Financial Aid
Financial
AidNight
Night
Denver
Foundation
Denver Scholarship Foundation
CEC Middle
College
Southwest
Early
College
Thursday,
8, 2012
OctoberNov.
23, 2012
Overview
• What is Financial Aid?
• What is the FAFSA? Who can complete it?
• FAFSA: Prepare, Complete, Follow-up
• Timeline
• Resources Available & the DSF Scholarship
What is
Financial Aid?
• Why is it important?
• What is the FAFSA?
• Where does the money “really” come from?
Why is Financial
Aid Important?
How much will college cost?
How much will
college cost?
Tuition & Fees
Books, Supplies
Room, Board
Personal Expenses
Community
College
University
(in Colorado)
Private College
or University
live w/ parents
live on campus
live on campus
In State Tuition
In State Tuition
$ 3,050
$ 8,900
$35,000
1,700
1,700
1,700
0
10,350
9,100
2,000
2,000
4,000
$ 6,750
$22, 950
$49,800
(include insurance, transportation)
COST OF ATTENDANCE
But
remember...
• These are merely starting
or sticker prices.
• Financial aid can help you
cover the costs,
if you apply for it.
$4,300
$20,600 !
Where does
the money
come from?
Need-based (FAFSA)
• Grants
• Work-study
• Student Loans
Merit-based
• Institutional Scholarships (from the college)
• Private Scholarships
Self Help
• Work, savings, cash
Grants
Grants
• Come from federal and state governments,
colleges and private organizations.
• Awarded to the student based on need.
• Do not need to be paid back.
Pell Grant
Up to $5,550 in 2011-2012
Work Study
Work Study
• Part-time job
–
–
–
–
on-campus
some off-campus sites
Find your own job
Flexible employers
Money goes to you
Income not used against student for next year’s financial
aid
What is the
FAFSA?
FREE Application for Federal Student Aid
• FAFSA is not a scholarship application. It is an
application that can help you qualify for specific
financial assistance - to help pay for college.
www.fafsa.ed.gov
www.fafsa.com
www.fafsa.org
Who completes
FAFSA? And when?
Students must be one of the following:
• U.S. Citizen, Permanent Resident,
Refugee/Asylum, or awaiting a
Green Card with an SSN
Must submit the FAFSA
each year!
The FAFSA is available Jan. 1
CEC’s FAFSA Night: February 26, 2013
Before FAFSA:
Prepare
• Students must obtain a governmentissued photo identification, if they
don’t have one already.
• Prepare and submit student and
parent tax returns as soon as
possible in January.
– If you don’t receive your W-2s by
January 31, 2013, talk to your
employer.
Before FAFSA:
Prepare
Filing Taxes
• What the Denver Scholarship Foundation has
learned:
If a family does not report its family income to
the federal government (IRS), the student may
not receive federal financial aid, even if the
student is a citizen.
Before FAFSA:
Prepare
• To complete the FAFSA, you need:
– Student and your parent(s) 2012 tax returns
(1040, 1040A, 1040EZ) and W-2s
– Student and your parent(s) social security number
(student’s required)
– Student and your parent(s) name is it appears
on social security card
A much more detailed list will be sent out in January
2012
FAFSA
www.fafsa.ed.gov
FAFSA
The U.S. Department of Education:
• processes the information and
• provides you - and the colleges you selected - the
Expected Family Contribution (EFC)…
• …an index that colleges use to determine your
eligibility for financial aid
• …NOT necessarily the amount of money your
family will have to pay for college
• ...NOT the amount of federal student aid you
will receive.
FAFSA
EFC
“Expected
Family
Contribution”
Cost of Attendance
<EFC>
= Financial Need
Financial Aid Award
Pell Grant
State Grant
Scholarship
Work Study
Student Loan
Parent Loan
What
Determines
EFC?
• Parent income and assets
(Assets do not include family’s primary home, businesses
with fewer than 100 employees, retirement, life insurance
policies, farms.)
•
•
•
•
•
Student income and assets
Cash, savings, investments, businesses
Number in household, and in college
Untaxed income
Note: debt/bills are not listed.
Special
Circumstances
Q: My parents are divorced, whose taxes do I use?
•
•
Use the information of the parent with whom you lived with the
most in the previous 12 months., which is typically the parent who
provides more than half of your support.
If my mom is remarried, do I have to use her husband’s financial
information, whether he files jointly or separately?
Yes.
Q: I live with my grandma, and she doesn’t file taxes.
