College Bound
Senior Parent Night
WELCOME!
September 23, 2013
Resources for You
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College Portfolio
Planning for Financial Success
MDHE Online
The Source
Other items: college fair permission slip,
evaluation, questions form, Springfield
college fair flyer, Fastweb, loan brochure
College Application Process
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Apply as soon as you can!
May apply to more than one college
Check application deadlines
Visit
Keep track of costs
Tuition/Room and Board
ACT
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Deadlines
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Test deadlines
What is the last test your college will accept for
scholarship purposes?
Online application
Fee waivers
Mobile App
Scholarships
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Bulletins provided monthly and on website
National, state, and local scholarships
Fastweb
Do not pay for a scholarship search
Watch deadlines
Bring in copies of any scholarships and
college acceptance letters to our office
Which one do I choose?!?!
www.bigfuture.collegeboard.org/compare-colleges
Financial Aid
Financial Aid
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What is financial aid
Cost of attendance (COA)
Expected Family Contribution (EFC)
What is financial need
Categories, types, and sources of financial aid
Free Application for Federal Student Aid
(FAFSA)
Special circumstances
What is Financial Aid?
Financial aid is funds provided to students
and families to help pay for postsecondary
educational expenses
What is Cost of Attendance (COA)
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Direct costs
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Indirect costs
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Direct and indirect costs combined into cost
of attendance
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Varies widely from college to college
What is the Expected Family
Contribution (EFC)
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Amount family can reasonably be expected
to contribute
Stays the same regardless of college
Two components
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Parent contribution
Student contribution
Calculated using data from a federal
application form and a federal formula
What is Financial Need
Cost of Attendance
–
Expected Family Contribution
=
Financial Need
Types of Financial Aid
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Scholarships
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Grants
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Loans
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Employment
Grants
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Money that does not have to be paid back
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Usually awarded on the basis of financial
need
Loans
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Money students and parents borrow to help
pay college expenses
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Repayment usually begins after education
is finished
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Only borrow what is really needed
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Look at loans as an investment in the future
Federal Government
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Largest source of financial aid
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Aid awarded primarily on the basis of
financial need
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Must apply every year using the Free
Application for Federal Student Aid
(FAFSA)
Common Federal Aid Programs
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Federal Pell Grant
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Federal Perkins Loan
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Teacher Education
Assistance for College
and Higher Education
Grant
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Federal Work-Study
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Stafford Loans
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PLUS Loans
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Federal Supplemental
Educational
Opportunity Grant
Federal Interest Rates 2013-2014
Stafford – Subsidized
3.86%
Stafford – Unsubsidized 3.86%
PLUS – Parent Loan for 6.41%
Undergraduate
Students
State Aid
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Award aid on the basis of both merit and
need
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Use information from the FAFSA
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Deadlines vary by state –
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MO DEADLINE: APRIL 1, 2014
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College deadline may vary
Bright Flight
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ACT Composite of 31 or above
$2,500 per year (‘13-’14)
Must attend a college/university in the state
of Missouri
ACCESS MO Grant
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$61 Million in state funds
2 year school: $300/year
4 year school or LSTC: $1,000
Private/independent: $2,000
MO Institution
Attend full time
EFC of $12,000 or less
Automatic based on FAFSA information filed by
April 1st
FAFSA
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Free Application for Federal Student Aid
A standard form that collects demographic and
financial information about the student and family
Filled out electronically (Internet)
Information used to calculate the Expected Family
Contribution or EFC
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The amount of money a student and his or her family may
reasonably be expected to contribute towards the cost of
the student’s education for an academic year
Colleges use EFC to award financial aid
FAFSA (cont.)
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May be filed at any time during an
academic year, but no earlier than the
January 1st prior to the academic year for
which the student requests aid
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For the 2014–15 academic year, the
FAFSA may be filed beginning January 1,
2014
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Colleges may set FAFSA filing deadlines
Federal Student Aid Personal
Identification Number (FSA PIN)
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Website: www.pin.ed.gov
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Sign FAFSA
electronically
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Not required, but speeds
processing
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May be used by students
and parents throughout
aid process, including
subsequent school years
FAFSA on the Web
Website: www.fafsa.gov
IRS Data Retrieval Tool
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While completing FAFSA, applicant may submit
real-time request to IRS for tax data
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IRS will authenticate taxpayer’s identity
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If match found, IRS sends real-time results to
applicant in new window
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Applicant chooses whether or not to transfer data
to FAFSA
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Participation is voluntary
Pell Grants – Can I qualify for the full
amount?
