What is
FINANCIAL AID?
MONEY FROM A SOURCE OTHER THAN
THE FAMILY TO ASSIST WITH THE COST
OF ATTENDING COLLEGE.
NEED BASED
NON NEED BASED
INCLUDING MERIT
GIFT AID
SELF-HELP AID
SCHOLARSHIPS
GRANTS
WORK-STUDY
LOANS
HIGHER EDUCATION TAX CREDITS
Sources of Aid:
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Colleges
Private Sources
State
Federal Government
Federal Financial Aid
• Grants Awarded Based on Financial Need
– Federal Pell Grant
– Federal Supplemental Educational Opportunity Grant
(FSEOG)
• Non-Need Based Grants
– Teacher Education Assistance for College and Higher
Education (TEACH) Grant
**Federal Grants do not require repayment with the
potential exceptions for TEACH grants.**
Federal Financial Aid
• Federal Student Loans
– Both Need Based and Non-Need Based
– Loans must be repaid upon graduation
– Two programs available to undergraduate students:
Direct Loan and Perkins Loan Programs
– One Program available for Parents of
Dependent Undergraduate Students: Parent PLUS
Federal Financial Aid
• Federal Work-Study
– Need based employment program
– Student is paid an hourly wage
– Funds are earned as the student works; no “up front”
disbursement
– Majority of employment positions are on campus
Qualifying for Need-Based Aid
Definition of Financial Need:
Cost of Attendance
− Expected Family Contribution (EFC)
= Financial Need
What will it cost?
• Cost of Attendance figures are typically an
average calculation, rather that actual costs for
an individual student including:
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Tuition and Fees
Books and Supplies
Room and Board
Miscellaneous & Personal Expenses
**May also include allowances for dependent care,
study abroad & expenses associated with a
disability**
Expected Family Contribution (EFC)
Is a Result of Federal Needs Analysis
Formula…
• Which includes the following components:
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Student contribution from income
Student contribution from assets
Parent contribution from income
Parent contribution from assets
**EFC may be zero!!
Apply For Federal Aid
www.fafsa.gov
Fall 2015 Freshmen complete the
2015-2016 FAFSA
Available January 1, 2015
+
Sources for Scholarships
Local, Regional and National Organizations
Colleges and Universities
www.fundmufuture.info
www.scholarships.com
www.collegeboard.com
www.arcf.org
Create your Scholarship Resume
• Education & Scholastic Achievement
• Experience, Training, Internships, and
Employment
• Honors, Awards & Memberships in Professional
Organizations
• Leadership and Community Service
• Extra-curricular Activities
• Career Ambition: Statement of Goals
• Develop Your Personal Brand
Scholarship Tips
•
•
•
•
•
It’s a numbers game
Small is the new big
Pay attention to details
Searching is a year round sport
There are scholarships for
everyone!
Academic Challenge Award
4 Year Institutions
2 Year Institutions
$2,000 Freshman
$2,000 Freshman &
Sophomore
$3,000 Sophomore
$4,000 Junior
$5,000 Senior
**Maximum award is eight (8) Semesters
with five (5) maximum of eight at 2 Year
Institution**
Governor’s Scholars
• Governor’s Distinguished Scholarship
– Rank based on Test Score, GPA, Rank in Class and
Leadership
– Up to $10,000 per year and 300 awards statewide
– 32 ACT/1410 SAT and 3.5 academic GPA or
National Merit or National Achievement Finalists
• Governor’s Scholarship
- $4,000 per year and 75 awards
- 27 ACT/1220 SAT or 3.5 academic GPA
Higher Education Tax Benefits
• Tax Credits directly reduce the amount of tax
you pay:
– The American Opportunity Tax Credit
– The Lifetime Learning Tax Credit
• Tax Deductions reduce the amount of your
income that is taxed:
- Tuition and Fees Tax Deduction
- Student Loan Interest Tax Deduction
Financial Aid Tips
• Apply early and respond to requests for
additional data promptly.
• Remember communication will be addressed to
the students
– Family Education Rights & Privacy Act
• Know additional requirements to receive and
keep aid
- Be a responsible consumer
- Avoid Scams
Contact Information
Carlia Smith
Director of Financial Aid
Email: cgsmith@ualr.edu
Telephone: (501) 569-3035