Guide to College Funding
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Transcript of Guide to College Funding
Your Journey to College Begins with Us
Welcome to College Funding Presented by EducationQuest Foundation
The Cost of Education
The types of financial aid available
How to apply for financial aid
We will cover…
The Cost of Education!
Have a financial discussion as a family
House Payment
Household Bills
Cars
Other Debt
Savings CollegeGivingOther
Cost of Education
Direct Costs
• Tuition & Fees• Room & Board*• Books & Supplies
Indirect Costs
• Personal• Transportation
*Depends on student housing plan 16
Types of Financial Aid
Loans*
Types of financial aid
Scholarships Work-Study*
Grants*
*Based on FAFSA Results(Free Application for Federal Student Aid)
$
$$
$
7
ScholarshipsCommon criteria
GPA Financial Need Ethnicity ACT/SAT
score
Field of study
First- generation
studentTalents Community
Service
Employer College choiceLeadership Activities
Military service Disability State of
residence Gender
$
Begin research early Colleges School counselor ScholarshipQuest at
EducationQuest.org Private organizations The Internet
$ ScholarshipsSearch tips
8
“You’ve been
selected.”
“You’re a finalist.”
“The
scholarship is
guaranteed or
your money
back.”
“May I have your credit card number?”
“The scholarship
will cost some
money.”
! ScholarshipsWARNING!
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NOT following directions NOT meeting the deadline NOT typing – or turning in a sloppy
application NOT proofreading NOT including all necessary components NOT answering the essay question as asked NOT meeting the criteria
$ ScholarshipsCommon mistakes
Financial Aid Program Scholarship!!
Students who attend an EducationQuest Financial Aid Program can register for a
$500 scholarship! Will conduct a drawing to select three
student winners in February See your packet for an information card
Eligibility Financial need
2.5 GPA on a 4.0 scale
Attend a Nebraska public college (two- or four-year)
Amount Up to $4,250 per semester
Dates to remember
Online application opens: November 1, 2014
Deadline: February 1, 2015
Student Aid Report due: March 15, 2015
Susan Thompson Buffett Scholarship www.buffettscholarships.org!
!
Money you don’t repayBased on financial need
Federal Pell Grant (range $602-$5,730)
State College-based
Grants$
7
Tuition Assistance Programs
Collegebound Nebraska– UNO, UNL, UNK, or UNMC– NE resident, full-time student,
Pell eligible– Must complete FAFSA by April 1
If youmeet the criteria, tuition is
COVERED!
$
!
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Advantage– Wayne, Peru, Chadron– NE resident, full-time student,
Pell eligible– Must complete FAFSA by June 1
Must show financial need
Part-time job, typically on campus
Flexible scheduleMoney not available
up-front
Work-Study$
7
NameInterest accruing while in school?
Type
Need-basedNo
Perkins loan
Direct Subsidized loan
Non-need-based
Yes
Direct Unsubsidized
loan
Parent PLUS loan
Federal student loans$
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Annual loan limits
Freshman:$5,500
Sophomore: $6,500
Junior:$7,500
Senior:$7,500
Note
2014-15 student loan interest rate
fixed at 4.66%.
$
11
Applying for Financial Aid
Applying for financial aid
Scholarships Grants, Work-Study, Loans
Deadlines Priority dates
Financial aid process
FAFSA & PIN
Processor
StudentCollege
SAR
Award Letter
This is how the financial aidprocess works:
Verification?
9
Applying for a Department of Education PIN
A PIN serves as your signature on the electronic FAFSA
The Department of Ed PIN process is changing EducationQuest will provide updates on
Facebook and Twitter (@FreeCollegeHelp) – so follow us!
About the FAFSA
Free Application for Federal Student Aid Apply at fafsa.gov Complete after January 1 of senior year
before college’s priority filing date Use parent and student tax information Renew yearly
9
##
2014 Taxes and W-2s
PINs
Social Security Numbers
Birthdates
2014 child support paid or received
Value of Savings and Checking Accounts
Value of Investments (excluding retirement accounts)
Items needed to complete the FAFSA
Review theFAFSA Checklist at EducationQuest.org for a complete list of necessary items.
!
##
Born before Jan. 1, 1992?
Are you considered a dependent student?
Married?
Working on a master’s or professional program?
On active duty or a veteran of the US Armed Forces?
Have children or dependents you are providing more than half the support for?
An orphan, ward of the court, or in foster care at any time since age 13?
Have a legal guardian or emancipated by the court?
An unaccompanied youth who is homeless or in danger of becoming homeless?
If you cannot answer YES to at least ONE question, you will be considered dependent
?
YesBiological – student
lives with you
Adoptive(before age 13)
Step – married to biological parent with whom student lives
NoBiological – student does NOT live with
you
Foster parent
Legal guardian
Parents: Should you include your information on the FAFSA?
?
EFC = Expected Family Contribution
Lower EFC
Greater Financial
Need
FAFSA results
College uses EFC to determine the type and amount of aid to award the student
=
Financial aid formula
Cost of Education
Tuition & FeesRoom & Board
BooksPersonal
Transportation
Parent Income/AssetsStudent Income/Assets
Parent’s Age# in Household
# in College
The amount of money the college will try to give you
in financial aid
EFC Financial Need
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About your award letter
About your award letter
For future reference…
IRS Data Retrieval Electronically transfer tax information into the
FAFSA
Verification Turn in requested documentation to the school
Student Loans To borrow student and/or parent loans, go to
www.Studentloans.gov
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!
Applying for student loans