FINANCIAL AID 3 EASY STEPS Amy Gooden- Muskingum University 3 Easy Steps Step 1 FAFSA Step 2 Financial Aid Award Step 3 Paying your Balance 1 st Step O FAFSA O Free Application for Federal Student Aid O O O Determines your EFC O Colleges use the EFC to calculate your financial aid eligibility After filing your FAFSA O The schools you listed will receive your information. O At the same time you will receive a Student Aid Report. O Your schools will follow up with you if they need any information. O Contact your school if you have any unusual financial circumstances. Common FAFSA Errors O Social Security Numbers O Parent income reported in student section O Parents marital status O Tax Paid O Income earned from work O Untaxed income O Dependency Questions O Assets Making Corrections O If necessary, corrections to FAFSA data may be made by: O Using FAFSA on the Web (www.fafsa.gov) O Updating paper SAR O Submitting documentation to colleges financial aid office Verification O Your FAFSA application is selected by the Central Processing System (CPS). You must provide specific information to the financial aid office before your financial aid can be finalized. O The financial aid office will send you a form listing the information they need. May include: O IRS Tax Transcript ( ) or use Data Retrieval Tool O Household size and number in college O Untaxed income: O Food Stamps O Income from work Special Circumstances O Change in employment status O Medical expenses not covered by insurance O Change in parent marital status O Unusual dependent care expenses O Student cannot obtain parent information* 2 nd Step O Financial Aid Award O After you file the FAFSA you will receive a financial award. To receive the financial aid award you must: O Be accepted for admission O Respond to all requests from FA Office O Complete any other required forms (Profile) O Financial Aid Award consists of: O Charges O Aid O Out of Pocket Costs SoWhat are the Costs? O Two year technical college O $3500 to $5000 year (non-resident) O Four year public O $15,000 to $25,000 (resident) O Four year private O $28,000 to $45,000 (resident) Types of Financial Aid O Need Based and Non-Need Based O Scholarships O Grants O Loans O Employment Sources of Financial Aid O Federal government O States O Colleges/Universities O Private sources O Civic organizations and churches O Employers Common Federal Aid Programs O Federal Pell Grant O TEACH Grant O FSEOG O Federal Work-Study O Federal Direct (Stafford) Loans O Federal Direct PLUS Loans Federal Student Direct Loans Class YearBase A m ountAdditional Unsubsidized Amount Total Available to Borrow Freshman$3,500$2,000$5,500 Sophomore$4,500$2,000$6,500 Junior$5,500$2,000$7,500 Senior$5,500$2,000$7,500 Independent Students and Dependent Students whose parents have been denied the PLUS Loan are eligible for additional Unsubsidized Stafford Loans ($4,000 as freshman and sophomores and $5,000 as juniors and seniors) Common State Aid Programs O Ohio College Opportunity Grant O Ohio War Orphans/Safety Officers Memorial O Ohio National Guard O NEALP and STEM O Sample Aid Award Public 4-year University O Aid O Scholarship/Grant O Federal Pell Grant O OCOG O Direct Loan O Charges O Tuition and Fees10, O Room and Board O Total out of pocket costs:$ How do you plan to cover out of pocket costs? 3 rd Step Paying your remaining balance: O Federal PLUS loan O Private Loan O College Payment Plan O Pay by semester O Home Equity/Retirement Loan O Outside scholarships O College savings plans PLUS Loans O Loans to parents of dependent students. O Loan limits are up to the cost of education less any financial aid received per academic year. O The interest rate is 6.84% O Repayment begins within 60 days of full disbursement, but payments may be deferred while the student is in school. Private Loans O Loans offered through private banks, credit unions, or credit agencies. Students will need a credit-worthy co-signor to be approved. O Most applications are available online O Your school can help you with the application process. O Your school will certify the loan once the lender contacts the school. Public 4-year University O Aid O Scholarship/Grant O Federal Pell Grant O OCOG O Direct Loan O Charges O Tuition and Fees10, O Room and Board O Total out of pocket costs:$ This family signed up for the college payment plan with an average monthly cost of $ month. They have an external scholarship of $1000 to cover books. Private 4-year University O Aid O Scholarship O Institutional Grant O Federal Pell Grant O OCOG O Institutional Loan O Direct Loan O Charges O Tuition and Fees21, O Room and Board8, O Total out of pocket costs:$ This family took out a $ Parent Plus loan to cover out of pocket costs and books. Technical/Community College O Aid O Federal Pell Grant O OCOG0.00 O Direct Loan O Charges O Tuition and Fees O Room and Board0.00 O Total yearly out of pocket costs: 0.00 This family reduced the Direct Loan to $2500 to cover costs and books. College Goal Sunday O Sunday, February 14, 20162:00pm O Local Locations: Zane State College, OU-Lancaster, Hocking College O College Goal Sunday offers the opportunity to get free expert help completing the Free Application for Federal Student Aid (FAFSA). O Register at Resources O O (FAFSA Helpline) O O O(Scholarship Search)