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Legitimate Free Federal Grants

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									Finding Money for College




         July 18, 2008
We will discuss:
•   What is financial aid?
•   Who can get it?
•   How much is available?
•   How do you apply?
•   What happens after you apply?
•   Where can you get more info?
                                    2
What is financial aid?

• Money to pay for college or career
  school
  – Scholarships
  – Grants
  – Work-study
  – Loans
                                       3
Who can get federal and state
student aid?
• Must complete the Free Application
  for Federal Student Aid (―FAFSA‖)
  annually
• U.S. citizen or permanent resident
• High school graduate/GED holder
• Valid Social Security number
                                       4
Who can get other kinds of
financial aid?
• States, colleges, and private
  scholarships have their own
  eligibility criteria.
• Be sure you know what you need to
  do to apply (FAFSA, Profile,
  Institutional Applications).
     Deadlines are important !
                                      5
When Is Financial Aid Awarded?

• The General Process is :
  – Students are Accepted for Admissions
  – Students are Awarded Institutional
    Merit Scholarships (if available)
  – Students are then considered for
    ―need-based‖ aid
                                           6
How does the school award aid?

• Financial Aid Packages normally
  combine federal grants, loans, and
  work-study with any available
  state programs (like TOPS) and
  any institutional aid awarded.

                                       7
        FASFA4Caster
http://www.fafsa4caster.ed.gov/
FAFSA4caster will:
  Automatically generate a Federal Student
   Aid PIN for use when signing the FAFSA
  Instantly calculate eligibility for federal
   student aid
  Generate a FAFSA—a FAFSA populated
   with student FAFSA4caster data will be
   available when the student is ready to file
   the official FAFSA
                                                 8
9
Who Complete the FAFSA ?

• For students under 24 years old,
  parental information is required on
  the FAFSA.
• The student’s custodial parent and
  that parent’s current spouse must
  complete the form.
How much aid can I get?
In general, depends on your financial need.
• Financial need determined by Expected Family
  Contribution (EFC) and cost of attendance
  (COA)
• EFC comes from what you report on FAFSA
• COA is tuition, fees, room and board,
  transportation, etc.
          COA – EFC = financial need
                                                 11
Need Varies Based on Cost

 1                                   X

         2                                    Y


               3                                      Z


                         EFC                EFC


  Cost of          Expected Family        Need
Attendance          Contribution         (Variable)
  (Variable)          (Constant)
                                                          12
Calculating Your “Expected
Family Contribution”
• ―Federal‖ Methodology used by all
  schools for federal and state aid
  programs
• ―Institutional Methodology‖ can
  be used for institutional funds
  – http://www.finaid.org/calculators/
    How much
federal student aid
    can I get?

                      14
Example: first-year student in 2008-09

Maximum amounts allowed:
• Federal Pell Grant: approx. $4,731
• Academic Competitiveness Grant: $750
• Federal Subsidized Stafford Loan: $3,500
• Federal Perkins Loan: $4,000
• Federal Supplemental Educational Opportunity
  Grant: $4,000
• Federal Work-Study: depends on funds available
  at school
• Federal PLUS Loan (for parents): COA minus
  other aid received                               15
How much state,
    school and
scholarship money
    can I get?
                    16
Louisiana Office of Student
       Financial Aid




 http://www.osfa.state.la.us/
Depends on the program: do your
research! Total aid cannot exceed Cost
of Attendance
La. “TOPS” scholarships:
pay tuition at state schools or AVERAGE state
tuition at private schools. ($2,686 for 2008-2009)
La. “Go” Grants:
New Program for 2007-2008. $2,000 annual
award for full-time study. Must be eligible for Pell
Grant
                                                       18
 How do I apply for aid?
• Federal student aid: fill out Free Application for
  Federal Student Aid (FAFSA) at
  www.fafsa.ed.gov
• State aid: Louisiana Office of Student Financial
  Assistance web site at http://www.osfa.state.la.us/
• School aid: contact financial aid office at schools
  you are considering
• Scholarships: visit scholarship Web site or call
  contact number for information

                                                        19
Beware of Direct Marketing
Offers of Assistance
• Don’t get hooked by misleading offers
• The scholarship is guaranteed or your
  money back.‖
  (No one can guarantee your scholarship before it
  is awarded.)

• ―You can’t get this information anywhere
  else.‖
  (Everyone has access to the same information.)
Beware of anyone who says….
• ―We need your credit card information
  to hold your scholarship.‖
 (You should never have to give this
 information to legitimate providers.)

• ―The scholarship requires a small fee.‖
 (Never pay a fee to get a scholarship.)
Other Misleading Offers
• ―You are a finalist‖ for an award you never
  applied for.
  (If you did not apply, it is not a legitimate offer.)

• ―Come to our seminar and we’ll show you
  how to get more financial aid. You only
  have to pay a small fee.‖
  (This is a sales pitch. Don’t pay for information
  that you can get elsewhere for free.)
Remember
You should never have to pay:

• For information about college financial
  aid

• To apply for federal financial aid

• To receive financial aid for college
Contact information:

             Cathy Simoneaux
             Director
             Office of Scholarships and
             Financial Aid
             E-mail: cmsimone@loyno.edu
             www.loyno.edu/financialaid


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