What every Senior should know?
Post on 25-Feb-2016
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Applying for Financial aidFree Application for Federal Student Aid
(FAFSA) Available Jan 1st www.fafsa.gov Can used estimated taxes Need a Federal pin for both student
and parent (if dependent) Important to meet preferred submit
date North Georgia – March 17th
FAFSAPreferred Submit date – March 17th
Priority for campus base aid and need based scholarships
Deadline for submitting FAFSA – May 1st
Deadline for all paperwork and file completed – July 1st
HOPE Scholarship Application www.GAcollege411.org HOPE only application Some schools require both forms
www.FAFSA.govWithin 24 hours, you will receive a SAR
(Student Aid Report). Either by the email listed on your FAFSA or through the mail
Common Errors on SAR Leaving Blank fields Using commas or decimals –round to the nearest
dollar Listing incorrect Social Security Number or Driver’s
license number Failing to use your legal name Entering the wrong address – make sure it matches
what you reported to the school Entering the wrong federal income tax paid amount Incorrectly filing income taxes as head of household
More common errors Listing parent marital status incorrectly – if your
custodial parent has remarried, you’ll need the stepparent’s information as well
Failure to register with the Selective Service – once a male turns 18, they must register or be denied aid.
Reporting yourself as a veteran but you have only completed military training and have not served on active duty
EFC Number Expected Family Contribution (EFC)
The number is not a dollar amount but a number the financial aid office uses to determine what type and how much aid a student is eligible for to help pay for school.
Stays the same regardless of the college
Check for EFCOn the right hand top corner, you should
see an EFC (Expected Family Contribution) number…
If you do not, then you have a major error, read the front of the SAR to find out what is needed to correct the error.
Examples of Major Errors Missing student or parent
signature If you did not have a PIN to sign your FAFSA
at the time you filed it out, go back to www.fafsa.gov and add your PIN.
Examples of Major ErrorsTaxes paid = income earned
Check to make sure your tax information is correct
You also can go back on www.fafsa.gov and see if you can transfer your IRS data from your filed tax return onto your FAFSA (best solution)
Correction Codes (C-Code)
You may also see a Correction Code listed on your SAR:
When you submit your FAFSA, the form goes through several federal databases to verify the information provided.
C- CodesSocial Security Administration:
Checks number and full name If an error is found, check your SAR. If
SAR is correct, provide a copy of your Social Security Card to the Financial aid office.
Selective Service All males must register for Selective Service at their
18th birthday.
C- CodesHomeland Security – checks citizenship
or permanent resident If found, may need to see birth certificate or permanent resident card
Department of Defense - checks veteran status
If found, then will need a copy of your DD214 to check active duty years of service.
C- Codes Death Records – checks local
records to make sure you are alive… if Social Security number is correct on SAR –
And you have a pulse…. Then contact your Financial aid office immediately for assistance….
Chosen for VerificationRead the front page to see if you have been chosen
for Verification If you are chosen then you will be hearing soon from
all the colleges on your FAFSA. Be ready….
The U.S. Department of Education chose 1 out of every 3 students for a process called verification. Fin Aid offices are required to collect different federal documents from you and your parents including tax forms, W2s, food stamp etc. We also must collect proof of child support and other documents based on information reported on your FAFSA.
SAR – Schools ListedCheck your SAR for all schools listed –
Make sure the school you want your SAR to go to is listed. If you have changed your mind about any school listed, send an email to that school’s financial aid office.
This will help cut down on the number of request your will get for additional information.
Important Note: Watch your school email account for
updates on your financial aid
Most schools only communicate through their school email account so it is important to check at least twice to three times a week.
SAR is correct – Now what?If your SAR is correct or if you were chosen
for verification and this process is complete – then you are in a GOOD to GO status…..
We are ready to tell you how much aid you are eligible for……..
You will get an AWARD Letter……
What is an Award LetterThe Award letter tells you how much aid
you are eligible based on your FAFSA and any other state information we have.
The Award letter can be adjusted depending on any new information we receive such as private scholarship funds, finding out you are HOPE eligible, or maybe receiving a school scholarship.
Financial Aid Terms: You need to know
Cost of Attendance includes:
Direct Cost – Tuition/Fees/ Room & Food
Indirect Cost – Travel/ Books
Cost of Attendance is the maximum a student can get in Financial aid.
Financial Aid Terms: You need to know
Financial Need is:
Cost of Attendance
minus
EFC (Expected Family Contribution)
Categories of Financial Aid
Need Based
Non – Need Based
The category of aid you receive is based on your unmet need.
Types of Financial Aid
Scholarships:Money that does not have to be paid back
Awarded based on need, merit, skill or unique characteristic
WARNING : Do not pay for scholarship list
Types of Financial Aid
Grants:
Money you do not have to pay backUsually awarded on financial need
Largest grant is the Federal Pell Grant.
