FinancialAid

TYPES OF FINANCIAL AID

MERIT-BASED AID

• Awarded to students who meet a certain set of criteria

• Usually competitive

NEED-BASED AID

• Awarded to students on the basis of financial need

• Non-competitive

• FEDERAL GOVERNMENT – 88 %

• STATE GOVERNMENT - 3 %

• EDUCATIONAL INSTITUTIONS

• PRIVATE BUSINESS / ORGANIZATIONS

SOURCES OF AID

9%

RESPONSIBILITIES OF THE SCHOOL COUNSELOR

• Make sure that all students are aware that funding is available for postsecondary

education

• Announce funding opportunities to all students

• Help students and parents apply for financial aid as requested

FEDERAL AIDGRANTS (GIFT)

• Pell GrantMax $3,125 yr

• Federal Supplemental Educational Opportunities GrantMax $4,000 yr

LOANS

• Perkins LoansMax $4,000 yr / 5% interest / School is Lender / Pay back after grad

• Stafford LoansMax $2,625 per year increasing each year to max of $5,500 Direct Loan – School is Lender / FEEL Loan – Bank is LenderSubsidized Loan: Need-based, govt pays interestUnsubsidized Loan: No-need, student pays interestPay back after graduate

• PLUS Loan (to parents)Max $4,000 yr / variable, not to exceed 9% / pay back while in school

FEDERAL WORK-STUDY• At least current minimum wage

STATE AID

HOOSIER SCHOLAR AWARD• $500 / Merit-Based• Top 20% + additional criteria as determined by the HS / Plan to attend IN college• No application, school nominates

INDIANA HIGHER EDUCATION GRANT PROGRAM• $$ varies / Need-Based• Plan to attend IN college & earn assoc. or bach. Degree• Application: FAFSA

INDIANA MINORITY TEACHER / SPECIAL EDUCATION SCHOLARSHIP / OCCUPATIONAL-PHYSICAL THERAPY• $1,000 Merit-Based ($4,000 with need)• Minority student seeking teaching cert. or student seeking special ed. cert. Or

student seeing occupational or physical therapy certification /Admitted to IN school, full time / intending to pursue teaching study / Pledge to teach in IN or work in OT or PT in IN for 3 of the first 5 years

• Application: HS guidance office or college financial aid office

STATE AIDINDIANA ROBERT C. BYRD HONORS SCHOLARSHIP PROGRAM• $1,121 yr / Merit-Based• SAT 1300 or ACT 31 or GED 65 / enroll in higher ed / no default loan or drug offense• Application: HS guidance office or SSACI• Deadline: April 24

INDIANA NURSING SCHOLARSHIP• $$ varies / Need-Based• Admitted to to IN school, full-time or part-time / Work in IN for two years /

GPA of 2.0 on 4.0 scale• Application: College or SSACI

INDIANA NATIONAL GUARD SUPPLEMENTAL GRANT• 100% of tuition costs• SSACI: Submit FAFSA, seek 1st assoc. or bach. Degree, attend IN college

Nat Guard: Active drilling status, no AWOL, submit Federal Tuition Assistance

STATE AIDTwenty-First Century Scholars Program

TWENTY-FIRST CENTURY SCHOLARS PROGRAM• Amount equivalent to 1) four years of state college tuition, or

for student attending a proprietary school, amount equal to four years at Ivy Tech

• Students sign pledge: HS GPA of 2.0; not use drugs, alcohol, or commit a crime; apply for college admission & financial aid, meet regular admissions requirements

• Application: MS guidance office, 21st Century Program, or ICPAC

SUPPORT PROGRAMS

• Tutoring and Mentoring (Americorps)• College Visits and Educational Workshops• Employment and Job Training• Activities for Parents

Applying for Federal and State Aid

1. Complete FAFSA(about 2 hours to complete) WHAT YOU NEED:

- Social Security card & drivers license - W-2 forms - Federal income tax return (student & parents) - Records other untaxed income - Bank statements & investment records - Business & farm records - Alien registration card

Indiana Deadline - March 1Federal Deadline – June 30

3-4 weeks to processWill send SAR (Student Aid Report) to family

2. Complete INST or PROFILE if required by the school

3. Complete SARCheck for accuracySubmit corrections

SAR will contain theEFC (Expected Family Contribution)

4. Review Financial Aid Award LetterSchools to which you have applied will send a Financial Aid PackageIncluding grants, loans, and work-studies.

