Getting YOU to College!

Parents & Seniors

Financial Aid Training

Beloit College Upward Bound

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We will talk about:

• Federal student aid & the FAFSA

• State student aid

• Student aid from colleges

• Scholarships from other sources

• Life after the FAFSA

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We will answer:

• What is financial aid?• Who can get it?• How much can I get?• How do I apply?• What happens next?• Where can I get more info?

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What is financial aid?

– Grants **– both federal and state is available

– Loans – for students (& parents)

– Work-study ( earn DURING college)

– Scholarships** – local, regional, national & from the colleges

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Who can get federal student aid?

• U.S. citizen or permanent resident• High school graduate/GED holder• Eligible degree/certificate program• Valid Social Security number• Males registered for Selective Service• Satisfactory academic progress

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Who can get other kinds of financial aid?

• States, colleges, and private scholarships have their own eligibility criteria.

• Be sure you know what you need to do to qualify.

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How much federal student aid can I get?

In general, depends on your financial need.• Financial need determined by Expected Family

Contribution (EFC) and cost of attendance (COA)

• Your EFC is generated by what you report on the FAFSA

• COA is tuition, fees, room and board, transportation, etc.

COA – EFC = financial need

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How much federal student aid can I get?Example: first-year student in 2011-12Maximum amounts allowed: • Federal Pell Grant: TBD [$5,500 in 2010-11]• TEACH Grant: $4,000• Federal Stafford Loan: $5,500• Federal Perkins Loan: $5,500• Federal Supplemental Educational Opportunity Grant:

$4,000• Federal Work-Study: depends on funds available at school• Federal PLUS Loan (for parents): COA minus other aid

received

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How much federal student aid can I get?

For early estimate, use FAFSA4caster:• Go to www.fafsa4caster.ed.gov• Enter some financial information• Get an estimate

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How much state, school, and scholarship money can I get?

• Depends on the program: do your research!– WI : State of Wisconsin Higher Educational

Aids Board ---- www.heab.state.wi.us

– IL: Illinois Student Assistance Commission www.isac.org

And don’t forget...

-Ask college financial aid offices for info about aid available at their schools IN ADVANCE

–Free scholarship search: www.studentaid.ed.gov/scholarship

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How do I apply for aid?

• Federal student aid: fill out Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov

• State aid: [insert info about any state forms necessary and where to get them]

• School aid: contact financial aid office at schools you are considering

• Scholarships: visit scholarship website or call contact number for information

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How do I apply for federal student aid?

1. Get a PIN at www.pin.ed.gov• Your parent might need a PIN too

• Choose your own PIN or let the site choose one for you

• Don’t tell anyone your PIN!

• DO NOT forget your PIN!

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How do I apply for federal student aid?2. (Optional) Use FAFSA on the Web

Worksheet to get ready.• Get worksheet at

www.studentaid.ed.gov/worksheet• Find a checklist of documents you need at

www.studentaid.ed.gov/pubs (“What Information Do I Need When I Fill Out the FAFSA?”).

• Fill out worksheet to prepare your answers.

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How do I apply for federal student aid?

3. Fill out your FAFSA online at www.fafsa.gov

• Apply on or after Jan.1 but as early as possible to meet all deadlines.

• Need help? Use “Live Help” icon or call 1-800-4-FED-AID.

• Don’t forget to save or print confirmation page.

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How do I apply for federal student aid?

4. Watch for response by e-mail, from FederalStudentAidFAFSA@cpsemail.ed.gov, or by mail

• Double-check your information online at www.fafsa.gov (use your PIN to log on) or on the paper Student Aid Report or SAR mailed to you

• Correct any mistakes and update any information as necessary

Attend College Goal Wisconsin!

• Saturday, February 23, 2013 – 2pm• Beloit Memorial High School• For WI and IL seniors• Financial Aid experts there to help• Bring all tax information and whatever

is requested on the FAFSA• Parents & Seniors attend• Scholarships given away

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Where can I get more info?

• www.studentaid.ed.gov – Information about aid programs– Free scholarship search– Free college search

• 1-800-4-FED-AID– Information about aid programs – Help with the FAFSA

LIFE AFTER the FAFSA

……………WHAT’S NEXT?????

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ONCE YOUR FAFSA is COMPLETE...

• Look for your SAR via email.

• Be sure you had your SAR sent to the colleges where you applied.

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Watch for e-mails or letters from the schools you are considering—

-- via mail (a few)

-- via email (many)

-- via your college login (many)• Give the schools any additional

paperwork they ask for.

• Meet all deadlines or you could miss out on aid!

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What happens next?

• Each school will tell you how much aid you can get at that school. This is your AWARD LETTER or FINANCIAL AID PACKAGE.

• Once you decide which school to attend, keep in touch with the financial aid office to find out when and how you will get your aid.

What does the Fin Aid Package mean?

• It means the university wants to offer you a combination of financial aid (some free money and some not) in order to attend.

• We HIGHLY suggest meeting with us when you get this package to make sense of the offer.

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What might be in the letter?

• Federal loans

• Federal and state aid (free money)

• School scholarships & aid

• Work study (money comes LATER)

• Parent PLUS loans (NOT a student loan & requires a credit check)

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What should I know about this financial aid package?

• It is ONLY an offer. Nothing is finalized.

• Every college prepares these differently. Some show the COA, some show just the tuition, room & board. Look at the fine print!

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What else should I know about this financial aid package?

• You must ACCEPT in order to move forward with the package.

• You do not have to accept every aspect of the package.

• You should call the financial aid office if you are unsure of the offer.

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When do I make a decision?

• You make a decision about the offer when you are certain you will go to that college.

• Most deadlines are May 1st at the latest. You can decide sooner.

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How do I accept an offer?

• Follow the directions of the college for accepting the offer.

• Be sure to electronically sign the PROMISORY NOTES for any federal student aid.

• Have copies of what you did in your email or hard copy.

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I am SET for college – now what?

• Be prepared to make a housing deposit – (average $250) in April

• Some requires deposits sooner to hold limited on-campus housing

• Be sure to understand the housing options. Most will not waive this fee.

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My housing is set – now what?

• Be sure you are registered for the college’s freshmen orientation (parents usually join) in the summer.

• Take any placement tests – English, Math, foreign language, etc.

• Be sure to submit your FINAL transcript and any AP credit

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What if I get local scholarships?

• Work with the financial aid office at the college to find out how they will disperse the funds to you, or put it toward your bill.

• Be sure to send a THANK YOU for local or ANY scholarships.

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How else should I prepare?

• Save, save, save. $1,000 can go a long way for books, supplies, etc.

• Connect with your roommate to work out room details.

• Get a jumpstart on a possible work-study job if you can.

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And------• Get enrolled in a summer bridge

program at the college IF it is available to you (SSS or others)

• Have a good sense of your technological resources (theirs or yours) and internet accessibility

• Make a plan (with your parents )for your budget, communication, dealing with stress.

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WHEN YOU GET TO COLLEGE..• Stay organized.

• Ask questions when you are unsure.

• Stay calm and take things one step at a time.

• Network!!!

• Remember why you are there.

• Have fun --- this is an EXCITING TIME IN YOUR LIFE!!!!

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Questions?

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My contact information:

STEPHANIE KING

Name• Phone: (608) 289-8814 • e-mail: kings@beloit.edu