College Bound Senior Parent Night

WELCOME!

September 23, 2013

Resources for You College Portfolio Planning for Financial Success MDHE Online The Source Other items: college fair permission slip,

evaluation, questions form, Springfield college fair flyer, Fastweb, loan brochure

College Application Process Apply as soon as you can! May apply to more than one college Check application deadlines Visit Keep track of costs Tuition/Room and Board

ACT Deadlines

Test deadlines What is the last test your college will accept for

scholarship purposes?

Online application Fee waivers Mobile App

Scholarships Bulletins provided monthly and on website National, state, and local scholarships Fastweb Do not pay for a scholarship search Watch deadlines Bring in copies of any scholarships and

college acceptance letters to our office

Which one do I choose?!?!www.bigfuture.collegeboard.org/compare-colleges

Financial Aid

Financial Aid What is financial aid Cost of attendance (COA) Expected Family Contribution (EFC) What is financial need Categories, types, and sources of financial aid Free Application for Federal Student Aid

(FAFSA) Special circumstances

What is Financial Aid?

Financial aid is funds provided to students and families to help pay for postsecondary educational expenses

What is Cost of Attendance (COA) Direct costs

Indirect costs

Direct and indirect costs combined into cost of attendance

Varies widely from college to college

What is the Expected Family Contribution (EFC) Amount family can reasonably be expected

to contribute Stays the same regardless of college Two components

Parent contribution Student contribution

Calculated using data from a federal application form and a federal formula

What is Financial Need

Cost of Attendance

– Expected Family Contribution

= Financial Need

Types of Financial Aid Scholarships

Grants

Loans

Employment

Grants Money that does not have to be paid back

Usually awarded on the basis of financial need

Loans Money students and parents borrow to help

pay college expenses

Repayment usually begins after education is finished

Only borrow what is really needed

Look at loans as an investment in the future

Federal Government Largest source of financial aid

Aid awarded primarily on the basis of financial need

Must apply every year using the Free Application for Federal Student Aid (FAFSA)

Common Federal Aid Programs Federal Pell Grant

Teacher Education Assistance for College and Higher Education Grant

Federal Supplemental Educational Opportunity Grant

Federal Perkins Loan

Federal Work-Study

Stafford Loans

PLUS Loans

Federal Interest Rates 2013-2014

Stafford – Subsidized 3.86%

Stafford – Unsubsidized 3.86%

PLUS – Parent Loan for Undergraduate Students

6.41%

State Aid Award aid on the basis of both merit and

need

Use information from the FAFSA

Deadlines vary by state –

MO DEADLINE: APRIL 1, 2014

College deadline may vary

Bright Flight ACT Composite of 31 or above $2,500 per year (‘13-’14) Must attend a college/university in the state

of Missouri

ACCESS MO Grant $61 Million in state funds 2 year school: $300/year 4 year school or LSTC: $1,000 Private/independent: $2,000 MO Institution Attend full time EFC of $12,000 or less Automatic based on FAFSA information filed by

April 1st

FAFSA Free Application for Federal Student Aid A standard form that collects demographic and

financial information about the student and family Filled out electronically (Internet) Information used to calculate the Expected Family

Contribution or EFC The amount of money a student and his or her family may

reasonably be expected to contribute towards the cost of the student’s education for an academic year

Colleges use EFC to award financial aid

FAFSA (cont.) May be filed at any time during an

academic year, but no earlier than the January 1st prior to the academic year for which the student requests aid

For the 2014–15 academic year, the FAFSA may be filed beginning January 1, 2014

Colleges may set FAFSA filing deadlines

Federal Student Aid Personal Identification Number (FSA PIN) Website: www.pin.ed.gov

Sign FAFSA electronically

Not required, but speeds processing

May be used by students and parents throughout aid process, including subsequent school years

FAFSA on the Web

Website: www.fafsa.gov

IRS Data Retrieval Tool While completing FAFSA, applicant may submit

real-time request to IRS for tax data

IRS will authenticate taxpayer’s identity

If match found, IRS sends real-time results to applicant in new window

Applicant chooses whether or not to transfer data to FAFSA

Participation is voluntary

Pell Grants – Can I qualify for the full amount? $5,645 (up from $5,550) Supplemental Security Income Program, Food

Stamp program, Free/Reduced Price School Lunch Program, TANF, WIC

OR parents filed or are eligible to file a 2013 IRS Form 1040A or 1040 EZ or the parents are not required to file any income tax return

AND the income of the student’s parents is $23,000 or less

7 Easy Steps to the FAFSA Student’s Guide to the Free Application for

Federal Student Aid http://www.finaid.ucsb.edu/

FAFSASimplification/index.html

FAFSA Processing Results

CPS notifies student of FAFSA processing results by:

