AVID 3/4 Financial Aid Basics The Big Picture. 5 Major Steps 1. Complete FAFSA Application...

AVID 3/4

Financial Aid BasicsThe Big Picture

5 Major Steps

1. Student completes the FAFSA (Free Application for Federal Student Aid)

www.fafsa.ed.govFAFSA Priority filing

date = March each year. (Varies by college and year)

Complete HOPE application on www.gacollege411.org AFTER you have submitted the FAFSA and decided on a college

Document Examples:Document Examples:

Verification WorksheetsTax DocumentsProof of CitizenshipSatisfactory Academic

Progress (SAP) docs

2. Documents & File Review

3. Award Packaging

Based on Expected Family Contribution (EFC) and Cost of Attendance (COA)

Receive Student Aid Report (SAR)

Possible Awards may include Grants, Loans, FWS, Scholarships, etc.

4. Tying Up Loose Ends

Decide on a collegeComplete Entrance

Loan Counseling (ELC)/ determine how to pay for college

Meet with Financial Aid counselor for Special Circumstances

Apply for scholarships!

How does disbursement of aid occur at your school?

What is the timing for disbursements at your school?

Remember, the cost each semester depends on the numbers of hours you take.

5. Payment!

Four Types:Four Types: Two Categories:Two Categories:

GrantsLoansScholarshipsFederal Work Study

(FWS)

Need BasedNon-Need Based* Determining “Need”

will be covered later in the presentation.

Financial Aid Types and Categories

Grants

State Grants HOPE Grant Program Georgia Tuition Equalization

Grant Program Public Safety Memorial Grant Zell Miller Grant

Federal Pell Grant FSEOG ACG/SMART Grants

Private/Others?

Free money, no repayment

Typically Need Based

Need Based Loans:Need Based Loans: Non-Need Based Loans:Non-Need Based Loans:

Federal Subsidized (FFELP/Direct) No interest during

school and grace period

6 month grace period after graduation or withdrawal

Perkins

Federal Unsubsidized(FFELP/Direct) Interest accrues during school

and grace period 6 month grace period after

graduation or withdrawal Federal Parent PLUS

(FFELP/Direct) Parent is borrower on student’s

behalf Payments begin 60 days after the

2nd disbursement Private Alternative

Higher interest rates Immediate repayment

Loans

Scholarships

Good GradesAthletic AbilityCollege MajorSpecial TalentsHeritageCommunity Service

Typically Free Money (no repayment)

Need based and non need based

FWS – Part time job programFWS – Part time job program

Student earns hourly wage

Taxable income if applicable

Typically higher wages – gov’t and employer each pay a percentage of $$$

NOT COUNTED in EFC calculation for following FAFSA application cycle!

Federal Work Study

Cost Of Attendance (COA)Cost Of Attendance (COA)

Expected Family Cont. (EFC)Expected Family Cont. (EFC)

Estimated cost to attend for the academic year

Consists of: Fees/Tuition Books Room & Board Transportation Miscellaneous

Federal Formula, based on FAFSA information

Includes income and demographic information

Ranges from $0 to $99,998

Need Calculation- Based on FAFSA

Need Calculation Cont’d

Cost of Attendance (COA)- Expected Family Cont. (EFC)

= Financial Need (for Fin Aid Purposes)

*A student can receive any combination of aid (need based or non-need based) up to their cost of attendance.

Undergraduate One Semester Full Time

Budget Category Res FT W/Parent Res FT On Campus Res FT Off Campus

Books 693.00 693.00 693.00

Fees 1,779.00 1,779.00 1,779.00

Housing 1,737.00 5,051.00 5,229.00

Personal 1,183.00 1,060.00 1,191.00

Transportation 621.00 492.00 603.00

Total $6,013.00 $9,075.00 $9,495.00

Questions?