UNDERSTANDING FINANCIAL AID
BrianPeterNeil Financial Aid is financial assistance to pay education- related expenses at approved colleges. Financial Aid is given in the form.
Dec 15, 2015
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UNDERSTANDING FINANCIAL AID
WHAT IS FINANCIAL AID?
Financial Aid is financial assistance to pay education-related expenses at approved colleges.
Financial Aid is given in the form of: Grants Scholarships Work Study Loans
Financial Aid comes from 4 sources: Federal State Institutional Private
WHAT CAN I USE FINANCIAL AID FOR? Financial Aid may be used for “education
related expenses.” What are examples of education related
expenses? Tuition and Fees Books Lab supplies School supplies Transportation (car, bus, gas, etc.) Housing Food
WHAT IS FINANCIAL AID?
Grants Come from Federal and State Governments
Federal - Pell, SEOG, Work Study, TEACH, SMART, ACG State
Regents Higher Education Opportunity Award Leveraging Educational Assistance Program Special Leveraging Educational Assistance Program
Institutional – Student Fee Generated Scholarships
Millennium – Nevada Treasurer’s Office College Foundation – Private sources, need to apply through
the college Third Party – money goes directly to student, not through
the college Loans (You must pay back!)
Federal Government – Stafford (for the students) and PLUS (for eligible parents)
Alternative/Private – directly from the bank/lender
CSN
might want to reference BOR mandated name for Access funds.....LEAPP and SLEAPAdd Institutional Grants (Access)
HOW DO I GET FINANCIAL AID?
Two Applications: FAFSA (online) Institutional Scholarship Application
Third Party They have separate applications
HOW IS FINANCIAL AID CALCULATED?
The amount a student is eligible for is determined by information provided on the FAFSA (Free Application for Federal Student Aid) by the Federal Government
Cost of Attendance (tuition, fees, typical room and board, books – set by the institution)
- Expected Family Contribution (based on income information provided in the FAFSA)
= Financial Need
FAFSA BASICS INCREASING FINANCIAL OPPORTUNITIES
What is the FAFSA? Free Application for Federal Student Aid
Why should the FAFSA be completed? Determines eligibility for: Federal Grants Federal Student Employment Federal Student/Parent Loans State Grants Scholarships
Need Non-Need
FINANCIAL AID BASICS BE PREPARED
Apply EARLY! FAFSA available early January of each year
Beginning with the Senior year of high school Request a PIN
Student and parent(s) Complete the FAFSA online in January Research institutional scholarship deadlines Understand Millennium Scholarship Requirements Respond to requests quickly Attend financial aid workshops
FAFSA ONLINE BEFORE YOU BEGIN
PIN Request www.pin.ed.gov
At least one parent and the student Documents Needed
SS# Driver’s license (if any) 2009 Federal Tax Return and W-2s
Student and Parent HINT: No taxes = last paycheck stub/2006 Taxes
2009 Untaxed Income records Social Security Temporary Assistance to Needy Families (TANF) Welfare VA Benefits
Current Bank Statements Miscellaneous (as applicable)
Current business and investment mortgage information Business and farm records Stocks, bond, and/or other investment records Alien Registration or permanent residence card (if you are not a U.S. citizen)
FAFSA ONLINE IT’S JANUARY, TIME TO COMPLETE YOUR FAFSA
www.fafsa.ed.gov Before Beginning a FAFSA, you need:
2009-2010 Pre-Application Worksheet PIN
Pre-Application Worksheet Set aside at least 15-20 minutes to prepare
FAFSA Online Set aside at least 30-45 minutes to complete Electronic Signature (PIN)
CSN
year reference needs to be updated
HOW IS FINANCIAL AID AWARDED?
The Financial Aid office takes the financial need and applies: Grants students may be eligible for; Scholarships; Work Study; and Loans.
The Financial Aid Office is not allowed to award more money then the need.
SCHOLARSHIPS
Two sources of scholarships: Institutional Private
Students make an additional application for institutional and private scholarships according to the unique application procedures.
Usually a priority deadline for institutional scholarships (typically March 1).
CCSD maintains a database for many scholarships: http://cpd.ccsd.net/guidance/guidance.html
CSN
what about the state (MILLENNIUM)non-for-profit groups like the PTA, Churches?
NEVADA PRE-PAID TUITION
The Nevada Prepaid Tuition Program enables Nevada’s parents, grandparents and family friends to lock in future college tuition rates at today’s prices. In just a few short years, more than 12,000 residents have invested almost $65 million to guarantee the academic future of the children in their lives.
Options: Parents can choose to pay a lump sum, spread the payment
out over five years with 60 equal payments, or pay each month from the time of enrollment until the child is ready to start college. This program is fully transferable to private or public out-of-state colleges and universities and can be transferred to another family member, including a first cousin.
FERPA
What is FERPA? Family Educational Rights and Privacy Act Federal law that governs the disclosure of
education records What does FERPA mean to me, as a parent?
Cannot disclose academic records, including financial aid, without a written waiver by the student
If student is claimed as a dependent, we can release financial aid information
Can release directory information
CSN
that is not true; a parent that is required to submit FAFSA data is entitled to financial aid records
RETIREMENT
Brian Peter Neil
WHAT IS FINANCIAL AID?
Financial Aid is an investment in your future!
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