Financial Aid Night

1
Financial Aid Night

• Oak Harbor High School
• December 4, 2009
• Theresa Stevens
• Skagit Valley College
• Financial Aid Coordinator

2
TYPES OF FINANCIAL AID

• Grants
• Loans
• Employment
• Scholarships

3
FINANCIAL AIDGRANTS

• Federal Pell Grant grant ranges from no
  eligibility to 5350
• Federal Supplemental Educational Opportunity
  Grant priority to lower income families grant
  range from 0 up to 2,000 (varies by school)

4
Grants -continued

• State Need Grant award based on income and
  family size grant range from 0 to about 2,500
• Tuition Waivers based on income award can be
  up to the cost of tuition

5
FINANCIAL AIDLOANS

• Federal Perkins Loan
• Low interest subsidized loan 5
• Awarded first to highest need students
• Amount determined by school
• Limited amount of funds at each school
• Stafford Subsidized and Unsubsidized and Federal
  Direct Subsidized and Unsubsidized
• Loans are funds that must be paid back
• Subsidized interest is deferred while student is
  in school 4.5
• Unsubsidized interest is not deferred while
  student is in school 6.8
• 5,500/Freshman, 6,500/Sophmore, 7,500/Junior
  and Senior

6
Loans - continued

• Federal PLUS Parent Loans Undergraduate
  Students
• Parent can borrow up to the cost of education
  less aid student received
• Interest rate is 8.5 for FFEL (private lender)
  or 7.9 for Direct PLUS
• Interest is not deferred and repayment begins 60
  days after disbursed
• Private Alternative Loans
• Usually do not require FAFSA
• Taken through a private lender
• Variable interest rate and fees based on your
  credit score
• Usually require a credit-worthy cosigner

7
EMPLOYMENT

• Jobs on or off campus that student can work at to
  supplement income and assist with school expenses.

• Federal Work Study must show financial need
• Jobs can be on or off campus
• At least minimum wage
• State Work Study must show financial need
• Must be in students interest area or major
• Must be paid entry level wage of job as
  determined by state
• Institutional Work Study

8
SCHOLARSHIPS -FAFSA not usually required

• See High School Counselor
• Contact school(s) you are planning to attend or
  visit their website
• Employers, civic organizations, church
• Visit the Skagit Valley College website for links
  to free scholarship searches such as the
  WashBoard, FASTWEB, and others.
• www.skagit.edu Financial Aid Scholarship
  resources

9
APPLICATION PROCESS

• Parent and student both request PIN numbers
• www.pin.ed.gov
• Complete the FAFSA on the WEB worksheet
• www.fafsa.gov
• Submit electronic application after January 1
• Application is processed looking at income,
  family size, in college, etc
• Student will receive e-mail regarding information
  submitted to check for accuracy.
• School will receive electronic report.
• School and student will exchange information.
  Contact individual schools to see what is
  required after FAFSA submission (tax returns,
  verification worksheets, verification of incomes,
  etc)

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COMPLETING THE FAFSA

• Section 1 (page 2 3) general student
  information
• Section 2 (page 3) determine student dependency
  status
• Section 3 (page 4 5)general and financial data
  for parents of dependent students
• Section 4 (pages 6 7) financial and household
  data for students/spouses

11
Frequent FAFSA Errors

• Social Security Numbers
• Divorced/remarried parental information
• Income earned by parents/stepparents
• Untaxed income
• U.S. income taxes paid
• Household size
• Number of household members in college

12
EFC Expected Family Contribution

• Cost of Attendance
• EFC
• Unmet Need

13
COST OF ATTENDANCE
14
SAMPLE PACKAGES

• 20,000
• Gift Self Help
• 50
• EFC 0
• 10,000 10,000
• Pell 5350 Work Study 4500
• SNG 2500 Loan 5500
• T/F Waiver
• Or
• FSEOG 1500
• Or
• Institution

• 20,000
• Gift Self Help
• 50
• EFC 2000
• 9,000 9,000
• Pell 3,000 Combination of
• SNG 2,000 Work Study
• T/F Waiver ? And Loan
• Institution ?

15
SAMPLE PACKAGES

• 10,500
• EFC 11,000
• No unmet need
• Unsubsidized Stafford
• and Plus
• Loans only

• 40,000
• Gift Self Help
• 50
• EFC 11,000
• 14,500 14,500
• Pell 0 Combination of
• SNG 0 Work Study
• T/F Waiver ? And Loan
• Institution ?

16
SPECIAL CIRCUMSTANCES

• Change in employment status
• Medical expenses not covered by insurance
• Change in parent marital status
• Unusual dependent care expenses
• Student cannot obtain parental information

17
Before January 1, 2010??Fafsa4caster.ed.gov

• Gives an early estimate of your eligibility
• Allows you to transfer all of your data to FAFSA
  on the Web when you are ready to apply for aid
• Option to apply for pin now

18
SKAGIT VALLEY COLLEGEFINANCIAL AID OFFICE

• Theresa Whidbey Island Campus
• [phone]
• Steve, Shelley, Tom, Becky, Tara, and Rachelle
• Mount Vernon Campus
• [phone]