Types of Financial Aid
Loans: Money students and parents borrow to
help pay college expensesRepayment usually begins after education
is finished or if you leave school.
Warning:Only borrow what you need
Types of Financial Aid
Employment:
Allows students to earn money to help pay for educational expenses
Can be on or off campus job as community service
Sources of Financial aid
Federal government – FAFSA
State government – Hope application
Private Sources
Civic Groups and churches
Employers
Federal Aid ProgramsFederal Pell GrantTEACH GrantSEOG Grant
Perkins LoanDirect Subsidized and Unsubsidized LoansParent Plus Loans
State Programs
Residency requirementsHigh School requirementsSAT/ACT requirements
Award aid on the basis of both merit and need
Some schools use the FAFSA as the application. Some require you to do both the FAFSA and the HOPE application .
STATE Programs
HOPE Scholarship HERO awards
Zell Scholarship Public Safety Officers grant
Georgia Military Scholarship ROTC Grant/ Future Officers Grant
GTEG for Private Schoolswww.gacollege411.org for more information
HOPE Changes Starts Fall semester 2011 Percentage rate – FY 11 90% Can change each year Determined by the state legislatures
HOPE Scholarship changed for Fall Semester 2011
What HOPE paid for Fall Semester 2011? HOPE will pay $137.88 per credit hour
for non-guaranteed tuition students HOPE will not pay for any fees HOPE will not pay any book allowance
Other HOPE changes Only pays regular undergraduate rate – will
not pay for total price of online courses Only pays up to 127 attempted hours Will only pay up to seven years past high
school graduation Graduate high school 2012 – stops June 2019 Active duty military service extension Current FY10 paid HOPE students
grandfathered inuntil June 2015
Losing HOPE and Reentry Back Same checkpoints 30, 60, & 90
attempted hours and every Spring semester
Can lose at any checkpoint but can only reenter after 30, 60 & 90 attempted hours.
NEW for Fall Semester 2011: You can only reenter one time
Losing HOPE and Reentry Back
Term Attempted hours
GPA HOPE Eligible status
Fall 2011 15 hours 3.0 continueSpring 2012 13 hours 2.7 Lose Spring
checkpointSummer 2012**
6 hours 3.5 Regain HOPE 30 hour checkpoint
Fall 2012 15 hours 3.0 continueSpring 2013 13 hours 2.5 Lose HOPE
forever
** Determine if attending Summer semester is mathematically in your best interest – calculate your HOPE GPA
Zell Miller ScholarZell Miller Scholars will receive full regular
tuition paid. Zell Miller scholars will not receive funding
for fees or books. A valedictorian and salutatorian from each
high school will be eligible to receive the Zell Miller Scholarship without consideration of the GPA or ACT/SAT requirements.
Zell Miller ScholarIn order to be a Zell Miller Scholar you must
meet all the following requirements: 1. In high school you must have a HOPE GPA
of a 3.7 or higher.2. Your SAT score on one single test for Verbal
and Math must be at least a 1200 or a composite ACT score of 26 or higher. Must take test before high school graduation
3. Your college HOPE GPA must be a 3.3 or above to maintain
Zell Miller scholar and HOPE checkpoints/ reentry
Term Attempted hours
GPA Zell Eligible
HOPEEligible
Fall 2011 15 hours 3.3 Continue n/aSpring 2012
14 hours 3.0 Lose Zell Spring checkpoint
yes
Summer 2012
6 hours 3.8 Regain Zell 30 hr checkpoint
n/a
Fall 2012 15 hours 3.3 Continue n/aSpring 2013
14 hours 3.0 Lose Zell forever – 60/Spring checkpoint
yes
Private SourcesFoundations, businesses, charitable
organizations
Deadlines and application procedures vary widely
Begin researching private aid sources early
Civic Organizations and Churches
Research what is available in your community
Check with your local high school counselor
Application process usually in your senior year
Small scholarships add up so apply!!!!!!!
Employers
Companies may have scholarships available to the children of employees
Companies may have scholarships for their employees
Example Chick-fil-a UPS and may more…..
Use these tools to help you decide
Your Financial aid professionals are always available to answer any questions.
http://www.northgeorgia.edu/finaid/
Resources for YouResources on website under New Students www.northgeorgia.edu/finaid Presentations Resources
Aid Summary / Glossary of terms Application checklist Tracking worksheet Cost of Attendance Award package comparison
Other websites to help
NASFAA http://www.nasfaa.org/students/About_Financial_Aid.aspx
Financial aid website http://www.finaid.org/
Student Aid on the webhttp://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
Thank you
Please contact us if you need any additional assistance
finaid@northgeorgia.edu
706-864-1412
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