financial aid parent student meeting #1
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Financial Aid Parent Student Meeting #1. December 2013. What do we mean by “College”?. College is a… Vocational or Technical College Certificate 2-Year or Community College Certificate Associates Degree 4-Year College Bachelors Degree Private or Public College - PowerPoint PPT PresentationTRANSCRIPT
Financial Aid Parent Student Meeting #1
December 2013
What do we mean by “College”?
College is a…
Vocational or Technical College
Certificate2-Year or Community College
CertificateAssociates Degree
4-Year CollegeBachelors Degree
Private or Public CollegeProprietary Private CollegeANY education you receive after high school!
NavianceLogin is id password is initials and 6 digit birth date
Ex dm040293
Add Colleges I am applying to Keep status updatedCurrent email under profileParents can access itScholarships!!!!!
What needs to get done
I get it ! Mental Decision Dr. Jason Garey/ Dr.
Erik Verploeg You can be
anything from any school
Emotional Decision
Schwab report Reality
Brain decision not a heart decision
Grants◦ Awarded to the student based on need◦ Does not need to be paid back◦ Pell Grant, EFC less than or equal to $5,273
Scholarships ◦ Does not need to be paid back◦ Check out our CollegeInvest Scholarship Program
Work-study◦ Typically based on need
Student Loans ◦ Federal Loans
Paid back at federally backed low interest rates with helpful terms There are federal loans for students (Stafford loans) and parents (PLUS
loans)◦ Private Loans
Use federal first and be sure to research the rates and terms carefully if you need a private loan to fill the gap.
Financial Aid – The Four Types
Cost of Attendance (COA)- Expected Family Contribution (EFC)______________________________
= Financial Need
Financial Aid
Cost of attendance refers to the cost for attending college for one year (2 semesters)
Colleges often define total cost of attendance to include:◦ Tuition and fees◦ Room and board◦ Books and supplies◦ Medical expenses◦ Transportation◦ Personal expenses
Cost of attendance
Fixed Costs
Variable Costs
Time Line - Senior YearFall Apply for colleges
Apply for scholarships
Winter/
Spring
Complete and submit the FAFSA online
The government processes the form and determines your EFC
Receive and review the Student Aid Report (SAR)
The information goes to colleges
Late spring
The colleges create an “Award Letter”
Compare offers; make decisions
*Must be accepted to a college to receive an award letter
Estimate your cost What is the schools
average rate most pay?
% of need met
Where Do We Start?
College Opportunity FundPays a portion of total in-state tuition per credit hour…
$62 per credit hour at public 2/4-year colleges & universities
= approx. $1488 p/year
$31 for Pell-eligible students at private Colorado colleges (University of Denver, Regis University and Colorado Christian University)
• Must apply – just once at www.collegeincolorado.org • Must be admitted to participating institution• Available for undergraduates only• Paid directly to the college
Created by CollegeBoard CollegeBoard is a not-for-profit association that tries to
connect students to colleges $9 for application fee, $16 for each school More detailed than the FAFSA Will calculate an EFC, may differ from EFC that the FAFSA
calculates Students can begin filling this out October 1st prior to school
year Colorado institutions that require the profile:
◦ Colorado College◦ University of Denver◦ Daniels Fund
www.collegeboard.com
CSS Profile
Parents and student need their OWN pin number
Apply for PIN now! File after January 1, 2013 completed by
February 15, 2013 Know your schools priority filing date Pre-populate the form after your taxes have
been completed
FAFSA.ED.GOV
Available every January 1st- apply early! Online application is fastest
◦ Processed in 72 hours◦ Student and one parent need to get Personal Identification
Numbers to sign application electronically◦ Parent and Student Information required:
Social security numbers, drivers license numbers Records of money earned last year, tax returns and bank
statements, etc.◦ Complete FAFSA online at http://www.fafsa.gov◦ 1-800-4FEDAID paper applications◦ Student Aid Report (SAR)
BEWARE of any service that requires you to pay a fee to submit your FREE application
How to Submit the FAFSA
A “practice” FAFSA Outlines family/student eligibility for:
◦ Federal Grants◦ Student Loans◦ Federal Work Study
www.fafsa4caster.ed.gov
FAFSA 4Caster
The IRS Data Retrieval Tool allows students and parents to access the IRS tax return information needed to complete the Free Application for Federal Student Aid (FAFSA), and transfer the data directly into their FAFSA from the IRS Web site.
