Financial Aid PowerPoint - Richmond R

Report
WELCOME TO
RICHMOND HIGH SCHOOL’S
FINANCIAL AID 101
WORKSHOP!
Robin L. Stimac
Student Financial Aid Manager
Metropolitan Community
College-Maple Woods
816-604-3068
Paying for Post-Secondary
Education
•
Everyone knows than an investment in post-secondary
education is the best bet an individual can make to
secure a place in the workforce and actualize one’s
earnings potential
•
The good news is that some form of financial aid is
available to assist all students pay for post-secondary
education
•
However, the bottom line is that students and parents (if
applicable) are still responsible for some of the costs
What is the definition of
Financial Aid?
Financial Aid is all money that is provided to
students and families
from all resources to help pay for
post-secondary educational expenses
Sources of Financial Aid
•
Federal Government
(U.S. Department of Education, Veteran’s Benefits, Aid
for Military Families, Tax Benefits for Higher Education,
etc.)
•
State of Missouri
(Missouri Department of Higher Education)
•
Institutional Awards
(From colleges, universities and other postsecondary institutions)
•
Outside Scholarships & Private Funds
(Everything else including non-profit or private
organizations)
Types of Financial
Assistance/Aid
Financial Aid
Scholarships
Grants
A+ Benefits
Employment
Opportunities
Federal
Work-Study
Federal
Student &
Parent Loans
Basis for Awards
Merit vs. Need
Merit-based aid is
awarded to students
who have certain skills,
talents, or
characteristics,
regardless of their
family’s financial
situation
Need-based aid
eligibility is determined
from the difference
between a school’s
cost of attendance and
what a family can
reasonably afford to
pay (as determined by
the FAFSA)
Apply for Admission!
In most cases, a student must be officially
admitted to a post-secondary institution
before they will be considered for any type of
financial aid assistance.
Financial Aid Application Process
•
•
•
Submit your FAFSA to the U.S. Department of
Education prior to the school’s deadline
Most aid is awarded on a “first-come, first
served” basis
To ensure maximum consideration for federal,
state and institutional aid, be sure to get
information about:
- Required application materials
- Scholarship Deadlines
- Financial Aid Priority Dates
- Additional steps needed to complete
various financial aid processes
FAFSA
Free Application for Federal Student Aid
A standard form that collects demographic and
financial information about the student
(and their family, if applicable)
FAFSA on the Web
• Website: www.fafsa.ed.gov
• 2015-2016 FAFSA on the Web available
on January 1, 2015
• FAFSA on the Web Worksheet:
- Used as pre-application worksheet
- Questions follow order of FAFSA on
the Web
Why fill out a FAFSA?
•
•
•
•
Financial “need” is relative to the cost of
attendance at a particular school
(You never know…)
The FAFSA is also the Missouri student
financial aid application
(April 1st deadline)
All A+ students are required to complete
the FAFSA
Low interest rate student loan eligibility is
based on the results of the FAFSA
FAFSA4caster
If you’re not quite ready to apply for federal student aid,
please check out FAFSA4caster at:
http://studentaid.ed.gov/fafsa/estimate
•
•
•
FAFSA4caster gives you an early estimate of your federal
aid eligibility, which will give you better insight when
making college choices
Your estimated federal student aid eligibility will help you
better understand the types and approximate amount of
federal student aid for which you may qualify
Just remember that FAFSA4caster is not an application for
aid; it’s just a planning tool. When you are ready to
actually apply for financial aid, you must still file the
FAFSA!
FAFSA on the Web
•
In order to be able to electronically sign the FAFSA, the first
thing that a student (and a parent, if applicable) should do is
apply for a PIN Number. You may apply for a PIN Number at:
www.pin.ed.gov
•
By entering your PIN Number to sign the FAFSA, the student
(and parent, if applicable) will be able to certify that all
information provided is true and accurate as of the date the
FAFSA is completed and that you agree that proof of the
information reported will be submitted to the Financial Aid
Office at your school, if it is required (i.e., IRS Data Retrieval,
Tax Transcripts, verification worksheets, W-2 Forms, etc.)
CAUTION!
