Session B: Financial Aid

Agenda

• Types of Financial Aid• Grants• Scholarships• Work Study• Student Loans

• FAFSA• Creating your FSA ID• Bright Futures• College Board’s College Scholarship Service (CSS/PROFILE)

Types of Financial Aid

• There are 4 main types of financial aid programs available to students:• Grants

• Scholarships

• Work-Study

• Student Loans

Types of Financial Aid

Grants• Do not have to be repaid• Usually “need-based”- meaning they are

based on a student’s financial need• Example: A grant may be awarded based on

a student’s low income (Pell Grant)

• Available through the federal government, state government, your college/career school, or private and nonprofit organizations

Scholarships• Do not have to be repaid• Usually “merit-based,” meaning they are

based on a student’s skill or ability• Example: Students can receive scholarships

based on academic achievement, such as Florida Bright Futures

• Available through the federal government, state government, your college/career school, or private and nonprofit organizations

Types of Financial Aid

Work Study• Federal program that provides part-

time jobs for undergraduate and graduate students allowing them to earn money to help pay education expenses

• Need based• Available to full-time or part-time

students

Student Loans• Federal Loans- loans funded by the

federal government

• Private loans- nonfederal loans, made by a lender such as a bank, credit union, state agency, or school

Pell Grant

• A common type of need-based grant is the Federal Pell Grant

• Some information about the Pell Grant:• Usually only awarded to undergraduate students who have not earned a bachelor’s or

professional degree

• Does not have to be repaid (except under certain circumstances, such as you withdrew early from the program for which the grant was given to you).

• Awarded to students with financial need

Pell Grant

• How much money can you receive?• Awarded amounts can change yearly

• The maximum Pell Grant award for 2017-2018 award year is $5,920. • Cannot receive the grant for more than 12 semesters (roughly 6 years)

• The Amount you receive will depend on• Your financial need• Cost of attendance• Your status as a full-time or part-time student• Your plans to attend school for a full academic year or less• One plus (out of many): The amount of any other aid you qualify for doesn’t affect the amount of your

Federal Pell Grant!

Types of Federal Student Loans

• There are several types of Federal Student Loans:• Direct Loans (the most common type)

• Subsidized

• Unzubsidized

• Direct PLUS Loans (for graduate and professional students or parents)

• Federal Perkins Loans (low-interest loans for students with exceptional financial need)

Direct Loans

Subsidized• Available to undergraduate students with financial

need• School determines amount you can borrow• U.S. Department of Education pays the interest

on a Direct Subsidized Loan:• While you’re in school at least half-time

• For the first six months after you leave school

• During a period of deferment (a postponement of loan payments)

Unsubsidized• Available to undergraduate and

graduate students; no requirement to demonstrate financial need

• School determines amount you can borrow

• You are responsible for paying the interest during all periods (interest accrues)

Student Loans

• For more information on the different types of Federal Student Loans, please visit https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized

• Because loans must be repaid, it is extremely important that you only borrow what you need. It is recommended that you do as much as you can to obtain scholarships and other free aid to minimize the amount of loans that you have to take out

• Tip: Don’t let a small shortage in free aid stop you from attending school. If you are short by $2,000 per year and are awarded a loan, strongly consider taking the loan. As an example, $2,000 per year times 4 years is $8,000. After you graduate, you have 10 years to pay it back, which is a payment of roughly $67.00 per month (before interest). Interest rates vary, but for direct loans, interest rates are low, so your payment will likely be less than $80.00 per month.

How do I apply for aid?

FAFSA

• FAFSA stands for the Free Application for Federal Student Aid

• This application is required to qualify for federal financial aid programs, including the direct loan program, and any scholarships/grants that are funded by federal dollars

• You must complete the FAFSA every year you attend school in order to be considered for federal aid

• You can find the FAFSA Application online at https://fafsa.ed.gov

FSA ID

• In order to fill out the FAFSA, you will need to create your FSA ID by clicking “FSA ID” at the top of the FAFSA home page

• Students, parents and borrowers are required to use an FSA ID

• Your FSA ID will give you access to certain Department of Education sites (including FAFSA) and will serve as your digital signature when you complete the FAFSA each year

Now, let’s create your FSA IDPlease navigate your web browser to https://fafsa.ed.gov

Bright Futures

• Florida Bright Futures is a scholarship program funded by the Florida lottery

• There are 4 scholarships available that are awarded to Florida high school graduates for high academic achievement

Bright Futures: General Eligibility

• Be a Florida resident and a U.S. citizen or eligible noncitizen, as determined by the student's postsecondary institution.

• Complete the Florida Financial Aid Application (FFAA) no later than August 31 after high school graduation.

• Earn a standard Florida high school diploma or its equivalent from a Florida public high school or a registered Florida Department of Education (FDOE) private high school; or complete a home education program.

