COLLEGE IS POSSIBLE Applying for Aid Navigating the Process Understanding and Leveraging Your Resources.

COLLEGE IS

POSSIBLEApplying for AidNavigating the ProcessUnderstanding and Leveraging Your Resources

Topics for Discussion

What is financial aid?Types of aidHow do I apply? Who is eligible?What happens next?Understanding and Leveraging Resources

Financial aid is money from outside sources intended to be used to help cover

the cost of education beyond high school.

What is Financial Aid?

Who is eligible?

Everyone who meets basic eligibility requirements is eligible to receive federal

financial aid.

How do I apply for federal aid?

Apply for financial aid by completing the Free Application for Federal Student Aid online Go to www.fafsa.gov always!!!

How do I apply for federal aid?

To apply, you will need:PIN for student and a parent if

applicable www.pin.gov2013 Federal Tax Return and W-2’s or

income statementsAsset/Investment Information, if

applicable

Most schools have Deadlines for the FAFSA

Find out when those deadlines are for all schools you are looking at

You may need to use your previous years taxes to complete the FAFSA in order to meet the deadline

If you miss the deadline, you may not be able to use financial aid

When should I apply?

When should I apply?

Students seeking federal financial aid should complete the FAFSA every year.

College Goal Sunday is February 8, 2015

Register at http://www.ohiocollegegoalsunday.org/

Cuyahoga County LocationsCuyahoga Community College Corporate College

WestCuyahoga Community College Western CampusCuyahoga County Public Library, Warrensville

Heights Branch

What will the FAFSA tell you? Your EFC

(Estimated Family Contribution) This number

determines what your need is based on the data entered on the FAFSA

The confirmation page and the Student Aid Report (SAR) will give you this number

What will the FAFSA tell you?

The Dependency Status of the student:

In order to be Independent, the student has to be: 24 years old Married Has children or dependents they

financially support Active Duty or a Veteran

Note: There are other circumstances that make a student Independent, but you must see the FA office

Eligibility for Federal Aid

Students must provide an official copy of High School, Home Education School or GED transcripts in order to be eligible for financial aid It must show the Graduation Date and

come in a sealed envelope Contact the High School for official copies Contact Ohio Department of Education for

GED or home education transcripts

• Federal Government• States• Colleges and Universities• Private Sources• Civic organizations and churches• Employers

Sources of Financial Aid

Federal Gift Aid: Scholarships & Grants

Grants Do not require

repayment Eligibility is

based on FAFSA results and your overall Cost of Attendance

Scholarships Do not require

repayment Eligibility is based

on FAFSA results, merit, GPA, community involvement

Separate application required

Federal Self-Help Aid: Loans & Work-Study Employment

Educational Loans Money students

and parents borrow to help pay college expenses

Repayment usually begins after graduation

Federal Work Study Allows student to

earn money to help pay educational costs A paycheck; or Nonmonetary

compensation, such as room and board

Federal Grants

Federal Pell Grant

Awarded based on financial need

Maximum lifetime award of 12 full-time semesters, or 6 years

Maximum award at highest need is $5,730/year at full-time enrollment

FSEOG Federal Supplemental

Educational Opportunity Grant

Awarded to students with exceptional financial need

Award is between $100 and $4,000 based on fund availability at school

Federal Grants

TEACH Grants

Teacher Education Assistance for College and Higher Education Grant

Different than other types of grants because it requires specific coursework and job-in-field to maintain grant status; can turn into a loan

Iraq & Afghanistan Service Grant

Based on need

Parent or guardian was a member of the US armed forces and died as a result of military service performed in Iraq and Afghanistan after 9/11

Federal Loans

Student Loans

Direct Subsidized Loans Interest Rate: 4.66% Does NOT accrue

interest while enrolled at least half-time

Direct Unsubsidized Loans Interest Rate: 4.66% Accrues interest

Direct PLUS loan

Department of Education is lender

Interest Rate: 7.21% Credit-based Maximum loan amount

based on Cost of Attendance

Federal Loans

Federal Perkins Loan

Eligibility based on exceptional financial need

Interest Rate: 5% Not all schools offer this

loan School is the lender;

repayment made to the school

State Aid

Choose Ohio First ScholarshipProvides scholarships to students in innovative academic programs developed by Ohio’s colleges and universities and their business partners to recruit and retain more students in STEMM fields.

Ohio Army National Guard Scholarship

The Ohio Army National Guard Scholarship program pays 100 percent of tuition and general fees at state universities or the equivalent amount at private institutions for members of the Ohio National Guard. The scholarship encourages young Ohioans to go to school in Ohio and serve in the Ohio National Guard.

Nurse Education Assistance Loan Program (NEALP)

Provides financial assistance to Ohio students enrolled for at least half-time study (or accepted for enrollment) in an approved Ohio nurse education program. NEALP provides funding for nurses who intend to serve as instructors or students who intend to serve as nurses after graduation.

Ohio College Opportunity GrantProvides grant money to Ohio residents who demonstrate the highest levels of financial need who are enrolled at Ohio public university main campuses (not regional campuses or community colleges), Ohio private, non-profit colleges or universities, and Ohio private, for-profit institutions.

State Aid Cont.

Ohio War Orphans Scholarship

The Ohio War Orphans Scholarship Program awards tuition assistance to the children of deceased or severely disabled Ohio veterans who served in the armed forces during a period of declared war or conflict

Ohio Safety Officers College Memorial Fund

This program provides tuition assistance to the children and spouses of peace officers, fire fighters and certain other safety officers who are killed in the line-of-duty, anywhere in the United States.

