Financial Aid Explained Alycia Kaiser 2017 Contents What

Financial Aid Explained Alycia Kaiser 2017

Contents: What is Financial Aid? How is Financial Aid determined? What is available? How do I apply?

Financial Aid Defined Financial assistance to help cover college expenses such as: Overview of the Financial Aid Process Tuition and fees Books and supplies Transportation Room and board Personal expenses

Determining Your Financial Aid Types of Federal Student Aid Available

Types of Financial Aid Available Grants Employment/Work Study Scholarships Federal Loans Private Loans

Scholarships Does not have to be paid back Usually merit-based Apply for all that you meet the requirements for Plan ahead and pay attention to deadlines Beware of scams! – you should never pay a fee or give account information for an application Search and apply after each semester

Loans Borrowed money that must be paid back Only borrow what you need Two types: Federal Loans Private Student Loans

Federal Loans Applied for by filling out the FAFSA Low interest rates Subsidized Federal government pays interest while student attends school Payments begin 6 months after leaving school Unsubsidized Begin paying interest as soon as funds are disbursed Any interest not paid while student is in school will be added to loan principal

Applying for the FAFSA You will need: FSA ID – electronic signature (DO THIS IN ADVANCE!) Social Security Card ID or permanent resident card W-2 forms and any other income reports Tax documents - if you have not filed yet, you can estimate based on last years info and make changes later How To Fill Out The FAFSA

Which parents need to be included? Determining Your Dependency Status

IMPORTANT DEADLINES Federal Deadline – June 30, 2018 Michigan Deadline – March 1, 2018 Opened October 1, 2017 – use 2016 tax info College Deadlines – Check with college financial aid offices to find out

What Happens Now? SAR – Student Aid Report Could be chosen for verification Review for accuracy and report any changes Report any scholarships to college financial aid office Award Letters Decide on college and accept award Need to reapply for financial aid every year!

Helpful Resources https: //fafsa. ed. gov/ Fill out the FAFSA here http: //www. finaid. org/ Answers all questions about what’s available https: //www. youtube. com/ Search Federal Student Aid to watch videos explaining each step in the process http: //www. fastweb. com/ Search tool for all scholarships that your student is qualified to apply for www. michigan. gov/osg Grants and scholarships for Michigan residents

Helpful Resources www. studentaid. gov www. studentloan. gov 1 -888 -4 -GRANTS Michigan Student Aid Customer Care Helps you search for scholarships