MAFAAFinAidEvents

The Minnesota Association of Financial Aid Administrators (MAFAA) presents… : 

2008-2009 The Minnesota Association of Financial Aid Administrators (MAFAA) presents… Financing Your Future …an introduction to financial aid

Financing Your Future : 

2008-2009 Financing Your Future What does college cost? How do I apply for financial aid? What is financial aid? Where can I get more information?

What does college cost?Average annual tuition & fees cost: : 

2008-2009 What does college cost?Average annual tuition & fees cost: Private Colleges: $27829 Private Career Colleges: $12233 University of Minnesota: $10756 State Universities: $6373 Community and Technical Colleges: $4548

Estimated Annual Cost of Attendance (COA) : 

2008-2009 Estimated Annual Cost of Attendance (COA) Tuition & Fees: Books & Supplies: Room & Board: Transportation: Personal Expenses: Total: $4,283 - $24,744 350 - 1,000 4,100 - 6,696 124 - 1,000 1,000 - 2,000 $9,857 - $35,440

How will I pay for it? : 

2008-2009 How will I pay for it? Family support Savings Work Grants Scholarships Loans

How do I apply for financial aid? : 

2008-2009 How do I apply for financial aid? Complete the Free Application for Federal Student Aid (FAFSA) Complete school financial aid application (if required) Meet application deadlines Apply for scholarships Contact your financial aid administrator if you have special circumstances

FAFSA on the Webwww.fafsa.ed.gov : 

2008-2009 FAFSA on the Webwww.fafsa.ed.gov Completing and processing the FAFSA are free! Avoid being charged a fee to file the FAFSA. Contact your school’s financial aid office if you need help. Paper forms are also available.

FAFSA on the Webwww.fafsa.ed.gov : 

2008-2009 FAFSA on the Webwww.fafsa.ed.gov

PIN Registrationwww.pin.ed.gov : 

2008-2009 PIN Registrationwww.pin.ed.gov

Avoid Errors! : 

2008-2009 Avoid Errors! Put your name and SSN on FAFSA exactly how it appears on your social security card. Refer to completed federal income tax return and consult instructions for proper line references. If entry is zero or none, enter 0. Don’t leave blank. Enter school code(s). Student and one parent must both sign dependent student’s FAFSA.

What makes a student “independent”? : 

2008-2009 What makes a student “independent”? At least 24 years old by December 31st of the award year covered by the FAFSA Graduate or professional student Married Has legal dependents other than a spouse who receive more than one half of their support from the student Both parents deceased or ward of the court Veteran of the U.S. Armed Forces

The FAFSA will determine your Expected Family Contribution (EFC) : 

2008-2009 The FAFSA will determine your Expected Family Contribution (EFC) Cost of Attendance (COA) - Expected Family Contribution (EFC) = Eligibility for need-based financial aid The COA is different at each school, but a student’s EFC stays the same. A student’s need will be different from school to school.

Need Varies Based on Cost : 

2008-2009 Need Varies Based on Cost

Expected Family Contribution (EFC) : 

2008-2009 Expected Family Contribution (EFC) Dependent Student Parents’ income and assets Number in family Number in college Student’s income and assets Independent Student Student’s income and assets Number in family Number in college

What is financial aid? : 

2008-2009 What is financial aid? Grants Scholarships Loans Employment Opportunities Where does it come from? Federal and state government, schools, employers, and other public and private sources like clubs and organizations.

...more on grants : 

2008-2009 ...more on grants Federal Pell Grant: need-based: annual awards range from $523 - $4731 Federal SEOG Grant: limited funding; priority given to students with exceptional need; annual awards range from $100 - $4000

...more on grants : 

2008-2009 ...more on grants Academic Competitiveness Grant (ACG): completed rigorous secondary curriculum, GPA requirement, freshman/sophomore award range from $750 - $1300. National SMART (Science And Mathematics Access to Retain Talent) Grant: enrolled in a degree program in one of the following academic fields - computer science, critical foreign language, engineering, life science, mathematics, physical science, and technology. Junior/Senior grant award up to $4000.

