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FINANCIAL AID INFORMATION
2010-11 Academic YearPresented by:
Student Financial Services Bureau
State of MichiganMichigan Department of Treasury
www.michigan.gov/studentaid
What You Will Learn Today
Section 1 General Financial Aid Overview Types and Sources of Financial Aid Free Application for Federal Student Aid (FAFSA)
Section 2 Federal Programs
Section 3 State of Michigan Programs
Section 4
– Scholarship Searches and Scams
– Other Resources
What is Financial Aid?
Money for postsecondary education expenses
- Need-based vs. Non-need (Merit) based
- Campus-based vs. Student-based
Purpose of Financial Aid
Promote accessibility
Produce educated workers
Help retain good students
Provide incentives
Reward academic achievements
Influence choice
Types of Financial Aid
Gift Aid- Scholarships- Grants
Self Help Aid- Work-Study- Educational Loans
StudentsParents
Tax Credits & Deductions
Financial Aid Principles
Paying for the student’s educational costs is the primary responsibility of the student and the parent(s)
Families are evaluated on ability to pay for educational costs – not willingness
Families are reviewed and assessed in their present financial condition
Families are evaluated in an equitable and consistent manner, recognizing that special circumstances may affect a family’s ability to pay
Expected Family Contribution
Determined by Federal formula from the information reported on the FAFSA
Parent’s contribution from income and assets
+ Student’s contribution from income and assets
= Expected Family Contribution (EFC)
Financial Aid Eligibility Equation
Cost of Attendance
- Expected Family Contribution
= Financial Need
Cost of AttendanceTuition and fees
Room and board
Books, supplies, equipment, transportation, and miscellaneous personal expenses
Loan fees
Study abroad costs
Disability related expenses
Dependent or elder care expenses
Cooperative education program costs
Comparing Need
Ind
ep
en
den
t Colle
ges
Pu
blic
4 Y
ear
Com
mu
nit
y
Colle
ge
s
Ind
ep
en
den
t Colle
ges
Cost ofEFC NeedAttendance
Pu
blic
4 Y
ear
Com
mu
nity
C
olle
ges
$28,065
$18,247
$10,161
$1,000
$27,065
$17,247
$9,161
General Eligibility Requirements
U.S. citizen or eligible non-citizen
High school graduate, pass the GED test, or have the ability to benefit (as determined by a standardized test)
Enroll in a degree or certificate program (may not be a regular high school student at the same time)
Register with selective service, if required
May not have eligibility suspended or terminated due to drug-related conviction
Maintain satisfactory academic progress
Undergraduate Student Aid by Source (in Billions), 2008-09
Source: The College Board, Trends in Student Aid 2009
Seniors, Get Organized!
NovemberCollege admissions applications College essaysLetters of recommendation Mail applications as early as possibleSAT tests
DecemberWrap up college applications before winter break. Early application responses arrive this month. Get your PIN number. (Remind parents to get a PIN also)
JanuaryFile the FAFSA between now and the end of February
Free Application for Federal Student Aid (FAFSA)
Only form approved for awarding federal aid – no fee
Collects family’s personal and financial information
Available in English and Spanish
Filing Options Electronic (preferred) Paper
www.fafsa.gov
FAFSA Information & Tips
File as soon as possible after January 1
State Priority Date: Due at processor by March 1
Estimated prior year figures may be submitted
Dependent student and at least one parent whose information is reported must complete and sign the FAFSA each year
Independent student does not need a parent’s signature
Personal Identification Number (PIN)
Serves as electronic signature on U.S. Department of Education (ED) documents.
Obtain PIN at:- www.pin.ed.gov, or- 1-800-4-FED-AID
Response Time - Email: Immediately- Mail: 7 to 10 days
Each student and at least one parent must have a PIN to use
as an electronic signature on the FAFSA.
www.federalstudentaid.ed.gov
Clickhere for
access to the paper
FAFSA, a link to online
version, as well as the
FAFSA worksheet.
