Understanding Financial Aid and Applying for Scholarships Financial

Understanding Financial Aid and Applying for Scholarships Financial Aid Night January 30, 2014 Lynette Anderson, Lake. View Counselor And Blake Taylor Financial Aid Counselor Office of Scholarships & Financial Aid University of Wisconsin-Parkside 262 -595 -2291

Financial Aid Overview n n n n College as an investment What is financial aid? How to apply Financial need Types of aid Other options Tax credits

COLLEGE IS AN INVESTMENT FOR A LIFETIME n Over a lifetime, the gap in earnings between those with a high school diploma and a B. A. or higher exceeds $1, 000.

Basic Principles of Financial Aid The family has primary responsibility for financing post secondary education. Financial aid is the BRIDGE.

Purpose of Financial Aid • • • Provide opportunity and access to higher education. Bridge the gap between what college costs and your ability to pay. Access to your goal.

Financial Need Defined Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

What Are the Costs? Tuition and Fees + Room and Board + Transportation + Books & Supplies + Miscellaneous Living Expenses = Cost of Attendance (COA) Direct Costs = Tuition + R&B (on campus)

Expected Family Contribution (EFC) (Federal Methodology established by U. S. Congress) Determined by filing the FAFSA. (Free Application for Federal Student Aid)

Main Determinants of the EFC • • • Income Assets Family size Number in College Age of the older parent

Examples of Financial Need Public College Private College Cost $24, 000 EFC -$9, 000 Need $15, 000 Cost EFC Need $38, 000 -$9, 000 $29, 000

To Register for a PIN: www. pin. ed. gov

What’s a PIN? www. pin. ed. gov n n Personal Identification Number Students and parents can get PINs Electronic signature for FAFSA on the Web PIN delivered by e-mail within 24 -36 hours n n (by regular mail in 7 -10 days) Can also be used for: n Renewal on the Web n Corrections on the Web n National Student Loan Database n Signing promissory notes for student/parent loans (Perkins, Stafford, PLUS)

Timeline The earliest you may file the FAFSA for the 2014 -2015 academic year – January 1, 2014 Check with the colleges at which your child plans to apply for deadlines and institutional requirements. You must re-apply for aid every year.

Financial Aid Regulations • • • Are determined mainly by federal and state statutes and legislators Establish your eligibility for most types of aid Apply to all schools

Independent Student Definition n n n At least 24 years old; Graduate or professional student; Married; Has legal dependents other than a spouse; Orphan or ward of the court; Veteran of the U. S. Armed Forces; or Hardship Circumstances (Determined to be independent by the financial aid administrator) Parents refusal to provide support or financial data is insufficient to make a student independent regardless of tax filing status

What happens after you file the FAFSA? • • • Results are sent electronically to the college(s) your child selected. You will receive the results of your FAFSA by mail Student Aid Report. You may be required to verify the information submitted on the FAFSA. Contact the college with any Special Circumstances. After your child is admitted to a college, a financial aid package (award) will be prepared.

Gift Scholarships and Grants Academic - merit based Talent Service ROTC Private www. fastweb. com www. finaid. org www. collegeboard. org Institutional - need based (based on FAFSA results) State Grants Federal Grants Pell SEOG

Self Help Employment Two types: • Federal Work Study • Regular Campus Employment LOANS Federal Stafford Subsidized= need based Unsubsidized (anyone can borrow) Currently 6. 8% during repayment Interest caps 8. 25% 10 year repayment

Step 1 – Applying for Scholarships n Where should I look? n n n School Civic Organization Church College/University Parent employer Other companies

Scholarship Opportunities n What are scholarships for? n n Merit Need-based Just for being you Involvement/Leadership/Activity related

Scholarship Preparation n What information is needed? n n n Essay Application Supporting documentation

TIPS n Scholarship Search Tips and Tidbits n n Edit, edit… and then edit again! Create secondary email address Don’t stop after first year! Do NOT ever PAY for scholarships!

Go On-line to Search n Commonly Used Scholarship Websites: n n n College Board: College. Board. org Fast. Web: Fast. Web. org College Connection: collegescholarships. com College. Scholarships. org Go College: gocollege. com And many, many more!

Good Luck! It’s not going to be easy but it will pay off! So, it’s time to get working paying for your future.

Any Questions? n n Thank you! Lake. View Technology Academy