Financial Aid 101

Financial Aid 101 Presented by the Adult Education Department atIndian River State College Virtual Workshop Orientation

Orientation

Orientation

Orientation

Orientation

Orientation

Orientation

ObjectivesNavigate the financial aid process

Locate and complete the Free Application for Federal Student Aid (FAFSA)

List sources of financial aid and understand financial aid terminology

Financial Aid topics What is financial need

Cost of attendance (COA)

Expected Family Contribution (EFC)

Types and sources of financial aid

Free Application for Federal Student Aid (FAFSA) What is Cost of Attendance Includes:

Tuition & Fees

Room & Board

Books, supplies, transportation, etc.What is Expected Family Contribution or EFCAmount family can reasonably be expected to contributeCost of Attendance Expected Family Contribution =Financial Need

Parent contribution/Student contribution

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

Stays the same regardless of college

Types of Financial Aid Scholarships Aid that is awarded on the basis of merit, skill, or unique characteristic that does not have to be repaid

Grants Aid awarded on the basis of financial need that does not have to be repaid

Loans- Money students and parents borrow to help pay college expenses Repayment usually begins after education is finishedOnly borrow what is really neededLook at loans as an investment in the future

Sources of Financial Aid Federal government

States

Private sources

Civic organizations and churches

Government Aid Federal 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)

Government Aid State Residency requirements

Award aid on the basis of both merit and need oftentimes

Use information from the FAFSA

Deadlines vary by state; check FAFSA on the Web site

Private SourcesFoundations, businesses, charitable organizations, civic & community organizations & churchesBegin researching private aid sources earlyDeadlines and application procedures vary widelyIRSC Foundation Scholarships STARS application at https://stars.irsc.edu/STARS/ Websites such as http://www.collegeboard.com/student/pay/index.html

Common Federal Aid Programs Federal Pell Grant

Federal Supplemental Educational Opportunity Grant

Federal Work-Study

Subsidized and Unsubsidized Loans

Federal Pell Grant Awarded amount based on EFC, COA, and enrollment status (full-time, half-time, etc.) Maximum award for 2011-2012 = $5,550FSEOG - Federal Supplemental Educational Opportunity GrantAnnual award amounts vary from $100 to $4,000 a year Students with the lowest EFCs are awarded first Priority goes to Federal Pell Grant recipients and is often based on the date you submit your FAFSA

Federal Work Study -FWSProvides part-time employment while you are enrolled in school

Employment may be on or off campus

Inquire about work-study jobs at IRSCs Financial Aid Office

Federal Direct LoansSubsidized must demonstrate need U.S. Department of Education will pay (subsidize) the interest that accrues while in school Unsubsidized not based on need most everyone can qualify Interest accrues while in school

Private LoansBanks and credit card companies may provide education loansThese type of educational loans will likely have a higher interest rate than government student loansRequires credit-worthiness

Loans have maximum amounts based on your year in college

Free Application for Federal Student Aid (FAFSA)Collects demographic and financial information about the student and familyInformation used to calculate the Expected Family Contribution or EFCmoney a student and parent may reasonably be expected to contribute to the cost of the students education per academic yearColleges use EFC to award financial aidThis form is the basis for all need-based financial aidWebsite: www.fafsa.gov IRSC federal school code is 001493

FAFSA AssistanceIndian River State Colleges financial aid departmentCollege Goal SaturdayFAFSA website Toll-free 1-800-4FED AID 1-800-433-3243Online live assistance Email (Assistance available M-F 8 am 12pm Sat 9am-6pm)

How much did you learn?1) Do you complete the FAFSA form only once while you are attending college?

2) Do grants have to be repaid?

3) Does the cost of attendance include room and board?How did you do?1) Do you complete the FAFSA form only once while you are attending college? No, it is completed every year that you are in college.

2) Do grants have to be repaid? No.

3) Does the cost of attendance include room and board? Yes, regardless of whether or not you stay on campus.

Any questions regarding financial aid or the FAFSA?

Thank you for your attendance!