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									A Guide to Financial Aid

North Port High School
  January 16, 2008
                       Seminar Topics

• Bright Futures eligibility
• Review of FAFSA and federal and state
  financial aid programs
• The financial aid package
• Searching for scholarship opportunities
    The Bright Futures Umbrella

• Florida Academic Scholars Award
• Florida Medallion Scholars Award
• Florida Vocational Gold Seal Scholars
  General Eligibility Requirements

• Florida Residency
• Standard diploma or equivalent
• Accepted and enrolled in eligible Florida
  post-secondary institution
• Not have been found guilty or pled no
  contest to a felony charge
• Use within three years of award

• Online application for all Florida
  Scholarship Programs
  – Must be completed in senior year before
    student can be awarded Bright Futures
  – Available December 1 of Senior Year
         Florida Academic Scholars

• Minimum weighted GPA of 3.5 (Bright
  Futures GPA Calculation) in the 15 college
  preparatory credits identified by the Board
  of Regents
• Test Score Requirements:
  – 1270 SAT I or 28 ACT composite
• 75 hours of community service
             Florida Academic Scholars
                     Award Information

• Public institutions - Tuition, fees, and $600
  annually for college-related expenses
• Private institutions - Award equal to
  amount required to pay average tuition and
  fees at public institution plus $600
  allowance for college-related expenses.
                     Florida Medallion
                       Scholars Award
• Program Requirements
  – 3.0 weighted GPA in the 15 unit college
    preparatory curriculum.
  – Test scores of 970 on the SAT I or 20
    composite on the ACT.
  Florida Medallion Scholars Con’t.
Award Information
  •Public Institutions - 75% of tuition and
  fees up to a maximum of 45 semester
  credit hours per year.
  •Private Institutions - Award equal to
  amount required to pay 75% of average
  tuition and fees of a public institution at a
  comparable level
  •NEW – 100% tuition @ Community
               Gold Seal Test Score

• SAT - 440 Verbal; 440 Math
• ACT - Reading 18; English 17; Math 19
• College Placement Test (CPT) - Reading
  Comprehension 83; Sentence Skills 83;
  Elementary Algebra 72.
   Gold Seal Vocational Scholars

• Achieve required test scores
• 3.0 weighted GPA in subjects required for high
  school graduation, excluding electives.
• 3.5 GPA in required vocational courses.
                 Gold Seal Award (cont’d)

Award Information
  – Public institutions - 75% of tuition and fees
    (depending on number of credit hours).
  – Private institutions - Equivalent of 75% of
    tuition and fees at public institution.
  – Two year scholarship.
  – If continuing to four-year degree, may transfer
    to Merit Scholar Award upon renewal with a
    2.75 or higher GPA.
  College –Cost of Attendance =

• Educational Costs
        – Tuition and fees
• Residential Costs
        – Room and Board
• Incidental Expenses
        – Books, supplies, recreation, entertainment,
          clothing, laundry, transportation.
              Types of Financial Aid

•   Scholarships (Gift)
•   Grants (Gift)
•   Loans
•   Employment Opportunities
         Financial Aid Eligibility
                        Aid is awarded on
                            the basis of
Cost of Attendance -     financial need
Family Contribution
(EFC) =
 Total financial need
     Need Varies According to Cost

 1                                  X

        2                                   Y

              3                                      Z

                       EFC                 EFC

  Cost of         Expected Family        Need
Attendance         Contribution         (Variable)
 (Variable)         (Constant)
    Principles of Need Analysis

• Parents have primary responsibility to pay to
  the extent possible.
• Student has responsibility to contribute.
• Family should be considered in its present
• Needs analysis must evaluate all families in an
  equitable and consistent manner.
• Special conditions could affect ability to pay.
Independent Student Definition
• At least 24 years old by December 31st of the
  award year covered by the FAFSA;
• Graduate or professional student;
• Married;
• Has legal dependents other than a spouse;
• Orphan or ward of the court;
• Veteran of the U.S. Armed Forces; or
• Determined to be independent by the financial aid
  administrator of the academic institution
       Applying for Financial Aid
• Free Application for Federal Student Aid
• University may require its own application
• Some institutions require completion of

           FAFSA is THE KEY for
              NEED BASED AID!!
        FAFSA PIN Request

• www.pin.ed.gov or can be done when
  completing the FAFSA
• PIN can be used to electronically sign
• Both student and parent/guardian should
  request a PIN
• Requires 7 – 10 days to receive PIN via
          Ways to Complete FAFSA

• Paper Copies only available on request
• FAFSA on the Web
     Available January 1, 2007
     If completing online FAFSA, use pre-
       application worksheets. (In your packet)
     Records Needed to Complete

• 2007 Income Tax Return
• State and local tax forms if applicable
• W-2 forms and other records of money
  earned in 2007
• Records of untaxed income - welfare, social
  security, AFDC or ADC, or Veterans
      Records Needed to Complete
                      FAFSA con’t.