FAFSA Overview
Section 1: Student Information
Section 2: Student Dependency Status
Section 3: Parental Information
Section 4: Student Finances
Section 5: Colleges to Receive Information
Information Needed Before starting the FAFSA, gather:Before starting the FAFSA, gather:
- Student’s driver’s license - Student’s driver’s license - Student Alien Registration Card- Student Alien Registration Card- Student and Parent prior year tax information- Student and Parent prior year tax information
Social Security cardsSocial Security cards W-2 forms and other records of money earnedW-2 forms and other records of money earned Federal income tax form (even if not completed)Federal income tax form (even if not completed) Records of untaxed incomeRecords of untaxed income Current bank statementsCurrent bank statements Business, farm, and other real estate recordsBusiness, farm, and other real estate records Records of stocks, bonds, and other investmentsRecords of stocks, bonds, and other investments
Create a file for copies of all financial aid documentsCreate a file for copies of all financial aid documents
Student InformationDemographic information
Data matches- DHS (citizenship) - Social Security - IRS - Selective Service- NSLDS - Veteran’s Administration
Be careful on:- Spelling of name (as it appears on Social Security card)- Social Security Number- Date of Birth- Email address (All correspondence will be sent to this address.)
Collects information about the student’s:- Residency- Selective Service
- Males can register with Selective Service- Drug Conviction Status (DO NOT SKIP)- Parents’ College Education- Education Goals (unsure? mark full-time)- Interest in Work-Study and Loans
Answering “Yes” to work-study and loans does not obligate the student
Student Information (continued)
Student Dependency Status
Determines student’s dependency status
An independent student is one who:Is 24 years of age, orIs married, orIs working on a master’s degree or higher, orIs currently serving on active duty in the U.S. Armed Forces, orIs a veteran of the U. S. Armed ForcesHas a legal dependent who receives more than half their support from the student, orIs an orphan or ward of the court Is an emancipated minor or unaccompanied youthWas a foster child or ward of the court after the age of 13
All other students are dependent
Parental InformationA dependent student must complete this section:
Report information for biological or adoptive parent(s)
Which parent to use if divorced/separated:In the past 12 months:
Which parent did you live with more, orWhich parent provided more financial support?
Not considered parents:GrandparentsLegal guardiansFoster parents
Collects parents’: Marital statusSocial Security Numbers, last name, date of birth Residency (important for state aid)Income tax filing status and prior year’s incomeExemptions and number in household
Parental Information (continued)
How many in household will be in college (exclude parents from number in college)
Information about the parent’s untaxed income and benefits
- Retirement contributions - Welfare benefits- Child support received - Disability benefits- Workmen’s comp benefits - Tax exempt benefits- Untaxed portion of social - Military security benefits and pensions
Information that can be excluded from parental income- Education tax credits- Child support paid
Parental Information (continued)
Investment Assets- Include: Trust funds, 529 college savings plans,
mutual funds, real estate, investments, second home, vacation home, or rental home
- Do not include: Primary residence, retirement funds (IRAs, 401k, 403b, Keogh, SEP, etc.)
Business and Farm Assets- Do not include: Farm that you live on and operate- Do not include: A small business (family owns more
that 50%) that has 100 or fewer full time equivalent employees
Student Finances
Collects student’s Prior year income (tax filing status, type and amount of income)Student’s assets and veterans education benefits Independent student’s household and exemptionsUntaxed income and benefitsInformation that can be excluded from incomeNet Worth: Current value minus debt
Report the worth as of the date you file the FAFSACurrent value of cash, checking, and savings accountsInvestment Assets
Include: Trust funds, UGMA accounts, etc.Business and farm assets (not primary residence)
Schools to Receive Information
List up to 10 colleges the student is considering (list 4 on the paper FAFSA)
- Online search capabilities for school codes- List at least one Michigan college choice
Indicate the type of housing plan for each school
All colleges listed will have access to the student’s FAFSA records electronically
Professional Judgment
Professional Judgment refers to the authority of a college's financial aid administrator to make adjustments to the data elements on the FAFSA and to override a student's dependency status.
