Paying for College
Kevin Jenkins
The College Place-Northern Virginia
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Financial Aid Terms
 Gift Aid
 Money awarded to student that does not need to be
paid back
o Grants & Scholarships
 Cost of Attendance (COA)
 Sticker Price
 Direct Costs: Tuition, Room & Board, Fees
 Indirect Costs: Transportation, Books, Personal Items
 Net Price
 COA – Gift Aid
 DACA (Deferred Action for Childhood Arrivals)
 DACA approved students residing in Virginia can receive in-state tuition at
public colleges
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Financial Aid Overview
 Funding Sources
 Government
 Institution
 Private Sector
NEED BASED
OR
MERIT BASED
Government Funding
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Government Funding
 85% of first time undergraduate students at 4-year colleges
receive government aid
 79% of first time undergraduate students at 2-year colleges
receive government aid
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FSA ID (studentaid.gov)
 Replaces 4-digit PIN
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 Username/password required for student and parent to verify identity
 Access D.O.E. websites
 Electronically sign documents
 Each user must have unique Email address
 You may use an existing PIN to register for an FSA ID
 Identity confirmation takes 1 – 3 days if no PIN used
Begin on January 1st
Submit by February 15
Must be completed every year
Grants, loan & work study eligibility
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FAFSA Sections
 Student Demographics
 Federal Work Study
 Selective Service (Males 18+)
 School Selection
 List up to ten schools
 Manipulate the order in which they appear
 Dependency Status
 Yes/no questions
o Yes to any question = independent
 Parent Demographics
 Marital status
 Highest level of education completed
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FAFSA Sections
 Financial Information
 Parent & student
o Gross & adjusted gross income
o Income tax paid (if applicable)
o Savings (529’s), assets, investments, etc.
o Withdrawals from retirement accounts
o IRS Data Retrieval
 If divorced…
o Parent providing more than 50% support
o New spouse of reporting parent must also report
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FAFSA Sections
 Sign & Submit
 FSA ID
 Confirmation Page
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6-year graduation rate
Retention rate
EFC
Estimated Pell Grant eligibility
Direct Stafford Loan eligibility
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Federal Grants
 Need Based
 Pell Grant
 FSEOG (Federal Supplemental Educational Opportunity Grant)
 Service Based
 TEACH Grant
 Iraq & Afghanistan Service Grant
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State Grants (Virginia)
 Virginia Commonwealth Award Program (VCAP)
 For public colleges
 Virginia Guaranteed Assistance Program (VGAP)
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For public colleges
Graduate from a Virginia high school
Minimum 2.5 GPA (4.0 scale)
Minimum 900 SAT/19 ACT
 Virginia Tuition Assistance Grant Program (VTAG)
 For private colleges
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Student Loans
 Federal Direct Stafford Loan (4.66%)
 Subsidized & unsubsidized
 Direct Parent PLUS Loan
 Available for parent of dependent student
 Borrow up to COA
 Loan conditional upon approval
Institutional Funding
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Federal Work Study
 Demonstrated need required
 Pays at least federal minimum wage
 Set amount awarded to student
 Student must work for funds
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CSS Financial Aid Profile
 Offered by 400 (mostly private) colleges and universities
 May be required for early decision
 Cost $24 for one college and $16 for each additional (fee waivers available)
Private Funding
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Private Scholarships
 Range from a $100 to full tuition+
 Typically requires an essay and application
 The bigger the award the longer the application process
 Scholarship websites
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Collegegreenlight.com
Fastweb.com
Scholarships.com
Finaid.org
Collegeboard.org
MALDEF
o Scholarships for undocumented students
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Private Scholarships (Cont.)
 Search Strategy
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Intended major
Passions and interests
Unique circumstances
Race, ethnicity, gender, etc.
 Beware of…
 Scholarships who ask for money
 Scholarship sweepstakes
 Scholarship organizations who aggressively contact you
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Final Steps
 Verification
 Random selection process
 May also be triggered by discrepancies
 Financial Aid Award Letter
 Explains all financial aid received by student
 Appeals
 Formal or informal
Kevin Jenkins
TCP-Northern Virginia
NOVA - Woodbridge
Seefeldt Building, Room 208T
Woodbridge, VA 22191
Office: 703.878.6133
Cell: 703.789.3137
Email: kjenkins@ecmc.org
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