Financial Aid for College Amy Malasky Financial Aid
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Financial Aid for College Amy Malasky Financial Aid Advisor Wake County Public Schools
Who is Ms. Malasky? �Financial Aid Advisor at Broughton, Enloe, Garner, Vernon Malone College & Career Academy, Wake STEM Early College, WYWLA and WYMLA �Available by appointment only �Email: amalasky@wcpss. net
Process for College Matriculation 1. Complete residency determination at ncresidency. org Complete college admissions applications Complete scholarship applications Complete the FAFSA & CSS Profile (if necessary) 2. Receive Expected Family Contribution & Student Aid Report – make corrections as needed 3. Acceptance letters sent from colleges 4. Financial award letters sent from colleges 5. Make final decision about attendance and inform 6. Send final high school transcript to college & register
Cost of Attendance Hard costs: Tuition Fees Room & board Soft costs: Books and supplies Transportation Living Expenses Miscellaneous
What is financial aid? Money for college 4 forms of financial aid Gift aid 1. Grants 2. Scholarships Self-help aid 3. Loans 4. Work Study/Employment
Grants �Federal Pell Grant � undergraduate students with exceptional need � maximum award for 2017 -18: $5, 920 �Federal Supplemental Educational Opportunity Grant � priority given to Federal Pell Grant recipients � awards vary from $100 to $4, 000 �NC Community College Grant � awards vary from $100 to $1, 500 �TEACH Grant � commit to work as a full-time teacher in high-need field in a low- income school for 4 academic years � meet certain academic achievement requirements �University of North Carolina Need-Based Grant � for students attending one of the 16 UNC campuses
Scholarships �NC Education Lottery Scholarship amounts range from $100 - $3, 000 �NC Need Based Scholarship for NC residents attending private NC colleges �NC Reach for students currently or previously in NC’s foster care system �And many, many more Begin your search now!
College Loans Be wise – Don’t borrow more than you need! Commit to completing your degree program! �Direct Subsidized Loan – students who demonstrate financial need, interest is subsidized while in school �Direct Unsubsidized Loan – all students are eligible, interest begins accrual upon disbursement �PLUS loan – parent loan, credit check required �Perkins Loan – university serves as lender, not available everywhere �Forgivable Education Loans for Service – willing to work in NC in a critical employment shortage profession �Alternative/Private loan – a last resort
Work Study �On-campus employment opportunity �Job determined by application or assignment �Money goes to student on payday �Hourly wage determined by college
FAFSA Free Application for Federal Student Aid �www. fafsa. ed. gov �EVERYONE should complete the application. �Requires prior year income tax information � 2019 -2020 document available Oct. 1, 2018 �Complete by your college’s priority deadline! �IRS Data Retrieval Tool – inputs tax info for you �FSA IDs: one for student AND one for parent for both to “sign” document; Keep them safe!
What happens next? �Confirmation with Expected Family Contribution (EFC) �Student Aid Report by mail or email �Colleges receive information and create award letters �Verification requests? Respond promptly. �Example Cost of Attendance $20, 000 - EFC $5, 000 Financial Need $15, 000
Sample Award Letter
CSS/Financial Aid PROFILE® �Required in addition to FAFSA �Fee - $25/first school, thereafter $16/school �In North Carolina Davidson College Duke University Elon University of North Carolina-Chapel Hill Wake Forest University
Where are the degree deals? NC Promise – $1, 000 annual tuition rate at Elizabeth City State University, UNC-Pembroke and Western Carolina University; begins Fall 2018 Back Door Method 2 years at NC community college + 2 years at UNC system college 4 -year college degree
Common Myths 1. Community college is a waste of time. 2. Once I complete the FAFSA, I never have to do it again. 3. Taking out loans to pay for college is a bad idea. 4. Private colleges are too expensive for me.
Any Questions? �Make an appointment in Student Services �Email me at amalasky@wcpss. net
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