1	Understanding Financial Aid Elizabeth A. Desi Assistant Dean of Financial Aid University of Mary Washington
2	FAFSA It’s FREE Determines eligibility for Federal Loans and Grants State Grants for Virginia Residents UMW Need Based Scholarships
3	Completing the FAFSA FAFSA on the Web www.fafsa.ed.gov 2009-2010 (2 forms on web) Have to complete EACH YEAR Two ways to sign PIN – Sign Electronically Under Before Beginning A FAFSA – Real time www.pin.ed.gov Both Student and Parent need a PIN Paper Signature Page
4	Completing the FAFSA Paper Application PDF at FederalStudentAid.ed.gov Mail to Processing Center Sign with PINS = 3-5 business days Mail Signature Page = 2 weeks Paper Application = 3-4 weeks
5	Completing the FAFSA Can add up to 10 schools on the web application Can add 4 schools on the paper application Should complete and submit the FAFSA when you are applying for Admissions Have to be offered Admissions before Financial Aid is determined
6	Completing the FAFSA Priority Filing Dates for the FAFSA Funding is limited so file ON TIME UMW Priority Filing Date = March 1 Other forms on our website in February Can enter estimated income information to meet priority date, then make corrections after file tax returns Can use FAFSA4Caster, then transfer information to FAFSA on the web. www.fafsa4caster.ed.gov
7	Results of the FAFSA FAFSA Follow-Up To view the status of a FAFSA To view Student Aid Report (SAR) To make corrections Expected Family Contribution (EFC) The amount you as a family can contribute toward that student’s education for the year
8	Financial Aid Office School determines the Cost of Education (budget) – different at each school Includes not only tuition, fees, room, meals – ALSO books, supplies, personal expense, travel expense, misc expense
9	Financial Aid Office School takes Cost of Education and subtracts your EFC Cost of Education Expected Family Contribution = Financial Need
10	Financial Aid Office Financial Need – Need based aid Grants, Scholarships, Subsidized Loans If your EFC is greater than the Cost of Education – Non-Need based aid Unsubsidized Student Loans, Parent Loan
11	Special Circumstances Notify Financial Aid Office of financial changes for 2009 if decreased from 2008 Loss of Job – reduction in income Extra Medical Expenses Divorce or Separation
12	Financial Aid Office Correspond with student FAFSA = The application is in the student’s name In March/April – Student will receive offers from Admissions AND Financial Aid information
13	Financial Aid Office The school estimates financial aid based on your estimated information on FAFSA Review costs and Financial Aid offered Review types of Aid (grants, loans, etc.)
14	UMW Scholarship Opportunities Apply for Admissions by January 15 to be considered for Honors Admission Students accepted for Honors Admission will be in pool for Scholastic Excellence Award $500 - $5,000 per year for 4 years Also reviewed for Washington Scholars award – Highly selective – Covers Tuition, Fees, Room and Meals for 4 years
15	UMW Scholarship Opportunities Scholarship Information Form – Available for students accepting their Offer of Admission Committee meets in June to determine recipients
16	Scholarship Searching Search on Own on the Internet Begin the summer/fall before senior year Scholarship Scams – Don’t pay to get FREE money www.brokescholar.com www.fastweb.com www.collegeboard.com/paying www.petersons.com/finaid www.eCampusTours.com www.collegeanswer.com http://www.college-scholarships.com/free_scholarship_searches.htm
17	Scholarship Searching High School Guidance Counselor Visit regularly Community Service Organizations & Churches Businesses – Parent’s Employer
18	Web Sites FAFSA www.fafsa.ed.gov PIN www.pin.ed.gov Federal Student Aid on the Web www.studentaid.ed.gov General Information on selecting the right college Information on Financial Aid Help with Questions on the FAFSA
19	Web Sites State Council of Higher Education for Virginia www.schev.edu Virginia Association of Student Financial Aid Administrators www.vasfaa.org Students/Families section