Financial Aid

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FINANCIAL AID
30 minutes could save you thousands
CONGRATULATIONS TO ALL WHO HAVE EARNED
ACCEPTANCES!
Requests!!
1. Please update Naviance account
with the result of accepted,
waitlisted, or denied. (colleges
tab, colleges I’m applying to, click
the edit pencil)
2. If you get a scholarship award
letter, please drop off a copy to
the guidance office. The total
amount of scholarships awarded
to the senior class will be
announced at graduation.
Individual scholarship information
will be kept confidential.
WHAT WE WILL COVER
• Federal student aid
• State student aid
• Student aid from colleges
• Scholarships from other sources
FINANCIAL AID SUPPORT
•
January 12th – Financial Aid Parent Information Night 7PM – QPAC
• Joyce Farmer of the financial aid department at DeSales University will present
information about the financial aid process and will field general questions
• Snow date is January 19 th
•
February 9th – FAFSA Completion Night 5:00 to 6:30 PM – Location TBD
• This is a work session, not a presentation
• Participants can come at 5:00, 5:30, or 6:00
• Families will have access to a computer lab so they can start and hopefully
complete their online FAFSA application
• A member of PHEAA (Frances McKeown) will assist any participants who have
questions while filling out the application
• Prior registration is mandatory. Students can sign up in the guidance office or
parents can email Mr. Gozzard at [email protected]
WHAT IS FINANCIAL AID?
• Financial aid is any assistance to help
students fund their education. It can take the
form of:
• Grants
• Loans
• Work-study
• Scholarships
• Merit Aid – Awarded to students based on academic performance or
other skills
• Needs Based Aid – Based on financial need
5
SOURCES OF AID:
• Federal – Loans and grants
• State – PHEAA grants
• Educational Institutions
• Outside or Private Organizations
• Civic Organizations
• Parents
• Employers
• Schools
6
HOW DO I APPLY FOR FINANCIAL AID?
• Step 1 - You and your parent/guardian must go to…
•www.fsaid.ed.gov
• NEW PROCESS – Both you and your parent/guardian must get a new
federal student aid ID.
• Step 2 – Complete the Free Application for Federal Student Aid at…
•www.fafsa.gov
• This is the official website for requesting federal student aid.
HOW TO FILL OUT THE FAFSA
*The PIN is now the FSA ID
REVIEW OF STEPS
•
1. You and your parent/guardian will need to create a federal student aid identification (FSA ID)
•
•
www.fsaid.ed.gov
2. Gather needed documents
•
Social Security Numbers
•
W-2 Forms from 2015
•
Completed Taxes for 2015
•
3. Go on www.fafsa.gov
•
4. Complete the document
•
5. On the confirmation page of the
FAFSA, click on the PA state
link to apply for state aid
•
6. Monitor your email and mail for
application status updates
ONCE FAFSA HAS BEEN SUBMITTED
SAMPLE AWARD LETTERS
•
ADD Drexel Award Letter
Tuition, room, board
(food) = $45,600(14-15)
$45,600
- $33,951
$11,649
Student will still
need to pay $11,649
for the year and will
need to pay back
$5500 worth of
federal students
loans. (loan
repayment generally
starts 6 months after
graduation)
SAMPLE AWARD LETTERS
•
ADD PSU Letter
Tuition, room, board
(food) = $33,576
$33,576
- $16,235
$17,341
Student will still need
to pay $17,341 for
the year and will
need to pay back
$5500 worth of
federal students
loans. (loan
repayment generally
starts 6 months after
graduation)
DECIDING ON WHICH SCHOOL
• Be sure you have visited the campus – more than once if possible.
• Do you see yourself being comfortable on this campus for the next 4
years?
• Is the distance from home acceptable?
• Is the amount of loans or money you will have to pay out of pocket
feasible?
• Multiply the amount of loans you are taking out over 4 to 5 years.
• Does the potential job you could get pay well enough to pay off the
loans you have taken out? See the “career” tab on Naviance for
salary information.
• Attend the college/trade school because it is right for you, not because
a friend or significant other is going as well.
RESPONSIBLE BORROWING
SMART BORROWING
Go to
http://www.mysmartborrowing.org/
SCHOLARSHIPS YOU CAN APPLY FOR
•
Naviance has a scholarship list of local and regional scholarships and a “national college
search” tool as well.
•
Check out the financial aid web page of schools where you have applied. They may offer
a scholarship list.
•
www.fastweb.com
•
Avoid Scholarship Scams
• Never pay to apply for a scholarship
• Never give your Social Security Number when applying for a scholarship (you will
need to give your SSN to colleges and FAFSA)
• Do not give your bank or credit card information
•
Investigate your employer and parents’ employer for scholarships
•
Church and local civic organizations
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