FINANCIAL AID 101

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FINANCIAL AID 101

• WHAT EVERY SENIOR SHOULD KNOW ABOUT APPLYING FOR
  FINANCIAL AID

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Why is this important?

• Many students who could go to college or career
  school dont because they didnt apply for
  financial aid.
• Many students dont apply for financial aid
  because they didnt know they should.
• Most students who apply receive some form of
  financial aid.
• EVERY SENIOR SHOULD COMPLETE THE FAFSA (OR DREAM
  ACT APPLICATION)

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How much do you already know?

• Average score was 13/20
• More than half the senior class scored below 70

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WHAT IS FINANCIAL AID?

1. MONEY TO HELP PAY FOR COLLEGE OR CAREER TRAINING
2. MONEY TO HELP PAY FOR COMMUNITY COLLEGE
3. LOANS, GRANTS, SCHOLARSHIPS, WORK STUDY
4. ALL OF THE ABOVE

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WHAT IS THE FORM YOU MUST FILL OUT TO APPLY FOR
FINANCIAL AID?

• GOVERNMENT COLLEGE AID FORM (GCAF)
• FEDERAL STUDENT LOAN APPLICATION (FSLA)
• FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)
• ALL OF THE ABOVE

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HOW MUCH DOES IT COST TO COMPLETE THE FAFSA?

• IT IS CHARGED ON A SLIDING SCALE-COSTS LESS, IF
  YOU MAKE LESS.
• ITS FREE.
• 76. IF YOU APPLY BEFORE MARCH 2.
• NONE OF THE ABOVE.

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WHERE CAN YOU GET THE APPLICATION FOR FINANCIAL
AID?

1. ONLINE AT WWW.FAFSA.COM
2. ASK YOUR COUNSELOR FOR A PAPER APPLICATION
3. WWW.FAFSA.GOV
4. ALL OF THE ABOVE

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WHEN IS THE DEADLINE TO COMPLETE THE FAFSA?

• MARCH 2 TO BE ELIGIBLE FOR CAL GRANTS AND MOST
  OTHER FORMS OF AID
• SEPTEMBER 2
• JANUARY 1
• THERE IS NO DEADLINE

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MANY STUDENTS MAY NEED TO TAKE OUT LOANS TO HELP
PAY FOR SCHOOL. WHICH LOAN IS THE GOOD LOAN?

• FEDERAL LOAN--IT HAS LOWER INTEREST RATES.
• A PRIVATE LOAN--THEY ARE EASIER TO GET.
• BOTH LOANS ARE GOOD--THEY BOTH HAVE LOW INTEREST
  RATES.
• NEITHER, THERE IS NO SUCH THING AS A GOOD LOAN.

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WHO IS ELIGIBLE FOR FINANCIAL AID?

• ONLY HIGH SCHOOL GRADUATES WITH GOOD GRADES.
• ONLY HIGH SCHOOL GRADUATES WITH LOW INCOME.
• ONLY STUDENTS WHO ARE U.S. CITIZENS.
• ONLY STUDENTS WHO ARE GOING TO A 4-YEAR COLLEGE.
• NONE OF THE ABOVE

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WHAT IS A SAR?

1. STUDENT AID REPORT--A SUMMARY OF THE FINANCIAL
   INFORMATION YOU SUBMITTED ON YOUR FAFSA.
2. SUPER ACADEMIC REWARD--A REWARD YOU GET FROM THE
   GOVERNMENT FOR SUBMITTING YOUR FAFSA.
3. THE STAMP OF APPROVAL YOU RECEIVE AFTER
   SUBMITTING YOUR FAFSA.
4. NONE OF THE ABOVE

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WHAT IS AN EFC (EXPECTED FAMILY CONTRIBUTION)?

1. THE AMOUNT OF MONEY YOUR FAMILY IS EXPECTED TO
   CONTRIBUTE TO THE COST OF YOUR EDUCATION.
2. IT IS NOT A DOLLAR AMOUNT--IT IS THE INDEX NUMBER
   COLLEGES USE TO DETERMINE HOW MUCH AID YOUR
   FAMILY IS ELIGIBLE TO RECEIVE.
3. THE AMOUNT OF MONEY YOUR FAMILY MUST CONTRIBUTE
   TO THE SCHOOL YOU CHOOSE TO ATTEND.
4. NONE OF THE ABOVE.

