FinancialAid

Presentation

Financing College • Can I afford it?• How much will it cost? • What is financial aid?• FAFSA, when to apply? • Where can I get it? • Who can help?

FOUR EASY STEPS TO FINANCIAL AID

• Step 1: Do your FAFSA yearly and early– You can complete your FAFSA for the 2014-2015 school year starting

January 1, 2014

• Step 2: Follow up – Submit, Review and Verify!

• Step 3: Look for scholarships– Be Creative; think outside the box. Anyone can find scholarships, if

you’re willing to work hard.

• Step 4: Apply for loans

The Value of Education

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Types of Financial Aid

There are two basic types of financial aid

– Gift Aid Grants and Scholarships

– Self-help Work and Loans

These funds may be merit-based, need-based, or non-need based.

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Sources of Financial Aid

There are four basic sources of financial aid

– Federal Government– State Government– Outside Private Sources– University (Institutional Aid)

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U.S. Department of EducationFederal Financial Aid Programs

There are four basic sources of financial aid

• Federal Pell Grant* - $5,645• Federal Supplemental Education Opportunity

(FSEOG)* - $2,000• Federal Work Study* - $2,500• Federal Loan Programs

*FAFSA Required

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Federal Loan Programs

• Types– Federal Perkins Loan – 5% fixed, 9 month grace period– Federal Stafford Loan – 4.5% fixed, 6 month grace period– Federal PLUS loan – 7.9% fixed, with deferment options

• Consider– Subsidized vs. Unsubsidized– Interest rate– Grace Period

• Know– Borrowers Rights & Responsibilities– Loan Repayment– Deferment & Forbearance– Entrance & Exit Counseling

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Institutional Aid & Private Sources

• University– Financial Aid Office– Web site– Academic Department

• Outside/Private – Local, state and national agencies, associations and organizations– Web site – Oakwood University lists several free scholarship web

sites on our web site to help with your search– Employers

• Trusted sources of information– Mapping Your Future – www.mapping-your-future.org– U.S. Department of Education – www.ed.gov– FAFSA on the web – www.fafsa.ed.gov

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Merit-based Aid

• First-Time Freshman Academic Scholarships– Based on GPA & ACT– $2,000 to Full Tuition and Room

• Transfer Student Scholarships– Based on cumulative college GPA– $2,000 to $5,000

• Outside Scholarships

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Other Freshman Scholarships

• College Days– $500 for first year if attending OU College Days

• Early Bird– For all prospects prior to March 3rd - $1,000

• Outside Scholarships and Benefits– Conference Subsidy and 3 way scholarships

• Check with your conference about qualifications• UNCF https://scholarships.uncf.org/• More listed at www.oakwood.edu/financialaid

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How to Apply for Financial AidSubmit All Forms Required by Oakwood (see MyOakwood.edu)

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• FAFSA – Free Application for Federal

Student Aid– www.fafsa.ed.gov

– The FAFSA information is used to calculate the Expected Family Contribution (EFC) and determine the student’s eligibility for most federal and state assistance

How to Apply for Financial AidIt is a Process which goes beyond the FAFSA

• Apply early (Oakwood’s priority deadline March 1)• Information reported on the FAFSA is confidential

and is used ONLY to determine financial aid eligibility

• You may be asked to submit documentation to the financial aid office for verification purposes

• Keep track of DEADLINES!!!• Make a file and keep a copy of everything you

submit.

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Dependency StatusINDEPENDENT students fit into at least one of the categories listed

below:– 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

– Orphan or ward of the court

– Veteran of the U.S. Armed Forces

Note: If the student is DEPENDENT, report student and parent income and assets on the FAFSA. Not living with parents DOES NOT make a student independent. Grandparent information does not go on the FAFSA.

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What are the costs?Tuition and fees - Direct

Room and board - Direct

Books and supplies - Estimated

Transportation allowance - Estimated

+ Misc. personal expenses - Estimated

Cost of Attendance (COA)COA includes both direct and indirect charges

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Determining Need

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COA

EFC

Financial Nee

d

Determining Need

$30,000

$5,000

$25,000

$20,000

$5,000

$15,000

$10,000

$5,000

$5,000

COA EFC Need

School

ASchool

BSchool

C

Financial Aid AwardsYour Financial Aid Counselor will package all available

financial aid options and send them to you for consideration – available at MyOakwood.

• A few points to take into account before you commit to a school:– Type of institution– Available financial aid– Cost of Education vs. Earning Potential– Academic Program Ranking– Residential vs. Commuter

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Other Financing Options• Year-in-Advance–Year’s cost less financial aid for use with

TMS Payment Plan

• Monthly– 4 payments per semester

• PLUS Loan or Alternative Loans

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Avoid Scholarship Scams• While most scholarships services are legitimate, others may be

fraudulent and charge a lot of money for little information

• Please view with caution any service that requires you to pay more than a nominal fee

• For information about financial aid scams and tips to avoid being scammed check:– Federal Trade Commission’s web site at:

www.ftc.gov/scholarshipscams

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Remember…

• Plan ahead• Apply early• Read CAREFULLY• Meet deadline• Keep copies

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Contact Information

LaTanja Banks Scholarships lbanks@oakwood.eduLynda Bartholomew (Leap A-M) lbartholomew@oakwood.eduApril Fortune (A-F), Grad., AP4 afortune@oakwood.eduMonica Gilmore (G-L) mgilmore@oakwood.eduJanet Poles (M-T, W) jpoles@oakwood.eduLiana Price (U,V,X,Y,Z, Leap O-Z) lprice@oakwood.edu

Cheryl Mitchell, Documents cmitchell@oakwood.eduFred Carter- Interim Director fcarter@oakwood.edu

1.256.726.7210 Financial Aid Services7000

Adventist AvenueFax: 256.726.7474 Huntsville, AL 35896

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Questions?.