WELCOME TO FINANCIAL AID WELCOME TO FINANCIAL AID AWARENESSAWARENESS
“Investing in Your Educational “Investing in Your Educational Success”Success”
Presented byPresented by
The Office of Financial AidThe Office of Financial Aid
Florida State UniversityFlorida State University
Cost of AttendanceCost of Attendance
Tuition & feesRoom & boardBooks, supplies, transportation, &
miscellaneous personal expensesStudy abroad costs (optional)
Estimated Cost of AttendanceEstimated Cost of Attendance2004/20052004/2005
In StateIn State
$2,892
3,770
3,496
800
1,000
1,124
$13,082$13,082
Tuition & Fees
Room
Board
Books & Supplies
Transportation
Personal Expenses
TOTAL
Out of StateOut of State
$15,398
3,770
3,496
800
1,000
1,160
$25,624$25,624
FinancingFinancing Your EducationYour Education
What is financial aid and where does it come from?
Who is eligible?What aid is available?How do I apply?
WHAT IS FINANCIAL AID?WHAT IS FINANCIAL AID?
Money set aside by the federal government for the next generation of leaders.
Invested money to ASSIST the student with paying the cost of their education.
Where does financial aid come Where does financial aid come from?from?
PLAN “A”
OR
PLAN “B”
PLAN “A”PLAN “A”Scholarships (Research)
– Private
– Institutional
– State
PLAN “B”PLAN “B”
Complete the FAFSAFREE APPLICATION FOR FEDERAL
STUDENT AID
WHO’S ELIGIBLE?WHO’S ELIGIBLE?
All are eligible! (for at least some type of aid)
–Even if you make $200,000
It’s an investment.
FORMULA USED TO FORMULA USED TO DETERMINE AID ELIGIBILITYDETERMINE AID ELIGIBILITY
Estimated Cost of AttendanceEstimated Cost of Attendance
LessLess
Expected Family Expected Family Contribution Contribution
EqualsEquals
Eligibility for Need Based Eligibility for Need Based AidAid
WHAT AID IS AVAILABLE?WHAT AID IS AVAILABLE?
Free Aid
Loans
TYPES OF FREE AIDTYPES OF FREE AID
Grants– Federal Pell Grant– Federal SEOG– FSAG (Florida
Resident)– FSUG
Federal Work Study– On Campus– Off Campus– Florida Work
Experience
Scholarships– Private– Institutional– State
FSU STAR Center– 8:30-4:30 M-F– Located 4th floor of
University Center in Office of Financial Aid
TYPES OF LOANSTYPES OF LOANS
Federal Perkins Loan– Limited Funds– Need based– 5% interest– Repayment begins 9
months after graduation Subsidized Stafford
Loan– Need based– Government pays
interest while in school– Repayment begins 6
months after graduation
Unsubsidized Stafford Loan– Non-need based– Accruement of interest
begins while in school
Federal Parent Plus Loan– Loan is to the parents– Based on parents’
credit rating– If denied, the student
may be eligible for additional unsubsidized funds
FREE APPLICATION FOR FREE APPLICATION FOR FEDERAL STUDENT AIDFEDERAL STUDENT AIDIn filling out the FAFSA, you’re going
to need your tax information, as well as your parent(s)’:–Why? – The Federal Government
believes the first investment should come from the family.
HOW DO I APPLY?HOW DO I APPLY?
PIN Registration
– Web site: www.pin.ed.gov
– May be used throughout aid process
–Will receive within 24-48 hours via email (keep in a secure location)
To Register for a PIN: To Register for a PIN: www.pin.ed.govwww.pin.ed.gov
The two most important tips we The two most important tips we can give you tonight for filing the can give you tonight for filing the Free Application for Federal Free Application for Federal Student Aid (FAFSA)Student Aid (FAFSA)
Apply Early - January 1st of every year
Apply Online - apply at www.fafsa.ed.gov
Advantages of submitting the Advantages of submitting the FAFSA earlyFAFSA early
Many funds are limited.
