Understanding Financial Aid for College Students
Learn about the different types of financial aid available for college students, including scholarships, grants, and loans. Discover the basic equation of need, expected family contribution, and the importance of filling out the FAFSA form. Explore ways to cover your college expenses and make the most of available resources.
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Presentation Transcript
Poinciana High School Making Cents of Financial Aid
4 Types of Financial Aid FEDERAL FAFSA STATE FAFSA + Florida Bright Futures INSTITUTIONAL Aid from the college itself, check with each college for specific offers OUTSIDE AGENCIES Education Foundation, scholarships.com, collegeboard.org, cappex.com, raise.me
Financial Aid NOT JUST LOANS! Definition: Money given, paid, or loaned to help pay for college. Scholarships Grants Loans
Basic Equation of Need -- Expected Family Contribution (EFC) Budget/Cost of Attendance (COA) = Financial Need (eligibility) The college will attempt to offer FINANCIAL AID to meet your calculated FINANCIAL NEED
Budget/Cost of Attendance (COA) Tuition and Fees Room and Board Books and Supplies Transportation Health Care Miscellaneous Personal Expenses
Expected Family Contribution (EFC) What is considered in EFC calculation: Parent and student incomes Parent and student assets including savings, stocks and bonds, real estate investments, farm or business ownership, and trusts. (not included: family s primary residence equity and specific retirement funds) Number of children in family household Number of children in family attending college
State Private CC Budget (varies) 20,000 35,000 10,000 - EFC (constant) 10,000 10,000 10,000 = Fin. Need (varies) 10,000 25,000 0
The FAFSA The FAFSA form is required to apply for Federal Financial Aid and Florida Bright Futures The Pell Grant
The FAFSA Go to http://www.fafsa.ed.gov Register your FSA ID for student and parent must be different # for parent & student If you have to pay, you are getting scammed!!! On-line version: Record your ID numbers (parent & student) in a safe place for future reference. Remember that Financial Aid deadlines are NOT flexible.
You will need First 2 pages of your Tax Return Social Security Numbers & birthday dates for parents and student Marriage/divorce information of parents Dates of when you began living in FL
FAFSA Help Monthly FAFSA on the 1st @ Poinciana High School Districtwide FAFSA Nights
Other Types of Financial Aid INSTITUTIONAL Aid from college or university Awarded under guidelines determined by institution Varies by school Financial need considered, not required Apply early for greatest opportunity
Other Types of Financial Aid EDUCATIONAL LOANS: Federally-backed loans: Subsidized Interest paid (by taxpayers) while student in school Lower-than-market interest rates May be paid in single payment Repayment starts 6 months after graduation Unsubsidized Interest accrued while student in school Lower interest rates Can defer repayment until after graduation
Loop Holes and Secrets Dual Enrollment: If able, student takes courses at local college for FREE Opportunity for student to graduate with a High School Diploma and Associate s Degree at the same time Community vs. Traditional 4 Year Cost factor Transition into 4 year University
Scholarships scholarships.com collegeboard.org cappex.ccom raise.me
Questions cooka@Osceola.k12.fl.us Thank you for your time tonight!