• Not have been found guilty of, or pled nolo contendere to, a felony charge, unless the student has been granted clemency by the Governor and Cabinet sitting as the Executive Office of Clemency. •

• Be accepted by and enroll in a degree or certificate program at an eligible Florida public or independent postsecondary institution.

• Be enrolled for at least 6 non-remedial semester credit hours (or the equivalent in quarter or clock hours) per term.

• If not funded in the academic year immediately following high school graduation, apply within two years of high school graduation to have your award reinstated.

Bright Futures

• Available Scholarships include:• Florida Academic Scholars (FAS)

• Florida Medallion Scholars (FMS)

• Gold Seal Vocational Scholars (GSV)

• Gold Seal CAPE Scholars (GSC)- New as of the 2016-2017 school year

Bright Futures Requirements

Florida Academic Scholars• 16 High school course credits in the

following areas:• 4- English• 4- Mathematics (at or above Algebra 1 level)• 3 Natural Science (2 must include lab)• 3 Social Science• 2- World Language (sequential, in same

language)

Florida Medallion Scholars• 16 High school course credits in the

following areas:• 4- English• 4- Mathematics (at or above Algebra 1 level)• 3 Natural Science (2 must include lab)• 3 Social Science• 2- World Language (sequential, in same

language)

Bright Futures Minimum Requirements

Florida Academic Scholars• 3.5 Weighted GPA

• 29 ACT or 1290 SAT

• 100 community service hours

Florida Medallion Scholars• 3.0 Weighted GPA

• 26 ACT or 1170 SAT

• 75 community service hours

Gold Seal Vocational Scholars

• The Florida Gold Seal Vocational Scholars (GSV) can only be used to fund a career education or certificate program. Florida high school students who wish to qualify for the Florida Gold Seal Vocational Scholars (GSV) award must meet the following initial eligibility requirements:

• Meet the General Requirements for Bright Futures• Achieve the required weighted minimum 3.0 GPA in the non-elective high school courses• Take at least 3 full credits in a single Career and Technical Education program• Achieve the required minimum 3.5 unweighted GPA in the career education courses• Achieve the required minimum score on the ACT®, SAT®, or Florida Postsecondary Education

Readiness Test (P.E.R.T.) exams (see table below)• Complete 30 community service hours.

Gold Seal Vocational ScholarsRequired College Entrance Exam Scores:

Exam Type Sub-test Required Score

ACT English 17

ACT Reading 19

ACT Math 19

SAT Reading 440

SAT Math 440

PERT (only applies to the GSV Scholarship

Reading 106

PERT Writing 103

PERT Math 114

Gold Seal CAPE Scholars- New!

• Can only be used to fund a career education or certificate program

• If a GSC scholar finishes an A.S. degree program that articulates into a B.S. degree program, they may also receive an award for a maximum of 60 credit hours toward a B.S. degree program

• If a GSC scholar completes an associate in applied science program, they may also receive an award for a maximum of 60 credit hours toward a bachelor of applied science degree program

Gold Seal CAPE Scholars Requirements

• Meet the General Requirements for Bright Futures

• Earn a minimum of 5 postsecondary credit hours through CAPE industry certifications which articulate for college credit

• Complete 30 community service hours

Bright Futures: Helpful Links

• To apply: http://www.floridastudentfinancialaid.org/ssfad/bf/ (students will also have the chance to apply at school in early January)

• Handbook: http://www.floridastudentfinancialaid.org/ssfad/PDF/BFHandbookChapter1.pdf

CSS/Financial Aid PROFILE

CSS/Financial Aid PROFILE

• What is it?• An online application that collects information used by certain colleges and scholarship

programs to award institutional aid funds

• Nonfederal financial aid (different from the FAFSA)

• Some colleges require the PROFILE application

• Application opens October 1st

CSS/Financial Aid PROFILE

• Fees• The initial application fee and one college or program report is $25

• Additional reports are $16

• Fee waivers are available based on the following:

• Use of an SAT fee waiver

• Students who are first time college applicants and from families with low incomes

CSS/Financial Aid PROFILE

• To apply:• Visit student.collegeboard.org/profile beginning October 1st!

• For useful resources, including the student guide:• Visit https://student.collegeboard.org/css-financial-aid-profile

Financial Aid Resources

• FAFSA: http://fafsa.ed.gov

• Bright Futures: http://www.floridastudentfinancialaid.org/ssfad/bf/

• CSS/Financial Aid PROFILE: https://student.collegeboard.org/css-financial-aid-profile

• Florida Association of Student Financial Aid Administration: http://www.fasfaa.org(free resources for students and parents)

• http://www.studentaid.gov (provides information on federal aid programs and scholarship searches)

Questions