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Scholarships and Financial Aid…And Where To Look for Both
Presenter: Reilly Johnson
Title: Admissions Counselor,
UAB Office of Undergraduate Admissions
INFORMATION IN THIS PRESENTATION IS TIME-SENSITIVE Please note that the websites, interest rates and data contained
within this presentation are applicable for students entering college in fall 2015.
What We Hope To Answer… Where do I begin? Where do I look for scholarships? What is Federal Aid? What are the differences in types of aid? What do some of these acronyms mean? What do I need to do? Who can help me?
Start By Doing Some Research!ALWAYS start with the college or university.
EACH college or university.
Know admission criteria! Remember NO ADMISSION = NO AID.
Know EACH individual institution’s scholarship criteria. Find out the scholarship deadlines for EACH school you are
applying to. Find out the standard Cost of Attendance (COA) for EACH
institution. Decide what you think you can afford. KEEP TRACK of admission and scholarship application
deadlines for EACH school
Research (continued)
Research outside scholarships at these sites FastWeb.com bigfuture.collegeboard.org/scholarship-search Petersons.com CollegeScholarships.org
Research scholarships and loans locally Always utilize your guidance counselor Check with student and parent employer(s) Civic Organizations Credit Union options (they sometimes have very
competitive interest rates on loans)
Research (continued)
Research scholarships and loans nationally. Special Interest Funds (i.e. Diabetes Scholars
Fund, Food Allergy and Anaphylaxis Network, Coca-Cola Foundation, Bill & Melinda Gates Foundation)
AmeriCorps– offers funding in exchange for community service
Federal Student Aid USE GOOGLE (wisely)!!
You Should Never pay for scholarship search services!
What is the FAFSA? When you fill out and submit the
Free Application for Federal Student Aid (FAFSA) at
www.fafsa.govthe answers you provide enable the federal government
to calculate how much of your family’s financial resources should be available to pay for the
cost of college expenses.
The FAFSA refers to this calculated number as your
“EFC” or “Expected Family Contribution”
Colleges then use your calculated EFC to determine your “demonstrated need” for federal aid such as PELL grants, Work - Study,
etc.
Federal Aid Quick FactsThree (3) Categories of Federal Student Aid
Grants Work - Study Loans
You MUST complete the FAFSA to be considered! No FAFSA = NO consideration for federal aid! Fill out the FAFSA *after* January 1 of your senior year The FAFSA establishes your family’s Estimated Family
Contribution (EFC) Must be completed every year the student is enrolled
Categories of Federal AidFederal Grants
PELL GrantsMost families do not qualify for PELL grants. Must have a very low EFC (below 5081). Do not be discouraged if you do not qualify. Most families do not.Current minimum PELL grant is $573Current maximum PELL grant is $5,730
SEOG Grants Supplemental Educational Opportunity Grant (SEOG) is also a need-based program; priority for SEOG funds goes to students who have already qualified for a PELL grant.
Categories of Federal Aid Work Study Jobs
Federal Work-Study is based on “demonstrated need”Why?? Because the salary is paid by both federal government sources (75%) AND from college/university resources (25%)
Loan Options Perkins Loan = 5% interest rate
A need-based loan subsidized by the federal government; repayment begins 9 months after the student is no longer enrolled at least ½ time
Stafford Student Loan – TWO (2) different kinds! Subsidized (Need-Based) = 4.66% interest rate; Unsubsidized (Non Need-Based) = 4.66% interest rate
Repayment on BOTH types of Stafford loans begins 6 months after the student is no longer enrolled at least ½ time
How is YOUR Financial “Need” Calculated?
COST of the college/university equals…
Direct CostsThis figure includes defined costs of tuition, required fees and room and board IF the student is living on campus
+ Indirect CostsThis figure is an estimated number that includes estimated books, personal expenses, and travel from home to college (an average for all students)
- EFC (taken from the results of your FAFSA)
= YOUR “DEMONSTRATED NEED” for Federal Financial Aid
A Couple of Examples
REMEMBER: The Expected Family Contribution (EFC) remains the same, regardless of the cost of the college!
The challenge becomes finding ENOUGH financial aid and scholarship assistance
to MEET/EQUAL the demonstrated need!
College “A”Cost = $7,000EFC =$7,000
NEED = $0
College “B”Cost =15,000EFC= 7,000
NEED = $8000
How to Apply for Federal Student Aid
The Steps Gather your financial information Request your PIN numbers at www.pin.ed.gov
(student and at least one parent must have a PIN) Complete the FAFSA (www.fafsa.gov)
between January 1 and March 1 of the student’s senior year in high school
Watch for the Student Aid Report (SAR) Communicate with the Admission and Financial
Aid Offices at every school where you have been admitted and sent the FAFSA
Gather Your Information Collect all tax information for student and parents
W-2 forms Tax Return Transcript for student and parents if filing Balance of all bank accounts (savings , checking, money
markets, etc), stocks, bonds, NON-home real estate and business records for student and parents
Records of untaxed income for student and parents SSN and DOB for both the student and parents Student’s driver’s license number
Want a handy checklist of helpful documents?
http://studentaid.ed.gov/resources
Request Your PIN Numbers•Go to www.pin.ed.gov and apply for PIN
•Student ANDParent mustBOTH have a PIN
•Your PIN numbers will beavailable immediately via e-mail OR within 7-10 days via US postal service mail
Complete The FAFSAThe FAFSA has Seven (7) Sections1. Student Demographic Information2. Student Tax Information3. Determining Dependent or Independent
Status4. Parent demographic information5. Household Information6. College/University Selection7. Sign & Submit
Common Questions When Filing the FAFSA
How does the FAFSA define “parent” ?Not Divorced
Parents Income = actual parent(s) of the student
Divorced Parents Income = parent who provides the most support (typically the parent that the student lives with the majority of the calendar year prior to completing the form) and THAT parent’s spouseDoes not depend on…
…who claims the child on a tax return.…what your divorce papers say.
…what any pre-nuptial agreement says.
Watch for your Student Aid Report SAR will be available electronically in 7-10 days Your EFC will be printed on upper right corner Check over & make sure all information is correct If changes are needed, use your PIN and make
changes or corrections on the web at
www.fafsa.gov
Communicate with CounselorsKnow by name…
Your Admission Counselor A Financial Aid office representative Your High School Guidance Counselor
Stay in touch with… Your Admission Counselor (s) at the
college(s) Your High School Guidance Counselor
Federal Contact Information
www.fafsa.gov800.433.3243
www.studentloans.gov800.848.0979
QUESTIONS?
