Provided by Discussion Topics Types of Aid How to Apply How aid is awarded.

Provided by

Discussion Topics

Types of Aid

How to Apply

How aid is awarded

Types of Aid

Grants Scholarships

Employment

Loans

Grants

Free or gift aid Need-based Some grants have limited funds Enrollment status

Federal Pell Grant

FSEOG – (Federal Supplemental Educational Opportunity Grant)

State or Other Grants

Types of Grants

Federal College Work Study

Need-based On or off-campus

Institutional Employment Off campus jobs

Employment

Merit

Activities

Community

Institutional

Hathaway

Be aware of Priority Deadlines!!!!!

Scholarships -- Types

Hathaway ScholarshipsFour scholarship LevelsMerit and need-based

awards at each levelAwards based on GPA,

GED score, and ACT score and meeting the Hathaway success curriculum

Hathaway Scholarship Levels

Honors, $1600 a semesterGPA 3.5, GED 575, & ACT 25

Performance, $1200 a semesterGPA 3.0, GED 540, & ACT 21

Opportunity, $800 a semesterGPA 2.5, GED 500 & ACT 19

Provisional Opportunity, $800 a semesterGPA 2.5, GED 500, & ACT 17Or WORKKEYSMust begin at a community collegeMust get a degree/certificate

Scholarships --Criteria

Career interests Academics/talents Community Involvement Financial need

Scholarship Searches High School Counselors Colleges Professional Associations Local Organizations Internet Parent’s or Your EmployerBe Aware of Scams!!!!

Loan Eligibility

Most students are eligible

Enroll at least halftime

Satisfactory academic progress

Loan Types

Subsidized Direct Loans Unsubsidized Direct Loans

PLUS - Parent Loan for Undergraduate Students

Loan Types Cont.

Federal Perkins Loan

Private Loans

Alternative Loans

Subsidized Direct Loans

Student is Borrower Need-Based Government Pays Interest 6-Month Grace Period

Multiple Disbursements

Unsubsidized Direct Loan

Not based on need

Borrower is responsible

for all the interest

Direct Loan Amounts Dependant Students

Freshman

Sophomore

Junior Senior

Subsidized

Unsubsidized

$3,500 $2,000

$ 4,500 $2,000

$5,500

$2,000

$5,500 $2,000

Independent Student

Subsidized

$3,500 $4,500 $5,500

$5,500

Unsubsidized $6,000 $6,000 $7,00

0$7,000

Total $9,500 $10,500

$12,500

$12,500

PLUS (PARENT Loan)

Parent is borrower Non-need based Interest accrues upon disbursement Credit check No grace period

PLUS Loan AmountsParents can borrow up to the

cost of attendance minus any financial aid for each student that is eligible

* If Parent loan is denied, there is additional eligibility for the student in loan amounts

PLUS Loan Example

Cost of Attendance $16,000Pell Grant ($ 5,550)Scholarship ($ 1,000)Direct Loan ($ 3,500)PLUS Loan $ 5,950

Federal Perkins Loan

School is the Lender Subsidized Need-Based 9-Month Grace PeriodLimited funds program

Other Loan TypesAlternative or Private

Government is not a player

Higher interest rates

Less flexible repayment

Credit check

Free Application for Federal Student Aid

(FAFSA)

Completing the FAFSA Online

www.pin.ed.gov www.fafsa.ed.gov

Parents and students each need to have their own pin. If parents have another child enrolled in college previously, they may use the same pin for both children.

IRS Data Retrieval– New for the 2012-2013 award year

* February 1st – earliest you can use this process

– Students/Parents should file their taxes before submitting the FAFSA if possible

– Students/Parents should choose to link up to the IRS database when prompted

– Real time tax data retrieval into FAFSA form * will populate all tax information cells on the

FAFSA form – If married filing separately, student will not be

allowed to use this format

IRS Data RetrievalParticipation is completely voluntary

STRONGLY RECOMMENDED!Why should you do the IRS Data Retrieval?• Pre-populate FAFSA form with tax information for ease of

completion• Less paperwork needed to be submitted to Financial Aid

Office• *Verification

Dependency Status

24 years of ageVeteran of Armed ServicesWorking on Professional/Graduate degree programHave a minor child that student supports more than 50%– Supporting a parent

Orphan/Ward of court– Homeless or at risk of being homeless

Married

Financial Aid Award Process

Complete & submit FAFSA

Federal processor determines EFC

School receives Information

School determinesneed

School createsFinancial Aid

Award Package

Student receivesAward notification

Cost of Attendance

Tuition & FeesRoom & BoardBooks & SuppliesTransportationMiscellaneous/Personal

Need Calculation

Cost of Attendance (COA)Expected Family Contribution (EFC)

= Unmet Need

Institution Deadlines

Admissions Financial Aid Scholarships Priority Housing

Some schools required a confirmation/enrollment fee

SummaryKNOW….. When to complete the FAFSA Types of Financial Aid How Aid is Awarded Who to contact for help

Contact

High School Counselor

School Financial Aid Office