Each college is responsible for approval
Results may differ between colleges
Emancipation, Homeless, and Unaccompanied YouthFinancial aid office may require student to provide a copy of the determination if student answered yes to these questions.
Special Circumstances
Financial circumstances may change in year of filing.
Contact the Financial Aid Office if there is:Loss or reduction in parent or student income or assetsDeath or serious illnessNatural disasters affecting parent income or assetsUnusual medical or dental expenses not covered by insuranceReduction in child support, social security benefits or other untaxed benefitFinancial responsibility for elderly grandparentsAny other unusual circumstances that affect a family’s ability to contribute to higher education
Completing FAFSA on the Web-FOTW
More than 95% of FAFSAs are now filed online.
Parents with more than 1 college student can transfer data from original application to others
Faster turnaround; more accurate
www.fafsa.gov
FOTW Worksheet
Families can use time wisely by completing a worksheet before accessing FOTW
Available on Web site, order worksheets at www.fsapubs.org or by phone 1-800-394-7084
View a draft of the worksheet on the Web at the URL below.
www.ifap.ed.gov - Click on FAFSAs and Renewal FAFSAs link under Publications
Reasons to File Electronically
Built-in edits to prevent costly errorsSkip-logic allows student and/or parent to skip unnecessary questionsMore timely submission of original application and correctionsMore detailed instructions and “help” for common questionsAbility to check application status online
Submit the FAFSA
Transmit FOTW with appropriate signatures, or
Mail the original paper FAFSA to the address listed on the front of the FAFSA
Keep a file containing FOTW worksheet Copy of tax returnsCopy of income documents, and asset informationStudent and parent PINs
“Practice” FAFSA Options
FAFSA Demo siteWeb address: fafsademo.test.ed.gov
User name: eddemo
Password: fafsatest
FAFSA4CasterSimulates FOTW
Provides early estimate of Federal aid eligibility
Can transfer information to FOTW when ready to file FAFSA
What’s New for 2010-11: FAFSA
Student marital status - question #16: Report your marital status as of the date the FAFSA is signed; cannot be updated
State deadlines updated – Michigan, March 1, 2010 (must be received by this date)
Questions 44(f) and 92(f) collect amounts earned from co-op programs at colleges; it will be excluded from income
What’s New for 2010-11: FOTW
Male students over the age of 26 will not be asked whether they want to be registered for Selective Service.
Students who are independent because of their age or marital status will be asked only the dependency status questions regarding children or other dependents.
Certain criteria has been added for certain homeless students to be considered independent.
What’s New for 2010-11: FOTW
First-time college students will not see the drug conviction eligibility question because these applicants have never received Title IV aid.
Veterans educational benefits are not considered as estimated financial assistance.
What’s New for 2010-11
Children of Soldiers
Maximum Federal Pell Grant eligibility for a student whose parent or guardian was a member of the Armed Forces and died as a result of performing military service in Iraq or Afghanistan after 9/11/2001, provided that child was under 24 years old or was enrolled in college at the time of the parent or guardian’s death.
Eligible students will be identified through the Departments of Defense and Veterans Affairs
What’s New for 2010-11
Special Exceptions
Student’s parents refuse to provide information for FAFSA
Student can borrow an unsubsidized Stafford loan only-must document with college or university
Student doesn’t have contact with parents due to estranged relationship or other circumstances (possible dependency override)-documentation required-must contact financial aid office at college/university
REVIEWFOTW Filing Tips
Gather necessary documents ahead of timeComplete a FOTW Worksheet Be aware of deadline datesSave all work periodicallyCheck the FOTW for accuracy Student and parent sign using PINPrint a copy of the FOTW before submittingKeep a copy of the Confirmation Page
Other Important Tips for Students
Encourage students to submit the FAFSA between January 1 and March 1, 2010
Due to economic circumstances in Michigan, colleges/universities have experienced an increase in financial aid applications
Submitting the FAFSA after high school graduation is considered late by most schools
Student may not have funds available when classes start if they apply late
Respond promptly to requests for information
Delays can mean losing funds for which the student may be eligible
COLLEGE NAVIGATOR
Find out information about the school you want to attend.