...more on grants : 

2008-2009 ...more on grants Minnesota State Grant: must be a Minnesota resident enrolled at an eligible Minnesota school; awarded to students from low and moderate income families; annual awards range from $100 - $8661 Minnesota Achieve Scholarship: program is designed to assist high school graduates who complete any one of four sets of courses defined as rigorous. Students can earn a one-time scholarship of $1,200. Apply on-line at: www.getreadyforcollege.org/achieve Institutional Grants: College or university funds awarded to students

Search for scholarships : 

2008-2009 Search for scholarships Where to look: on the Web at the library high school counselor’s office or career center in the community: church, civic, and business organizations your college(s) of choice

Avoid scholarship scams : 

2008-2009 Avoid scholarship scams For information and tips to avoid scholarship scams check: Minnesota Attorney General’s Office: http://www.ag.state.mn.us/ Federal Trade Commission: http://www.ftc.gov/bcp/consumer.shtm U. S. Department of Education: www.studentaid.ed.gov

…more on loans : 

2008-2009 …more on loans Federal Perkins Loan: 5% fixed interest rate; no fees; repayment begins nine months after school Federal Stafford/Direct Loan: fixed interest rate at 6% subsidized, 6.8% unsubsidized; 0-2% fee; repayment begins six months after school. $5500 first year max. Subsidized: no interest charged while in school Unsubsidized: interest accrues while in school-can be deferred Federal PLUS Loan for parents of dependent students: fixed interest rate of 7.9% at Direct lending schools and 8.5% at FFEL schools, 2.5 - 4% fee; repayment may be deferred until six months after school. Max of COA less FA. Minnesota SELF Loan: variable interest rate, 3rd Qtr. ’08 = 5.8%; no fees; quarterly interest payments required while in school; repayment begins after school; requires credit worthy co-signer. $7500 annual max. Alternative/Private Loans Terms and rates vary by lender

Work Study : 

2008-2009 Work Study Part-time student employment Earnings paid to student Work-study earnings not included when determining EFC on next year’s FAFSA

Get free help completing the FAFSA. For times and locations, go to MNCollegeGoalSunday.org : 

2008-2009 Get free help completing the FAFSA. For times and locations, go to MNCollegeGoalSunday.org Show up. Cash in.

Other Resources : 

2008-2009 Other Resources Reciprocity Programs Wisconsin, North and South Dakota, Manitoba MSEP: Kansas, Michigan, Missouri, Nebraska Federal Tax Benefits for Higher Education Deduction for Qualified Education Expenses Employer Paid Tuition Assistance Hope and Lifetime Learning Tax Credits Student Loan Interest Deduction

Other Government Programs : 

2008-2009 Other Government Programs Americorps Program Bureau of Indian Affairs Grants Dislocated Worker Programs ROTC Scholarships and/or Stipends Veterans Benefits Vocational Rehabilitation Programs

Where can I get more information? : 

2008-2009 Where can I get more information? U.S. Department of Education: www.ed.gov Minnesota Office of Higher Education: www.ohe.state.mn.us Internet System for Education and Employment Knowledge: www.iseek.org FinAid-The Financial Aid Information Page: www.finaid.org FastWEB scholarship search: www.fastweb.com College.gov: sponsored by the U.S. Department of Education www.college.gov

What do I do…and when? : 

2008-2009 What do I do…and when? Apply for scholarships now. Continue to search and apply for scholarships. Apply for admission to your school(s) of choice. Apply for your PIN number. Complete the FAFSA (each year) as soon as possible after January 1.

What do I do…and when? : 

2008-2009 What do I do…and when? Review your Student Aid Report (SAR) for accuracy. Respond if your school requests more information. You may be selected for verification and asked to submit copy of federal tax form(s). Respond to financial aid award notice and complete any loan promissory notes. If awarded work-study, obtain work-study job and begin working once school begins.

Financing Your Future…an investment in you ! : 

2008-2009 Financing Your Future…an investment in you ! Minnesota Association of Financial Aid Administrators