The Minnesota Association of Financial Aid Administrators presents

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The Minnesota Association of Financial Aid
Administrators presents

• Financial Aid
• 101
• an introduction to financial aid

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Financing Your Future

• What does college cost?
• How do I apply for financial aid?
• What types of aid are available?
• Where can I get more information?

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What does college cost?(annual tuition and fees)

• Private Colleges 29,023
• Private Career Colleges 13,254
• University of Minnesota 11,466
• State Universities 6,639
• Community Technical Colleges 4,708
• Source MN Office of Higher Education

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Cost of Attendance (COA)

• The cost of attending an institution includes
  more than just tuition and fees. Also included
  are
• Room and Board Books and Supplies
• Transportation Personal Expenses

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How will I pay for it?

• Family support
• Savings
• Work
• Grants
• Scholarships
• Loans

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What is financial aid?

• Merit-based aid
• Grants
• Loans
• Employment Opportunities
• Outside Scholarships

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Where does it come from?

• Federal Government
• State Government
• Colleges and Universities
• Private and public sources

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How do I apply for financial aid?

• Obtain a Federal Personal Identification Number
• 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

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PIN Registrationwww.PIN.ed.gov
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FAFSA on the Webwww.fafsa.ed.gov

• Completing and processing the FAFSA
• are free!
• Never pay a fee to file the FAFSA.
• Contact your schools financial aid office if you
  need help.

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FAFSA on the Webwww.fafsa.ed.gov
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Be careful

• 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--dont leave
  blank
• Enter school code(s)
• Student and one parent must both sign
  dependent students FAFSA

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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
• Is an orphan, in foster care, or ward of the
  court
• On active duty or veteran of the U.S. Armed
  Forces
• Emancipated minor or in legal guardianship as
  determined by a court
• Has been determined to be homeless by an
  authorized official

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Expected Family Contribution (EFC)

• The EFC is calculated from the information you
  provide on the FAFSA according to a formula
  established by law.
• You can get an estimate of your EFC using the
  FAFSA 4-caster tool at www.fafsa.ed.gov.

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EFC Components

• Dependent Student
• Parents income and assets
• Household size
• Number of dependents attending college
• Students income and assets

• Independent Student
• Students (and spouses) income and assets
• Household size
• Number in household attending college

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How does a school determine my financial aid
award?
Cost of Attendance (COA) -
Expected Family Contribution (EFC)
Eligibility for need-based financial aid
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Grants

• Federal Pell Grant need-based annual award
  range for a full-time student is 976 - 5,350
• Federal SEOG Grant limited funding priority
  given to students with exceptional need annual
  award range is 100 - 4,000
• Academic Competitiveness Grant (ACG) completed
  rigorous secondary curriculum GPA requirement
  freshman/sophomore award range is 750 - 1,300

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more on grants

• Minnesota State Grant MN resident enrolled at
  eligible MN school for students from low and
  moderate income families annual award range is
  100 - 9,444
• Minnesota Achieve Scholarship MN resident
  enrolled for 15 or more credits at eligible MN
  School must be Pell Grant or Minnesota State
  Grant eligible must complete a rigorous high
  school curriculum one-time award of 1,200 -
  4,022 to be used within the first academic year
  immediately following high school graduation
  apply on-line no later than 30 days after the
  term starts at www.getreadyforcollege.org/achie
  ve
• Institutional Grant college or university funds
  awarded to students with financial need

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Types of Loans
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Minimize your debt
For most students borrowing is part of making
college affordable. Here are some strategies for
responsible borrowing

• Graduate on time
• Create a budget and stick to it
• Avoid credit card debt
• Look for ways to limit spending
• (Coffee shop vs. Coffee maker Bus/Bike vs. Car)
• Get help if you get into debt trouble

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Work-Study

• Part-time student employment
• Earnings paid to student
• Work-Study earnings not included when determining
  EFC on next years FAFSA

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Scholarship Searching

• High school counselors office or career center
• Community, church, civic, and business
  organizations
• Employers
• Colleges and universities
• On the Web

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Avoid Scholarship Scams

• Legitimate scholarships never charge fees and the
  application information is available to everyone
• Dont fall for guarantees or claims that someone
  has information you cant get anywhere else

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MNCollegeGoalSunday.org
Get free help completing the FAFSA. Visit the web
site for dates and locations.
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Other Resources

• Reciprocity Programs
• Wisconsin, North and South Dakota, Manitoba
• Midwest Student Exchange Program (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

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Other Resources, cont.

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

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Where can I get more information?

• U.S. Department of Education www.ed.gov and
  www.college.gov
• Minnesota Office of Higher Education
  www.ohe.state.mn.us
• Internet System for Education Employment
  Knowledge www.iseek.org
• FinAid! - The Financial Aid Information Page
  www.finaid.org
• Minnsota Association of Financial Aid
  Administrators www.mafaa.org
• The College Board www.collegeboard.org

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What should I do and when?

• Apply for scholarships now and throughout college
• Apply for admission to your school(s) of choice
• Apply for your PIN number
• Complete the FAFSA each year and be aware of
  school financial aid deadlines

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What should I do and when?

• Review your Student Aid Report (SAR) for accuracy
• Respond promptly if your school requests more
  information
• Respond to financial aid award notice
• Complete loan promissory notes and work-study
  forms

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Financing Your Futurean investment in you !