www.nces.ed.gov/collegenavigator
Supplemental Forms
Institutional application
Stafford loan application
Parent (PLUS) Loan application
CSS Financial Aid PROFILE (school aid)
After Submitting the FAFSA
FAFSA information is received, processed, and the results are sent to:
The studentThe college(s)The Michigan Department of Treasury, Office of Scholarships and Grants
Student Aid Report (SAR)
The SAR summarizes the information you report on your FAFSA.
The schools listed on your FAFSA receive copies of your SAR and use the information to determine if you are eligible for federal student aid.
If you filed online and provided a valid e-mail address, you will receive an e-mail within a few days of filing that contains a secure link so you can access your SAR on the Web.
If you filed a paper FAFSA or did not provide a valid e-mail address, you will receive a paper SAR in about three to four weeks after submitting the FAFSA.
It is crucial that you review it and make sure it is accurate and complete.
Review the SAR
Review the SAR for accuracy; if corrections are needed, correct online or contact college
The Financial Aid Office will review your documents and determine your aid eligibility
SAR may be selected for verification (verification requires submission of income documents and a verification worksheet)
Aid cannot be processed until all required documents have been submitted to the Financial Aid Office
Correspondence from College
Everyone who applies will receive notification from the college regarding their eligibility
Read all correspondence and promptly follow instructions
You do not have to accept all award types, but the college may not replace it with something else
Contact the Financial Aid Office if you have questions about your award
ABC UNIVERSITYOffice of Student Financial Aid
Financial Aid Award
Samantha A. StudentMarch 22, 2010 College Way Award Year: 2010-11Anytown, VA 20000 SSN: 123-45-6789
Dear Ms. Student:
After reviewing your FAFSA, we are pleased to provide you with the following financial aid offer. This award is contingent upon anticipated annual renewal of funding from federal, state, and private sources.
You may accept or decline any of the awards offered.
Projected Cost of Education - $15,000 Expected Family Contribution - $3,000
Total Financial Need $12,000
Type of Aid Fall - Spring Total Accept Decline
Pell Grant $600 - $600 $1,200 ( ) ( )
FSEOG $800 - $800 $1,600 ( ) ( )
SLM Grant $1,000 - $1,000 $2,000 ( ) ( )
Work-Study $700 - $700 $1,400 ( ) ( )
Perkins Loan $600 - $600 $1,200 ( ) ( )
Stafford Loan $1,300 - $1,300 $2,600 ( ) ( )
Total $5,000 - $5,000 $10,000
Please sign this letter and return it to the financial aid office within two weeks. Read the enclosed information on how to apply and receive the Federal Stafford Loan offered in this letter. If you need additional funding to supplement this offer, please refer to the attachment for information on additional funding options.
