Fall 2012 Open House. Scholarships Institutional aid Federal student aid The aid application process Topics for Discussion:

Fall 2012 Open House

Fall 2012 Open House

• Scholarships• Institutional aid • Federal student aid• The aid application process

Topics for Discussion:

• What is financial aid?• Who can receive it?• How much can a student receive?• How do you apply?• Where can I find more information?• www.financialaid.uconn.edu/prospective

Frequently Asked Questions:

What is Financial Aid?

There are four general types of aid:• Scholarships• Grants • Loans • Employment

Go to www.financialaid.uconn.edu for additional informationClick “Types of Aid” in the navigation menu

Where to look for scholarships

• See Scholarships section of www.financialaid.uconn.edu • Private Scholarships High School Guidance Office Civic Organizations Parent Workplace Religious Affiliations On the Web – More info in

“Links” section of our site• University Scholarships• State Scholarships

Grants (Pell, Supplemental Educational Opportunity)• “Free money” based on financial need• Pell Grant based on Expected Family Contribution figure from FAFSA• Federal SEOG also based on limited funding allocated to individual

school Employment (work-study)

• Students earn these funds through part-time work• Based on financial need and funding allocated to individual

college/university

Types of Federal Student Aid

Perkins Loans (subsidized)• In student’s name: must be paid back• Amount based on availability and students’ financial need

Direct Stafford Loans (subsidized and unsubsidized types)• In student’s name: must be paid back• Maximum amounts based on student status and financial need• No credit check required

Direct Parent PLUS Loans• In parent’s name: must be paid back• Credit check required

Types of Federal Student aidTypes of Federal Student Aid continued

• Demonstrate financial need via FAFSA• U.S. citizens, permanent residents, and certain other eligible non-

citizens• Eligible degree/certificate program• Valid Social Security number• Males registered for Selective Service• Not currently in default on an educational loan

Who can Receive Federal Student Aid?

The basic eligibility requirements:

Free Application for Federal Student Aid (FAFSA)• Parent and student each apply for a PIN (Personal Identification

Number) used to sign the electronic form• Parent and student complete FAFSA application online at

www.fafsa.ed.gov anytime after January 1st 2013• Complete tax returns early enabling you to use the IRS data retrieval

tool within the online FAFSA for 2013-2014• See Getting Started section of www.financialaid.uconn.edu for

additional information • UConn’s On Time Financial Aid deadline for filing the FAFSA is March 1, 2013.

ScholarshipsThe FAFSA Application Process

PIN Registration

• May be used by students and parents throughout aid process, including subsequent school years

• Sign FAFSA electronically• Make changes or updates

electronically• Check status of

application

FAFSA on the Web

Good reasons to file electronically:

• Built-in edits • Skip-logic • IRS Data Retrieval• Timely submission • “Help” for common

questions• Check application status

on-line• Simplified yearly renewal

process

X

Y

Z

Cost of Expected Family NeedAttendance Contribution (Va ria b le ) (Va ria b le ) (Co ns ta n t)

1

2

3

EFC EFC

How much aid will a student receive?

$35K$25K

$15K$10K

$25K

$15K$5K

FAFSA Processing ResultsInformation is received; EFC is calculated; and the Financial Aid Office determines an appropriate “package”Sample package based on program maximums• Federal Pell Grant: $5,550• Federal Direct Stafford Subsidized Loan $3,500• Federal Direct Stafford Unsubsidized loan $2,000• Federal Carl Perkins Loan - varies• Supplemental Educational Opportunity Grant - varies• University Grant - varies• Federal Work-Study: $2,200• Federal Direct Parent PLUS loan: COA less other aid received

What happens next?

• Once a student decides which college/university to attend, he/she should keep in touch with the Financial Aid Office

• UConn begins notifying students of financial aid awards via their UConn email account in the spring (typically mid-March)

• Student should monitor email account for document request letters and/or financial aid award notices

• Submit any documentation requested by the Financial Aid Office in a timely manner

• Do not submit tax information unless requested

In Closing

1. Begin looking and applying for scholarships now2. Parent/student apply for PIN ID now3. For UConn, complete FAFSA application after January 1st but before

March 1st to be considered on time4. Plan to complete income tax returns early5. Meet all deadlines or you could miss out on aid!

– Refer to the Financial Aid Calendar in the News & Calendar section of www.financialaid.uconn.edu

Students: Take an active role as you explore your Higher Education Journey!

Questions?