Hemet High School presents: Mercers Foolproof Guide to: $$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$

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Hemet High School presentsMercers Foolproof
Guide to
FINANCIAL AID
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Doug Mercer

• College, financial aid, career counselor guru
• 765-5150, ext. 282
• 730 AM - 330 PM, Monday - Friday

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OUR MISSION

• To maintain student / parent / counselor sanity
• To provide an overview of financial aid sources
  and available programs
• To familiarize students parents with the
  financial aid process and sample financial aid
  packages

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OUR MISSION

• To facilitate the application process
• To help you get started on the FAFSA before the
  Jan. workshop
• To help parents and students avoid starvation,
  poverty, and bankruptcy during the college years

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FINANCIAL AID LINGO(see p. 2 for more exciting
terms acronyms)

• Financial Aid
• Grant / Scholarship
• Loans subsidized vs. unsubsidized, PLUS
• Work study
• FAFSA
• SAR / CAR
• EFC

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MYTHS VS. FACTS(more lies, rumors, truths on
p.3)

• Only dirt poor or All-American students get
  financial aid.
• Loans are a dirty word in financial aid.
• Parents have to co-sign student loans.
• Students shouldnt work during school.
• Lots of scholarship money goes unclaimed every
  year.

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MYTHS VS. FACTS

• Most of the available financial aid is need
  based rather than merit based.
• Bill Gates could qualify for a PLUS loan.
• The expected family contribution (EFC) under
  federal methodology is the same amount,
  regardless of the cost of the college.
• The HHS local scholarship program awards over
  100,000 every year.

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FINANCIAL AID OURCE(for all the gory details,
see p. 1 5 Fund Your Future pamphlet)

• Public sources- government-based
• Federal programs (need based)
• Pell Grant
• FSEOG Grant
• Stafford, Perkins, PLUS loans
• Work study

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ources...

• State Programs
• Cal Grants A,B, C need merit based- min.
  GPA (see p. 8)
• Governors Scholarship Program
• Distinguished Math Science Awards
• Work study, etc.

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ources...

• Special entitlement / needs programs
• veterans
• disabilities
• minorities
• Governmental / public sources make up 95 of
  the 74 billion available yearly in financial aid.

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ources...

• Institutional (campus based)
• academic
• athletic
• performing arts
• alumni / regents, etc.
• major related

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ources...

• Local scholarships awards from HHS and Hemet
  area sources
• Private scholarships from companies, charities,
  foundations, etc.
• Private sources make up 5 of the 74 billion
  available yearly in financial aid.

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APPLYING FOR FINANCIAL AID(see p. 6)

• Priority 1 FAFSA Calif. GPA verification by
  3/2 (online get PIN first)
• Priority 2 Institutional funds
• List all colleges on FAFSA in Step 6
• Campus applications, if required
• CSS Profile (req. by some private schools)

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APPLYING...

• Priority 3 Local Scholarships HHS and Hemet
  area sources (student app. workshop on Dec. 12
  1st or 2nd period)
• Scholarship folder due to Mrs. Widman by
  Feb. 14
• Priority 4 Private and special needs
  scholarships (see Internet Resources,
• p. 13-14)

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FINANCIAL AID PROCESS(see p. 7)

• 1-FAFSA GPA Verification submitted between
  January 1 and March 2
• 2-FAFSA processed by Federal processor and info
  sent to all campuses listed in Step 6
• 3-SAR (Student Aid Report) sent to applicants
  within 4 weeks (see sample SAR on p. 9)

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The Process...

• 4-SAR info checked and updated as needed by
  applicant and parents (use PIN online - see
  handout)
• 5-CAR (Calif. Aid Report) sent to student (see
  sample CAR on p. 10)
• 6-Financial aid officers at all campuses work
  with aid sources to meet student need

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The Process...

• 7-Student receives offer estimate from each
  campus (see sample on p. 12)
• 8-Student accepts or declines each offer
• 9-Student parents may be asked to document
  FAFSA info (called verification requires copy
  of 2002 taxes and Verification Worksheet)

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The Process...

• 10-Federal / state grant scholarship
  funds are deposited with fin. aid office
  to be credited for student expenses
• 11-Loan funds work study funds are paid to
  students each qtr. or sem. (PLUS loans directly
  to parents)
• 12-Continuing students re-apply each year by
  filing FAFSA renewal

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COT OF EDUCATIONbased on avg. for 2001-02
school year (see p. 1 4)
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Sample Financial Aid Packages(see p. 11)
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Sample packages...
UCR U Red
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Sample packages
UCR U Red
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TIDBITS OF IMPORTANT INFO

• Preliminary financial aid eligibility is based on
  income for tax year 2002
• Its ok to estimate on FAFSA, but it
  adds a step to the process
• Changes in income or unusual circumstances
  require a letter to the Financial Aid
  Administrator at each campus (see sample - p. E,
  FAFSA Supplement)

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Important info...

• Apply for financial aid 1 year at a time FAFSA
  1st yr., then FAFSA renewal
• H.S. students almost always have to file as
  dependent students
• Other dependent college students in the family (6
  units or gt) improve financial aid eligibility

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Important info...

• Divorced parents student can file income of
  parent he / she lives with gt 50 of the time
  (poorest parent is best for financial aid
  eligibility)
• Divorced and remarried parents must count
  step-parent income as part of total family income
  

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Important info...

• New federal income tax credits (thank you, Bill
  Clinton!) up to 5k per year deductible
  student loan interest!
• (For further details on these and other new
  deals with the Feds, see Tax Benefits for Higher
  Education booklet)

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MERCER EDITORIALS-biased opinions from the old
guy...

• Education is our most important investment!
  The cost is high, but the benefits are lifelong.
• Higher education is accessible to all through
  gift aid, loans, work.
• Dont be afraid of loans if you really need
  them--student loans are a fact of life today in
  the world of financial aid.

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Editorials...

• Hemet students should leave this
  area for at least part of their
  education.
• Go to the best school that will admit you that
  you can afford.
• Mercers tried true formula
• If academically, emotionally, financially
  ready--go away to a 4 year college!

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Editorials...

• If not, start at Community College --remember
  that out of town CCs are also very
  affordable.
• Most important go somewhere, do something!
  Those who wait rarely get there and graduate.

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Editorials...

• Dont assume that you wont qualify for fin. aid.
  One sure guarantee no application means no
  financial aid.
• Apply for everything you can within reason
  federal, state, institutional, local, private
  sources.

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Editorials...

• Get help with forms, procedures, etc. as needed
  and be careful of deadlines.
• Get organized, be persistent,
  pay attention to details!

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QUESTIONS AND ANSWERS

• No question is too dumb to ask unless its the
  same question Ive already answered (and you
  werent listening).
• famous Hemet counselor
• For questions I cant answer, see the Calif.
  Student Aid Commission Contact List on p. 14

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ASSIGNMENT FOR JANUARY WORKSHOP

• Put together some close estimates of your income
  figures for tax yr. 2002 or get ready for an
  early tax return.
• Do a rough draft of the FAFSA.
• Mark the items that raise questions for you.

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ASSIGNMENT...

• Bring your questions to the January workshop or
  call me at school.
• Have a Merry Christmas!

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The End

• But just the beginning of great things for HHS
  college bound seniors!