• Avoid being charged a fee to file the Free
Application for Federal Student Aid (FAFSA)
• Completion and processing of the FAFSA is FREE
• If filing via FAFSA on the Web, be sure to go directly
to:
www.fafsa.ed.gov
• Contact your school’s financial aid office if you
need special assistance in completing the FAFSA
Expected Family Contribution
•
•
•
Calculated from information
you provide on the FAFSA
using a federal formula
known as a “needs analysis”
Represents the amount a
student (and their family, if
applicable) can reasonably
be expected to contribute,
but not what the family will
actually pay to the school
Stays the same regardless of
the post-secondary
institution you plan to attend
Unusual or Special
Circumstances
After you have received your official Student Aid
Report (SAR) from the Department of
Education, you should discuss any unusual
or special circumstances that affect your financial
situation with your school’s Financial Aid Office
• Loss of income or benefits
• Change in employment status
• Excessive medical bills paid out of pocket
• Victim of a natural disaster
• One-time lump sum payment
Financial “Need” Formula
Cost of Attendance
- Expected Family (or Financial) Contribution
Gross Financial Need
Completing the FAFSA
is just STEP ONE in applying for:
• Federal Pell Grants –
For students that have a 0 to 5,157 EFC. Awards range from $602
to $5,730 for 2014-2015 (payment amount will be adjusted for less
than full-time study).
* NOTE – Federal Pell Grant eligibility is limited to 12 full-time
semesters or the equivalent.
• Federal SEOG Grants –
For Federal Pell Grant recipients that demonstrate the highest
financial need. Awards range from $100 to $4,000 for 2014-2015
(amount you receive is contingent upon the allocation your
school receives from the Dept. of Education).
You may also want to
consider….
•
•
TEACH (Teacher Education Assistance for College and Higher Education)
Grants –
Provides grants of up to $4,000 per year (not to exceed $16,000) to
students who intend to teach in a public or private elementary or
secondary school that serves students from low-income families.
Iraq and Afghanistan Grant –
For students who are not Pell eligible due only to having less financial
need than is required to receive Pell funds; whose parent or guardian
died as a result of military service in Iraq or Afghanistan after the events
of 9/11; and who, at the time of the parent’s or guardian’s death, were
less than 24 years old or were enrolled at least part-time at an institution
of higher education. Award amount for 2014-2015 can be up to $5,311.71;
payment amount will be adjusted for less-than-full-time study.
FAFSA information is
also used for:
• Federal Work-Study
• Federal Student & Parent Loans
* Federal Perkins Loans – 5% Interest Rate/NO Origination
Fee
* Federal DIRECT Subsidized/Unsubsidized Student Loans −
4.66% Interest Rate/1.073% Origination Fee for both
* Federal DIRECT PLUS Loans − 7.21% interest Rate/4.292%
Origination Fee
As well as…
• Missouri Student Aid Programs – (April 1st Deadline)
Access Missouri Grants – (enrolled full time at a
Missouri college or university/EFC less than $12,000)
* Public 2-Year $ 660 maximum
* Public 4-Year $1,500 maximum
* Private 4-Year $1,500 maximum
Missouri Bright Flight (must be enrolled full-time at a
Missouri College or university)
* $3,00 – scored in top 3% (31 or better) on the ACT
(All awards are conditional on sufficient state appropriations)
A+ Scholarship Program Benefits
•
•
•
This program provides scholarship funds to eligible
graduates of A+ designated high schools who attend a
participating public community college or vocational
technical school, or certain private two-year
vocational/technical schools.
The A+ Scholarship Program PAYS FOR the unpaid
balance of a student’s tuition and general fees after all
available, non-loan federal financial assistance has been
applied to their account (tuition amount is capped at
$158 per credit hour for the 2014-2015 academic year).
Federal Pell Grant funds will be applied to student
account balances first; if any eligible costs remain, they
will be billed to A+. A student cannot receive A+ in
addition to a Pell Grant if the Pell Grant pays for all A+
eligible tuition and fees.
Funding of the A+ Program is contingent upon annual
state appropriations.
A+ Scholarship Program
Benefits
• A+ Schools Program financial incentives DO NOT PAY FOR:
 Courses taken as a visiting student except for the summer
semester immediately following your high school
graduation. NOTE: Students must be enrolled full-time
(minimum 6 credit hours), have their official A+ transcript
and all college transcripts for dual credit coursework
completed while in high school sent to the A+ eligible
school they plan to attend immediately following
graduation, and complete and submit a separate FAFSA
for the 2014-2015 academic year using information from
2013 taxes as well as a FAFSA for the 2015-2016 academic
year using information from 2014 taxes
A+ Scholarship Program
Benefits
 Books, supplies, miscellaneous fees, lab fees or online
course fees
 Repeated coursework
 Coursework taken beyond 105% of your degree
requirements
• Includes all hours completed at any institution,
including developmental/remedial coursework
• Does NOT include credit hours earned before high
school graduation
 Dropped coursework or for coursework for which the
student is no longer enrolled
A+ Scholarship Program
Benefits
• If you drop a course before the payment request for
your A+ benefits has been submitted to the Missouri
Department of Higher Education by the school, you
immediately become responsible for paying the school
for the cost of the course you dropped during the
current semester. In addition, if dropping that course
reduces your enrollment to less than full-time, you
immediately become responsible for paying the school
for the entire cost of all courses in which you are
enrolled during the current semester (since you will no
longer be meeting the full-time A+ Schools Program
eligibility requirement).