E-mail notification containing a direct link to student’s electronic SAR if student’s e-mail was provided on paper or electronic FAFSA

Student with PIN may view SAR on-line at www.fafsa.gov

FAFSA Hints/Tips/Reminders Mark “work study” in order to be eligible to be eligible Use the exact same name on the FAFSA that you used on

your tax returns (ex./ Bob Smith – Robert Smith) Assets – current cash, savings, and checking account

balances; net worth of investments (including real estate but excluding the family’s primary residence – not their farm if they live on that farm); net worth of businesses and investment farms

Assets not reported – primary residence and retirement plans Verification – use data retrieval tool to reduce chances of

being selected – if you are selected do it ASAP!

A+ Program

A+ Information – Student Eligibility Enter into a written agreement with the A+ designated high school

prior to high school graduation Have at least a 95% attendance record overall for grades 9-12  Have maintained a record of good citizenship and avoidance of the

unlawful use of drugs and/or alcohol Graduate with a cumulative grade point average of at least 2.5 on a

4.0 scale, or the equivalent. Have performed 50 hours of unpaid tutoring or mentoring. Have attended an A+ designated high school for at least three

consecutive years prior to high school graduation.

How do A+ and Pell Grant Work Together? If a student is eligible for a Federal Pell Grant, the Pell

Grant funds will be applied to the student’s account balance first; if any A+ eligible costs remain they will be billed to the A+ program.

A student cannot receive A+ in addition to a Pell Grant if the Pell Grant pays for all tuition and fees.

A+ Must enroll as a full time, degree or

certificate seeking student Can use A+ money the summer prior to

entering a four-year university Cannot use A+ money in the summers

between semesters at a four-year university (visiting student)

What does A+ pay for?DOES PAY FOR

Student tuition (in-district or out-of-district)

Common student fees

DOES NOT PAY FOR

Lab fees and all other miscellaneous fees such as late fees or re-enrollment fees

Online course fees - A+ will pay tuition & common fees related to online coursework, but will not cover the $65 online course fee charged per course

Graduation fees Infrastructure and parking fees Drop fees Books and supplies

A+ will pay for a class only once. New! If a student took a class and a final grade was

assigned, A+ will not cover the cost for the student to repeat the course for a second time.

The hours related to this class can be included in the full-time enrollment criteria required by the A+ Program.

Stop Before You DropA+ will pay for the student’s current term once the full-time enrollment

has been verified. Students must be enrolled in 12 credit hours or more through the end of the 100% refund period for the course(s) in which he or she is enrolled to meet the A+ Program full-time requirement.

New! The student is responsible for the cost of any classes he or she drops. Assuming the student has met the full-time requirement, A+ will pay for the class(es) during the semester he or she initiates the drop.

Any charges paid by A+ for a class you drop will be reduced from your next term’s A+ benefit.

What happens if I withdraw from all my classes?

New!

If it is your first semester: You will no longer be deemed eligible for A+ because a withdrawal from all classes or failure to complete at least 3 credit hours will result in a cumulative grade point average of 0.00%.

If it is not your first semester: You must maintain a minimum cumulative 2.50 GPA and meet satisfactory academic progress standards - maintain a cumulative completion ratio of 67%.

The next semester you attend: You will have to pay back your A+ funding for the number of hours you withdrew . If the classes you withdrew from are not repeated during semester of A+ repayment, A+ will pay for you to take them again in future semesters .

How long can a student use A+? Up to 48 months after high school graduation Until the student graduates with an Associate of Arts

degree (AA) or an Associate of Applied Science degree (AAS)

When the student completes 105% of the credit hours required for his or her certificate or degree program.

How does a student maintain A+ Program eligibility?

Students receiving A+ funding are required to: Be enrolled full-time Maintain a minimum 2.50 cumulative grade point average in all

college level courses (100 level or higher) taken after high school graduation

New! Meet the minimum requirements of the established Satisfactory Academic Progress Policy

New! Maintain a cumulative 67% completion ratio Completion Ratio = Number of Completed Hours (Cumulative)

Number of Attempted Hours (Cumulative)

Fall within the term limits for the A+ Program

Final Reminders Print off verification of FAFSA completion Boys: Apply for the Selective Service

Help!

1-800-4-FED-AID (FAFSA)

SallieMaehttp://www.collegeanswer.com/index.jsp

FAFSA http://www.fafsa.ed.gov/

MDHE (MO Dept. of Higher Education)http://www.dhe.mo.gov/