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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?