Quick Guide To College Financial Aid

Transcript

• PARENTS  (duh…love them!) • Government Financial Aid (and grants) • Student Loans [lower interest rates] • Work-Study • Scholarships [need-based and merit] WWW.FAFSA.ED.GOV WHAT IS FAFSA USED FOR AND WHY IS IT SO IMPORTANT FOR GETTING MONEY? • • First step toward getting federal aid “Formula sheet” for government • Determines if you qualify for money! • • States and colleges will use FAFSA to determine eligibility for state and school aid Expected Family Contribution (EFC) • What you have to pay from out of pocket • EVERYONE should fill out! No excuses! WHAT YOU NEED TO FILL OUT IN THE FAFSA • • Social Security numbers of parents and yourself Most recent income tax forms and miscellaneous assets (investments, etc.) • Tell your parents ahead of time so they can get all these documents ready! • IRS Data Retrieval Tool allows applicants who have already filed their federal income tax returns to prefill answers to some questions DEADLINES: • FAFSA database opens up JANUARY 1st • University deadline for FAFSA: MARCH 1ST • FAFSA deadline (Texas): JUNE 30TH • GET IT DONE AHEAD OF TIME!!!! UNIVERSITY NEED-BASED FINANCIAL AID • Many universities (like Rice) guarantee that they will meet 100% of your demonstrated financial need! • Honor the Expected Family Contribution (EFC) • File the CSS/Financial Aid Profile on College Board and IDOC • Just like FAFSA, but makes you pay small fee • Required to complete at Rice • Physical copies of tax forms and other documentation gets sent to them 3 MAJOR TYPES OF FEDERAL STUDENT AID: 1. Work-study 2. Grants 3. Loans • ALL REQUIRE THE FAFSA!! • Make sure you take time to explore all the possible opportunities for financial aid ahead of time! WORK-STUDY PROGRAM: • Depends on two factors: 1. Funding levels of the school (how much $$$ they got) 2. Your level of financial aid need (how much $$$ you need) • NOTE: You must consent to work-study consideration on FAFSA application prior to eligibility. WORK-STUDY PROGRAM – WHAT IS IT? • Federally funded program • Allows students to gain some income in order to pay towards college related expenses • Also lets you gain real-work experience at different levels • Opens connections with faculty and staff GENERAL REQUIREMENTS FOR WORK-STUDY PROGRAM: • U.S. citizen or resident • High school diploma or equivalent • Must maintain particular GPA throughout all four years to keep job (usually pretty low) GRANTS: • Another form of need-based scholarships • You don’t have to pay back! Free money…yay! • Several common Federal Grants offered by government are Federal Pell Grant, SMART Grant, Academic Competitiveness Grant (ACG), and many others • JUST FILE FAFSA AND WAIT  LOANS: • Tuition – Scholarships – Grants – parents = LOANS! • Borrow sums of money with or without interest rate • Subsidized and unsubsidized • Through federal government, universities, or private corporations • Paired with university representative to assist you in applying for loans • Know what you’re getting into, and ask lots of questions!!! • DON’T BORROW MORE THAN YOU NEED