Signature
Federal ProgramsFederal ProgramsNeed-based
Pell Grant
Federal Supplemental Educational Opportunity Grant (FSEOG)
Academic Competitiveness Grant (ACG)
National Science and Mathematics Access to Retain Talent (SMART) Grant
Work-Study
Perkins Loan
Subsidized Stafford Loan
Non need-basedUnsubsidized Stafford Loan
Parent Loan (PLUS)
Grad PLUS Loan
Robert C. Byrd Honors Scholarship
Teacher Education Assistance for College and Higher Education (TEACH) Grant
Need-Based Federal AidNeed-Based Federal Aid
Federal Pell GrantFederal Pell GrantUndergraduates pursuing first bachelor’s degreeUndergraduates pursuing first bachelor’s degreeAmount determined by the EFCAmount determined by the EFCAward prorated base on enrollment statusAward prorated base on enrollment statusPortablePortableAnnual Award Limits (currently) $976 to $5,350Annual Award Limits (currently) $976 to $5,350
Federal Supplemental Educational Federal Supplemental Educational Opportunity Grant (FSEOG)Opportunity Grant (FSEOG)
Undergraduates pursuing first bachelor’s degreeUndergraduates pursuing first bachelor’s degreePriority to Pell recipientsPriority to Pell recipientsMaximum is $4,000Maximum is $4,000
Need-Based Federal Aid Need-Based Federal Aid (continued)(continued)
Academic Competitiveness Grant (ACG)Academic Competitiveness Grant (ACG)
Eligible for a Federal Pell GrantEligible for a Federal Pell Grant
U.S. CitizenU.S. Citizen
Enroll full-time as 1st or 2nd year undergraduate Enroll full-time as 1st or 2nd year undergraduate studentstudent
Complete a rigorous program of study in high Complete a rigorous program of study in high schoolschool
Maximum award 1st year - $750Maximum award 1st year - $750
Maximum award 2nd year - $1,300Maximum award 2nd year - $1,300
PortablePortable
Need-Based Federal Aid Need-Based Federal Aid (continued)(continued)
National Science and Mathematics Access to National Science and Mathematics Access to Retain Talent (SMART) GrantRetain Talent (SMART) Grant
Eligible for Federal Pell GrantEligible for Federal Pell Grant
U.S. CitizenU.S. Citizen
Enroll full-time as a 3rd or 4th year undergraduate studentEnroll full-time as a 3rd or 4th year undergraduate student
Achieve a grade point of at least a 3.0Achieve a grade point of at least a 3.0
Pursue a four-year degree in physical, life, or computer Pursue a four-year degree in physical, life, or computer science; mathematics; technology; engineering; or foreign science; mathematics; technology; engineering; or foreign languages critical to national securitylanguages critical to national security
Maximum award for 3rd and 4th years is $4,000Maximum award for 3rd and 4th years is $4,000
PortablePortable
Need-Based Federal Aid Need-Based Federal Aid (continued)(continued)
Federal Work-StudyFederal Work-StudyEmployment may be on or off campusEmployment may be on or off campus
Available for part-time and full-time students, undergraduates Available for part-time and full-time students, undergraduates and graduatesand graduates
Wages vary depending on type of workWages vary depending on type of work
Federal Perkins LoanFederal Perkins LoanMaximum is $5,500 a year for full-time or part-time Maximum is $5,500 a year for full-time or part-time undergraduate studentsundergraduate students
Interest rate fixed at 5%Interest rate fixed at 5%
Nine (9) month grace periodNine (9) month grace period
Deferment and cancellation provisions availableDeferment and cancellation provisions available
Need-Based Federal Aid Need-Based Federal Aid (continued)(continued)
Federal Subsidized Stafford LoanFederal Subsidized Stafford LoanFederal Family Education Loan Program (FFELP) Federal Family Education Loan Program (FFELP)
- Funds provided by lenders (e.g., banks or credit - Funds provided by lenders (e.g., banks or credit unions)unions)
Federal Direct Loan Program (Direct Loan) Federal Direct Loan Program (Direct Loan) - Funds provided directly by federal government via - Funds provided directly by federal government via
participating schoolsparticipating schoolsSchool determines eligibility; delivers proceeds to studentSchool determines eligibility; delivers proceeds to studentAnnual loan limits:Annual loan limits:
