Financial Aid Information Session

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Financial Aid Information Session

• Presented by Kirtland Community College

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• Objectives of this Session

• General Overview
• Application Process
• Types of Aid
• Answer Questions

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Where to start

• Check with the college
• Does college have an institutional
  aid application?
• Does college do estimates of financial aid?
• Does college have a priority deadline date?
• What is the colleges Federal Code?
• Go on-line to www.FAFSA.ed.gov

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Free Application for Federal Student Aid (FAFSA)
facts

• Universal tool for data collection
• Federal central processor computes data
• Apply every year
• Takes 1-2 weeks to process--apply early
• Generates Student Aid Report (SAR)
• Determines your Expected Family Contribution (EFC)

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Remember

• The cost of higher education is
  primarily the responsibility of
  the family
• Financial aid supplements the Expected Family
  Contribution
• Ability-to-pay vs. willingness-to-pay

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Ways to complete the FAFSA

• FAFSA on the WEB
• http//www.fafsa.ed.gov

Paper FAFSA
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Why FAFSA on the Web?

• Faster
• Built in Edits and skip-logic
• Fewer Errors

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Completing the FAFSA

• GENERAL NOTES
• Allow yourself ample time - no distractions
• Review instructions carefully before starting
• Collect documents youll need
  (tax returns, bank statements,
  investment summaries, etc.)
  
• Make it a joint effort
  (student and parent share
  responsibility)
• Attention to deadlines
• FAFSA on the Web is faster!

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General Information

• Legal name vs. nickname
• You and Your always refer to the student
  (SSN, date of birth, marital status, etc)
• Dont leave blanks
• Males remember to answer selective service
  question.

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Student Info

• If possible, complete tax returns first
• If necessary, estimate tax information
• Follow tax return line references !
• Income Nothing to report?
• Dont leave it blank - enter 0
• Child support SS benefits recd for the student
  are reported as parental income
• Include trusts

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Dependency

• Will parental information be required?
• Rememberall questions refer to the student
  applying for financial aid
• If all answers no, parental info required
• If any answer yes, parental info is usually not
  necessary

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Parental Information

• Parent(s) defined,
• Step-parents information typically required
• Parent in college IS NOT included
• If possible, complete taxes first
• If necessary, estimate tax information
• Follow tax return line references !

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Parental Information

• Income Nothing to report?
  Dont leave it blank - enter 0
• Child support SSBs recd for the student are
  reported as parental income
• Support or benefits changing?
• List what was received.
• Do not include the home you live in, life
  insurance, retirement accts, etc.

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Step Five Students Information

• Answered only if at least one question in Step
  Three is Yes
• Refers only to those the student / spouse support

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Colleges to Receive Information

• School Codes internet, library, HS office,
  Financial Aid office
• or Full Name (not U of I) and address
• You may add/change schools later can list up to
  10 schools.

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Student Aid Report (SAR)

• Review the SAR for accuracy and completeness
• Information Review vs. Information Request
• Notify the college(s) of errors
• Not all errors require correction
• If corrections are necessary, the school
  may offer to make them electronically
  also possible to do via the web

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Expected Family Contribution (EFC)

• Student and parent contributions are determined
  by the federal formula
• Colleges use your EFC to determine your financial
  aid eligibility at their school

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Cost of Attendance

• Tuition and Fees
• Room and Board
• Books and Supplies
• Misc. Personal Expenses
• Transportation
• Child Care
• Personal Expenses

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Determining Financial Aid Eligibility

• Cost of Attendance (COA)
• minus
• Expected Family Contribution (EFC)
• equals
• Eligibility for need based aid

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Financial Aid Examples

• School A
• COA 30,500
• EFC - 5,000
• NEED 25,500

• School B School C
• 15,500 4,500
• - 5,000 -5,000
• 10,500 0

Your Expected Family Contribution (EFC) remains
the same!
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Types of Financial Aid

• Gift Aid
• Grants
• Scholarships
• Self-Help
• Student Employment
• Student Loans

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Grants/Scholarships

• Federal
• Pell Grant
• Supplemental Educational Opportunity Grant
• ACG/SMART Grant
• TEACH Grant

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Grants/Scholarships

• State
• Michigan Promise Scholarship
• Michigan Competitive Scholarship
• Tuition Incentive Program (TIP)

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Grants/Scholarships

• Institutional - check with college
• Some colleges require the CSS Profile to be
  completed in order to determine financial need
  for their funds.

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Scholarships

• Contact Colleges
• Check with High School Guidance Counselor
• Search the internet
• www.fastweb.com
• www.collegeboard.org
• www.finaid.org

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Student Employment

• Campus-based employment
• Generally paid directly to student in the form of
  a paycheck for hours worked

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Student Loans

• Federal Stafford/Direct Loan
• subsidized and unsubsidized
• Federal Perkins Loan
• Federal Parent (PLUS) Loan
• Private Loan Options

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Other important WEB resources...

• Financial Aid Information Page
• www.finaid.org
• Michigan Student Financial Aid
• http//www.michigan.gov/mistudentaid

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Questions

• Contact the college financial aid office for
  assistance.
• Many offer both telephone walk in counseling.

Were ready to help you!