5. Pick One School;notify the others

EXPECTED FAMILY CONTRIBUTION

Student income

Student assets

Parent income

Parent assets

Number in family

Age of parents

Number in postsecondary

Business / Farm

CONSIDERATIONSFEDERAL

NEEDS

ANALYSIS

METHODOLOGY

FOR THE

2000 – 2001

AWARD

YEAR

HOW COLLEGES USE THE EFC

COLLEGE COST - EFC = NEED

BALL STATE UNIVERSITY*

College Cost $ 10,050

Family Cont. 4,000

NEED $ 6,050

Need Met (80%) 4,840

Need Unmet 1,210

TOTAL PAID $ 5,210

UNIVERSITY of NOTRE DAME*

College Cost $ 30,207

Family Cont. 4,000

NEED $ 26,207

Need Met (100%) 26,207

Need Unmet 0

TOTAL PAID $ 4,000

* 1999-2000 budget figures

FREE ASSISTANCE WITH THE FAFSA

College Goal Sunday

Sunday in February, 2:00 – 4:00

31 sites Call-In Radio Broadcasts

Throughout February

Nine stations 2000 Results

5,400 served

615 volunteers

INSTITUTIONAL AID

AMOUNT: Few hundred dollars to full tuitionRenewable

ELIGIBILITY: Students enrolled at that university

CRITERIA: Varies, often class rank and/or SAT/ACT scores

APPLICATION: Available from the postsecondaryinstitution

MILITARY AID MILITARY : Four-year college, tuition-free

ACADEMIES Bachelor degree + commission

ROTC AT COLLEGE: Tuition, fees, books, monthly allowance

MONTGOMERY Army, at the end of active duty, $65,000 GI BILL + ARMY Army Reserve during college, $29,000COLLEG FUND

LOAN REPAYMENT 4-year Army enlistment, up to $65,0004-year Army Reserve, up to $20,000

EARNED COLLEGE Many colleges give credit for forCREDIT military training and experience

PRIVATE AID SPONSORS: Businesses, foundations, professional

associations, service clubs

SOURCES: College Aid Sources for HigherEducation (CASHE) via the Internethttp://www.cashe.com

Parents business, service clubs, church HS guidance office

SCHOLARSHIP Federal Trade Commission CautionSCAM Six Signs of a Scam:

1. Scholarship guaranteed or your money back.2. You can’t get this information anywhere else.3. May I have your credit card or bank account number to hold this scholarship?4. We’ll do all the work.5. The scholarship will cost some money.6. You’ve been selected. . . You’re a finalist . . .

DOLLARS FOR SCHOLARS

WHAT IS DFS? National network of DFS chaptersCommunity-based, volunteer-operatedIndividual scholarship foundations

WHAT DO DFS Raise scholarship moneyCHAPTERS DO? Coordinate other local scholarships

Single application process Award scholarships

HOW TO START Request a “How to Organize” Kit Recruit Steering Committee Complete chapter agreement

forms Form a Board of Directors Elect officers and adopt

bylaws

AMERICORPS Work settings: 1,000 national and local groups

Red Cross Habitat for

Humanity Boys and Girls

Clubs 21st Century

Scholars

Skills learned: Teamwork Communication Responsibility

Income, benefits: Living allowance Health insurance Student loan deferment $4,725 education award

FEDERAL RESOURCES

STUDENT GUIDE – FINANCIAL AID FUNDING YOUR EDUCATION LOOKING FOR STUDENT AID

INSTRUCTIONS FOR COMPLETING THE FAFSA

Provide for All Students

Federal Student Aid Information Center1-800-4-FED-AID (1-800-433-3243)

On-Line at http://www.ed.gov/prog_info/SFA/

ISFAAIndiana State Financial Aid Administrators

Annual spring & winter conferences Annual workshops for HS counselors Speakers for “Financial Aid Nights” Power point presentations on the web

http://www.isfaa.org/resources.htm- Financial Aid 101- Obtaining Cash for College- FAFSA on the Web- Early Awareness

Resources on the web

GETTING INFO TO KIDS AND PARENTS

RELEVANT INFO 1 Title2 Amount3 Eligibility4 Criteria for award5 Where to get application6 Deadline7 Competition level

(national, state, inst, local)

HOW TO DISTRIBUTE INFO• Financial Aid Night• Financial Aid Newsletter• Local Newspaper Column• Database on Website• Direct email to students• Direct applications to students• PA announcements

SORTING STUDENTS ELECTRONICALLY - DATABASE FIELDS• Name, Address, Phone, Parents• Diploma goal• Career cluster• Possible occupation(s)• Post HS goal• Possible majors / occupation• Possible campus / worksite

• Campus visits• Worksite experience• Hobbies• Awards• Scholarships• 4-yr course plan• Meetings / notes

PARENT VOLUNTEERS

Maintain database of scholarships Send email announcements to appropriate students Send hard copy of scholarship application to appropriate students Meet with students individually

• encourage them to apply for specific scholarship

• check in to make sure they applied Answer parent questions at various community functions Serve as Parent-to-Parent Mentors for FAFSA