2009 Fall Senior/Parent Night

Upward Bound at Johnson State College

Agenda

• College Applications• CSS Profile• The FAFSA – Free Application for

Federal Student Aid• VSAC Grant Application-Vermont Student

Assistance Corporation• Scholarships/Scholarship Scams

– Grants– Loans

College Applications

• At least one Safe, Reach, and Dream • Watch Deadlines • Letters of Recommendation (LOR)• Waivers available through UB – Do not

pay Admissions application fees. • UB Senior Challenge 12/12/09 • Follow up, follow up, follow up w/your

college/university. • Early Action vs. Early Decision• Regular Admission

The CSS Profile for 2010-2011

• Some Private Institutions may require more financial information from you/your parents

• Listed on College Website if required – examples: Middlebury and St. Michael’s

• Available online at: www.collegeboard.com

• Once you pay the fee bring UB the receipt and we will reimburse you.

What is Federal Aid?

Federal Aid is financial assistance through the U.S. Department of Education

Federal Aid covers expenses associated with the Cost of Attendance (COA) as determined by your college:

-Tuition and fees

-Room and Board

-Books and Supplies

-Transportation

-Computer

Free Application for Federal Student Aid: FAFSA

• Free, Free, Free• www.fafsa.ed.gov or access through

www.vsac.org• Must be completed each year the

student is in college.• Available each year after January 1st

–January 9th 2010 FAFSA/VSAC Workshop at 10:00 AM

Personal Identification Numbers (PINs)

• FAFSA Pin for parent www.pin.ed.gov – Same PIN for multiple children/each year– Saves Time – get your PIN this November– In cases of divorced parents: Parent who

provides 51% or more support to the child completes the FAFSA.

– Online Processing 3-5 business days– Paper version 5+ weeks (depending on

number of errors, etc.)

WWW.FAFSA.ED.GOV

The FAFSA – What to Bring

• 2009 Tax Information (or most recent tax return)

• W-2s for 2009• TANF/SSI Paperwork• PIN for parent and student• A black pen

Sample Questions from The FAFSA

• Sections for the parent and the student• Determination of a Dependent Student• Number in the Household?• For 2009 have you (the student/the parent)

completed a tax return?• How much did you (parent) earn in 2009? • How much did your spouse earn in 2009?

• Did you received at least one: SSI, WIC, Free or Reduced Lunch, or Food Stamps? – Automatic Zero EFC

Results of The FAFSA

• SAR – Student Aid Report - Email• EFC- Expected Family Contribution• Many sections of the FAFSA can be

changed/updated after submission.• Select schools to electronically send your

information. • Determines Pell, Loan and some Grant

eligibility

Federal Grants-Do Not Have to Be Repaid

From the FAFSA: The Federal Pell Grant

• EFC = 0 – 4600*• If the EFC is 0, the student is enrolled in

12-18 credits then they are eligible for $5,350* in Pell Grants

• The lower the EFC the more aid you will qualify for if you fill out forms on-time.

• Each year eligibility will be determined by the latest FAFSA.

*2009 figures

From The FAFSA: Academic Competitive Grant (ACG)

• Must Be Pell Eligible • First and Second Year College Students• Have completed a rigorous program of

HS study• Not enrolled in a degree program in

college before• Year 1: $750• Year 2: $1,300 (if you have a 3.0 GPA

after year 1 of college and meet all the above criteria)

Supplemental Educational Opportunities Grant (SEOG)

• Intended for Pell Eligible Students; however students just out of Pell Eligible range may qualify.

• Grant Award offered is determined by the school.

• $100-$4,000 Award Limit Per Academic Year.

The Federal Science Mathematics and Access to Retain Talent (SMART Grant)• Grant does not have to be repaid• Student must be Pell eligible • Full time• Third or fourth year in college• Have a 3.0 GPA• Majoring in physical, life, or computer

science, engineering, technology, or mathematics or a critical-need foreign language.

The VSAC GRANT

• Separate Application• Apply online with us January 9th at

WWW.VSAC.ORG• Available after January 1st • VSAC will often request documentation from

you by mail. Follow up!!!• Asks some different questions than the FAFSA

because of Vermont Law.• You choose the one school you

want this sent to and must follow up if you change your mind.

• Must be done each year.• Grants Range from $400-$4000 per year

VSAC Grant – Available 1/01/10

Loans: In most cases must be repaid to the lender

Federal Stafford Loans

• Subsidized Loans – Interest is not charged while student is in college.

• Unsubsidized Loans-Interest is charged on the money borrowed while the student is in college.

• Pay back occurs 6 months after the student graduates or leaves college.

