Jumpstart FAFSA Presentation Spring 2016

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Wendy Dunlap
Higher Education Access Partner
PA Higher Education Assistance Agency (PHEAA)
wdunlap@pheaa.org
724-453-1463
Plan Ahead
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What will it cost me?
• EducationPlanner.org
• Collegecost.ed.gov
• MySmartBorrowing.org
Collegecost.ed.gov
Think of ways to save
What should I be asking about costs?
• Costs different for different majors?
• Return on investment?
• How long will it take me to graduate?
Explore Many Options
• Apply to at least five schools
» Fee waivers for applications?
» Visit and ask questions!
• Talk to high school counselor, teachers, and mentors
Scholarships
Diverse Qualifications for Scholarships
• Athletics
• Community and volunteer
service
• Academics
• After-school or summer jobs
• Special interests (hobbies,
club membership, activities,
church, etc.)
Use recommended sites to find scholarships
• Fastweb.com
• Collegeboard.com
• Scholarshipamerica.org
Be wary of scams or
companies that charge you
money to find scholarships.
FAFSA
FAFSA.gov
Apply for financial aid from
schools, the federal
financial aid programs and
PHEAA on one
application.
FAFSA.gov
• Class of 2017 can file
their FAFSA as of
October 1, 2016.
• The FAFSA must be
completed every year!
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• How soon can you file the FAFSA?
Juniors: after October 1st 2016
• School Deadlines – vary by school
• PA State Grant Deadlines for FAFSA
May 1, 2017 – First-time and renewal students attending colleges, universities
& college transferrable programs (excluding community colleges)
August 1, 2017 – First-time students attending community college; a business,
trade or technical schools, hospital school of nursing; Open Admissions
Institutions or a 2-year non-transferrable degree program at a Jr or 4-year
college.
fsaid.ed.gov
• The student and one parent (if the student is
dependent) will need an FSA ID Username
and Password.
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Most high school seniors are dependent and
required to provide income information about their
parent(s) on the FAFSA.
Student Status: Who is independent?
•
24 or older on Jan 1st of award year •
•
Veteran (includes active duty
personnel)
•
Working on graduate level degree
•
Married or separated
•
Emancipated minor or in legal
guardianship
Orphan, in foster care, or ward of
the court at anytime when student
was age 13 or older
•
Have legal dependents other than
spouse
•
Student deemed homeless by
proper authority
State Grant Form
• First-time filers
only
• Can also
access at
pheaa.org
Where does my FAFSA go?
• The information on your FAFSA and your resulting EFC
are sent to the schools/colleges that you listed on the
FAFSA and to PHEAA.
• You will also receive notification that it has been
processed.
Expected Family Contribution
Expected Family Contribution (EFC) is determined based on
your FAFSA information including:
Parent income and assets
Student income and assets
Family size
Number of children in college
Age of the older parent
Schools use this number to determine eligibility for financial aid.
Calculating Financial Need for Aid
• School Cost
$36,000
• EFC
-$10,000
• _______________________
• Financial Need $26,000
Check Requirements
• Free Application for Federal Student Aid (FAFSA)
• PA State Grant Form (SGF)
• CSS PROFILE Form
https://profileonline.collegeboard.org
Find out which
schools
require more
than the
FAFSA.
Award Letters
Federal Financial Aid Programs
• Pell Grant
• Supplemental Education
Opportunity Grant
• Federal Work Study
• TEACH Grant
• Iraq and Afghanistan
Service Grant
Pennsylvania Financial Aid Programs
• Pennsylvania State Grant
• Pennsylvania Targeted Industry Program (PA –TIP)
• Ready to Succeed Scholarship (RTSS)
• For details, see the PA Student Aid Guide, or visit
PHEAA.org.
Other Pennsylvania Financial Aid Programs
• State Work-Study Educational Assistance Grant (EAP) – National
Guard
• Chafee Education and Training Grant
• Blind or Deaf Beneficiary Grant
• Postsecondary Educational Gratuity Program (PEGP)
• Partnerships for Access to Higher Education (PATH)
• For details, see the PA Student Aid Guide, or visit PHEAA.org.
Direct Loans for Students
• StudentLoans.gov
• Subsidized v. Unsubsidized
• Interest is currently 4.29%; capped at 8.25%
• Fee is currently 1.068% (if you borrow $5500, $5441.26
is applied to school bill)
Direct Loans for Dependent Students
Parent Loan for Undergraduate Students (PLUS)
• Parent borrows a loan for the student
» 6.84% interest rate for 2015-16; interest capped at
10.50%
» Up-front fee of 4.292% deducted at disbursement
» May borrow full cost of education minus any aid
» Credit Check is required
» Can defer repayment while the student is enrolled
Decide
Compare Options
What should I be asking about an academic program?
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•
•
•
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Internship availability
Success of graduates
Job availability in field of study
Expected salary
Graduation rate
What can you do now?
• Student and parent apply for FSA IDs
• Learn about Education Tax Credits at IRS.gov
• Explore scholarship opportunities – locally, regionally and nationally
• Use Net Price Calculators to estimate costs
• Look at 529 college savings plans such as pa529.com
Thinking ahead…
• Decide by May 1 of senior year in HS
• Pay deposit
• First Bill due – often in July or August
» How are you going to pay the balance?
• Payment plans; PLUS or alternative loans; 529 Plan or other
savings?
• Has anything changed since you filed the FAFSA?
(divorce, job loss, death of parent)
Wendy Dunlap
Higher Education Access Partner
PA Higher Education Assistance Agency (PHEAA)
wdunlap@pheaa.org
724-453-1463