•
It doesn’t matter who you live with, if she isn’t your court appointed
legal guardian, we need parent financial information.
Special
Circumstances
Q: I am independent because I’m 18 and I provide for myself. My
parents don’t help me now financially and won’t help me when
I’m in college.
•
You must be legally emancipated, 23, or married, or we will need
parent tax information.
Q: My parents don’t file taxes.
•
It’s ok, you must still complete the FAFSA.
Q: My parents refuse to give me their taxes or SSN.
•
Unless you are considered independent, you need them.
Q: My parents don’t have a social security number.
•
It’s ok, you can still complete the FAFSA.
Independent
vs. Dependent
Q: I live with my brother, he is not my legal guardian.
It doesn’t matter with whom you live in this case; you will need to provide
your biological parents’ information unless you are legally adopted.
•
Q: I have a child.
If your child receives more than half of their support from you, you are
independent.
•
Q: I am in a foster home.
If at any time since you turned 13 you were in foster care, you are
independent.
•
Q: I am not legally adopted but can’t locate my parents or they
are incarcerated.
•
Special circumstance: student can’t provide parent information.
Must provide documentation to financial aid office for
professional judgment.
After
FAFSA
• After FAFSA…is a long time away from now.
• But, here’s what you need to remember:
– The process does not end at the FAFSA.
– When you come to the FAFSA night, it is important to
take notes and listen to your FAFSA expert – this
person will tell you what you need to do next.
– Keep Ms. Abbott, Mr. DePinto, Ms. Russel in the loop
They will be able to help you with each “next step.”
– When a college asks for information,
send it in immediately.
Timeline
Oct-Dec
January:
February:
March:
April:
May:
June-July:
Students obtain a government-issued
photo identification
File 2012 taxes
Complete the FAFSA (at CEC on Feb 26!)
Complete IRS Data Match (if needed);
Order IRS tax transcript
Submit all documents your college requests;
Receive financial aid award letters
Make a decision; accept awards
Verify your financial aid file is complete
DSF
Scholarship
Every year, the Denver Scholarship Foundation awards thousands of scholarships to
qualifying DPS graduates who attend one of our 39 eligible colleges in Colorado.
Technical Colleges
Delta Montrose Technical College
*Emily Griffith Technical College
Pickens Technical College
Community Colleges
AIMS Community College
*Arapahoe Community College
Colorado Mountain College
Colorado Northwestern Community College
*Community College of Denver
*Community College of Denver
Front Range Community College
Lamar Community College
*Northeastern Junior College
Otero Junior College
Pikes Peak Community College
Pueblo Community College
Red Rocks Community College
Southwest Colorado Community College
Trinidad State Junior College
4 Year Colleges
*Adams State College
Colorado Christian University
*Colorado College
*Colorado Mesa University
*Colorado School of Mines
*Colorado State University
*Colorado State University-Pueblo
Fort Lewis College
*Johnson & Wales University
*Metropolitan State College of Denver
Naropa University
Nazarene Bible College
*Regis University
*University of Colorado at Boulder
*University of Colorado at Colorado Springs
*University of Colorado at Denver
*University of Denver
*University of Northern Colorado
*Western State College of Colorado
The Women’s College
DSF
Scholarship
• For DPS graduates who:




are enrolled in a DPS high school for all four hears of High School
have a 2.0 cumulative G.P.A
have financial need
enroll in Colorado colleges
• Awards are based on financial eligibility (FAFSA), school
choice, and enrollment (full-time or part-time)
• This fall, DSF Scholars received up to $3400
• Renewable for up to five years
DSF
Scholarship
April 1
• Submit DSF Scholarship application
• Apply for 3 additional scholarships
• Submit FAFSA
• Submit proof that you submitted FAFSA
May & June
• Graduate from DPS high school with a 2.0 cumulative GPA
• Attend a Transition to College Workshop
July 15
• Complete Financial Aid Requirements
• Tell DSF if you plan to attend a different college
Resources
Available
Denver Scholarship Foundation
• Scholarship directory:
www.denverscholarship.org
• DSF Website:
www.denverscholarship.org
DSF depends on donations from the
community to pay for its scholarships, and
award amounts can vary from year to year.
Questions?
That was a lot of information!
What questions do you have now? What’s next?
• Talk to Ms. Abbott & Mr. DePinto at CEC
• Talk to or email Robin Russel:
– rrussel@denverscholarship.org
– 303.564.7601
– Fridays, Senior Support!