WELCOME TO FINANCIAL AID
AWARENESS
“Investing in Your Educational
Success”
Presented by
The Office of Financial Aid
Florida State University
Cost of Attendance
Tuition & fees
 Room & board
 Books, supplies, transportation, &
miscellaneous personal expenses
 Study abroad costs (optional)

Estimated Cost of Attendance
2004/2005
In State
$2,892
3,770
3,496
800
1,000
1,124
Personal Expenses
$13,082
TOTAL
Tuition & Fees
Room
Board
Books & Supplies
Transportation
Out of State
$15,398
3,770
3,496
800
1,000
1,160
$25,624
Financing Your Education
What is financial aid and where does
it come from?
 Who is eligible?
 What aid is available?
 How do I apply?

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.

Where does financial aid come
from?
PLAN “A”
OR
PLAN “B”
PLAN “A”

Scholarships (Research)
– Private
– Institutional
– State
PLAN “B”
Complete
the FAFSA
FREE APPLICATION FOR FEDERAL
STUDENT AID
WHO’S ELIGIBLE?
 All
are eligible! (for at least
some type of aid)
–Even if you make $200,000
 It’s
an investment.
FORMULA USED TO
DETERMINE AID ELIGIBILITY
Estimated Cost of Attendance
Less
Expected Family
Contribution
Equals
Eligibility for Need Based
Aid
WHAT AID IS AVAILABLE?
Free Aid
Loans
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
– 8:30-4:30 M-F
– Located 4th floor of
University Center in
Office of Financial Aid
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
FREE APPLICATION FOR
FEDERAL STUDENT AID
 In filling out the FAFSA, you’re
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.
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)
To Register for a PIN:
www.pin.ed.gov
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
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.
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
Additional Advantages

Secure processing - no mail delays

Easy record keeping and renewal access from any online location
www.fafsa.ed.gov
Paper FAFSA

2005-06 FAFSA is
an 8-page booklet
containing:
 General
Instructions for
completing the
form
 3 worksheets
FAFSA: Step One






Step One asks for
general information
about the student:
Name, Address
SSN, DOB
Telephone number
Driver’s license and
state
E-mail address
FAFSA: Step One
Questions 31

Question 31: You
need to mark
(“yes” OR “no”)
whether you have
ever had a Drug
Conviction
FAFSA: Step Two
Step two collects the student’s (and
spouse, if married) income and asset
information
 You will need to complete worksheets

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
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
FAFSA: Step Four
Questions 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.
FAFSA: Step Six
Questions 86 through 98

School code for
sending FAFSA
data (FSU 001489)
FAFSA: Step Seven
Questions 99 through 103

Signatures
– PIN # (online)

Student
 Parent
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)
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!
DEBT MANAGEMENT
Set a realistic budget and stick to it.
 Exhaust all other alternatives before
borrowing.
 Only borrow what you need.

Tips on using your credit wisely
 Avoid
credit cards (high interest
rates)
 Avoid greedy friends!
 Look @ what you NEED verses
what you WANT.
Benefits of having good credit?
 Buying
a home
 Buying a car
 Getting future credit
 Getting a job
 Getting a cell phone IN YOUR
NAME!!
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
Best Wishes!
FLORIDA STATE
UNIVERSITY
OFFICE OF FINANCIAL AID
A4400 UNIVERSITY CENTER
TALLAHASSEE, FL 32306
Office Hours 8:30 AM-5:00 PM
PHONE – (850) 644-0539
FAX - (850) 644-6404
School Code: 001489
FSU WEB PAGE:
www.fsu.edu