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IF YOUR PARENTS ARE DIVORCED, WHOSE INFORMATION
SHOULD YOU REPORT ON YOUR FINANCIAL AID
APPLICATION?

1. BOTH PARENTS
2. THE PARENT WITH WHOM YOU LIVE WITH THE MOST, OR
   WHO PROVIDES THE MOST SUPPORT (PLUS STEP PARENT)
3. THE PARENT WHO CLAIMS YOU ON THEIR INCOME TAXES
4. NEITHER, PARENT FINANCIAL INFORMATION IS OPTIONAL

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WHICH OF THE FOLLOWING TYPES OF FINANCIAL AID
MUST BE PAID BACK?

1. LOANS
2. GRANTS
3. SCHOLARSHIPS
4. WORK STUDY
5. ALL OF THE ABOVE

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WHICH OF THE FOLL0WING IS REQUIRED TO BE ELIGIBLE
FOR MOST FEDERAL OR STATE AID?

• SUBMIT THE FAFSA OR DREAM ACT APP
• BE A U.S. CITIZEN, PERMANENT RESIDENT, OR QUALIFY
  FOR THE DREAM ACT
• HAVE A HIGH SCHOOL DIPLOMA
• REGISTER WITH THE SELECTIVE SERVICE (IF YOU ARE
  MALE)
• ALL OF THE ABOVE

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AN AB 540 STUDENT IS A STUDENT WHO

1. IS UNDOCUMENTED BUT HAS ATTENDED HIGH SCHOOL IN
   THE U.S. FOR AT LEAST 3 YEARS
2. HAS BEEN ABSENT MORE THAN 540 HOURS
3. EXCEEDS THE RECOMMENDED WEIGHT LIMIT FOR HEALTHY
   TEENAGERS
4. IS IDENTIFIED AS HOMELESS

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THE MOST IMPORTANT THING TO REMEMBER ABOUT YOUR
PIN (PERSONAL IDENTIFICATION NUMBER) IS

1. YOU NEED ONE IN ORDER TO ELECTRONICALLY SIGN THE
   FAFSA.
2. YOU MUST APPLY FOR ONE BEFORE YOU COMPLETE THE
   FAFSA.
3. YOU MUST APPLY FOR A NEW ONE EVERY YEAR.
4. THEY ARE OPTIONAL, BUT RECOMMENDED.

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TRUE OR FALSE

• IF YOUR PARENTS MAKE A LOT OF MONEY, YOU WILL
  NOT QUALIFY FOR FINANCIAL AID.
• FALSE

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TRUE OR FALSE

• IF YOU DO NOT HAVE A SOCIAL SECURITY NUMBER, YOU
  SHOULD NOT COMPETE A FINANCIAL AID APPLICATION.
• FALSE

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TRUE OR FALSE

• YOU SHOULD COMPLETE YOUR FINANCIAL AID
  APPLICATION EARLY, EVEN IF YOUR PARENTS HAVE NOT
  FILED TAXES YET.
• TRUE

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TRUE OR FALSE

• IT IS NOT NECESSARY TO COMPLETE A FINANCIAL AID
  APPLICATION IF YOU PLAN TO GO TO A COMMUNITY
  COLLEGE.
• FALSE

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TRUE OR FALSE

• IF YOU LIVE WITH YOUR GRANDPARENTS OR A
  GUARDIAN, THEN YOU NEED TO INCLUDE THEIR INCOME
  INFORMATION ON YOUR APPLICATION.
• FALSE

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TRUE OR FALSE

• IN ORDER TO AVOID ERRORS ON YOUR FINANCIAL AID
  APPLICATION, IT IS BEST TO PAY AN EXPERT TO HELP
  YOU.
• FALSE

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REMINDERS

• NEXT CASH FOR COLLEGE WORKSHOP
• MONDAY, FEB 10 _at_ 530 PM
• NORTH LIBRARY