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FINANCIAL AID NIGHTS
Presented by PacFAA
Tonight was sponsored by:
Pacific Financial Aid Association
Hawaii Community Foundation
GEAR UP Hawaii
Bank of Hawaii
The Current Federal Financial Aid Delivery System (Simplified View)
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What is Financial Aid?
Funds to help students & families pay for educational expenses.
Financial aid funds consist of: Grants Employment Scholarships Loans
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August – December (Search/Apply)
Research school costs College planning Start searching for scholarships Estimate financial aid award
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College Costs (Cost Of Attendance)
Tuition (Resident, non-resident) Books & Supplies Living Costs – room & board,
personal expenses Transportation Computer Travel (interisland, mainland,
holidays) Other(Dependent care, disability
related expenses, study abroad)
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Cost of Attendance Varies
$9,643
$26,834
$64,761
$2,736$2,736
$9,840$9,840
$48,347$48,347
Total Cost Total Cost Tuition Tuition
Public 4-year University
Live on-campus
Community CollegeLive with parent
Private 4-year University
Live on-campus
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Sources of Financial Aid
Federal Government State Government Institution or College Private sources
Charitable organizations Civic organizations Churches Employers/Unions
High School Counselor Computer
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Scholarship Searches
• hawaiicommunityfoundation.org• ksbe.edu/finaid• fastweb.com• finaid.org
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Estimate your financial aid award
Use FAFSA4caster to estimate your financial aid award.
www.fafsa4caster.ed.gov
You should always apply for the
financial aid, even if you don’t think
you’ll qualify.
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January - March (Apply)
Complete the financial aid application (FAFSA).
Review your results. Files taxes and update FAFSA. Follow up on your application. Continue to apply for scholarships.
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Financial Aid Application
WWW.FAFSA.GOV
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FAFSA PIN- Electronic Signature
Sign FAFSA electronically Student and parents can request PIN now Not required, but speeds processing May be used in subsequent school years
PIN.ED.GOV
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Expected Family Contribution (EFC)
Calculated using a federal formula and data from the FAFSA
Determines need
Stays the same regardless of college
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What happens after I apply?
Review your FAFSA comments and results.
Information sent to colleges Work with schools to complete any
additional documentation Receive financial aid award
notification
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IRS Data Retreival /Updating your FAFSA
After you file taxes you should go into your FAFSA and update with actual figures
If you file electronically wait 2-4 weeks and then do the IRS data retrieval
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College Goal 808
Free assistance in submitting the FAFSA - Oahu
Sunday, January 25, 2015 1:00 pm – 4:00 pm
McKinley High School Castle High School Waipahu High School Farrington High School Mililani High School
Wednesday, February 04, 2015 6:00 pm – 8:00 pm
Roosevelt High School Kapolei High School Moanalua High School Leilehua High School
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College Goal 808
Free assistance in submitting the FAFSA
Maui - University of Hawaii – Maui College
Sunday, February 08, 2015 1:00 pm – 4:00pm
Hawaii – University of Hawaii – Hilo
Sunday, January 25, 2015 1:00 pm – 4:00pm
Hawaii – Kealakehe High School Library - Kona
Sunday, February 08, 2015 1:00 pm – 4:00pm
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April - May (Decide)
Review and compare your financial aid award packages.
Determine how much you may still need to cover of your costs.
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Types of Financial Aid
Need Based – must demonstrate need
Non Need Based – based on merit, service, etc
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How to calculate ‘Need’
Cost of attendance (COA)
– Expected family contribution (EFC)
_______________________________
= Need
26,834
5,500
21,334
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Award Types – Free Money
Grants – Free Money that you don’t have to pay back.
Pell Grant– Based on financial need from FAFSA. Same at every school.
SEOG Grant– Eligible for students with the highest need. Amount varies.
Work Study– Student employment paid by federal funds. Answer ‘yes’ on FAFSA and check with Financial Aid Office for procedures.
$5730 Max
$4000 Max
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State Programs
Hawaii B+ scholarship (UH schools only) 3.00 HS GPA, HS transcripts needed Public HS with rigorous curriculum Financial Need
Western Undergraduate Exchange (WUE) Program Reduced tuition rate Check for participating colleges Application process varies by college
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Loans– Money to pay back
Federal Direct Loans – 4.66% Subsidized-Need based, no interest while in school Unsubsidized-Non-need based, continuous interest
accrual Amount based on grade level classification (credit
amount) Interest determined every new school year Begin repayment 6 months after graduation or
withdrawal
Federal Perkins Loan – 5% Subsidized – Need based, no interest while in school Begin repayment 9 months after graduation or
withdrawal
$3500 - $12500
$4000 Max
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PLUS Loans and tips
Loan borrowing tips! Borrow only what you need. Graduate on time (SULA) Take college credit while in high
school.
PLUS loans (Parent Loans) – 7.21% Remaining COA•Accrues Interest•Loans that parents borrower for dependent students•Credit check needed for eligibility
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Financial Aid Timeline-Recap
FALL (Search/Apply) August – December
Determine potential schools Gather and compare school costs Begin scholarship searches Estimate your financial aid awards
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Financial Aid Timeline
January (Apply) Complete Financial Aid Application
February File taxes
March Follow up on financial aid application IRS data retrieval
April (Decide) Compare Award Packages Makes decisions on your awards
2015 – 2016 FAFSA
2015 – 2016 FAFSA
2015 – 2016 FAFSA
2015 – 2016 FAFSA
2015 – 2016 FAFSA
2015 – 2016 FAFSA
2015 – 2016 FAFSA
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Strategies for Success!
Search for scholarships and college costs early!
Apply for FAFSA early, some aid is first come first serve!
Track financial aid and scholarship deadlines.
Inform the financial aid office of special circumstances.
Follow up on your application as it is your responsibility.
Don’t be afraid to ask questions.
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Mahalo!
Questions???
Tonight was sponsored by: Pacific Financial Aid Association Bank of Hawaii Hawaii Community Foundation GEAR UP Hawaii
