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Financial Aid Helper

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Financial Aid Helper Powered By Docstoc
					Applying for financial aid at
 Mountain State University
   What is Financial Aid?
   Glossary of Terms
   Cost of Attendance
   Expected Family Contribution
   Types of Financial Aid
   The Financial Aid Process
       FAFSA
       Online Interview
       Master Promissory Note
       Verification
       Follow Up
Financial aid is funds provided to students and
   families to help pay for postsecondary
   educational expenses.
   FAFSA: Free Application for Federal Student
    Aid
   PIN: Personal Identification Number
   EFC: Expected Family Contribution
   SAR: Student Aid Report
   ISIR: Institutional Student Information Record
   Verification
   VFAO: Virtual Financial Aid Office
   MPN: Master Promissory Note
   Direct Costs
   Indirect Costs
   Direct and indirect costs combined into cost of
    attendance
   Vary widely by institution
   Stays the same regardless of institution
   Calculated using FAFSA data and a federal
    formula
   Calculation made by the Federal Government
   Two components
       Parent contribution
       Student contribution
   Scholarships
     Does not have to be paid back
     Based on merit, skill, or a unique characteristic
     www.educationplanner.org
   Grants
     Does not have to be paid back
     Usually awarded on the basis of financial need
   Loans
     Students/Parents borrow to help pay educational
      expenses
     Repayment after graduation
     ONLY BORROW WHAT IS NEEDED!
   Federal Pell Grant
   Federal Supplemental Opportunity Grant
   Stafford Loans
       Subsidized
       Unsubsidized
   PLUS Loans
       Parent
       Graduate
   FAFSA completed by March 1, 2008
   Complete a Common Application online
    (www.wvapply.com). Application must be
    postmarked by March 1, 2008
   High School Senior must have a 3.0 GPA
   ACT score: 22 or better or a combined 1020 on SAT
   College Students must maintain a 3.0 GPA
   Core Academic Classes:
       English: 4 crds
       Math: 3 crds
       Social Sciences: 4 crds
       Natural Sciencs: 3 crds
   Students must complete 30 credit hours per
    academic year
   PROMISE is renewable for up to eight
    semesters, as long as student meets the
    minimum eligibility requirements.
   Must be a WV Resident
   Qualifying EFC: 6,000 or less
   FAFSA complete by March 1, 2008
   Students must maintain 12 credit hours
   Must have a 2.0 GPA by the end of Spring term
    of previous year to be re-awarded
   Summer hours do not count
   More information:
    http://wvhepcnew.wvnet.edu
   Foundations, businesses, charitable
    organizations
   Deadlines and application procedures vary
    widely
   Begin researching private aid sources early
   Research what is available in community
   To what organizations and churches does
    student and family belong?
   Application process usually Spring of senior
    year
   Small scholarships add up!
   Companies may have scholarships available to
    the children of employees
   Companies may have education benefits for
    their employees
   FAFSA
   Online Interview
   MPN
   Verification
   Follow Up
   Yearly Application
   Must be completed online
   Apply for PIN at www.pin.ed.gov
   Must use previous year’s taxes
   Dependent students must have parents sign with
    parent’s PIN
       Dependents students are under 24, no children,
        unmarried, whether or not they live with parents
   Used to calculate EFC
       Determines Pell eligibility and other grants
   MSU’s Virtual Financial Aid Office processes
    the financial aid packages for all campuses
   Interviews have to be complete for every
    semester
   Must register on the site, using the password to
    sign the interview
   Must request an amount in loans if loans are
    needed.
   Phone number to virtual office: 1-877-906-1723
  If needing
loans, request
amount here!
   Sign at the end of your online interview
   Only have to sign once
   If borrowing a PLUS loan, a separate MPN
    must be signed
   Must sign to receive loans
       Electronically online with FAFSA PIN
       Paper signature sent to AES
Click Here to Sign
      MPN!
   Random selection by the Department of
    Education
   Notified by email by the VFAO
   The documents needed to be turned in can be
    found on your account on the VFAO site
   Turn these in ASAP
   If required to supply taxes, a hand-written
    signature must be on the document
All balances must be
paid in full by the end
 of each semester to
 register for the next
      semester.
   When selected for verification, the tax
    information is always for the previous year
   Write all passwords/usernames and PIN
    down in a safe place
   The sooner forms are turned in for verification,
    the sooner we can process your aid
   Follow up on your VFAO account often
   Move slowly through the online interview so
    important questions aren’t unanswered
   FAFSA help: 1-800-4-FED-AID (1-800-433-3243)
   VFAO: 1-877-906-1723
   MSU Information Center: 1-866-497-4111
   Niki Kelly: 304-929-1517,
    dkelly@mountainstate.edu
   General Financial Aid information:
    faid@mountainstate.edu

				
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