Financial Aid Night Denver Scholarship Foundation Southwest Early College October 23, 2012 Financial...
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Transcript of Financial Aid Night Denver Scholarship Foundation Southwest Early College October 23, 2012 Financial...
Financial Aid Night
Denver Scholarship FoundationSouthwest Early College
October 23, 2012
Financial Aid Night
Denver Scholarship FoundationCEC Middle College
Thursday, Nov. 8, 2012
Overview
• What is Financial Aid?
• What is the FAFSA? Who can complete it?
• FAFSA: Prepare, Complete, Follow-up
• Timeline
• Resources Available & the DSF Scholarship
1 2 3
What is Financial Aid?
• Why is it important?• What is the FAFSA? • Where does the money “really” come from?
Why is Financial Aid Important?
How much will college cost?
How much will college cost?
Community University Private College
College (in Colorado) or University
live w/ parents live on campus live on campus
In State Tuition In State Tuition
Tuition & Fees
Books, Supplies
Room, BoardPersonal Expenses(include insurance, transportation)
COST OF ATTENDANCE
$ 3,050 $ 8,900 $35,000
1,700 1,700 1,700
0 10,350 9,100
2,000 2,000
4,000
$ 6,750 $22, 950
$49,800
But remember...
• These are merely starting or sticker prices.
• Financial aid can help you cover the costs, if you apply for it.
$4,300
$20,600 !
Where does the money
come from?
Need-based (FAFSA)• Grants• Work-study• Student Loans
Merit-based• Institutional Scholarships (from the college)• Private Scholarships
Self Help• Work, savings, cash
Grants
Grants• Come from federal and state governments,
colleges and private organizations.• Awarded to the student based on need.• Do not need to be paid back.
Pell Grant Up to $5,550 in 2011-2012
Work Study
Work Study• Part-time job on-campus
some off-campus sites
– Find your own job– Flexible employers – Money goes to you– Income not used against student for next year’s financial
aid
What is the FAFSA?
FREE Application for Federal Student Aid
• FAFSA is not a scholarship application. It is an application that can help you qualify for specific financial assistance - to help pay for college.
www.fafsa.ed.gov
www.fafsa.com www.fafsa.org
Who completes FAFSA? And when?
Students must be one of the following:• U.S. Citizen, Permanent Resident,
Refugee/Asylum, or awaiting a Green Card with an SSN
Must submit the FAFSA each year!
The FAFSA is available Jan. 1 CEC’s FAFSA Night: February 26, 2013
Before FAFSA: Prepare
• Students must obtain a government-issued photo identification, if they don’t have one already.
• Prepare and submit student and parent tax returns as soon as possible in January.– If you don’t receive your W-2s
by January 31, 2013, talk to your employer.
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Filing Taxes
• What the Denver Scholarship Foundation has learned:
If a family does not report its family income to the federal government (IRS), the student may not receive federal financial aid, even if the student is a citizen.
Before FAFSA: Prepare1
• To complete the FAFSA, you need:– Student and your parent(s) 2012 tax returns (1040, 1040A, 1040EZ) and W-2s
– Student and your parent(s) social security number (student’s required)
– Student and your parent(s) name is it appears on social security card
A much more detailed list will be sent out in January
Before FAFSA: Prepare1
2012
FAFSA
www.fafsa.ed.gov
FAFSA
The U.S. Department of Education:• processes the information and • provides you - and the colleges you selected - the
Expected Family Contribution (EFC)…
• …an index that colleges use to determine your eligibility for financial aid
• …NOT necessarily the amount of money your family will have to pay for college
• ...NOT the amount of federal student aid you will receive.
.ed.gov
2
FAFSA
Financial Aid Award Pell Grant State Grant Scholarship Work Study Student Loan Parent Loan
EFC
“Expected FamilyContribution”
Cost of Attendance <EFC>
= Financial Need
2
What Determines
EFC?• Parent income and assets
(Assets do not include family’s primary home, businesses with fewer than 100 employees, retirement, life insurance policies, farms.)
• Student income and assets• Cash, savings, investments, businesses• Number in household, and in college• Untaxed income• Note: debt/bills are not listed.
Special Circumstances
Q: My parents are divorced, whose taxes do I use? • Use the information of the parent with whom you lived with
the most in the previous 12 months., which is typically the parent who provides more than half of your support.
