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Welcome! We are glad you are here ☺

Please register your attendance at this evening’s session by using either the link or the QR code.

https://tinyurl.com/BMHSFAFSA22

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College Affordability�2022-2023

The Ins And Outs Of Paying For College

WWW.COLLEGENOWGC.ORG

DEVELOPING TOMORROW’S TALENT TODAY

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Presentation Objectives

Understand the financial aid process and timeline

Know the different types of financial aid and how to access each of them

Understand the FAFSA & what documents you’ll need to complete it

Be familiar with the CSS Profile and how it is used

Understand what happens after you complete the FAFSA

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What is Financial Aid?

Financial Aid is money to help students pay for their COLLEGE EDUCATION.

Some Financial Aid is free
Some Financial Aid is NOT free
ALL Financial Aid helps to pay for programs at trade school/career center, community college, or 4-year institution

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What Financial Aid IS NOT:

Financial Aid IS NOT a windfall for the student!!

Financial Aid serves one purpose ONLY:

Financing College Expenses

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What Costs are Associated with College?

Financial Aid assists students in paying for:

Tuition and Fees (Direct Costs)
Room and Board (Direct Costs)
Books and Supplies (Indirect Costs)
Personal Expenses (Indirect Costs)
Transportation (Indirect Costs)

All of these items make up a school’s

COST OF ATTENDANCE (COA)

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Types of Financial Aid

Gift Money

Grants and Scholarships

Earned Money

Federal Work Study

Borrowed Money

Education Loans�(Federal and Private)

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Gift Money:�Grants

Grants are Need-Based and are usually offered by the government and the colleges

Eligibility is determined by a student’s FAFSA*

Free Application for Federal Student Aid

Grants DO NOT need to be repaid

*The Pell Grant is an example of a Federal Grant Program

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Gift Money:�Scholarships

Scholarships can be

*merit-based
*need-based
*circumstance-based
May be some combination of all of the above.

Scholarships DO NOT need to be repaid!

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Tips for Scholarship Searching:

Think Local

Local civic organizations, your high school, and your place of employment all might offer scholarships.

Think Specific

Scholarships are available for students based on a wide variety of criteria:

Academic Achievement
Certain Majors and Cohorts
Underrepresented Students

Think Easy

Apply to the most obvious scholarships first.

Some local scholarships offer very competitive odds because the applicant pool is small.

Check College Now’s website for a comprehensive list of scholarships.

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Earned Money:�Federal Work Study

On-campus employment

Some colleges also offer community-based opportunities

Students must search for available jobs, apply, and interview

Payment comes to the student in the form of a check

Few students apply it to their tuition; most use it for personal expenses

Students will not be penalized on the next year’s FAFSA for funds earned from a work-study position.

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Borrowed�Money

Federal Student Loans – Awarded upon completion of the FAFSA

Stafford Subsidized Loan [4.99% fixed interest*]
Stafford Unsubsidized Loan [4.99% fixed interest*]

Federal Parent Plus Loan – [7.54% fixed interest*]

Private or Alternative Loans – Loans from banks, credit unions, and other loan sources, such as Sallie Mae

*Federal Interest Rates are set every July and remain for the life of the loan unless consolidated. These rates are for loans disbursed between July 1, 2022 and June 30, 2023.

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Financial Aid Timeline

Now: Create FSA ID

Oct. 1:

FAFSA & CSS Profile Open

(Submit ASAP)

Review Student Aid Report (SAR) from FAFSA

November – January:�Complete Verification Process if necessary

February – March:�Compare Financial Aid Award Letters

May 1: Tuition Deposit / Enrollment Fee

Work on SCHOLARSHIPS

throughout your SENIOR year!

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FAFSA�Overview

HOW TO APPLY FOR FINANCIAL AID

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What is the FAFSA?

Free Application for Federal Student Aid

The Department of Education (DOE) oversees the FAFSA

Gives the DOE, state government, and colleges a baseline to measure student need.

Calculates Expected (Estimated) Family Contribution: EFC

Completed for every year that a student intends to enroll

studentaid.gov

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Expected Family Contribution (EFC)

The EFC is a number calculated by the Department of Education based on the information provided in the FAFSA.

The EFC will not change from school to school

FAFSA Screen Shot

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A Quick Look at studentaid.gov

Click Create Account to Make your FSA ID

Click Apply for Aid to Begin Your FAFSA

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Who is My Parent for FAFSA Purposes?

Married Parents: Report information for both parents
Parents Living Together: Report information for both parents
Parents Not Living Together: Report information for the parent you lived with more during past 12 months

If Parent is Remarried: Also report information for your stepparent

The following people are NOT your parents unless they have legally adopted you:
Widowed Stepparent
Grandparents
Foster Parents
Legal Guardians
Older Brothers or Sisters
Aunts or Uncles

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Independent Student

Several criteria for determining this status, including the following:

Married
Have children or other dependents who receive more than half their support from you
Armed services veteran or currently on active duty
Unaccompanied youth who is homeless or is self-supporting and at risk of homelessness
At any time since age 13:

Both parents are deceased
In foster care
Dependent or ward of court

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Quick Reminders…

The FAFSA needs to be completed every year

The 2023-2024 FAFSA is available beginning October 1, 2022

Why complete the FAFSA in the first place?

The FAFSA generates every type of financial aid

You SHOULD have your taxes completed!

Strive to complete the FAFSA between October 1

and November 30 – There is a limited amount of time!

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After Completing the FAFSA

Verification

Schools are required to verify information

Failure to complete requested paperwork can delay an award letter!

Special Circumstances

Loss of Income
Divorce or separation
Medical expenses
Death of parent or spouse
Private school expenses

CSS Profile

Some colleges require additional financial and tax information to assess financial aid needs

Will require additional documentation separate from Federal Taxes

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What is Verification

A process which requires the college to collect documentation to verify and collect information you reported on the financial aid application

Your Options

You may verify your income electronically through the Data Retrieval process on the FAFSA or by submitting a Tax Return Transcript obtained from the IRS

Documentation Needed

Signed Verification Worksheet from the College

W-2’s, Schedule C’s and/or Schedule K-1

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Special Circumstances

FINANCIAL CHANGES

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If you have had any of these circumstances since you filed your 2021 tax return…

Job layoff

Reduction in hours worked

Medical, dental, or nursing home expenses not covered by insurance

Divorce or separation

Critical illness or disability in your family, causing a reduction in income or increased medical expenses

Death in your family

Income from a rental property, court settlement, or alimony that is no longer available.

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When to request special circumstances

	FAFSA	CSS PROFILE
On the Application	No free fields to indicate special circumstances within application.	Final question of application allows for an explanation of any circumstances not covered in the application.
After Application Submission	Contact each institution to ask how to communicate special circumstances.	Contact each institution to ask how to communicate special circumstances.

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Award�Letters

Compare Award Letters for:

Gift Money
Earned Money
Borrowed Money
Unmet Need and True Cost of Attendance

Sent from schools in late March or beginning of April

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Dr. Anne Gates�440.941.6985�agates@collegenowgc.org

Appointments: Ms. Stephanie Kronika

216.898.8900, EXT. 5127

skronika@bereaschools.org

WWW.COLLEGENOWGC.ORG

DEVELOPING TOMORROW’S TALENT TODAY

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Financial Aid Overview

Thank You!

Developing Tomorrow’s Talent Today