Financial Aid Night - PacFAA
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9/2/2020
Financial Aid Night
2021–2022 Award year
Session is sponsored by:
Pacific Financial Aid Association
Hawaii P20
Agenda
What is Financial Aid?
Cost of Attendance (COA)
Why the FAFSA?
Estimated Family Contribution (EFC)
How to apply?
What happens after I file a FAFSA?
What is Financial Aid?
Funds to help students & families pay for
educational expenses.
Financial aid funds consist of:
Grants
Employment
Scholarships
Loans
19/2/2020
Sources of Financial Aid
Federal Government
State Government
Institution or College
Private sources
Charitable, civic, church, organizations,
etc.
Employers/Unions/Individuals. Etc.
Award Types – Free Money
Grants – Free Money that you don’t have to pay back.
Pell Grant– Based on financial need from FAFSA. Same at every
school.
2020-2021 - $6345 Max
SEOG Grant– Eligible for students with the highest need.
Amount varies.
$4000 Max
Work Study– Student employment paid by federal funds.
Answer ‘yes’ on FAFSA and check with Financial Aid Office for
procedures.
Work up to 20 hours per week
Flexible Work Schedule
Paid like a regular employee
Money can be used at your discretion
State Programs
(UH Community Colleges Only)
“Last Dollar” award
No application, but MUST complete FAFSA
Remaining Direct Cost need after all other
grants/scholarships (regardless of order received)
Minimum half-time enrollment
Must meet Satisfactory Academic Progress (SAP)
requirements
29/2/2020
State Programs
(UH schools only)
3.00 HS GPA, HS transcripts needed
Public HS with rigorous curriculum
Financial Need
UH System Website
www.hawaii.edu/tuition/scholarships/
Reduced tuition rate
Check for participating colleges
Application process varies by college
Loans - Money to be repaid
• Subsidized-Need based, no interest while in school Maximum for Freshman –
up to $3,500 Subsidized
• Unsubsidized-Non-need based, continuous interest accrual
plus $2,000 Unsubsidized
• Amount based on grade level classification (credit amount) for a total $5,500.
• Interest determined every new school year
• Begin repayment 6 months after graduation or withdrawal
Maximum $ =
• Accrues Interest Cost of attendance
• Loans that parents borrower for dependent students Minus
• Credit check needed for eligibility Financial Aid
39/2/2020
Where else do I look?
o Financial Aid / Admission Office Websites
o High School Counselor Office
o Internet Search
(Google ‘scholarships’)
hawaiicommunityfoundation.org
o ksbe.edu/finaid
o pauahi.org
o fastweb.com
o finaid.org
Cost of Attendance (COA)
how much will it cost to go to college?
Tuition (Resident, non-resident) & required fees
Books & Supplies
Living Costs – room & board, personal expenses
Transportation
Computer
Travel (interisland, mainland, holidays)
Other(Dependent care, disability related expenses,
study abroad)
Cost of Attendance Varies
Total Cost Tuition Only
Community College
2-Year Public $12,324 $3,084
(live at home w/Parents) (+ $60 fees)
Public
4-Year University $29,860 $ 11,088
(live On-Campus) (+ $882 fees)
Private
4-Year University $68,286 $48,061
(live On-Campus)
49/2/2020
Are there other costs?
There may be other costs that may not be included in the
Cost of Attendance:
Airfare (ask what/how much is included)
Family Travel costs to take your student to school:
Airfare for family; hotel; car; food; etc.
Start-up Dorm expenses:
Housing Deposit
Linen; towels; small appliances; toiletries; etc.
CSS PROFILE
cssprofile.org
Why the FAFSA?
(Free Application for Federal Student Aid)
Determines EFC or Expected Family Contribution
Required to determine Federal financial aid eligibility
Helps financial aid office determine types of financial
aid the student is eligible for
Used to determine eligibility for many State,
Institutional and private financial aid programs
59/2/2020
When do I apply for FAFSA?
Apply early!!
2021 – 2022 FAFSA will open on October 1, 2020
Many funds are limited – applying early will
increase your chances to receive aid your are
eligible for
The 2021-2022 FAFSA is valid from July 01, 2021 to
June 30, 2022
How do I apply for FAFSA?
Create an FSA ID at fsaid.ed.gov
Who needs an FSA ID and Why?
Student
One Parent; if student must provide parent information
Sign FAFSA electronically
Required to access all Financial Aid Information
IRS Data Retrieval Tool
https://studentloans.gov (student loan website)
www.nslds.ed.gov (Federal financial aid history)
Will be used in subsequent school years
69/2/2020
Create Your FSA ID (Username and password)
Provide Personal Identification Information
Provide Contact information
79/2/2020
Select communication preferences
Select/Create Challenge Questions and Answers
Review Info and Agree to Terms
89/2/2020
Verify Your E-mail & Cell phone
Verify Your E-mail & Cell phone
Text Message With Your Secure Code
Verify Your E-mail & Cell phone
Email With Your Secure Code
99/2/2020
Your FSA ID is created!
www.fafsa.gov
www.fafsa.gov
109/2/2020
myStudentAid mobile app
119/2/2020
The “Save Key” allows an applicant to save their FAFSA application and return at a later time to
complete and submit the application. The application is saved for 45 days or until the student
submits their application for processing. Additionally, the Save Key allows applicants a way to
share their application with their parents.
129/2/2020
139/2/2020
149/2/2020
159/2/2020
169/2/2020
179/2/2020
Which Parent?
189/2/2020
The FAFSA does not care which parent claims the
student as a tax deduction.
Not living with parents or not being claimed by them
on tax forms does not make the student independent
for purposes of applying for federal student aid.
199/2/2020
209/2/2020
219/2/2020
229/2/2020
239/2/2020
Did your parents file a Schedule 1?
Answer No if they only filed a Schedule 1 to report the
following additions or adjustments to income:
Unemployment compensation
Alaska Permanent Fund dividends
Educator expenses
IRA deductions
Student loan interest deductions
Virtual currency
249/2/2020
259/2/2020
269/2/2020
279/2/2020
289/2/2020
299/2/2020
309/2/2020
319/2/2020
329/2/2020
What happens after I file the FAFSA?
Email notification of official results sent to STUDENT
(Student Aid Report or SAR)
Review your SAR comments and results. Make necessary
corrections.
Information sent to colleges
Work with schools to complete any additional documentation
Receive financial aid award notification
Student Accepts or declines awards
Special Circumstances
Conditions exist that cannot be documented with
the FAFSA
Contact your College for guidance on what steps
you will need to follow
College will review and request additional
information if necessary
Decisions are final and cannot be appealed to U.S.
Department of Education
339/2/2020
Questions??? FAFSA@hawaii.edu
Tonight was sponsored by:
Pacific Financial Aid Association
Hawaii P20
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