financial aid presentation
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Financial Aid Presentation. Financing College. Can I afford it? How much will it cost? What is financial aid? FAFSA, when to apply? Where can I get it? Who can help?. FOUR EASY STEPS TO FINANCIAL AID. Step 1: Do your FAFSA yearly and early - PowerPoint PPT PresentationTRANSCRIPT
FinancialAid
Presentation
Financing College • Can I afford it?• How much will it cost? • What is financial aid?• FAFSA, when to apply? • Where can I get it? • Who can help?
FOUR EASY STEPS TO FINANCIAL AID
• Step 1: Do your FAFSA yearly and early– You can complete your FAFSA for the 2014-2015 school year starting
January 1, 2014
• Step 2: Follow up – Submit, Review and Verify!
• Step 3: Look for scholarships– Be Creative; think outside the box. Anyone can find scholarships, if
you’re willing to work hard.
• Step 4: Apply for loans
The Value of Education
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Types of Financial Aid
There are two basic types of financial aid
– Gift Aid Grants and Scholarships
– Self-help Work and Loans
These funds may be merit-based, need-based, or non-need based.
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Sources of Financial Aid
There are four basic sources of financial aid
– Federal Government– State Government– Outside Private Sources– University (Institutional Aid)
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U.S. Department of EducationFederal Financial Aid Programs
There are four basic sources of financial aid
• Federal Pell Grant* - $5,645• Federal Supplemental Education Opportunity
(FSEOG)* - $2,000• Federal Work Study* - $2,500• Federal Loan Programs
*FAFSA Required
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Federal Loan Programs
• Types– Federal Perkins Loan – 5% fixed, 9 month grace period– Federal Stafford Loan – 4.5% fixed, 6 month grace period– Federal PLUS loan – 7.9% fixed, with deferment options
• Consider– Subsidized vs. Unsubsidized– Interest rate– Grace Period
• Know– Borrowers Rights & Responsibilities– Loan Repayment– Deferment & Forbearance– Entrance & Exit Counseling
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Institutional Aid & Private Sources
• University– Financial Aid Office– Web site– Academic Department
• Outside/Private – Local, state and national agencies, associations and organizations– Web site – Oakwood University lists several free scholarship web
sites on our web site to help with your search– Employers
• Trusted sources of information– Mapping Your Future – www.mapping-your-future.org– U.S. Department of Education – www.ed.gov– FAFSA on the web – www.fafsa.ed.gov
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Merit-based Aid
• First-Time Freshman Academic Scholarships– Based on GPA & ACT– $2,000 to Full Tuition and Room
• Transfer Student Scholarships– Based on cumulative college GPA– $2,000 to $5,000
• Outside Scholarships
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Other Freshman Scholarships
• College Days– $500 for first year if attending OU College Days
• Early Bird– For all prospects prior to March 3rd - $1,000
• Outside Scholarships and Benefits– Conference Subsidy and 3 way scholarships
• Check with your conference about qualifications• UNCF https://scholarships.uncf.org/• More listed at www.oakwood.edu/financialaid
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How to Apply for Financial AidSubmit All Forms Required by Oakwood (see MyOakwood.edu)
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• FAFSA – Free Application for Federal
Student Aid– www.fafsa.ed.gov
– The FAFSA information is used to calculate the Expected Family Contribution (EFC) and determine the student’s eligibility for most federal and state assistance
How to Apply for Financial AidIt is a Process which goes beyond the FAFSA
• Apply early (Oakwood’s priority deadline March 1)• Information reported on the FAFSA is confidential
and is used ONLY to determine financial aid eligibility
• You may be asked to submit documentation to the financial aid office for verification purposes
• Keep track of DEADLINES!!!• Make a file and keep a copy of everything you
submit.
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Dependency StatusINDEPENDENT students fit into at least one of the categories listed
below:– 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
– Orphan or ward of the court
– Veteran of the U.S. Armed Forces
Note: If the student is DEPENDENT, report student and parent income and assets on the FAFSA. Not living with parents DOES NOT make a student independent. Grandparent information does not go on the FAFSA.
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What are the costs?Tuition and fees - Direct
Room and board - Direct
Books and supplies - Estimated
Transportation allowance - Estimated
+ Misc. personal expenses - Estimated
Cost of Attendance (COA)COA includes both direct and indirect charges
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Determining Need
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COA
EFC
Financial Nee
d
Determining Need
$30,000
$5,000
$25,000
$20,000
$5,000
$15,000
$10,000
$5,000
$5,000
COA EFC Need
School
ASchool
BSchool
C
Financial Aid AwardsYour Financial Aid Counselor will package all available
financial aid options and send them to you for consideration – available at MyOakwood.
• A few points to take into account before you commit to a school:– Type of institution– Available financial aid– Cost of Education vs. Earning Potential– Academic Program Ranking– Residential vs. Commuter
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Other Financing Options• Year-in-Advance–Year’s cost less financial aid for use with
TMS Payment Plan
• Monthly– 4 payments per semester
• PLUS Loan or Alternative Loans
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Avoid Scholarship Scams• While most scholarships services are legitimate, others may be
fraudulent and charge a lot of money for little information
• Please view with caution any service that requires you to pay more than a nominal fee
• For information about financial aid scams and tips to avoid being scammed check:– Federal Trade Commission’s web site at:
www.ftc.gov/scholarshipscams
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Remember…
• Plan ahead• Apply early• Read CAREFULLY• Meet deadline• Keep copies
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Contact Information
LaTanja Banks Scholarships [email protected] Bartholomew (Leap A-M) [email protected] Fortune (A-F), Grad., AP4 [email protected] Gilmore (G-L) [email protected] Poles (M-T, W) [email protected] Price (U,V,X,Y,Z, Leap O-Z) [email protected]
Cheryl Mitchell, Documents [email protected] Carter- Interim Director [email protected]
1.256.726.7210 Financial Aid Services7000
Adventist AvenueFax: 256.726.7474 Huntsville, AL 35896
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Questions?.