Ways to Fund Your Future December 4, 2014 New Smyrna Beach High School School Counseling Department...
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- Slide 1
- Ways to Fund Your Future December 4, 2014 New Smyrna Beach High
School School Counseling Department Financial Aid Night
- Slide 2
- TONIGHTS GOAL By the end of the evening parents and students
should have information that will allow them to apply for financial
aid and knowledge as to the various federal, state and local
programs that are available.
- Slide 3
- FLORIDA BRIGHT FUTURES SCHOLARSHIPS FLORIDA BRIGHT FUTURES
SCHOLARSHIPS INITIAL ELIGIBILITY REQUIREMENTS FOR YEAR 2015 HIGH
SCHOOL GRADUATES
- Slide 4
- Slide 5
- FLORIDA BRIGHT FUTURES SCHOLARSHIPS 2014 -15 AWARD AMOUNTS PER
CREDIT HOUR
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- OTHER FLORIDA SCHOLARSHIP AND GRANT PROGRAMS Access to Better
Learning and Education (ABLE) Grant First Generation Matching Grant
Florida Incentive Scholarship Florida Fund for Minority Teachers
Florida Resident Access Grant (FRAG) Florida Student Assistance
Grant (FSAG) Florida Work Experience Program Jos Mart Scholarship
Challenge Grant Mary McLeod Bethune Scholarship Rosewood Family
Scholarship Scholarships for Children and Spouses of Deceased or
Disabled Veterans
- Slide 7
- LEGISLATIVE CHANGES TO FLORIDA SCHOLARSHIP PROGRAMS Expanded
the Rosewood Family Scholarship to award 50 students tuition and
fees, not to exceed $6,100, at a public postsecondary institution.
Created the Florida Incentive Scholarship to award National Merit
or National Achievement Scholars who stay in Florida for their
postsecondary education.
- Slide 8
- FLORIDA VIRTUAL CAMPUS FLVC.org replaces FACTS.org that was
previously available.FACTS.org
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- COLLEGE COST ESTIMATES Source:
nces.ed.gov/collegenavigatornces.ed.gov/collegenavigator
- Slide 10
- TERMS TO KNOW Cost of Attendance (COA) - The total amount it
will cost you to go to schoolusually stated as a yearly figure. COA
includes tuition and fees; room and board (or a housing and food
allowance); and allowances for books, supplies, transportation,
loan fees, and dependent care. It also includes miscellaneous and
personal expenses, including an allowance for the rental or
purchase of a personal computer; costs related to a disability; and
reasonable costs for eligible study-abroad programs. Data Release
Number (DRN) - The four-digit number assigned to your FAFSA that
allows you to release your FAFSA data to schools you did not list
on your original FAFSA. You need this number if you contact the
Federal Student Aid Information Center to make corrections to your
mailing address or the schools you listed on your FAFSA. You find
this number below the confirmation number on your FAFSA submission
confirmation page or in the top right-hand corner of your Student
Aid Report (SAR).
- Slide 11
- TERMS TO KNOW Expected Family Contribution (EFC) - This is the
number thats used to determine your eligibility for federal student
financial aid. This number results from the financial information
you provide in your FAFSASM, the application for federal student
aid. Your EFC is reported to you on your Student Aid Report (SAR).
Student Aid Report (SAR) - A summary of the information you
submitted on your Free Application for Federal Student Aid (FAFSA).
You receive this report (often called the SAR) via e-mail a few
days after your FAFSA has been processed or by mail within 7-10
days if you did not provide an e-mail address. If there are no
corrections or additional information you must provide, the SAR
will contain your EFC, which is the number that's used to determine
your eligibility for federal student aid. Financial Need - The
difference between the cost of attendance (COA) at a school and
your Expected Family Contribution (EFC). While COA varies from
school to school, your EFC does not change based on the school you
attend.
- Slide 12
- TERMS TO KNOW Financial Aid Package - The total amount of
financial aid (federal and nonfederal) a student is offered by a
college or career school. The school's financial aid staff combines
various forms of aid into a package to help meet a students
education costs. Student Aid Report (SAR) - A summary of the
information you submitted on your Free Application for Federal
Student Aid (FAFSA). You receive this report (often called the SAR)
via e-mail a few days after your FAFSA has been processed or by
mail within 7-10 days if you did not provide an e-mail address. If
there are no corrections or additional information you must
provide, the SAR will contain your EFC, which is the number that's
used to determine your eligibility for federal student aid.
Subsidized Loan - A loan based on financial need for which the
federal government pays the interest that accrues while the
borrower is in an in-school, grace, or deferment status.
