Figuring out Financial Aid

							Figuring out Financial Aid


 Presented by Leila G. Krutt
    From CONNTAC-EOC
We will talk about:

   Federal student aid

   State student aid

   Student aid from colleges

   Scholarships from other sources
We will answer:

   What is financial aid?

   Who can get it?

   What are the types of financial aid?

   How much can I get?

   How do I apply?

   What happens next?
What is financial aid?

 Financial   aid is any type of
 money you receive to help
 fund your education
Who can get federal student aid?

   U.S. citizen or permanent resident
   High school graduate/GED holder
   Eligible degree/certificate program
   Valid Social Security number
   Males registered for Selective
    Service
   Satisfactory academic progress
What are the types of financial aid?

1.   Gift Aid: Grants / Scholarships –
     money is not paid back

2.   Loan Aid: Borrowed money

3.   Work Aid: Money earned as
     payment for a job
Grants vs. Scholarships

   Grants - Money that is given based
    on need

   Scholarships - Money that is usually
    given based on merit or
    performance of some kind,
    sometimes in combination with a
    person’s need
Types of federal grants
   Federal Pell Grant – Up to $5,550 a year

   Federal Supplemental Educational
    Opportunity Grant (FSEOG) – Up to
    $4,000 a year

   TEACH Grant – Up to $4,000 a year
Types of federal loans

   Federal Perkins Loan – Up to $5,500
    a year

   Federal Stafford Loans
       Subsidized - $3,500 to $8,500 a year
        depending on grade level
       Unsubsidized - $5,500 to $12,500 a
        year depending on grade level

   PLUS loans – Up to amount of
    unmet financial need.
Federal Work Study

   Part time job

   Normally work for the school or a
    public service position

   Can not earn more than what was
    stated in the award letter
Connecticut State Aid

   Connecticut Aid for Public College
    Students - Up to amount of unmet
    financial need.

   CT Independent College Student
    Grant Program (CICS) - Up to
    $8,166 a year

   Connecticut Minority Teacher
    Incentive Program – Grants up to
    $5,000 a year for 2 years
Financial Aid from the School

   Different scholarships and grants
    are available from school to school

   May need to complete an
    institutional financial aid form or the
    CSS Profile
Scholarship resources

   Fastweb.com
   Collegeboard.com
       Search for “Scholarship Search” in
        upper left hand corner
   CT Department of Higher Education:
       http://www.ctdhe.org/SFA/default.htm
   College websites – lists found on
    the school’s financial aid page
How to apply for financial aid

        Fill out the FAFSA –
Free Application for Federal Student Aid
       www.fafsa.ed.gov

     BEWARE OF SCAMS!!!
        Do NOT use:
            fafsa.com

            fafsaonline.com

            NO   dot coms!!
What documents you need:
   Federal Income Tax Return (if you filed
    one)

       IRS 1040, 1040A, or 1040EZ

       Foreign Tax Return

       Tax Return from Puerto Rico, Guam, American
        Samoa, the U.S. Virgin Islands, the Marshall
        Islands, the Federal States of Micronesia, or
        Palau

   W-2 Forms and other records of money
    earned
(cont’d) What documents you need:

   Any untaxed income records, such as:

       Workers compensation

       Disability

       Child support received

       Veterans non-education benefits
How to determine dependency:

   Answer NO to all dependency
    questions – You are a dependent

   Answer YES to one or more
    dependency questions – You are an
    independent
ONLY if you’re a DEPENDENT
          Parental information you will need:

   Full name

   Social Security Number

   Date of birth

   Address

   Alien registration number (if not a U.S. citizen)
(cont’d) ONLY DEPENDENTS:
          Parental information you will need:

   Date of parents’ marriage, separation, or divorce
    (month and year)

   Parents’ total amount of money in checking,
    savings, cash, etc.
Step 1: Apply for a PIN
  Go to www.fafsa.gov and click on
  START HERE and follow the steps

       Or go to: www.pin.gov
Who needs a PIN?

   The student needs a PIN

   One parent needs a PIN (if the
    student does not qualify as an
    independent)

   The parent can re-use a PIN created
    for a sibling’s FAFSA
The FAFSA homepage
Step 2: Fill out the FAFSA
Fill in Login Information and make
       sure to double check it!
Filling out the FAFSA…

Choose “Start 2012-2013 FAFSA”

   Don’t leave questions blank


   Read questions carefully

   Pay attention to the years that are
    mentioned
Submitting the FAFSA
   Check FAFSA for mistakes

   Enter your PIN and a parent’s PIN and
    submit the FAFSA

   An estimated EFC (Expected Family
    Contribution) is generated

   Pell Grant eligibility is predicted
After the FAFSA

   Receive a Student Aid Report (SAR)
My contact information

   Leila Krutt – Educational Counselor

   Main office: (860)412-7263

   Willimantic office: (860)423-1824

   Email: LKrutt@qvcc.commnet.edu