Financial Aid Information Session

Fall 2024

Presented by: Trisha Cherry

School Counselor

Gorham High School

Agenda

• Financial Aid Overview
• Three Steps to Financial Aid
• Types of Financial Aid
• Your Financial Aid Offer
• When the Aid Isn’t Enough
• Additional Resources

Download PAY: Tips to Afford Higher Education

at FAMEMaine.com/Publications

Financial Aid Overview

• Financial aid exists to help students pay for college.
• Two categories of aid:
• Merit-based aid
• Need-based aid
• All schools must use the Free Application for Federal Student Aid (FAFSA) to determine eligibility for federal financial aid.
• Everyone should complete the FAFSA. Even if you think you won’t qualify—FAFSA is required for many scholarships and federal loans.

Step 1: Get Ready

Research college costs and financial aid:

• Focus on net price, not sticker price!

Use the school’s Net Price Calculator, found on each school’s website.

• Schools vary in the amount of aid offered and “percent of need” they can meet.

Research schools using the College Board’s Big Future site.

​

​

LEARN MORE: See page 8 in PAY: Tips to Afford Higher Education

Step 1: Get Ready

https://bigfuture.collegeboard.org/college-search

Step 1: Get Ready

Research deadlines and required forms.

• Deadlines are critical and vary by school.
• What financial aid applications are required?
• All schools require the FAFSA.
• Some schools also require the CSS Profile (or an Institutional application) to award institutional aid.

For more information on the CSS Profile, visit cssprofile.org where you will find an interactive presentation on the CSS Profile.

LEARN MORE: See page 29 in PAY: Tips to Afford Higher Education

Step 1: Get Ready

• Save as much as possible!

It’s not too late to get started – every little bit helps!

• Research and apply for outside scholarships
• Use free searches only
• Links at FAMEmaine.com/Scholarships
• Parents: find exclusive scholarship info by joining our Facebook Group (Paying for College for ME)!

​

​

​

Learn more about the Worthington Scholarship at: worthingtonscholars.org/scholarship-program/eligibility/

Step 1: Get Ready

Create an account at StudentAid.gov

When you create your account, you set up an FSA ID (Federal Student Aid ID).

• Your FSA ID is a username and password used to access all Federal Student Aid websites and sign the FAFSA.
• Who needs an FSA ID?
• All student applicants need an FSA ID
• For dependent students, we recommend that any parent required to provide information on the FAFSA create an FSA ID.
• To create your account, you’ll need access to an email account and mobile phone (if available).

LEARN MORE: See page 7 in PAY: Tips to Afford Higher Education

Plan to create FSA IDs at least one week before filing the FAFSA!

Step 2: Apply

Complete the 2025-2026 FREE Application for Federal Student Aid (FAFSA) at StudentAid.gov.

• FAFSA is FREE – do not pay�anyone to submit it for you.
• Must be filed every year.

​

​

​

​

Step 2: Apply

The 2025-2026 FAFSA will be available December 1!

• Submit early to meet deadlines.
• The 2025-2026 FAFSA requires 2023 tax information. Be sure to click “Approve” in the financial information section to allow tax return data (if any) to be transferred from IRS to your school.
• Parental information – whose information is needed?
• See what asset information is required.

LEARN MORE: See page 11 in PAY: Tips to Afford Higher Education

Step 3: Follow Up

FAFSA Submission Summary

• Review and correct errors at StudentAid.gov
• FAFSA information and changes will be sent to the colleges electronically

​

​

​

​

​

Print to save your FAFSA Submission Summary as a PDF in your college folder on your computer!

LEARN MORE: See page 13 in PAY: Tips to Afford Higher Education

Step 3: Follow Up

Verification

• Students are randomly selected
• Each school is responsible for verifying�information
• Schools may send requests for�information by mail or email

​

​

​

​

​

​

LEARN MORE: See page 13 in PAY: Tips to Afford Higher Education

Types of Financial Aid

Scholarships/Grants

• Federal
• State (Maine State Grant —�May 1 deadline)
• Institutional (colleges and universities)
• Private

​

​

Work Study

• Federal
• Institutional

​

​

LEARN MORE: See pages 15–16 in PAY: Tips to Afford Higher Education

Types of Financial Aid

Student Loans

• Federal Direct Student Loans
• Subsidized and unsubsidized
• Be sure to understand the differences between various loan programs.
• Visit FAMEmaine.com Borrowing Student Loans to learn more about borrowing options.

LEARN MORE: See page 15 in PAY: Tips to Afford Higher Education

Your Financial Aid Offer

The financial aid office will notify you of your financial aid offer – either via paper or email notification.

• You must be accepted for admission.
• Many schools will not start sending notifications until at least January.
• Be sure to check your student e-mail account regularly.

​

​

​

LEARN MORE: See pages 17 in PAY: Tips to Afford Higher Education

Financial Aid Offers

Review and compare financial aid offers.

• Each financial aid offer will look different.
• Carefully review the details and compare information!
• Use FAME’s Comparing Costs and Financial Aid Offers worksheet available at:�FAMEmaine.com/affording-education/pay-for-school/resources-tools/

​

Special Circumstances

If FAFSA no longer reflects your current�situation, contact the financial aid office�to discuss changes.

• Loss of income/unemployment
• Divorce or separation
• Unusual medical expenses
• Multiple students attending college

​

​

​

​

LEARN MORE: See page 17 in PAY: Tips to Afford Higher Education

When the Aid Isn’t Enough

• Savings�Including summer and possible school year savings
• Tuition Payment Plan�Make monthly payments to the college
• Other Financing Options�Start by visiting FAMEmaine.com Borrowing Student Loans to learn more about borrowing options
• Federal Tax Credits and Deductions�See IRS Publication 970

​

​

​

​

Additional Resources

Junior & Senior Year

Planning Checklist

​

Pages 27 & 28 in

PAY: Tips to Afford Higher Education

​

Additional Resources

Helpful Resources at

FAMEmaine.com:

• Informational Videos
• Calculators and Tools
• Publications
• FAFSA Help
• Scholarship Search
• Financial Wellness

​

​

​

​

​

​

​

Stay Connected

• Sign up for texts and/or emails from FAME!
• For texts, opt in by texting “FAME” to 207-707-5001
• For emails, go to FAMEmaine.com/join
• Class of 2025 students and their parent(s)/guardian(s) who sign up will be entered into a drawing for a $1,000 Future Fund scholarship.
• Parents & Caregivers: Join our Paying For College for ME Facebook group!
• FREE Financial Aid Coaching— Schedule a session with one of our financial aid experts at FAMEmaine.com/Contact!

Questions?

Thank you for joining us today!

Find more FREE resources and information at�FAMEmaine.com/education.

​

Follow Us: