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 • • • • • • • • • • • 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... • • • 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... • • • • 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!