Once a school starts to award aid, funding can become quickly exhausted. You want to be in line to be considered as soon as awarding starts.
Advantages to filing the FAFSA Advantages to filing the FAFSA onlineonlineFaster processing - Data reaches the
school within 7 to 10 (maybe sooner) days of submission versus 3 to 6 weeks for the paper application.
More accurate - Less data is missed so there are fewer rejects
Additional AdvantagesAdditional Advantages
Secure processing - no mail delays
Easy record keeping and renewal - access from any online location
www.fafsa.ed.gov
Paper FAFSAPaper FAFSA
2005-06 FAFSA is an 8-page booklet containing:
General Instructions for completing the form
3 worksheets
FAFSA: Step OneFAFSA: Step One
Step One asks for general information about the student:
Name, Address SSN, DOB Telephone number Driver’s license and
state E-mail address
FAFSA: Step One FAFSA: Step One Questions 31Questions 31 Question 31: You
need to mark (“yes” OR “no”) whether you have ever had a Drug Conviction
FAFSA: Step TwoFAFSA: Step Two
Step two collects the student’s (and spouse, if married) income and asset information
You will need to complete worksheets
FAFSA: Step Three - Remember!FAFSA: Step Three - Remember!
Step three asks questions which determine dependency status
If all “no” responses, student is dependent If “yes” to any question, student is independent
Independent Student DefinitionIndependent Student Definition
At least 24 years old by December 31st of the award year covered by the FAFSA
Graduate or professional student Married Has legal dependents other than a spouse Both parents deceased or ward of the
court Veteran of the U.S. Armed Forces
FAFSA: Step FourFAFSA: Step FourQuestions 55 through 64:Questions 55 through 64: Step four requests parental information
– If widowed, divorced, separated and/or remarried, refer to page seven of the FAFSA.
– Taxes, income, etc.
FAFSA: Step SixFAFSA: Step SixQuestions 86 through 98Questions 86 through 98
School code for sending FAFSA data (FSU 001489)
FAFSA: Step SevenFAFSA: Step SevenQuestions 99 through 103Questions 99 through 103 Signatures
– PIN # (online)
Student Parent
FREE APPLICATION FOR FREE APPLICATION FOR FEDERAL STUDENT AIDFEDERAL STUDENT AID
Complete and submit FAFSA at www.fafsa.ed.gov
Student receives student aid report (SAR)
Collect verification data if applicable (30% federally selected)
School sends notification of estimated financial aid (award letter)
Avoid ERRORS!Avoid ERRORS!
Errors on the FAFSA or supplemental forms may DELAY application processing & result in the LOSS of financial aid funds.
Please read the instructions & complete all forms carefully!
DEBT MANAGEMENTDEBT MANAGEMENT
Set a realistic budget and stick to it.Exhaust all other alternatives before
borrowing.Only borrow what you need.
Tips on using your credit wiselyTips on using your credit wisely
Avoid credit cards (high interest rates)
Avoid greedy friends!Look @ what you NEED verses
what you WANT.
Benefits of having good credit?Benefits of having good credit?
Buying a homeBuying a carGetting future creditGetting a jobGetting a cell phone IN YOUR
NAME!!
TIPS TO REMEMBERTIPS TO REMEMBER
File FAFSA each academic year as soon as possible after Jan. 1 File FAFSA each academic year as soon as possible after Jan. 1
Estimated tax calculations are acceptable
Student will review (SAR) and make any necessary corrections
Keep copies of all requested documents
Include the students social security number on all documents
Turn in any additional requested documents as soon as possible
Check on financial aid status via the web at www.fsu.edu
Best Wishes!Best Wishes!
FLORIDA STATE FLORIDA STATE UNIVERSITY UNIVERSITY
OFFICE OF FINANCIAL AID
A4400 UNIVERSITY CENTER TALLAHASSEE, FL 32306
Office Hours 8:30 AM-5:00 PM
PHONE – (850) 644-0539
FAX - (850) 644-6404
School Code: 001489
FSU WEB PAGE:
www.fsu.edu