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- TERMS TO KNOW Unsubsidized Loan - A loan for which the borrower
is fully responsible for paying the interest regardless of the loan
status. Interest on unsubsidized loans accrues from the date of
disbursement and continues throughout the life of the loan. Direct
Loan - A federal student loan, made through the William D. Ford
Federal Direct Loan Program, for which eligible students and
parents borrow directly from the U.S. Department of Education at
participating schools. Direct Subsidized Loans, Direct Unsubsidized
Loans, Direct PLUS Loans and Direct Consolidation Loans are types
of Direct Loans. Federal Perkins Loan - A federal student loan,
made by the recipient's school, for undergraduate and graduate
students who demonstrate financial need. PLUS Loan - A loan
available to graduate students and parents of dependent
undergraduate students for which the borrower is fully responsible
for paying the interest regardless of the loan status.
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- TERMS TO KNOW Grant - Financial aid, often based on financial
need, that does not need to be repaid (unless, for example, you
withdraw from school and owe a refund). Award Letter - An offer
from a college or career school that states the type and amount of
financial aid the school is willing to provide if you accept
admission and register to take classes at that school. Federal
Student Aid PIN - Your electronic personal identification number
that serves as your identifier to allow access to personal
information in various U.S. Department of Education systems and
acts as your digital signature on some online forms. If you do not
already have a PIN, you can request one online at www.pin.ed.gov.
Complete list of terms can be found at:
https://studentaid.ed.gov/glossary
https://studentaid.ed.gov/glossary
- Slide 15
- FEDERAL GRANT PROGRAMS FOR STUDENTS
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- Slide 17
- FEDERAL STUDENT LOANS
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- Slide 19
- FAFSA FAFSA is an acronym that stands for "Free Application for
Federal Student Aid." It is the basic form that must be filled out
for all students who wish to participate in Federal student aid
programs. Use www.fafsa.ed.govwww.fafsa.ed.gov Do Not Use fafsa.com
as this site will charge you for filing the FAFSA.fafsa.com
Available to be filled out starting January 1, 2014
- Slide 20
- FAFSA- WHAT YOU NEED TO KNOW TO GET STARTED Federal law
requires the U.S. Department of Education to ensure that students
can apply for federal aid without paying a fee. To be considered
for most federal student aid programs, the student must complete
and submit the Free Application for Federal Student Aid (FAFSA).
After the form is initially filed it must be renewed with a new
filing for each school year. The form can be filed starting January
1 st and will be accepted until June 30 th. The deadline for
Florida schools is May 15 th. Most public schools give aid first to
those that have the FAFSA filed by March 1st - 15 th (check with
your school). Changes can be made until September 20 th. The form
can be filed online, downloaded PDF (which has to be mailed) or in
paper form. The online form has major time advantages. Financial
information can be sent to ten different schools with the online
form.
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- WHAT INFORMATION DO I NEED WHEN I FILL OUT THE FAFSA? Social
Security card Drivers license (if any) Permanent Resident Receipt
Card (if applicable) W-2 forms and other 2014 records of money
earned 2014 income tax return (see the instructions on the FAFSA if
the tax return has not been completed) Records of child support
paid Records of taxable earnings from Federal Work-Study or other
need- based work programs Records of student grant, scholarship and
fellowship aid, including AmeriCorps awards, that was included in
your (or your parents) AGI Current stock, bond, and other
investment records Current business and farm records Current bank
statements.
- Slide 22
- TIPS FOR FILLING OUT THE FAFSA Fill out and finalize the FAFA
as soon as possible. If scholarships are received before you file,
they count against the FAFSA. Ensure that the FAFSA is filled out
correctly. A FAFSA that is filled out incorrectly will be rejected
faster than for any other reason. If you are unsure, put down a
zero and do not leave blank. Download the FAFSA On the Web
worksheet and fill out first. Ensure that the IRS Retrieval tool is
used when filling in tax data. If your taxes are filed
electronically your information will be available approximately 2
to 3 weeks after you file your taxes. Failure to use the tool
greatly increases the chance of the school auditing your FAFSA.
Several weeks after filing your taxes request a tax transcript from
the IRS at http://www.irs.gov/Individuals/Order-a-Transcript to
have on hand if you are audited.
http://www.irs.gov/Individuals/Order-a-Transcript
- Slide 23
- CHANGES TO FAFSA THIS YEAR Adding some language for Foster Care
Youth to make them aware of some resources. Further clarification
instructions on new parent marital status of unmarried and both
parents living together. Adding an infographic for student to
assist them in deterring whose information to report on the FAFSA
in terms of parent(s).