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$5,645 (up from $5,550)
Supplemental Security Income Program, Food
Stamp program, Free/Reduced Price School
Lunch Program, TANF, WIC
OR parents filed or are eligible to file a 2013 IRS
Form 1040A or 1040 EZ or the parents are not
required to file any income tax return
AND the income of the student’s parents is
$23,000 or less
7 Easy Steps to the FAFSA
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Student’s Guide to the Free Application for
Federal Student Aid
http://www.finaid.ucsb.edu/FAFSASimplific
ation/index.html
FAFSA Processing Results
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CPS notifies student of FAFSA processing
results by:
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E-mail notification containing a direct link to
student’s electronic SAR if student’s e-mail was
provided on paper or electronic FAFSA
Student with PIN may view SAR on-line at
www.fafsa.gov
FAFSA Hints/Tips/Reminders
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Mark “work study” in order to be eligible to be eligible
Use the exact same name on the FAFSA that you used on
your tax returns (ex./ Bob Smith – Robert Smith)
Assets – current cash, savings, and checking account
balances; net worth of investments (including real estate but
excluding the family’s primary residence – not their farm if
they live on that farm); net worth of businesses and
investment farms
Assets not reported – primary residence and retirement plans
Verification – use data retrieval tool to reduce chances of
being selected – if you are selected do it ASAP!
A+ Program
A+ Information – Student Eligibility
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Enter into a written agreement with the A+ designated high school
prior to high school graduation
Have at least a 95% attendance record overall for grades 9-12
Have maintained a record of good citizenship and avoidance of the
unlawful use of drugs and/or alcohol
Graduate with a cumulative grade point average of at least 2.5 on a
4.0 scale, or the equivalent.
Have performed 50 hours of unpaid tutoring or mentoring.
Have attended an A+ designated high school for at least three
consecutive years prior to high school graduation.
How do A+ and Pell Grant Work
Together?
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If a student is eligible for a Federal Pell Grant, the Pell
Grant funds will be applied to the student’s account
balance first; if any A+ eligible costs remain they will be
billed to the A+ program.
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A student cannot receive A+ in addition to a Pell Grant if
the Pell Grant pays for all tuition and fees.
A+
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Must enroll as a full time, degree or
certificate seeking student
Can use A+ money the summer prior to
entering a four-year university
Cannot use A+ money in the summers
between semesters at a four-year
university (visiting student)
What does A+ pay for?
DOES PAY FOR
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Student tuition (in-district
or out-of-district)
Common student fees
DOES NOT PAY FOR
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Lab fees and all other
miscellaneous fees such as late
fees or re-enrollment fees
Online course fees - A+ will pay
tuition & common fees related to
online coursework, but will not
cover the $65 online course fee
charged per course
Graduation fees
Infrastructure and parking fees
Drop fees
Books and supplies
A+ will pay for a class only once.
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New! If a student took a class and a final grade was
assigned, A+ will not cover the cost for the student to
repeat the course for a second time.
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The hours related to this class can be included in the
full-time enrollment criteria required by the A+ Program.
Stop Before You Drop
A+ will pay for the student’s current term once the full-time enrollment
has been verified. Students must be enrolled in 12 credit hours or
more through the end of the 100% refund period for the course(s) in
which he or she is enrolled to meet the A+ Program full-time
requirement.
 New! The student is responsible for the cost of any classes he or
she drops. Assuming the student has met the full-time requirement,
A+ will pay for the class(es) during the semester he or she initiates
the drop.
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Any charges paid by A+ for a class you drop will be reduced from
your next term’s A+ benefit.
What happens if I withdraw from
all my classes?
New!
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If it is your first semester: You will no longer be deemed eligible for A+
because a withdrawal from all classes or failure to complete at least 3
credit hours will result in a cumulative grade point average of 0.00%.
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If it is not your first semester: You must maintain a minimum cumulative
2.50 GPA and meet satisfactory academic progress standards - maintain a
cumulative completion ratio of 67%.
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The next semester you attend: You will have to pay back your A+ funding
for the number of hours you withdrew . If the classes you withdrew from
are not repeated during semester of A+ repayment, A+ will pay for you to
take them again in future semesters .
How long can a student use A+?
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Up to 48 months after high school graduation
Until the student graduates with an Associate of Arts
degree (AA) or an Associate of Applied Science degree
(AAS)
When the student completes 105% of the credit hours
required for his or her certificate or degree program.
How does a student maintain A+ Program
eligibility?
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Students receiving A+ funding are required to:
 Be enrolled full-time
 Maintain a minimum 2.50 cumulative grade point average in all
college level courses (100 level or higher) taken after high
school graduation
 New! Meet the minimum requirements of the established
Satisfactory Academic Progress Policy
 New! Maintain a cumulative 67% completion ratio
Completion Ratio = Number of Completed Hours (Cumulative)
Number of Attempted Hours (Cumulative)
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Fall within the term limits for the A+ Program
Final Reminders
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Print off verification of FAFSA completion
Boys: Apply for the Selective Service
Help!
1-800-4-FED-AID (FAFSA)
SallieMae
http://www.collegeanswer.com/index.jsp
FAFSA
http://www.fafsa.ed.gov/
MDHE (MO Dept. of Higher Education)
http://www.dhe.mo.gov/