• $3,500 for 1st year undergraduates$3,500 for 1st year undergraduates• $4,500 for 2nd year undergraduates$4,500 for 2nd year undergraduates• $5,500 for each remaining undergraduate year$5,500 for each remaining undergraduate year
Interest rate fixed at 5.6% (loans made after July 1, 2009)Interest rate fixed at 5.6% (loans made after July 1, 2009)Six (6) month grace periodSix (6) month grace periodDeferment, forbearance, and cancellation provisions availableDeferment, forbearance, and cancellation provisions availableED pays interest while in schoolED pays interest while in school
Non Need-Based Federal AidNon Need-Based Federal Aid
Stafford Unsubsidized LoanStafford Unsubsidized LoanFFELP or DirectFFELP or DirectFixed 6.8% Interest Rate (after July 1, 2009)Fixed 6.8% Interest Rate (after July 1, 2009)Student charged interest while in schoolStudent charged interest while in school
PLUS LoanPLUS LoanParent loan program for parents of dependent undergraduate Parent loan program for parents of dependent undergraduate students (parents must have good credit history)students (parents must have good credit history)Annual loan limit – cost of attendance (COA) minus other aidAnnual loan limit – cost of attendance (COA) minus other aidFixed interest rate Fixed interest rate
- 8.5% for FFELP PLUS Loan- 8.5% for FFELP PLUS Loan- 7.9% for Direct PLUS Loan- 7.9% for Direct PLUS Loan
Repayment begins 60 days after loan is fully disbursedRepayment begins 60 days after loan is fully disbursedOnly principal may be deferred under certain conditions; interest Only principal may be deferred under certain conditions; interest may be capitalizedmay be capitalized
Grad PLUS LoanGrad PLUS LoanAvailable to graduate studentsAvailable to graduate students
Non Need-Based Federal AidNon Need-Based Federal Aid (continued)(continued)
Robert C. Byrd Honors ScholarshipRobert C. Byrd Honors ScholarshipNominated by high school principalNominated by high school principalMaintain satisfactory academic progressMaintain satisfactory academic progressEnroll full-time Enroll full-time U.S. citizen or permanent residentU.S. citizen or permanent residentSelective Service Registration, if requiredSelective Service Registration, if requiredMaximum award is $1,500Maximum award is $1,500Portable and renewable for four yearsPortable and renewable for four years
Teacher Education Assistance for College Teacher Education Assistance for College and Higher Education (TEACH) Grantand Higher Education (TEACH) Grant
U.S. citizenU.S. citizenUndergraduate or graduate at eligible schoolUndergraduate or graduate at eligible schoolBe enrolled in course work that is necessary to begin a career in Be enrolled in course work that is necessary to begin a career in teaching or plan to complete such course work. teaching or plan to complete such course work. Maintain at least a 3.25 GPAMaintain at least a 3.25 GPASign a TEACH Grant Agreement to Serve Sign a TEACH Grant Agreement to Serve Maximum award is $4,000Maximum award is $4,000
State of Michigan Programs
Need-Based
Michigan Competitive Scholarship
Michigan Tuition Grant
Tuition Incentive Program
Non Need-BasedChildren of Veterans Tuition Grant
College Savings Plans
MET
MESP
Need-Based Michigan Aid
Michigan Competitive ScholarshipUndergraduate students at approved MI postsecondary institutions
Student must demonstrate need and have qualifying ACT score
Enroll at least half time
MI resident
Maintain minimum GPA of 2.0 in college to renew
Need-Based Michigan Aid (continued)
Michigan Tuition GrantStudents enrolled at MI independent, non-profit, degree-granting college/university
Must demonstrate financial need
MI resident
Enroll at least half time
Meet institution’s SAP requirements for renewal
Need-Based Michigan Aid (continued)
Tuition Incentive ProgramMust have been Medicaid Eligible for 24 months out of 36 consecutive months
Pays a maximum of 24 semester or 36 term credits per academic year including mandatory fees
Qualified students are sent application form
Return form prior to:High school graduation or GED completion
20th birthday
Non Need-Based Michigan Aid
Children of Veterans Tuition GrantTuition assistance for children older than 16 and younger than 26 who are the natural or adopted child of a certain deceased or disabled Michigan veteran.