- Slide 24
- ARE YOU AN INDEPENDENT ON THE FAFSA? Were you born before Jan.
1, 1992? Yes No As of today, are you married? (Answer Yes if you
are separated but not divorced.) Yes No At the beginning of the
201516 school year, will you be working on a masters or doctorate
program (such as an M.A., M.B.A., M.D., J.D., Ph.D., Ed.D.,
graduate certificate, etc.)? Yes No Are you currently serving on
active duty in the U.S. armed forces for purposes other than
training? (If you are a National Guard or Reserves enlistee, are
you on active duty for other than state or training purposes?) Yes
No Are you a veteran of the U.S. armed forces?* Yes No Do you have
children who will receive more than half of their support from you
between July 1, 2015, and June 30, 2016? Yes No
- Slide 25
- ARE YOU AN INDEPENDENT ON THE FAFSA? Do you have dependents
(other than your children or spouse) who live with you and who
receive more than half of their support from you, now and through
June 30, 2016? Yes No At any time since you turned age 13, were
both your parents deceased, were you in foster care, or were you a
dependent or ward of the court? Yes No Has it been determined by a
court in your state of legal residence that you are an emancipated
minor or that you are in a legal guardianship? Yes No At any time
on or after July 1, 2014, were you determined to be an
unaccompanied youth who was homeless, as determined by (a) your
high school or district homeless liaison or (b) the director of an
emergency shelter or transitional housing program funded by the
U.S. Department of Housing and Urban Development?** Yes No At any
time on or after July 1, 2014, did the director of a runaway or
homeless youth basic center or transitional living program
determine that you were an unaccompanied youth who was homeless or
were self-supporting and at risk of being homeless?** Yes No
- Slide 26
- HOW IS A STUDENTS FINANCIAL NEED DETERMINED COA (Cost of
Attendance) EFC (Expected Family Contribution) =Financial Need
- Slide 27
- WHAT HAPPENS AFTER I FILE THE FAFSA? After you submit the Free
Application for Federal Student Aid (FAFSA), we will send you a
Student Aid Report (SAR). If we have a valid e-mail address on file
for you, we will send you an e-mail, within 3 to 5 days, with
instructions on how to access an online copy of your SAR. If we do
not have a valid e-mail address on file, your SAR will be mailed to
you via postal mail within 7 to 10 days. The colleges that you
listed on your FAFSA will have access to your information
electronically one day after it is processed. However, depending on
their own process and workload, they might not retrieve your
information immediately. If your application is complete, an
Expected Family Contribution (EFC) will display on your SAR. If
your application is incomplete, your SAR will not include an EFC,
but it will display text that specifies any issues that need to be
resolved.
- Slide 28
- WHAT HAPPENS AFTER I FILE THE FAFSA? If your FAFSA is
incomplete: Make corrections to your FAFSA by clicking Login on the
home page to log in to FAFSA on the Web. Click Make FAFSA
Corrections, enter your PIN, and add or correct the information
that caused your FAFSA to be incomplete. Submit your corrections.
Add or correct information on your paper SAR, sign it, and mail it
to the address provided. If your FAFSA is complete: The EFC that
displays on your SAR is a calculation based on the information that
you reported on your FAFSA. Your college uses the EFC to determine
the amount of federal grants, loans, and work-study for which you
may be eligible. Your college will send you a financial aid award
letter that details the financial aid you are eligible to receive.
Your EFC is not the amount of money your family will have to pay
for college nor is it the amount of federal student aid you will
receive. It is a number used by your school to calculate the amount
of federal student aid you are eligible to receive.
- Slide 29
- ANSWERS TO THE MOST COMMONLY ASKED QUESTIONS If a parent is
remarried, the step parents information must be included on the
FAFSA. If a parent will not provide information a student can still
fill out the FAFSA but can only be offered an unsubsidized loan.
Just because a student does not live with a parent does not make
them independent. The Financial Aid officer at a school has the
final decision on financial aid. A student does not have to take
all financial aid that is offered in an award letter.
- Slide 30
- HELPFUL FINANCIAL AID WEBSITES fafsa.ed.gov finaid.ed.gov
floridastudentfinancialaid.com
- Slide 31
- LOCAL SCHOLARSHIPS Application Deadline for local scholarships
is March 13 th, 2015 unless otherwise noted. NSBHS Standard
Application will be available on our Website Special Applications
will be available on our website or See Mr. Rivera. Local
scholarship awards range from $250 to over $25,000.
- Slide 32
- THANK YOU FOR ATTENDING THIS PRESENTATION