financial aid and senioritis…
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FINANCIAL AID and SENIORITIS…. How do Colleges get my information?. Federal Government. YOU. Colleges. Then what?. Financial Packages. How do colleges determine your financial aid package?. EFC (estimated family contribution) - PowerPoint PPT PresentationTRANSCRIPT
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FINANCIAL AID and SENIORITIS…
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How do Colleges get my information?
Federal Government
YOU
Colleges
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Then what?
Financial Packages
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EFC (estimated family contribution) COA (cost of attendance) – This number will
be different at each college.COA – EFC = FINANCIAL
NEEDExample: Cost of attendance is $15,000EFC: $5,000Financial need is $10,000
How do colleges determine your financial aid package?
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Free Application for Federal Student Aid (FAFSA)
VTAG Application (Private institutions only) Individual College’s financial aid form College Scholarship Service (CSS) Profile
Required Financial Aid Forms
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Parent IncomeParent AssetsStudent IncomeStudent AssetsAge of older parentNumber in householdNumber of children in college
FAFSA
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1. Apply for PIN (personal identification number) for you and your parent.
2. Gather information (tax documents, etc)3. You can fill out the paper worksheet (DO
NOT SEND THIS FORM)4. Fill out the FAFSA form after January 1st,
20135. Sign electronically
What are the steps?
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Go to the web site www.fafsa.gov Check apply for PIN. You will need a birth date and
social security number for both you and your parent Select two 4 digit numbers, one for you and one for
your parent, and write them down If you have an older sibling in college, chances are
your parent already has a PIN, so get that number from them
BE SURE TO KEEP THOSE NUMBERS BECAUSE YOU WILL NEED THEM EVERY YEAR YOU ARE IN COLLGE!
How do I get a PIN?
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Fill out the FAFSA every year you are in college Make sure to enter your info under the student
section and your parent’s under the parent section Include all the colleges to which you are applying Check info before you submit Be sure to sign electronically before you submit Print a copy of the FAFSA and the confirmation
page Get help if needed
Tips for filling out the FAFSA
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Date of birth and social security number Completed 2012 tax forms – if they have not yet filed
you can use 2011 forms to estimate, but you will have to correct once the 2012 tax forms are done
Highest grade level of father’s and mother’s education
Parents’ date of marriage, divorce, or separation Assets Cash, savings, checking Child support received or paid Tax exemptions or credits received
What Parent Information?
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Date of birth and social security number – it is very important to have these correct!
If you will be filing taxes, completed 2012 tax forms – if you have not yet filed you can use 2011 forms to estimate, but you will have to correct once the 2012 tax forms are done
Assets Cash, savings, and checking
What Student Information?
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Submit the FAFSA Receive and review the STUDENT AID
REPORT Make note of your EFC and DRN (data
release number) on the SAR – You will need them for future references
Review carefully all college financial aid award letters
Complete all verification documents as requested
What happens next?
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1. Scholarships2. Grants3. Loans – you will need to repay4. Work Study
Types of Financial Aid
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Academic Athletic Special skills and talents
Scholarships
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Pell Grant (up to $5500/year) FSEOG – Federal Supplemental Educational
Opportunity Grant VTAG – Tuition Assistance Grant (VA private
colleges) CSAP – College Scholarship Assistance
Program VGAP – VA Guaranteed Assistance Program
Grants
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Parent Loans◦ PLUS Loan◦ Alternative Loans
Student Loans◦ Stafford Loans: $5,500 ($3,500 subsidized/$2,000
unsubsidized) ◦ Perkins Loans: Not all schools are participants –
up to $5,500/year up to a total of $27,500/4-years
Loans
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Based on financial need Coordinated by individual college Average 10-15 hours per week Minimum wage or higher
Work Study
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1. START EARLY2. Meet priority deadlines3. Keep photocopies of everything4. If the college asks for additional
information – send it ASAP!5. Re-apply every year6. Document any communication with
financial aid officers
Tips for hassle-free financial aid
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STUDENT A comes from a family where both parents are employed with a combined income of $23,000 and assets totaling $2,000. The student is an only child.
College costs: $55,370 FINANCIAL AID PACKAGE:What the family pays: $1,900 School Scholarship:
$43,920Federal Pell Grant: $5,500Federal SEOG Grant: $4,000 Financial need:
$53,470 Total Aid Package: $53,470
Sample Aid Packages
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STUDENT B comes from a two-parent family with both employed with a combined income of $70,600 and assets equal to $16,500. The student has one sibling in college and one younger sibling not in college.
College costs: $55,370 FINANCIAL AID PACKAGE:What the family pays: $4,200 School Scholarship: $46,920
Federal Pell Grant: $1,100Work Study + Loan: $3,000
Financial need: $51,170 Total Aid Package: $51,170
Sample Aid Packages
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STUDENT C comes from a family with two working parents and a younger, non-college aged sibling. The parents earn a combined income of $125,000 and has $118,600 in assets.
College costs: $55,670 FINANCIAL AID PACKAGE:What the family pays: $21,400 School Scholarship: $28,270
Work Study: $3,000
Student Loan:$3,000
Financial need: $34,270 Total Aid Package: $34,270
Sample Aid Packages
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Sample Aid Letter
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noun. A crippling disease that strikes high school seniors. Symptoms include: laziness, an over-excessive wearing of track pants, old athletic shirts, sweatpants, athletic shorts, and sweatshirts. Also features a lack of studying, repeated absences, and a generally dismissive attitude. The only known cure is a phenomenon known as graduation.
SENIORITIS
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The diary of an infected senior:
Dear diary. I have finally come to terms with my life-threatening case of senioritis. And while my parents and teachers tell me I should "get back on the horse" and study hard, I can only spit out the battle cry of my generation:
“SENIORITIS: We'd find a cure, but we just don't care.”
SENIORITIS
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When you leave your backpack in your car trunk from 3pm - 8am.
SENIORITIS
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symptoms of senioritis are variable. Most cases of senioritis tend to start after college applications and mid-year reports have been sent in. This entails a student not doing any work whatsoever, skipping class a lot, getting stoned/drunk for the first time ever, being apathetic about everything, and resenting taking all those hard classes to impress your favorite college which you won't get in most likely because it's too expensive.
SENIORITIS
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This virus can be deadly to one's grades, as the carrier becomes totally apathetic about their grades, classes, homework etc. This results in many "Zeros ( 0 )" or failing grades - ultimately leading to the drastic lowering of the grade in the carrier's classes. Side effects include: Failure to give a poop, complete and utter apathy, and not graduating with the carrier's class.
SENIORITIS
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1. Take care of yourself 2. Stay organized3. Get motivated4. Be realistic5. Visit the Guidance Office
How to Combat SENIORITIS
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1. Don’t skip meals2. Exercise3. Take time for yourself
Take Care of Yourself
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1. Time management2. Use of a planner – plan things out.
Stay Organized
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1. Motivation at the end of your senior year is a good indication of your motivation towards the next stage of your life.
2. If you are not motivated – Get There.1. Think $$$... For those college bound – merit
based scholarships sometimes are based on end of the year reports.
2. For those work bound – employers typically don’t hire those who do not graduate.
Get Motivated
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Enjoy your senior year… you have worked hard to get to this point. Be realistic about the options that are beyond graduation. Have fun – but remember there are consequences for every decision you make.
Be Realistic
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Senior year can be sad and exhilarating at the same time. You and your friends catalog all the "lasts"—the last first day of school, the last football game, the last prom. But you're also looking forward to graduating and starting another chapter of your life… don’t be afraid to swing by my office and talk about what you are excited about and what you fear.
Visit Guidance