guide to college funding

Your Journey to College Begins with Us

Welcome to College Funding Presented by EducationQuest Foundation

The Cost of Education

The types of financial aid available

How to apply for financial aid

We will cover…

The Cost of Education!

Have a financial discussion as a family

House Payment

Household Bills

Cars

Other Debt

Savings CollegeGivingOther

Cost of Education

Direct Costs

• Tuition & Fees• Room & Board*• Books & Supplies

Indirect Costs

• Personal• Transportation

*Depends on student housing plan 16

Types of Financial Aid

Loans*

Types of financial aid

Scholarships Work-Study*

Grants*

*Based on FAFSA Results(Free Application for Federal Student Aid)

$

$$

$

7

ScholarshipsCommon criteria

GPA Financial Need Ethnicity ACT/SAT

score

Field of study

First- generation

studentTalents Community

Service

Employer College choiceLeadership Activities

Military service Disability State of

residence Gender

$

Begin research early Colleges School counselor ScholarshipQuest at

EducationQuest.org Private organizations The Internet

$ ScholarshipsSearch tips

8

“You’ve been

selected.”

“You’re a finalist.”

“The

scholarship is

guaranteed or

your money

back.”

“May I have your credit card number?”

“The scholarship

will cost some

money.”

! ScholarshipsWARNING!

8

NOT following directions NOT meeting the deadline NOT typing – or turning in a sloppy

application NOT proofreading NOT including all necessary components NOT answering the essay question as asked NOT meeting the criteria

$ ScholarshipsCommon mistakes

Financial Aid Program Scholarship!!

Students who attend an EducationQuest Financial Aid Program can register for a

$500 scholarship! Will conduct a drawing to select three

student winners in February See your packet for an information card

Eligibility Financial need

2.5 GPA on a 4.0 scale

Attend a Nebraska public college (two- or four-year)

Amount Up to $4,250 per semester

Dates to remember

Online application opens: November 1, 2014

Deadline: February 1, 2015

Student Aid Report due: March 15, 2015

Susan Thompson Buffett Scholarship www.buffettscholarships.org!

!

Money you don’t repayBased on financial need

Federal Pell Grant (range $602-$5,730)

State College-based

Grants$

7

Tuition Assistance Programs

Collegebound Nebraska– UNO, UNL, UNK, or UNMC– NE resident, full-time student,

Pell eligible– Must complete FAFSA by April 1

If youmeet the criteria, tuition is

COVERED!

$

!

7

Advantage– Wayne, Peru, Chadron– NE resident, full-time student,

Pell eligible– Must complete FAFSA by June 1

Must show financial need

Part-time job, typically on campus

Flexible scheduleMoney not available

up-front

Work-Study$

7

NameInterest accruing while in school?

Type

Need-basedNo

Perkins loan

Direct Subsidized loan

Non-need-based

Yes

Direct Unsubsidized

loan

Parent PLUS loan

Federal student loans$

11

Annual loan limits

Freshman:$5,500

Sophomore: $6,500

Junior:$7,500

Senior:$7,500

Note

2014-15 student loan interest rate

fixed at 4.66%.

$

11

Applying for Financial Aid

Applying for financial aid

Scholarships Grants, Work-Study, Loans

Deadlines Priority dates

Financial aid process

FAFSA & PIN

Processor

StudentCollege

SAR

Award Letter

This is how the financial aidprocess works:

Verification?

9

Applying for a Department of Education PIN

A PIN serves as your signature on the electronic FAFSA

The Department of Ed PIN process is changing EducationQuest will provide updates on

Facebook and Twitter (@FreeCollegeHelp) – so follow us!

About the FAFSA

Free Application for Federal Student Aid Apply at fafsa.gov Complete after January 1 of senior year

before college’s priority filing date Use parent and student tax information Renew yearly

9

##

2014 Taxes and W-2s

PINs

Social Security Numbers

Birthdates

2014 child support paid or received

Value of Savings and Checking Accounts

Value of Investments (excluding retirement accounts)

Items needed to complete the FAFSA

Review theFAFSA Checklist at EducationQuest.org for a complete list of necessary items.

!

##

Born before Jan. 1, 1992?

Are you considered a dependent student?

Married?

Working on a master’s or professional program?

On active duty or a veteran of the US Armed Forces?

Have children or dependents you are providing more than half the support for?

An orphan, ward of the court, or in foster care at any time since age 13?

Have a legal guardian or emancipated by the court?

An unaccompanied youth who is homeless or in danger of becoming homeless?

If you cannot answer YES to at least ONE question, you will be considered dependent

?

YesBiological – student

lives with you

Adoptive(before age 13)

Step – married to biological parent with whom student lives

NoBiological – student does NOT live with

you

Foster parent

Legal guardian

Parents: Should you include your information on the FAFSA?

?

EFC = Expected Family Contribution

Lower EFC

Greater Financial

Need

FAFSA results

College uses EFC to determine the type and amount of aid to award the student

=

Financial aid formula

Cost of Education

Tuition & FeesRoom & Board

BooksPersonal

Transportation

Parent Income/AssetsStudent Income/Assets

Parent’s Age# in Household

# in College

The amount of money the college will try to give you

in financial aid

EFC Financial Need

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About your award letter

About your award letter

For future reference…

IRS Data Retrieval Electronically transfer tax information into the

FAFSA

Verification Turn in requested documentation to the school

Student Loans To borrow student and/or parent loans, go to

www.Studentloans.gov

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!

Applying for student loans