Text COURT to 24000 to receive a registration

Text: COURT to 24000 to receive a registration link to download a copy of our Financial Aid 101 Presentation YOUR GATEWAY TO SUCCESS

Financial Aid…. What it is? Financial aid: Helps you pay for college and is provided through the federal government, state, school, or a private business or organization. School YOUR GATEWAY TO SUCCESS www. collegeplanningcenter. org

Types of Aid Gift Aid Adopts a self -investment philosophy. Self Help Aid YOUR GATEWAY TO SUCCESS Loans & work-study. Doesn’t need to be repaid. Gift Aid Grants & scholarships www. collegeplanningcenter. org

How is Aid Awarded? Merit Based YOUR GATEWAY TO SUCCESS Need Based www. collegeplanningcenter. org

Merit Based Aid • Based on academics • Varies by school • SAT score tends to be a factor • Check admissions for their policies • What do you have to do to keep it? • What happens if you do not maintain GPA? YOUR GATEWAY TO SUCCESS www. collegeplanningcenter. org

How to Apply Getting Financial Aid For College

Applying for Financial Aid Step 1 • Apply for an FSA ID at fsaid. ed. gov (You can text “fsaid” to 24000 for step by step instructions) • Complete the FAFSA • REQUIRED by every school to qualify for federal financial aid • Apply online at www. fafsa. ed. gov ASAP after October 1 st • Complete the CSS PROFILE, if required by your schools of choice beginning October 1 st ! Pay attention to financial aid deadlines at your school YOUR GATEWAY TO SUCCESS www. collegeplanningcenter. org

Cost of Attendance (COA) $ Cost of Attendance includes direct costs (those on your tuition bill) and indirect costs (such as books and living expenses). YOUR GATEWAY TO SUCCESS www. collegeplanningcenter. org

Expected Family Contribution The government determines your EFC when you submit a FAFSA. Many factors affect your EFC, each having a different weight. Parent’s & student’s prior year income YOUR GATEWAY TO SUCCESS Value of parent’s & student’s assets # in household # in college Age of oldest parent www. collegeplanningcenter. org

Eligibility Formula YOUR GATEWAY TO SUCCESS www. collegeplanningcenter. org

Schools are not always able to offer as much financial aid as you may be eligible for, which creates a GAP YOUR GATEWAY TO SUCCESS www. collegeplanningcenter. org

Federal Aid Federal Pell Grant Federal Work Study Grants for financially needy undergraduates awarded through the college financial aid office. 2019 -20 max award: $6, 195. Work-study jobs may be on or off campus. Employer may be the college, a non-profit community agency, or a profit organization. Provides part-time employment and pay must be at least federal Federal Supplemental Educational minimum wage and paid on an hourly basis. Opportunity Grant (FSEOG) For undergraduates pursuing first baccalaureate or professional degrees. Awarded first to students with exceptional financial need. Priority is given to PELL Grant recipients. Awards range from $100 - $4, 000. ) YOUR GATEWAY TO SUCCESS www. collegeplanningcenter. org

Federal Direct Loan YOUR GATEWAY TO SUCCESS www. collegeplanningcenter. org

Federal PLUS Loan • Borrow up to the COA minus financial aid PARENT • Interest rate for 2019/20: 7. 08% LOAN • 4. 248% fee through 9/30/2019 UNDERGRADUATE • Repayment: 10 years (extended options may be STUDENTS (2020/21 rate will be set in May 2020) available dependent upon your balance) • Can defer principal payment until 6 months after graduation • Must arrange to pay interest during deferment or it will be added on to loan principal YOUR GATEWAY TO SUCCESS www. collegeplanningcenter. org

State-Based Loans • Offered through non-profit agencies throughout the US • RI’s program is offered through RISLA (visit risla. com for details) • To receive a loan from a particular state -based agency, you usually need to either: • Be a resident of that state • Go to school in that state • Typically very competitive interest rates – often fixed • Make sure you understand the rates, fees, and terms with the state-based lender before you borrow YOUR GATEWAY TO SUCCESS www. collegeplanningcenter. org