• Low interest• Loan in student’s name and Promissory

Note is completed with the lender.• Graduated amount to borrow $3,500+

VERY IMPORTANT

• If the parent applies for the PLUS loan and they are denied for CREDIT reasons:

The student is then eligible for $4,000 more in Unsubsidized Stafford Loans if you have the lender fax the denial letter to your college.

Follow up with the college: Ask for the $4,000 more to be put on your award letter when they receive the denial letter.

Federal Perkins Loans

• Loan Amount and eligibility is determined by FAFSA and the College.

• Separate from a Stafford Loan so you would pay your college directly back for this loan.

• Typically go to first or second year students. • Interest is charged at 5%• Loan is not charged interest while in school

(subsidized).• Loan Forgiveness Eligible for some teachers.• Maximum loan per year is $4,000 but don’t rely

on a lot of $ from this program.

Federal PLUS Loan

• Loan in Parent’s name• Maximum Amount of loan (including handling fees) is

determined by the college.• Repayment begins approximately 6 months after student

begins school.

• Lender varies and is selected by the borrower: VSAC, Wachovia, AAA or your college’s preferred lender.

• There is an approval process by the lender.• Unsubsidized so parents are always paying interest.• Consolidation can occur with these loans for concurrent

years. • Student is not on this loan.

Alternative Loans

• In the student’s name• Parent (or family friend) as co-signor• School determines maximum eligibility• Highest Interest Rate of all loans• Lender: VSAC or from the college’s

preferred lender list.

Why Graduate in 4 Years? $$$

Loan Type Year 4 Year 5 Year 6

Stafford Loan- Sub.

$10,842 $12,462 $17,062

Stafford Loan – Unsub.

$2,982 $5,725 $7,778

Perkins Loan $2,349 $2,964 $1,499

Total Avg. Federal Loan Debt

$16,173 $21,151 $26,339

Average Cumulative Debt for Vermont students from 2003-2009 when graduating from college. This is only Federal Debt. Alternative, Private, Institutional, and PLUS loans are not added into these figures.

Source: VSAC

Scholarships – Do not have to be repaid

I'm a great believer in luck, and I find the harder I work the more I have of it.  ~Thomas Jefferson

VEOP ESSAY

• How has UB influenced you in making the decision to attend a post-secondary school?

• 500 words or less (2 pages)• Scholarship Due: Wednesday, January

27th, 2010• You could win up to $600 to pay for

college!

VSAC Scholarship Book

• Deadlines: Early Bird 02/12/10 – You could win one of 3 - $1,000 scholarships

by applying early!

– Regular Deadline 03/05/2010

• Make sure you follow up with VSAC to be sure all parts of your application have been received.

Phillips Memorial Scholarship

• Renewable Scholarship!• May 1st, 2010 Deadline• 3.0 Cumulative HS G.P.A.• Write an authentic essay that expresses

creativity.• Think about asking Tony or Allison to

write you a LOR!• Tell them about your community service

and how you plan on continuing your service in college.

The Dell Scholarship

• $20,000 to be used up to six years for an undergraduate degree and a laptop.

• Must be enrolled 2 YRS in a college readiness program - Like UB!

• 2.4 HS GPA• You must have financial need!• Express your individuality!• Applications became Available November

1st, 2009• Deadline: January 15th 2010

New Student Scholarships at the College you are applying to

• www.meritaid.com• Many colleges offer these to students,

but very few actually apply. • Do you have new student scholarships?• Ask Financial Aid offices – Do you have

more available aid?• Do you have a wait list for aid?

Scholarship Resources

• www.meritaid.com• www.fastweb.com• www.vsac.org• www.finaid.org• www.collegeboard.com• www.srnexpress.com• www.dellscholars.org• www.phillips-scholarship.org

So the FAFSA and VSAC Grant is done-what next??

• The student must be accepted to the college to get an award letter

• The award letter should be in the mail from the college in February/March depending on the college.

• Do not deposit at a college until we can review the award letter.

• Remember this is not real money and many times there is a gap that you will need to pay.

Now the Questions Only the Family Can Answer:

• Can the parent take on the PLUS loan?• Who will co-sign with the student if the

parent cannot? • UB Students most scholarships have an

early spring deadline: What are you doing over your two holiday breaks??

In January 2011 Take Advantage of Tax Credits When Completing Your Tax Return• The Hope Credit (available to parents of

freshmen and sophomores if the family qualifies)• The Lifetime Learning Credit• Home Equity Lines of Credit used for education

purposes may have tax deductable interest.

The Upward Bound Program/Johnson State College cannot give tax/financial advice.