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Financial Aid 101:
What it is and How to Apply
Cookie GreerWhat is Financial Aid?
• Scholarships
• Grants
• Loans
WHERE MONEY COMES FROM?
• Federal Funding
• State Funding
Types of Federal Aid
• Federal Pell Grant
• Federal Supplemental Educational Opportunity Grant (FSEOG)
• Federal Work Study (FWS)
• National Science and Mathematics Access to Retain Talent Grant (SMART)
Types of Federal Aid continued…
• Federal Loan Programs Available under:
– Federal Direct Student Loan (Direct Loan) Program with funds provided directly by
federal government via participating schools – Federal Perkins Loans
Types of State Aid
• Grants such as the Washington State Need Grant (SNG),TRIO, and GEARUP
• Work programs including the State Work Study and Literacy Work Study programs • Scholarships such as the Washington
Academic Vocational Excellence Scholarship (WAVE), Nurses Conditional Scholarship, and many more which are student specific.
• For additional information on state aid programs visit www.hecb.wa.gov
Types of Institutional Aid
• Vary by college but generally include:
– Institutional Grant Programs funded by tuition dollars
– Tuition Waivers
– Work Study Programs – Loan Programs
– Foundation Partnerships for Scholarship funding – Targeted grant programs funded by students for
WHO IS ELIGIBLE?
Cost of attendance (COA)
Cost of Attendance
• Tuition & fees • Room & board
• Books, supplies, transportation, & miscellaneous personal expenses, including documented costs for personal computer
• Loan fees
• Study abroad costs
• Dependent care expenses • Disability-related expenses
What is the Expected Family
Contribution (EFC)
• Calculated using data from a federal application form and a federal formula
• Federal Methodology is the formula created by Congress to determine the expected family contribution (EFC).
• Reasonably be expected to contribute, but not what the family will pay to the college
• EFC the same regardless of what college the student attends
• Two components:
Need Varies Based on Cost
X
Y
Z
Cost of Expected Family Need
Attendance Contribution (Variable) (Variable) (Constant)
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2
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General Student Eligibility Criteria
• Must be enrolled or accepted for enrollment in an eligible program of study
• Must be pursuing an approved degree, certificate, or other recognized credential • Must be U.S. citizen or eligible noncitizen • Must be registered with Selective Service
(if male & required)
• May not have eligibility suspended or
General Student Eligibility Criteria
• Must have valid Social Security Number
• May not be in default on federal student loan • Must not owe overpayment of federal grant or
loan
Application Process
• Submit Free Application for Federal Student Aid (FAFSA) prior to school’s deadline
• To ensure maximum consideration for federal, state, & institutional aid, check information from each school to determine:
– Required application materials – such as Data Sheet,
tax returns, etc
– Application deadlines
Role of Financial Aid Office
• Determines aid eligibility using federal formula
• Packages aid depending on availability of funds
• Sends award notification including:
– Student’s Cost of Attendance (COA)
– Student’s Expected Family Contribution (EFC) – Amount of student’s financial need
– Award amount for each program for which student is eligible
FAFSA on the Web
• Web site: www.fafsa.gov
• 2012-13 FAFSA on the Web available on January 1, 2012
• FAFSA on the Web Worksheet:
– Used as worksheet for on-line entry
www.pin.ed.gov
PIN Site
• Web site: www.pin.ed.gov • Sign FAFSA electronically• Can request PIN before January 1, 2012
• Not required, but speeds processing
• May be used by students and parents throughout aid process, including
IRS Data Retrieval
• Available January 30, 2012, for 2012–13
processing cycle
• Participation is voluntary
• Could reduce documents requested by
financial aid office
Household Size & Number in College
• Household Size = Members of the
household who receive more than 50% of
their support from you (or your parents if
you are a dependent student, even if you
do not live with parents)
• Number in College = Members of the
above household who are also enrolled at
least half time in an eligible program of
CAUTION!
• Avoid being charged a fee to file the Free
Application for Federal Student Aid
– Processes of completing & processing FAFSA are
FREE
– If filing via FAFSA on the Web, be sure to go directly to
www.fafsa.gov
FAFSA Processing Results
• FAFSA Results are sent to colleges listed
on FAFSA approximately 10 to 14 days
after FAFSA submitted
• College reviews results
– May request additional documentation, such as copies of federal tax returns, institutional application (data sheet), birth certificate,
Student Aid Report
Student should review SAR
• Check for accuracy
• Contact school for additional instruction if
corrections are needed
Where Do I Go From Here?
• Obtain and review admissions and financial aid materials from each school to which you are
applying
• Meet all application deadlines – Complete FAFSA
– Other application materials, such as College Scholarship Service’s PROFILE application, if required by school or state agency
Scholarship Search Options
• College Foundation Scholarship
– Applications available in March- due mid-April – More than 290,000 awarded in 11-12!!
– One application to be considered for all scholarships – Attend Scholarship Workshop to learn more
• Scholarship Drawer at SPSCC
• Private business scholarships
• Civic organization scholarships
• The Washington Scholarship Coalition
Avoid Being Scammed
• To check legitimacy of scholarship search services or individuals, for information about financial aid
scams, and tips to avoid being scammed visit these Web sites:
– Better Business Bureau: http://www.bbb.com – U.S. Department of Education:
http://studentaid.ed.gov/students/publications/lsa/index. html
– Federal Trade Commission:
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Good Luck!
•Contact our office with any questions
•If you want to speak with an financial aid advisor
one-on- one make an appointment or come in during our “drop in” times
Cookie Greer
Program Specialist 2
