Financial Aid What You Need To Know! PRESENTED BY: Your Name Director of Financial Aid YOUR COLLEGE.

Financial Aid

What You Need To Know!

PRESENTED BY: Your Name

Director of Financial Aid

YOUR COLLEGE

AGENDA

What is financial aid? How need is determined. Who do you call? Web sites for help. Step by step directions for filling out the

Free Application For Student Aid (FAFSA).

TWO CATEGORIES OF AID

Merit-Based Need-Based

TYPES OF AID

Scholarships– Merit based

– Free Money

Grants– Need based

– Free Money

Loans– Need based

– Must Be Repaid

Employment– Need based

– Work For Pay

SCHOLARSHIPS

Michigan Merit Scholarship Hope Scholarship Michigan Competitive Scholarship Sports Academic Other

GRANTS

Federal Grants– Pell Grant

Need based (family contribution)

Entitlement

– SEOG/Supplementary Educational Opportunity Grant

Need based Given at discretion of

each college

GRANTS continued

Academic Competitiveness Grant (ACG)

Pell Grant Recipient

Full Time Student

Show Need

First or Second Year Student

Rigorous Secondary School Curriculum

GRANTS continued

National SMART Grant

Pell Grant Recipient

Enrolled in 4 Year Degree Program

Full Time Enrollment

Show Need

In 3rd or 4th academic year of program

GRANT continued

SMART Grant continued…

3.0 GPA

In an Eligible Major

GRANTS CONTINUED

State Grants– MEOG/Michigan

Educational Opportunity Grant

Need based Given on first come first

serve basis

– APTG/Adult Part Time Grant

Out of high school two years

Independent status

– Michigan Tuition Grant

Need based Must be attending a

Michigan private college

LOANS Federal Loans

– Subsidized Stafford and Direct Loan Federal government will pay the interest until

student is no longer enrolled at least one-half time (6 Credits).

Interests rate will be 6.80 % Student can pay on principal while in school and

pay no interest. Principal payments begin 6 months after student is

no longer enrolled at least one-half time (6 credits).

LOANS CONTINUED

– Unsubsidized Stafford and Direct Loans Federal government does not pay interest. Interest rates are 6.54% during in-school, grace, and

deferment periods, and 6.80% during repayment. Student must begin paying interest upon approval of

loan. Principal payments begin six months after the

student is no longer enrolled in at least one-half time(6 Credits).

LOANS CONTINUED

– Perkins loans– Plus loans – 8.50% APR

State loans Institutional loans

EMPLOYMENT

Federal College Work Study

State College Work Study– Need based

– Usually work 25 hours or less per week while taking classes.

– Can work around class schedule.

DETERMINING NEED

Cost of attendance or budgets– Each college determines own budget

Will have dependent and independent budget

– You can find each college’s budget in school catalog or other informational material.

COST OF ATTENDANCE

Tuition & fees Room & board Books & supplies Transportation Miscellaneous personal expense

COST OF ATTENDANCE CONTINUED

Study abroad Child care Handicap expenses Cost of computer

EXPECTED FAMILY CONTRIBUTION (EFC)

Determination based on information family submits on FAFSA (Free Application For Student Aid)

Each family will have it’s own EFC– EFC number can be anywhere from 0 to 99,999

Each family will receive a Student Aid Report (SAR) and the EFC will be listed on this form.

Applying for a Pin

Go to www.fafsa.ed.gov Enter Personal Information Provide address Parent and Student both must have PIN Pin will be electronic signature

ESTIMATED COLLEGE COST OF ATTENDANCE COMPARISON

College NameTuition & Fees

Room & Board

Books & Personal Travel Total

Michigan State University $ 7,923 $ 5,788 $ 2,294 $ 500 $ 16,505 Central Michigan University $ 6,009 $ 6,376 $ 2,296 $ 750 $ 15,431 Davenport College $ 8,880 $ 10,581 $ 1,600 $ 1,200 $ 22,261 Lansing Community College $ 2,504 $ 3,400 $ 1,750 $ 1,200 $ 8,854 Ferris State University $ 6,740 $ 6,816 $ 1,864 $ 1,214 $ 16,634 Montcalm Community College $ 1,840 $ 3,423 $ 1,395 $ 1,218 $ 7,876

DEFINITION OF NEED

DETERMINING DEPENDENT OR INDEPENDENT STATUS

To be independent student must meet at least one of the these qualifications.– Where you born on or before Jan 1, 1983?– Are you a veteran of the U.S. Armed Forces?– Will you be working on a degree beyond a bachelor’s degree in

2006-2007?– As of today, are you married?– Are you an orphan or a ward of the court, or were you a ward of

the court until age 18?– Do you have

Children who receive more than half their support from you Dependents (other than your children or spouse) who live with you and receive

more than half their support from you, now and through June 30, 2007

CONTINUED

If student cannot meet one of these, the student will be considered dependent and financial information of both student and parents will be used to determine EFC.

Financial Aid Office can review dependency based on professional judgment.– Only used in unusual circumstances

Abuse, Death of both parents, etc. Must talk directly to FA Office to see if they will consider this

possibility. Everything will need to be documented.

WHO DO YOU CALL?

High school counselor for questions Call my office at Montcalm Community

College (989)328-1205 Call your college Financial Aid Office Please be very careful of companies telling

you they will guarantee financial aid if you will send them money.

WEB SITES FOR HELP

Web site to send FAFSA electronically– WWW. FAFSA.ED.GOV

– Will get information much quicker

– Must get a PIN number for both student and parent. This will be used as signatures.

– Make a copy of your form for your records.

– You will receive your copy of SAR within a month.

– College will send Award Letters in early Spring.

OTHER WEB SITES Www.michigan.gov/mistudentaid

– Michigan Department of Education MI-SEARCH

www.studentaid.ed.gov– U.S. Department of Education

www.finaid.org– Mark Kantowitz Financial Aid Information Page

www.msfaa.org– Michigan Student Financial Aid Association

College Goal Sunday

Will be held February 11, 2007. Locations throughout the State. Professionals available to answer questions

about completing the FAFSA. More information at

www.MICollegeGoal.org

QUESTIONS

Any questions you have should be asked.– There is never a

question about financial aid that is stupid! It could mean the difference between getting money or not getting money!

THE END Your Name

Your College Your Phone