If you are eligible to use the IRS Data Retrieval Tool, we highly recommend using the tool for several reasons:
It’s the easiest way to provide your tax data. It’s the best way of ensuring that your FAFSA has accurate tax
information. You won’t need to provide a copy of your or your parents’ tax
returns to your college. Students or parents who are married and filed as Married Filing
Separately, are married and filed as Head of Household, filed an amended tax return, or filed a Puerto Rican or foreign tax return are not eligible to use the IRS Data Retrieval Tool, and will need to enter their tax return information manually.
IRS Retrieval Tool
BEWARE… of any service that requires you to pay a fee to submit a FAFSA or Scholarship application.
WWW.FASFA.ED.GOV
Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income Household size Number of household members in college Real estate and investment net worth Dependent vs. Independent Student Verification IRS DATA match
Frequent FAFSA Errors
Life insurance plans Retirement plans Equity from primary residence Investment value of small business
◦ 100 full-time employees or less Farm when it is primary source of income
Assets Not Included
The U.S. Department of Education processes the information on your FAFSA and provides you and the colleges you selected your Expected Family Contribution (EFC)◦ The information will be used to determine a student’s
eligibility for most federal and state assistance◦ The Dept. of Ed. does not expect you to have this amount
in cash
Expected Family Contribution
Examples
Community College
Four Year Public
Four Year Private
COA (variable)
$10000 $20000 $40000
EFC (fixed) $10000 $10000 $10000
Need (variable)
$0 $10000 $30000
Moffat County High School Free help filling out the FAFSA
◦ Bring your tax information, income documentation, etc.
Information on scholarships and college planning
Scholarship giveaways www.collegegoalcolorado.orgSunday, February 10, 2013 from 1 PM to 3 PM
College Goal Sunday
You will receive a confirmation page, with a confirmation number, after your
application or correction is successfully submitted.
Your confirmation number is proof that your application or correction was successfully submitted.
I recommend that you print your confirmation page for your records. If you provided an e-mail address on your application or correction, the confirmation page will be automatically e-mailed to you.
How Do I Know It Has been Submitted?
After you submit the Free Application for Federal Student Aid (FAFSA), we will send you a Student Aid Report (SAR).
If they have a valid e-mail address on file for you, we will send you an e-mail, within 3 to 5 days, with instructions on how to access an online copy of your SAR.
If the e-mailed link for your SAR does not work, try this:
Copy the full URL link from the e-mail we sent you, Paste it into the address or location line of your Web browser, Hit Enter. TIP: Make sure you copy and paste the entire link; this may display as multiple
lines in your e-mail.
If we do not have a valid e-mail address on file, your SAR will be mailed to you via postal mail within 7 to 10 days.
The colleges that you listed on your FAFSA will have access to your information electronically one day after it is processed. However, depending on their own process and workload, they might not retrieve your information immediately.
If your application is complete, an Expected Family Contribution (EFC) will display on your SAR. If your application is incomplete, your SAR will not include an EFC, but it will display text that specifies any issues that need to be resolved.
FAFSA…What Next?
What happens next?
Eligibility determined from FAFSA 2012-2013 families make under $23,000
maximum amount $5,635 Need based grant For the 2012-13 academic year, only students
with an EFC between 0 and 4995 will be Pell Grant eligible. Your EFC can be found on your Federal Student Aid Report (SAR).
Pell Grant
Colorado State Grants Based on need, academics, & talent Types and amounts vary by school
Institutional Grants Based on need, academics, & talent Types and amounts vary by school
State & Institutional Grants
Naviance◦ Login is student id ◦ Password is initials and birth date dm040292
◦ Collegincolorado.org
◦ Go to the Schools Website◦ CSU is on RamWeb due by March 1◦ CU Boulder is on MyCUBoulder account March 1
◦ Check each school's site!
Scholarships
http://studentaid.ed.gov/ Collegeincolorado.org
Searching for Scholarships
CU Boulder April 1 CSU March 1
Colorado Priority Filing Dates
2009 & 2010 Duct Tape Scholarship Winners
2010 first place winners
2009 Winners from Golden, CO
Drink Milk Scholarship
1. Go to college where you are on top 2. Be realistic about what you are going to
earn 3. Only borrow what you need 4. Visit before you commit 5. Get to know the college administration
(financial aid counselors, director of housing)
5 Overall Tips