Eligibility Criteria
Michigan residentEnroll at least half-time
Maximum Award Amounts
$2,800 per year for full-time$2,100 per year for three-quarter-time$1,400 per year for half-time
College Savings Plans
Current IRAs
Education IRAs
529 College Savings Plans
Coverdell Education Savings Account
UGMA/UTMA Accounts
Parents’ Investment Account
Michigan College Savings Plans
Michigan Education Trust (MET)Pre-paid undergraduate tuition at today’s prices – three contract typesMaximum contributions – 4 years of prepaid contract purchaseUse for tuition and mandatory feesTotal contract price eligible for state tax deductionNo tax on distributions used for higher education expensesMonthly purchase by payroll deduction, ACH or coupon book
Michigan Education Savings Program (MESP)Savings/Investment programMaximum contributions – $235,000Use for higher education related expensesContributions of $5,000 (single) or $10,000 (joint) eligible for state tax deductionNo tax on withdrawals used for higher education expensesSeven investment options
Tax Credits and Deductions
American Opportunity Tax CreditMaximum credit of $2,500100% of the first $2,000 of qualified expenses25% of the next $2,000 qualified expenses
Lifetime Learning Tax CreditMaximum credit of $2,000Student Loan Interest
Tax DeductionDeduct up to $2,500 of student loan interest paid
Refer to: www.irs.gov/publications: Publication 970
Other Resources
Loan ofLast Resort
Various lending institutionsCheck with college financial aid officeCredit-based loans: interest rates from 4% -15%Co-signer may be required (lower interest rate) Major/area of study may influence repayment termsWatch for fees: disbursement, repayment, co-signerWatch for marketing gimmicks
Institutional Resources
Trustee ScholarshipsFoundation Endowment ScholarshipsFaculty Academic ScholarshipsShort Term Loans
Other Resources (continued)
Private ResourcesProfessional associationsFoundationsCorporationsCommunity organizations
CivicReligiousSocialAlumni
Commercial lending institutionsPlace of employmentResearch institutes
Searching for Resourcesthe “Traditional Way”
Check your high school bulletin board(s) or ask your guidance counselor
Check with local businesses, civic, and social organizations
Review library reference books
Inquire with employer or parent’s employer
Scholarship Searches
The College Board www.collegeboard.com
Thomson Peterson’s www.thomsonpeterson.com
Mapping Your Future www.mappingyourfuture.org
FinAid (FastWeb)www.finaid.org/scholarshipswww.fastweb.com
Scholarship ScamsIf it sounds too good to be true . . .
Victims of scholarship scams lose more than $100 million annually
Paying money to get money is a scam
Duplicates what you can find out for free
Watch forScholarships with application feeScholarship services who guarantee successSales pitches disguised as financial aid “seminars”
Refer to www.finaid.org/scholarships/scams.phtml
Summary
Student must:Apply for admission to the college(s)Apply for PIN access codeComplete and submit the FAFSA/RenewalCheck with college for other required forms and documentsReview Student Aid Report (SAR) Submit required documentation to the Financial Aid Office as soon as possible
Financial Aid Office will:Determine eligibilityPackage aidSend award letter or denial letter
Contacts: For Questions or Additional InformationGeneral Information
1-800-642-5626, Ext. 37054 Email: [email protected] Web Site: www.michigan.gov/studentaid
Office of Scholarships and Grants 1-888-4-GRANTS Email: [email protected] Web Site: www.michigan.gov/osg
Michigan Education Trust (MET) 1-800-MET-4-KID Email: [email protected] Web Site: www. Setwithmet.com
Michigan Education Savings Program (MESP) 1-877-861-MESP Email: [email protected] Web Site: www.misaves.com
Michigan Postsecondary Handbookwww.michigan.gov/studentaid Look for the hyperlink on the right side of the page under Quick Links.