!
A+ Scholarship Program
Benefits
• If you drop a course after the payment request for your
A+ benefits has been submitted to the Missouri
Department of High Education by the school, your A+
benefits for the next semester will be reduced by the
costs of the dropped class.
NOTE: You should always check with the financial aid
office first before attempting to drop any class!
Maintaining Your Eligibility for A+
Program Scholarship Benefits
 Enroll full-time each semester and check with the
Financial Aid Office before dropping any classes. Fulltime status will be determined by the enrolled and
attended hours at the conclusion of the last day to drop
with a 50% refund (which is the end of the regular fall or
spring 16 week semester, or the equivalent ration of
other sessions).
 Only enroll in courses required for your declared
certificate or degree plan
 As an initial student, remember that you must achieve a
2.5 cumulative grade point average by the end of your
initial year and meet the school’s Satisfactory Academic
Progress requirements
Maintaining Your Eligibility for A+
Program Scholarship Benefits
 As a renewal student, remember that you must have
achieved a 2.5 cumulative grade point average by the
end of your initial year AND must maintain your 2.5
cumulative grade point average and meet your
school’s Satisfactory Academic Progress requirements
throughout the completion of your degree
 If you should lose your A+ eligibility, you can get it back
within your 48-month eligibility period by re-establishing
your 2.5 cumulative grade point average and/or
improving your completion rate at your own expense.
(A+ will not pay for coursework taken while you are
working to re-establish your eligibility.)
Maintaining Your Eligibility for A+
Program Scholarship Benefits
 Remember that you will be required to complete a
“Renewal” FAFSA and submit any additional forms
requested by the Financial Aid Office each year that
you plan to use your A+ benefits.
 Finally, when enrolling in your final semester (either your
certificate or degree will be completed or your A+
eligibility expires), visit with an Academic Advisor to
assist you with your Completion of A+ Eligibility Form.
A+ Scholarship Program
Benefits
Your eligibility for A+ benefits expires when the
earliest of the following events occurs –
• 48 months after the graduation date documented
on your high school transcript
• Receipt of a post-secondary certificate or
associate’s degree
• Completion of 105% of the required hours for the
program of study in which you are enrolled.
FAFSA information
may be used in determining your
eligibility for:
• Need-based Institutional Grants and Scholarships
• Many outside & private scholarships
Don’t forget to look
for Outside & Private Scholarships!
• Check with your High School Guidance Counselors
or the admissions and financial aid offices at the
schools that you are interest in attending
• Explore the internet, books and any other
scholarship resources
• Check with any clubs or organizations of which you
(student or parent) are a member
• Check the least obvious sources!
Essential Internet Sites
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www.dhe.mo.gov
www.fastweb.com
www.finaid.org
www.gocollege.com
www.mappingyour future.org
www.missouriconnections.org
www.nerdwallet.com
www.scholarships.com
www.scholarshipsforstudents.com
www.studentaid.ed.gov
www.studentscholarshipsearch.com
Some things to REMEMBER...
•
•
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Check with all of the schools that you are
considering to find out their scholarship and
financial aid deadlines
Complete your FAFSA as early as possible but
be sure to have it submitted before April 1st in
order to meet the Missouri State Aid deadline
Receive and “READ” the results of your federal
needs analysis – Student Aid Report
Acknowledgment. Check to see if there are
any comments or issues that need your
immediate attention or that might affect your
eligibility to receive financial aid
Other things to REMEMBER...
•
•
•
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Contact the financial aid office at your school to
make sure that they have received your FAFSA
results and to find out what you need to do next
Be sure to submit all requested documentation to
the Financial Aid Office in a timely manner
Request that your final high school transcript be
sent to your school (required for A+ students)
Request that the transcripts for all college credit
taken while attending high school (i.e., course
work taken for dual credit) be sent to the school
you are planning to attend as well
And don’t forget that…
IT IS YOUR RESPONSIBILITY
TO
COMPLETE A
“RENEWAL” FAFSA
EACH YEAR!
Please feel free to contact me:
Robin L. Stimac
Student Financial Aid Manager
MCC-Maple Woods
[email protected]
Phone: 816.604.3068
Thank you for allowing me the opportunity to visit with you this
morning and best wishes for the rest of your Senior Year!

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