Scholarships • Local scholarships are often easier to get than national scholarships • Scholarships aren’t just for straight-A students. Many are based on need or are awarded to students with certain traits or interests • You should never pay a service to find you scholarships. They are typically scams! • Don’t narrow your search to just the internet. Ask your guidance counselor, read the local newspapers, and check postings at your local library • Persist! Your scholarship search can’t be completed in a single day • Start your search at www. RIScholarships. org YOUR GATEWAY TO SUCCESS www. collegeplanningcenter. org

Institutional Grants • Schools award institutional grants based on financial need • May use the federal methodology or institutional methodology for determining your financial need • Amount of grants can vary widely depending upon how much money the school has available • Some prestigious colleges offer such generous grants so that the financially neediest students can still afford to attend YOUR GATEWAY TO SUCCESS www. collegeplanningcenter. org

Institutional Aid CSS Profile • An additional financial aid form that some schools require • Looks a bit deeper into financial situation. • Custodial parent(s) must complete the form • In cases of divorce/separation a noncustodial form may also be required • There is a fee for this form (unlike the Fafsa) How do I know if I need this form? • A complete list can be found at collegeboard. org • Each school will also have it listed on their website if required YOUR GATEWAY TO SUCCESS www. collegeplanningcenter. org

Rhode Island Promise @ CCRI Eligibility • Must be a Rhode Island resident • 2020 high school graduates (public, private or homeschooled) or GED recipients who are younger than 19 years old. How to maintain the scholarship for two years • Enroll full time (15 credits strongly encouraged). • Maintain at least a 2. 5 GPA. • Earn 30 credits each year. • Enroll each semester for two years. Fall and spring are required. YOUR GATEWAY TO SUCCESS www. collegeplanningcenter. org

Rhode Island Promise @ CCRI Steps: • Apply to CCRI • Complete your Fafsa and your financial aid • Submit your official, final high school or GED transcript. Contact CCRI Admissions if you have any problems getting your transcripts or scores: webadmission@ccri. edu or 401 -825 -2003. YOUR GATEWAY TO SUCCESS www. collegeplanningcenter. org

Applying for Financial Aid Step 2 • File any supplemental financial aid forms required by your school • Let the financial aid office know of any special circumstances that may affect your family’s ability to fund your education • Send in any documents the financial aid office at your school(s) requires to complete your application YOUR GATEWAY TO SUCCESS www. collegeplanningcenter. org

Applying for Financial Aid Step 3 • Review your FAFSA results/Expected Family Contribution • Review all information for accuracy • Information can be corrected if necessary • Before correcting, contact the financial aid office • Review CSS PROFILE acknowledgement report, if applicable YOUR GATEWAY TO SUCCESS www. collegeplanningcenter. org

Applying for Financial Aid Step 4 • Review Financial Aid Package/Award Letter from school(s) • Includes details of award: grants, scholarships, loans, and work-study • Accept, deny, or appeal any portion of the package • Acceptance will safeguard the award YOUR GATEWAY TO SUCCESS www. collegeplanningcenter. org

Completing the FAFSA • • • Read the instructions as you complete the FAFSA Fill in all the blanks (“n/a” or “ 0” when applicable) Ask questions when you don’t understand the instructions Make it a family event If you have a loss of income, contact the financial aid office YOUR GATEWAY TO SUCCESS www. collegeplanningcenter. org

Meeting a Student’s Needs Choose your college wisely • Not all colleges will meet 100% of need • The RISLA College Planning Center can help you identify good value schools that are a match for your goals Private colleges generally • Meet a higher percentage of need • Award a higher percentage of gift aid Text “smart” to 24000 for info on smart borrowing Many students can attend a private college for the same cost as a public university! YOUR GATEWAY TO SUCCESS www. collegeplanningcenter. org

Want more? Follow Us on Twitter @CPCRI Book a free appointment: www. collegeplanningcenter. org. Text COURT To 24000 to receive a registration link to download a copy of our Financial Aid 101 Presentation