Financial Aid 101: Funding the Way to Educational Sucess

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WELCOME TO FINANCIAL AID AWARENESSInvesting in
Your Educational Success

• Presented by
• The Office of Financial Aid
• Florida State University

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Cost of Attendance

• Tuition fees
• Room board
• Books, supplies, transportation, miscellaneous
  personal expenses
• Study abroad costs (optional)

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Estimated Cost of Attendance2004/2005

• In State
• 2,892
• 3,770
• 3,496
• 800
• 1,000
• 1,124
• 13,082

Out of State 15,398 3,770 3,496
800 1,000 1,160 25,624
Tuition Fees Room Board Books
Supplies Transportation Personal Expenses TOTAL
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Financing Your Education

• What is financial aid and where does it come
  from?
• Who is eligible?
• What aid is available?
• How do I apply?

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WHAT IS FINANCIAL AID?

• Money set aside by the federal government for the
  next generation of leaders.
• Invested money to ASSIST the student with paying
  the cost of their education.

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Where does financial aid come from?

• PLAN A
• OR
• PLAN B

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PLAN A

• Scholarships (Research)
• Private
• Institutional
• State

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PLAN B

• Complete the FAFSA
• FREE APPLICATION FOR FEDERAL STUDENT AID

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WHOS ELIGIBLE?

• All are eligible! (for at least some type of aid)
• Even if you make 200,000
• Its an investment.

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FORMULA USED TO DETERMINE AID ELIGIBILITY

• Estimated Cost of Attendance
• Less

Expected Family Contribution Equals Eligibility
for Need Based Aid
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WHAT AID IS AVAILABLE?

• Free Aid
• Loans

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TYPES OF FREE AID

• Grants
• Federal Pell Grant
• Federal SEOG
• FSAG (Florida Resident)
• FSUG
• Federal Work Study
• On Campus
• Off Campus
• Florida Work Experience

• Scholarships
• Private
• Institutional
• State
• FSU STAR Center
• 830-430 M-F
• Located 4th floor of University Center in Office
  of Financial Aid

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TYPES OF LOANS

• Federal Perkins Loan
• Limited Funds
• Need based
• 5 interest
• Repayment begins 9 months after graduation
• Subsidized Stafford Loan
• Need based
• Government pays interest while in school
• Repayment begins 6 months after graduation

• Unsubsidized Stafford Loan
• Non-need based
• Accruement of interest begins while in school
• Federal Parent Plus Loan
• Loan is to the parents
• Based on parents credit rating
• If denied, the student may be eligible for
  additional unsubsidized funds

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FREE APPLICATION FOR FEDERAL STUDENT AID

• In filling out the FAFSA, youre going to need
  your tax information, as well as your parent(s)
• Why? The Federal Government believes the first
  investment should come from the family.

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HOW DO I APPLY?

• PIN Registration
• Web site www.pin.ed.gov
• May be used throughout aid process
• Will receive within 24-48 hours via email (keep
  in a secure location)

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To Register for a PIN www.pin.ed.gov
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The two most important tips we can give you
tonight for filing the Free Application for
Federal Student Aid (FAFSA)

• Apply Early - January 1st of every year
• Apply Online - apply at www.fafsa.ed.gov

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Advantages of submitting the FAFSA early

• Many funds are limited.
• Once a school starts to award aid, funding can
  become quickly exhausted. You want to be in line
  to be considered as soon as awarding starts.

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Advantages to filing the FAFSA online

• Faster processing - Data reaches the school
  within 7 to 10 (maybe sooner) days of submission
  versus 3 to 6 weeks for the paper application.
• More accurate - Less data is missed so there are
  fewer rejects

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Additional Advantages

• Secure processing - no mail delays
• Easy record keeping and renewal - access from any
  online location

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www.fafsa.ed.gov
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Paper FAFSA

• 2005-06 FAFSA is an 8-page booklet containing
• General Instructions for completing the form
• 3 worksheets

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FAFSA Step One

• Step One asks for general information about the
  student
• Name, Address
• SSN, DOB
• Telephone number
• Drivers license and state
• E-mail address

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FAFSA Step One Questions 31

• Question 31 You need to mark (yes OR no)
  whether you have ever had a Drug Conviction

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FAFSA Step Two

• Step two collects the students (and spouse, if
  married) income and asset information
• You will need to complete worksheets

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FAFSA Step Three - Remember!

• Step three asks questions which determine
  dependency status
• If all no responses, student is dependent
• If yes to any question, student is independent

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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
• Both parents deceased or ward of the court
• Veteran of the U.S. Armed Forces

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FAFSA Step FourQuestions 55 through 64

• Step four requests parental information
• If widowed, divorced, separated and/or remarried,
  refer to page seven of the FAFSA.
• Taxes, income, etc.

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FAFSA Step SixQuestions 86 through 98

• School code for sending FAFSA data (FSU 001489)

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FAFSA Step SevenQuestions 99 through 103

• Signatures
• PIN (online)
• Student
• Parent

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FREE APPLICATION FOR FEDERAL STUDENT AID

• Complete and submit FAFSA at www.fafsa.ed.gov
• Student receives student aid report (SAR)

• Collect verification data if applicable (30
  federally selected)
• School sends notification of estimated financial
  aid (award letter)

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Avoid ERRORS!

• Errors on the FAFSA or supplemental forms may
  DELAY application processing result in the LOSS
  of financial aid funds.
• Please read the instructions complete all forms
  carefully!

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DEBT MANAGEMENT

• Set a realistic budget and stick to it.
• Exhaust all other alternatives before borrowing.
• Only borrow what you need.

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Tips on using your credit wisely

• Avoid credit cards (high interest rates)
• Avoid greedy friends!
• Look _at_ what you NEED verses what you WANT.

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Benefits of having good credit?

• Buying a home
• Buying a car
• Getting future credit
• Getting a job
• Getting a cell phone IN YOUR NAME!!

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TIPS TO REMEMBER

• File FAFSA each academic year as soon as
  possible after Jan. 1 File FAFSA each academic
  year as soon as possible after Jan. 1
• Estimated tax calculations are acceptable
• Student will review (SAR) and make any necessary
  corrections
• Keep copies of all requested documents

• Include the students social security number on
  all documents
• Turn in any additional requested documents as
  soon as possible
• Check on financial aid status via the web at
  www.fsu.edu

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Best Wishes!
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FLORIDA STATE UNIVERSITY OFFICE OF FINANCIAL AID
A4400 UNIVERSITY CENTER TALLAHASSEE, FL
32306 Office Hours 830 AM-500 PM PHONE (850)
644-0539 FAX - [phone] School Code
001489 FSU WEB PAGE www.fsu.edu