FINANCIAL AID 101 - PRESENTATION AVAILABLE AT: maui.hawaii.edufinancial/presentations

PRESENTATION AVAILABLE AT:
maui.hawaii.edu/financial/presentations

      FINANCIAL AID
      101

How to prepare for
    financing college
1   How much does college cost
2   How to apply for FAFSA
3   Types of financial aid

1   How much does college
    cost

WHAT COSTS DO YOU HAVE FOR
COLLEGE?

Tuition    Textbooks      Supplies   Housing

    Food        Airfare      Transportation

Cost of Attendance (COA)
Provided by schools to help estimate the costs. Takes
into account more than just tuition.

     School and Type                       COA      Tuition
     University of Hawaii Maui College
     Resident, Live at Home              $15,380   $3,084
     University of Hawaii at Manoa
     Resident, Dorms                     $29,860   $11,088
      University of Oregon
      Non-Resident, Dorms                $51,870   $35,478
     University of Southern California
     Private, Dorms                      $74,825   $55,320

2   How to apply for FAFSA

WWW.FAFSA.GOV
Federal Financial Aid Application

You’re starting the 2019-20 FAFSA,
opens October 1, 2018

JUST RELEASED!
APP VERSION

Available for IOS or Android
Search ‘myStudentAid’

FSAID.ED.GOV
    Federal Username and Password

•   Sign FAFSA electronically
•   Needed to do IRS Data Retrieval
•   Both student and one parent need one
•   Needed for multiple years
•   Create one at Data Retrieval or Signature Page

WHAT YOU NEED TO APPLY
Legal Personal Information (SSN, DOB, etc)
Know the name on your Social Security Card!
FAFSA asks for parents first name initial.
2017 Federal Tax Forms (No State)
Checking, Savings Balances
Net Value of Assets (Do not include retirement accounts. Include
stocks/bonds, homes/land not used for your primary residence,
529 Plans in parent/student name.)

Colleges the students are applying to
FSA ID’s username and password

FAFSA APPLICATION HELP
                CLICK THE ‘?’
                MARK

                 HELP AND
                 HINTS BOX

Tax information
 IRS DATA RETRIEVAL

• Automatically pulls IRS information in
  to FAFSA
• Need FSA ID (electronic sig.) to start
• Will not show you data pulled in
• Based on 2017 tax information

WHAT HAPPENS AFTER I APPLY?

             • Review your FAFSA comments and
  1 REVIEW     results.

             • FAFSA information sent to colleges.
  2 FOLLOW   • Work with each college to complete
      UP       process.

             •   Receive aid award information.
             •   Review and compare awards.
  3 AWARD    •   See what costs aren’t covered.
             •   Make decisions on your awards.

TIPS
The application should be started by the
student and with student information.
Double check all information, no typos,
before you submit your FAFSA.
Track financial aid/scholarship deadlines.
Inform financial aid office of special
circumstances (ex: drastic change in income,
change in household situation.)
FAFSA doesn’t award you, colleges do.
Apply Early

3   Types of aid

GRANTS – FREE MONEY

Pell Grant – Based on financial need
from FAFSA. Same at every school.
$6095 Max

SEOG Grant – Eligible for students
with the highest need.
$4000 Max

OTHER PROGRAMS
Work Study – Student employment paid by federal
funds. Check with Financial Aid Office for
procedures.
Western Undergraduate Exchange (WUE) –
• Reduced tuition rate.
• Check for participating colleges.
• Application process/requirements varies by
   college.
Scholarships – Money which can be based on merit,
need or other factors.
           hawaiicommunityfoundation.org
           ksbe.edu/finaid
           hawaii.edu/tuition/scholarships/
           Other local sources (Private, Charitable,
           Civic, Employers/Unions, etc)

LOANS – MONEY TO PAY BACK
Federal Direct Loans – 5.05%
•   Subsidized – Need based, no interest in school
•   Unsubsidized – Non-need based, immediate interest accrual
•   Amount based on grade level
•   Begin repayment 6 months after leaving school
•   Interest determined every new year

PLUS Loan (Parents Loan) – 7.60%
• Accrues interest immediately
• Loans that parents borrow for dependent students
• Credit check needed for eligibility

Mahalo!
ANY QUESTIONS?
UH Maui Financial Aid Office
984-3277
mauifa@hawaii.edu

PRESENTATION AVAILABLE AT:
maui.hawaii.edu/financial/presentations