Finding Money for College
Financial Aid Information Session
January 30, 2016
The University of North Carolina at Greensboro
Financial Aid Office
Finding Money for College
• We will answer:
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What is financial aid?
Who can get it?
How do I apply?
What happens next?
Where can I get more info?
What is financial aid?
Money to pay for college or career
school
• Gifts
– Scholarships
– Grants
• Self-Help
– Loans
– Employment
Two Basic Categories:
• Merit-based/Talent Based
– Based on Academic Achievement or Specific Talent
• Eligible students invited to apply
• Separate application or essay
• May require audition
• Need-based
– Based on FAFSA
• UNCG Priority Filing Date-March 1
• Check with your intended schools
Who can get federal student aid?
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U.S. citizen or permanent resident
High school graduate/GED holder
Eligible degree/certificate program
Valid Social Security number
Males registered for Selective Service
Satisfactory academic progress
Student Financial Aid:
– Family is responsible for costs to the
extent of its ability to pay
– Must complete the Free Application
for Federal Student Aid (FAFSA) or
Renewal FAFSA every year
– CSS Profile - an additional application
for non federal financial aid from
almost 400 colleges and scholarship
programs.
Applying for Financial Aid
• Free Application for Federal Student Aid
(FAFSA)
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Required for all types of federal aid
Available online: www.fafsa.ed.gov
Cannot be filed until January 1st
Results sent to schools listed by student on
FAFSA
– Student Aid Report (SAR) sent to student to
confirm data
FAFSA on the Web’s Homepage
NEW! Federal Student Aid ID (FSA ID)
• Website: https://fsaid.ed.gov
• Username and password
combination that allows you to
sign your FAFSA
electronically
• May be used by students and
parents throughout aid
process, including subsequent
school years
11 Common FAFSA Mistakes
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Not Completing the FAFSA
Not Using the Correct Website
Not Getting an FSA ID Ahead of Time
Waiting to Fill Out The FAFSA Until After
You File Taxes
• Not Filing by the Deadline
11 Common FAFSA Mistakes
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Not Reading Definitions Carefully
Inputting Incorrect Information
Not Reporting Parent Information
Listing only one college
Not Using the IRS Data Retrieval Tool
Not Signing the FAFSA
Reporting Parent Information
Frequent FAFSA Errors
• Parent and student Social Security Numbers
• Divorced/remarried parental information
• Income earned by parents/stepparents
• Untaxed income
• U.S. income taxes paid
• Household size
• Number of household members in college
• Real estate and investment net worth
FAFSA Tips
• Meet the earliest deadlines of colleges
• Estimate if necessary to meet early deadlines
• Do not wait until you are admitted to file the
FAFSA
• Keep photocopies of all documents for your
records in case you are selected for
verification of self-reported information
FAFSA Results
• Student Aid Report
• FAFSA Results
• An estimate of the Pell Grant and Federal Direct Loan
eligibility
• Links to College Navigator for detailed information
about the institutions selected:
• Graduation, retention and transfer-out rates
• Tuition and fees
• Institution type
• Campus financial aid office gets a copy of your Student
Aid Report
Basic Principle of
Need-Based Financial Aid
Cost of Attendance (Estimated Budget)
- Expected Family Contribution*
= Eligibility For Need-based Funds
*Calculated by Federal Government via FAFSA.
Estimated
Cost of Attendance
• Direct Costs:
– Tuition and Fees
– On-Campus Room &
Board
• Indirect Costs:
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Books and supplies
Transportation
Personal Miscellaneous
Off-Campus Room &
Board
Sources of Financial Aid
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Federal Government
State Programs
Institutional Funds
Outside Organizations and Companies
Federal Aid Programs
• Federal Pell Grant
• Supplemental Educational Opportunity Grant
(SEOG)
• Federal Work Study
• Federal Direct Loans (Subsidized & Unsubsidized)
• PLUS (Parent Loans for Undergraduate Students)
North Carolina Aid Programs
• UNC Need-Based Grant
• North Carolina Education Lottery Grant
• Forgivable Education Loans for Service
(FELS)
• North Carolina Community College Grant
• North Carolina Need-Based Scholarship
Scholarship and FELS information listed in
detail on www.CFNC.org and CFNC.org/FELS
North Carolina Aid Programs
Institutional and Outside Aid
• Institutional Aid:
– Grants and Scholarships
• Athletic, Music, Drama Scholarships
• Departmental Scholarships
• Outside Agencies:
– Free Searches Available
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Local Organization & Civic Groups
Churches
Parents’ Employers
Veterans Benefits
Vocational Rehabilitation
What happens next?
• Each school will tell you how much aid you
can get at that school.
• Once you decide which school to attend, keep
in touch with the financial aid office to find
out when and how you will get your aid.
Is that all there is?
• Payment Plan
– 1-800-635-0120
– www.tuitionpay.higherone.com
• Family Savings
• Outside Scholarships
• Private Alternative Loans for students or parents
– Last resort--Always apply for federal loans first!
• Tax credits—American Opportunity (formerly Hope Tax Credit)
& Lifetime Learning
https://www.irs.gov/uac/Tax-Benefits-for-Education:-Information-Center
Special Circumstances
• If there is a significant change in your family
financial circumstances you should contact
the Financial Aid Office of the school you are
attending. They will make every effort to
help you.
Additional Information
• UNCG Financial Aid Website:
– www.uncg.edu/fia
• College Foundation of North Carolina website:
– www.cfnc.org
Free Internet scholarship search engines:
• FinAid on the Web: www.finaid.org
• College Board: www.collegeboard.com
• FastWeb: www.fastweb.monster.com
• Peterson's CollegeQuest: http://iiswinprd03.petersons.com/ugchannel/
• Wiredscholar: http://www.wiredscholar.com/index.jsp
Additional Information
2016 FAFSA Day
• Saturday, February 20, 2016
• 9:00 a.m. to 12:00 p.m. at most locations
• Register at CFNC.org or call 866-866-CFNC
QUESTIONS