• Current bank statements
• Current mortgage information
• Business and farm records
• Records of stocks, bonds, and other
• Student driver’s license and social security
    Tips for Completion of FAFSA
• File as soon after January 1st as possible.
• Estimating is better than filing late.
• Read all instructions carefully!
• Answer all required questions carefully -
  leave item blank only when instructed.
• Taxes do not have to be filed previous to
  completing the FAFSA
• Complete by January 31, 2008 if possible.
 Tips for Completion of FAFSA con’t
• Be consistent in name used on all forms.
• Write numbers less than 10 with a zero first -
  example - 07
• Purple - student
• Grey - parents
• Sign and date form with your pin as required.
• Round off figures to nearest dollar.
• Print copies of everything you submit.
Tips for Completion of FAFSA con’t

• Unusual circumstances - loss of
  employment, illness or major medical
  expenses, etc.
  – Write letter directly to the financial offices of
    the colleges explaining circumstances.
  – Do not include letter with FAFSA.
                 FAFSA Worksheets

Completed for both student and parent:
• Worksheet A: Selected untaxed income and
  and benefits
• Worksheet B: Remaining untaxed income
  and benefits
• Worksheet C: Income Exclusions
           Frequent FAFSA Errors…

•   Parent & student Social Security Numbers
•   Divorced/remarried parental information
•   Income earned by parents/stepparents
•   Untaxed income
•   U.S. income taxes paid
•   Number of household members in college
•   Real estate and investment net worth
After the FAFSA is Completed...

• FAFSA processor sends data to colleges
  and state agencies
• Student receives Student Aid Report (SAR)
     • Summarizes information from FAFSA
     • Provides area for corrections/additional report
     • Provides EFC
• Next year - Renewal FAFSA
Academic Competitiveness Grant

• $750 for first year students

• $1,300 for second year students

($360 million went unused in 2006-07)
    ACG Eligibility Criteria

• U.S. Citizen
• Fed. Pell Grant recipient for same year
• Full Time Enrollment
• First or second year student in a 2 or 4 yr.
• Completion of a rigorous secondary school
          The College Award Letter

Should include the following:
• Cost of attendance
• How need determined, including expected parental
  and student contribution
• Actual amount of need the student has
• How need will be met
• How aid will be disbursed
• Wage rate and number of hours if work included
• Any conditions surrounding the offer
         The Financial Aid Package

Federal Pell Grants
•   Undergraduate students only
•   Gift aid - does not have to be repaid
•   Awards range from $400 - $4000+
•   Must be U.S. citizen or permanent resident
  The Financial Aid Package con’t.
Federal Supplemental Education Opportunity
  Grant (FSEOG)
• Undergraduate students only
• Gift aid - does not have to be repaid
• Demonstrate exceptional financial need
• College determines amount of award –
  ranges from $1000 minimum to $4000
    Federal Work-Study Program

Provides jobs for students on and off campus
• Earnings cannot exceed need level
• Pay rate is determined by school or agency
• Paycheck must be given at least monthly
• Typical jobs - library, financial aid, student
  services, athletics, etc.
  Federal Perkins Loan Program

Loan must be repaid once no longer in school
• Interest rate is 5%
• Student must demonstrate financial need
• Maximum annual loan amount - $4000 for
• Promissory Note must be signed
• Nine month grace period
• Repayment period – up to 10 years
 Federal Stafford Loan Program
• Subsidized - demonstrated need and interest
  deferred while in school
• Unsubsidized - Non-need based and interest
  accrues during deferral period
     •   $2625 first year
     •   $3500 second year
     •   $5500 other years
     •   $8500 graduate and professional
• 4% fees deducted from loan
• Variable interest rate - T-bill + 3.1%;
  cap - 8.25%
• Repayment begins 6 months after graduation
     Federal PLUS Loan Program
• Available to parents of dependent undergraduate
• Credit check required
• Limit is cost of attendance minus other aid
• Variable interest rate capped at 9%. Rates adjusted
  every July 1.)
• 4% fees deducted from loan amount
• Repayment begins 60 days after loan is fully
• Deferment provision – only principal is deferred, but
  interest may be capitalized.
         State Financial Assistance

• Florida Student Assistance Grant -
  $400 - $1500
     • One year residency requirement
• Florida Resident Access Grant
     • Applicable at Florida private colleges eligible for
       the program
     • Forms available from the college financial aid
Local Scholarship Opportunities
       • Scholarship Scene
       • www.sarasotacountyschools.
       • Horizons
       • High School announcements
       • College & Career Center
         Scholarship Corner
       • Caution --- Do not PAY for
         scholarship searches or
  Scholarship and Financial Aid
                     Web Sites

CollegeNet - http://www.collegenet.com/
• Scholarship Resource Network -
• FAFSA on the Web - http://www.fastweb.com/
• fastWEB - http://www.fastweb.com/
• Financial Aid Information Page -
   Scholarship and Financial Aid
                    Web Sites con’t.
• Education Department -
• National Association of Student Financial Aid
  Administrators - http://www.nasfaa.org
• College Board - http://www.collegeboard.com
• ACT -
• www.lunchmoney.com
            Final Announcements...

MCC Applications – Only on-line
          APPLY NOW!
MCC Field Trip – Thursday, Feb. 21
    Application must be completed before
          signing up for the trip
Watch scholarship deadlines!

• College financial aid offices
  and admissions offices
• High school guidance offices
• Student Services

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