• Age of the older
parent
Examples of Financial Need
Public College
Cost $24,000EFC -$9,000Need $15,000
Private CollegePrivate College
CostCost $38,000$38,000
EFCEFC -$9,000-$9,000
NeedNeed $29,000$29,000
To Register for a PIN: www.pin.ed.gov
What’s a PIN?www.pin.ed.gov Personal Identification Number Students and parents can get PINs Electronic signature for FAFSA on the Web PIN delivered by e-mail within 24-36 hours
(by regular mail in 7-10 days) Can also be used for:
Renewal on the Web Corrections on the Web National Student Loan Database Signing promissory notes for student/parent
loans (Perkins, Stafford, PLUS)
Timeline
The earliest you may file the FAFSA for the 2014-2015 academic year –
January 1, 2014
Check with the colleges at which your child plans to apply for deadlines and institutional requirements.
You must re-apply for aid every year.
Financial Aid Regulations
• Are determined mainly by federal and state statutes and legislators
• Establish your eligibility for most types of aid
• Apply to all schools
Independent Student Definition At least 24 years old; Graduate or professional student; Married; Has legal dependents other than a spouse; Orphan or ward of the court; Veteran of the U.S. Armed Forces; or Hardship Circumstances (Determined to be
independent by the financial aid administrator) Parents refusal to provide support or financial data is
insufficient to make a student independent regardless of tax filing status
What happens after you file the FAFSA?• Results are sent electronically to the college(s)
your child selected.• You will receive the results of your FAFSA by
mail - Student Aid Report.• You may be required to verify the information
submitted on the FAFSA.• Contact the college with any Special
Circumstances.• After your child is admitted to a college, a
financial aid package (award) will be prepared.
Gift Scholarships and GrantsAcademic - merit basedTalentServiceROTCPrivate
www.fastweb.comwww.finaid.orgwww.collegeboard.org
Institutional - need based (based on FAFSA results)State GrantsFederal Grants
PellSEOG
Self HelpEmployment Two types:
• Federal Work Study• Regular Campus Employment
LOANSFederal StaffordFederal Stafford Subsidized= need basedSubsidized= need based Unsubsidized (anyone can borrow) Unsubsidized (anyone can borrow) Currently 6.8% during repaymentCurrently 6.8% during repayment Interest caps 8.25%Interest caps 8.25% 10 year repayment10 year repayment
Step 1 – Applying for Scholarships
Where should I look? School Civic Organization Church College/University Parent employer Other companies
Scholarship Opportunities What are scholarships for?
Merit Need-based Just for being you Involvement/Leadership/Activity related
Scholarship Preparation What information is needed?
Essay Application Supporting documentation
TIPS Scholarship Search Tips and Tidbits
Edit, edit, edit… and then edit again! Create secondary email address Don’t stop after first year! Do NOT ever PAY for scholarships!
Go On-line to Search Commonly Used Scholarship Websites:
College Board: CollegeBoard.org FastWeb: FastWeb.org College Connection: collegescholarships.com CollegeScholarships.org Go College: gocollege.com And many, many, many more!
Good Luck!
It’s not going to be easy but it will pay off! So, it’s time to get working paying for your future.
Any Questions?
Thank you!
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