Ohio Third Frontier Internship Program

This initiative will link college students with Ohio companies that are commercializing new knowledge, enhance their education experience and expose them to employment opportunities within the state. Eligible students must be Ohio residents or a student in an Ohio higher learning institution in good academic standing (2.5 GPA or above).

Forever BuckeyeA provision included in the FY 12‐13 budget bill, extends the in‐state resident tuition rate to any public or private Ohio high school graduate who leaves the state but returns to enroll in an undergraduate or graduate program at an Ohio college and also establishes residency in Ohio. Simply stated, if you graduated from an Ohio high school and move back to Ohio, you are eligible for in‐state tuition rates.

Institutional Aid

Institutional aid refers to any form of financial assistance provided to a student through their College or

University.

Institutional Aid

Some colleges and universities provide their students with institutional grants and scholarships, which reduces a student’s expenses.

Similar to grants from the State of Ohio, these can be based on areas of study, academic merit, financial need, and more.

Requirements and application deadlines vary by institution. Be proactive—apply with your prospective institutions early!

Examples of Institutional Aid

Cuyahoga Community College: Academic Excellence Scholarship--up to $1750 per year,

renewable Honors Program Fellowship—up to $4250 per year,

renewable Cleveland State University:

President’s Award--up to $6000 per year The Ohio State University:

Maximus Scholarship--$6000 per year (up to $24,000) University of Toledo:

Presidential Scholarship--covers full tuition and general fees, room and board and provides a one-time summer stipend of $3000

What happens after I’ve applied?

For federal aid, the Department of Education will send you a Student Aid Report. This means your application has been processed at the federal level.

The Department of Education will send up to 25 schools of your choosing your FAFSA information. Schools will use this information to determine what is needed to finalize your eligibility.

Be on the lookout for communication from your school!

What happens after I’ve applied? Make sure you let your school’s Financial

Aid office know if there are any changes in your household income. You may be eligible for an override also

known as a Professional Judgment that can help you get additional funding

After You’ve Been Awarded Aid

After you’ve been awarded aid by institutions you’ve applied to, you will

receive an award letter.

Your award letter will outline direct costs and indirect costs.

Understanding Your Resources-Cost of Attendance

Direct Costs – Paid directly to the school Tuition Fees On campus room & board (dorms)

Indirect Costs – Not paid directly to the school Off campus room & board Transportation Books Personal Expenses

Understanding Your Resources-Cost of Attendance

Sample Cost of Attendance Tuition:

$12,500 Fees: $1,000 Room & Board: $8,000 Transportation: $600 Books: $1,200

TOTAL COST:$23,300

Understanding Your Resources-Cost of Attendance

Your Cost of Attendance determines the size of your bucket

How are you going to fill it?

Understanding Your Resources-Award Letter

Your school helps “fill” your bucket, or to help you meet your cost of attendance, by offering you the type(s) of financial aid you are eligible for based on FAFSA results and

other documentation

Understanding Your Resources-Award Letter

Sample Award Letter Pell Grant: $5,730 Subsidized Loan: $3,500 Unsubsidized Loan: $2,000 PLUS Loan: $4,000 Work Study: $5,000 Academic Scholarship: $3,070

TOTAL AWARD: $23,300TOTAL COST: $23,300

Congratulations, your bucket is full!

Leveraging Resources:Responsible Borrowing:

How much does everything cost? Tuition, fees and books minus your other sources of

aid (grants, scholarships) to determine what to borrow Consider a work study position and earn $$

instead of borrowing Remember – you are borrowing against your

future earnings….borrow only what you need to cover your direct educational costs!

Remember that interest accrues on some loans! The Unsubsidized loan has interest that begins to

accrue from the first disbursement

Responsible Borrowing

William D. Ford Loans

Dependent Student $31,000

No more than $23,000 can be Subsidized

Independent Student $57,500

No more than $23,000 can be Subsidized

Parent PLUS loan No Limit

Federal Perkins Loan $27,500

Responsible Borrowing

If you are considering borrowing loans, it is important to understand your repayment obligations and to include your student loan repayment into your future budget.

Check out www.studentloans.gov to review repayment plans, calculators, and detailed information on loan types.

Responsible Borrowing

Example: for every $5,500 in loans borrowed by a student, it will cost approximately $58 per month to repay their loan in 10 years

Making the Most of Your Aid

It is important to have a strong academic plan in place along with a financial plan to ensure you graduate from your chosen program with the least amount of debt possible.

Creating a personal budget is key to financial success. All students should create a budget to help them meet their short and long term goals.

Earning College Credits in High School

College Credit Plus + Formerly PSEOP The State of Ohio offers this program

to High School students to earn college level credits while still in High School

All charges for college-level classes could be covered by the ODE with no out of pocket expense to the student

Contact the Counseling office in your High School for more details Grades 7-12 are now eligible

Earning College Credits in High School

Created by College Board to offer high school students college level curricula and exams to earn college level credit

Can allow the student to skip introductory classes once they get to College

Contact your High School Counseling department for more information

Things to Remember

Did You Know?

The FAFSA takes an

average of 23 minutes to complete.

Every year, $150 billion in federal

financial aid is made

available to students.

College IS POSSIBLE. Everyone meeting basic requirements is eligible for something.

Student loans can be an investment in your future, but responsible budgeting and borrowing are key.

Compare award letters—ask questions!

Seniors: Mark your calendar for February 8, 2015—College Goal Sunday—free assistance completing your FAFSA

Questions?