• If my mom is remarried, do I have to use her husband’s financial information, whether he files jointly or separately?Yes.
Q: I live with my grandma, and she doesn’t file taxes.
• It doesn’t matter who you live with, if she isn’t your court appointed legal guardian, we need parent financial information.
Special Circumstances
Q: I am independent because I’m 18 and I provide for myself. My parents don’t help me now financially and won’t help me when I’m in college.
• You must be legally emancipated, 23, or married, or we will need parent tax information.
Q: My parents don’t file taxes. • It’s ok, you must still complete the FAFSA.
Q: My parents refuse to give me their taxes or SSN. • Unless you are considered independent, you need them.
Q: My parents don’t have a social security number. • It’s ok, you can still complete the FAFSA.
Independent vs. Dependent
Q: I live with my brother, he is not my legal guardian. • It doesn’t matter with whom you live in this case; you will need to provide
your biological parents’ information unless you are legally adopted.
Q: I have a child. • If your child receives more than half of their support from you, you are
independent.
Q: I am in a foster home. • If at any time since you turned 13 you were in foster care, you are
independent.
Q: I am not legally adopted but can’t locate my parents or they are incarcerated.
• Special circumstance: student can’t provide parent information. Must provide documentation to financial aid office for professional judgment.
After FAFSA
• After FAFSA…is a long time away from now.• But, here’s what you need to remember:
– The process does not end at the FAFSA.– When you come to the FAFSA night, it is important to
take notes and listen to your FAFSA expert – this person will tell you what you need to do next.
– Keep Ms. Abbott, Mr. DePinto, Ms. Russel in the loop They will be able to help you with each “next step.” – When a college asks for information,
send it in immediately.
3
Oct-Dec Students obtain a government-issued photo identificationJanuary: File 2012 taxesFebruary: Complete the FAFSA (at CEC on Feb 26!)March: Complete IRS Data Match (if needed); Order IRS tax transcriptApril: Submit all documents your college requests; Receive financial aid award lettersMay: Make a decision; accept awardsJune-July: Verify your financial aid file is complete
Timeline
DSF Scholarship
Technical CollegesDelta Montrose Technical College*Emily Griffith Technical CollegePickens Technical College Community CollegesAIMS Community College*Arapahoe Community CollegeColorado Mountain CollegeColorado Northwestern Community College*Community College of Denver*Community College of Denver Front Range Community CollegeLamar Community College*Northeastern Junior CollegeOtero Junior CollegePikes Peak Community CollegePueblo Community College Red Rocks Community College Southwest Colorado Community CollegeTrinidad State Junior College
4 Year Colleges*Adams State CollegeColorado Christian University*Colorado College*Colorado Mesa University*Colorado School of Mines*Colorado State University*Colorado State University-PuebloFort Lewis College*Johnson & Wales University*Metropolitan State College of DenverNaropa UniversityNazarene Bible College*Regis University*University of Colorado at Boulder*University of Colorado at Colorado Springs*University of Colorado at Denver*University of Denver *University of Northern Colorado*Western State College of ColoradoThe Women’s College
Every year, the Denver Scholarship Foundation awards thousands of scholarships to qualifying DPS graduates who attend one of our 39 eligible colleges in Colorado.
DSF Scholarship
•For DPS graduates who:
are enrolled in a DPS high school for all four hears of High School
have a 2.0 cumulative G.P.A have financial need enroll in Colorado colleges
• Awards are based on financial eligibility (FAFSA), school choice, and enrollment (full-time or part-time)
• This fall, DSF Scholars received up to $3400
• Renewable for up to five years
DSF Scholarship
April 1 • Submit DSF Scholarship application • Apply for 3 additional scholarships • Submit FAFSA• Submit proof that you submitted FAFSA
May & June• Graduate from DPS high school with a 2.0
cumulative GPA• Attend a Transition to College Workshop
July 15 • Complete Financial Aid Requirements• Tell DSF if you plan to attend a different college
Resources Available
Denver Scholarship Foundation
• Scholarship directory: www.denverscholarship.org
• DSF Website: www.denverscholarship.org
DSF depends on donations from the community to pay for its scholarships, and award amounts can vary from year to year.
Questions?
That was a lot of information!What questions do you have now? What’s next?
• Talk to Ms. Abbott & Mr. DePinto at CEC• Talk to or email Robin Russel:
– [email protected]– 303.564.7601 – Fridays, Senior Support!