Financial Aid PP

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Financial Aid 101:

What it is and How to Apply

Kerri Chaput
Director of Student Grants and Scholarships
South Puget Sound Community College

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Financing Your Education
What is financial aid?
Where does it come from?
What aid is available?
Who is eligible?
How do I apply?
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What is Financial Aid?
Grants
Loans
Employment opportunities
Scholarships

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Types of Need-Based Aid
Gift aid: Grants &
scholarships (need-
based or merit-based)
Self-help aid: Loans &
employment (need- or
non-need-based)
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Goals of Financial Aid
Primary goal is to assist students in
paying for college & is achieved by:
Evaluating familys ability to pay for
educational costs
Distributing limited resources in an equitable
manner
Providing balance of gift aid & self-help aid
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Definition of Need
Cost of attendance (COA)
Expected family contribution (EFC)
= Financial need
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Cost of Attendance
Tuition & fees
Room & board
Books, supplies, transportation, & miscellaneous
personal expenses, including documented costs for
personal computer
Loan fees
Study abroad costs
Dependent care expenses
Disability-related expenses
Cooperative education program costs
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Need Varies Based on Cost
X
Y
Z
Cost of Expected Family Need
Attendance Contribution (Variable)
(Variable) (Constant)
1
2
3
EFC EFC
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Federal Methodology
Federal Methodology
is the formula
created by Congress
to determine the
expected family
contribution (EFC).
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Types of Grants
Federal Pell Grant
Academic Competitiveness Grant (ACG)
Federal Supplemental Educational Opportunity
Grant (FSEOG)
National SMART Grant (4 year)

FEDERAL GRANTS
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STATE GRANTS

Washington State Need Grant (SNG),
Gear Up
Educational Opportunity Grants (EOG)
(4 year)

Types of Grants
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Grant
Student to Student Daycare Grant
Tuition Waiver
INSTITUTIONAL GRANTS
Types of Grants
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LOANS
Federal Family Education Loan (FFEL)
Program with funds provided by lenders
(e.g. banks or credit unions)

Must pay back!
FEDERAL LOAN PROGRAM
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Employment Opportunities
Federal Work Study (FWS)

Federal Community Service Learning (FCSL)
Federal
State
State Work Study (SWS)

Literacy Work Study program
Institutional
Higher Educational Work Program
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Scholarships
Washington Academic Vocational Excellence
Scholarship (WAVE)

Nurses Conditional Scholarship

Washington Scholars

For additional information on state aid
programs visit www.hecb.wa.gov

State Scholarships
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Scholarships
Foundation Scholarship
-Separate Application
-Available in March and due in April
- approximately $280,000 awarded in
07-08
Institutional Scholarships
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General Student Eligibility
Criteria
Must be enrolled or accepted for enrollment in
eligible program of study
Must be pursuing degree, certificate, or other
recognized credential
Must be U.S. citizen or eligible noncitizen
Must be registered with Selective Service
(if male & required)
May not have eligibility suspended or
terminated due to drug-related conviction
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General Student Eligibility
Criteria
Must have valid Social Security Number
May not be in default on federal student loan
Must not owe overpayment of federal grant or
loan
Must be making satisfactory academic progress
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Application Process
Submit Free Application for Federal Student
Aid (FAFSA) prior to schools deadline
Most aid on first-come, first-served basis
To ensure maximum consideration for
federal, state, & institutional aid, make sure
to have a complete file:
Required application materials (Data Sheet)
Meet application deadlines
Provide required documentation (student
specific) to the financial aid office
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FAFSA
Collects familys personal & financial
information used to calculate students
EFC
May file FAFSA in one of two ways:
Electronically via FAFSA on the Web
Paper FAFSA

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FAFSA on the Web

Web site: www.fafsa.ed.gov
2008-09 FAFSA available on or after
January 1, 2008
Pre-Application Worksheet & built-in edits
to help prevent costly errors
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Paper FAFSA
2007-08 FAFSA is 8-page
booklet containing:
General & specific
instructions
103 questions in 7 steps
Worksheets A, B, & C
Pre-addressed envelope
to mail completed form &
return-receipt postcard

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FAFSA: Application Steps
Step One- General Student Information
Step Two- Student Income Information
Step Three- Dependency Questions
Step Four- Parent Information
Step Five- Family Size
Step Six- School Codes
Step Seven- Signatures or PIN Number
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CAUTION!
Avoid being charged a fee to file the Free
Application for Federal Student Aid
Processes of completing & processing
FAFSA are FREE
If filing via FAFSA on the Web, be sure to go
directly to www.fafsa.ed.gov
Contact financial aid office for help
completing FAFSA
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FAFSA Processing Results
What happens to my FAFSA?
Your application will be processed by
Department of Education
Information sent electronically to colleges
listed on FAFSA
Students receive Student Aid Report
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Where Do I Go From Here?
Apply to Admission to the College.
Take the Computerized Placement Test
See an advisor! New student advising suggested
Meet all application deadlines- first come, first served!
Complete FAFSA
Complete the Data Sheet
Follow through with any additional documentation that
may be requested
Verification Worksheet and copies of tax returns
Social Security Card copy
1-94 copy for citizenship match

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Role of Financial Aid Office
Notify student of additional required documents
Determines aid eligibility using federal formula
Packages aid depending on availability of funds
Sends award notification including:
Students COA
Students EFC
Amount of students financial need
Award amount for each program for which student is eligible
Consumer Information- you are responsible for this information!
Financial Aid Orientation dates and locations

Must sign and return award letter by due
date
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Private Scholarship Search
Scholarship Drawer in Building 25
Free Internet scholarship search engines:
FinAid.org http://www.finaid.org
The College Board
http://www.collegeboard.com
FastWeb.com www.fastweb.com
Scholarship Resource Network Express
www.srnexpress.com
GoCollege.com: The Collegiate Websource
http://www.gocollege.com
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Private Scholarship Search
Local library resources
Local businesses & civic
organizations
Parents employers
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Good Luck!

Contact our office with any questions

If you want to speak with an financial aid advisor
one-on- one make an appointment or come in
during our drop in times
Kerri Chaput
Student Financial Services
(360) 596-5232

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Financial Aid 101:

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