FINANCIAL AID OCTOBER 13, 2021 - Coral Reef High ...

FINANCIAL
AID
O C TO B E R 1 3 , 2 0 2 1

UNDERSTANDING FINANCIAL AID
    LINGO
•   COA (Cost of Attendance)
•   EFC (Expected Family Contribution)
•   Unmet need
•   Types of Awards: Scholarships, Grants, Loans, Work Study
•   Identify Cost Reductions
     – Live on campus
     – Replace LOANS with Private Scholarships
• Negotiate for more aid

COST OF ATTENDANCE (COA)
OTHER TERMS: “DIRECT COSTS”, “STUDENT BUDGET”, OR “STUDENT EXPENSES”

• COA includes
  – Tuition and Fees (varies depending on credit hours taken)
  – Books and Supplies (buy vs rent)
  – Roam and Board (varies by room type, meal plan)
  – Transportation (fly vs drive)
  – Personal Expenses (clothing, entertainment, food)

ESTIMATED BUDGET
DO L L AR A M O UNT S FO U ND AT W W W. B I GFUT UR E. COLL EGEBOAR D. ORG A S O F FA L L 2 0 2 1

   STATE UNIVERSITY                                                  PRIVATE UNIVERSITY

Tuition            $6,255                                        Tuition             $53,682
Books              $1,188                                        Books               $1,000
Room/Board         $10,525                                       Room/Board          $15,470
Personal           $2,572                                        Personal            $2,160
Computer           $1,240                                        Transport           $1,400
Total              $21,780                                       Total               $73,712

The cost of a college education is an important, but not the sole, factor in your
                            decision-making process

FINANCIAL AID SCHOLARSHIPS

 FAFSA                                    Merit

 Based in Financial Need                  Many Scholarships – Varied Eligibility

 EFC – Estimated Financial Contribution   Applications may include Essays

Cost of Attendance (COA)
                -
Expected Family Contribution (EFC)
                =
          Financial Need
                -
       Financial Aid Award
                =
      UNMET NEED (GAP)

FAFSA
        • Free Application for Federal
          Student Aid
        • The New FAFSA opens Oct. 1
          (for Fall admissions)
        • www.fafsa.ed.gov
        • STEP 1 – make a FAFSA ID

FAFSA WEBSITE…   • http://www.fafsa.ed.gov

WHICH FAFSA FORM DO I FILE?
• Each college sets its own
                                                                          Use IRS
  deadline for FAFSA completion                     Use FAFSA
                                      Start Date                        Income Tax
  (usually June 30)                                   Form
                                                                           From
• If you wait until the deadline,
  the money may run out                             2021-2022 FAFSA
                                                          AND            2019 Taxes
  (colleges reach their budget        Summer 2022   2022-2023 FAFSA        AND
  limits – there is a finite amount                 You fill out TWO     2020 Taxes
  of money)                                              FAFSAs

• Apply early                                       2022-2023 FAFSA
                                       Fall 2022     You fill out ONE    2020 Taxes
                                                          FAFSA

HOW DOES IT ALL WORK?

1. Student /Parent Complete the FAFSA online
2. EFC is determined (3-5 days after submitting)
3. SAR is available to student & schools (3-5 days)
4. IF ACCEPTED, college puts together a package for the student
5. Awards are sent to student (check your status often)
6. Student decides which awards to accept or decline

FEDERAL FINANCIAL AID GRANTS…
THESE COME FROM FILING THE FAFSA
                                    Grants
• Federal Pell Grant: up to $6345
• Federal Supplemental Educational Opportunity Grant (SEOG) $100-$4,000
                            Federal Work Study
• A job: Admissions office, Library, Professor Assistant, Recreation Center,
  Athletics
• You will get paid by check for your work
• Flexibility with schedules, vacations, and exams

FAFSA HELP

• Virtual FAFSA presentation with Financial Aid Reps:
  Oct. 27, 2021
• In-Person FAFSA assistance with Financial Aid Reps:
  Nov. 3, 2021
• CSS Profile assistance with Financial Aid Reps:
  TBD

• 3 places to find Scholarships (institutions, state, private)
• You must SEARCH and APPLY for many scholarships
• Look into Local Scholarships, Parent’s place of employment,
  Places of Worship, Local clubs and organizations
• Check out the Cuda CAP website

THE 3 BUCKETS OF   • INSTITUTIONAL
                   • STATE
SCHOLARSHIPS       • PRIVATE

THE BIGGEST BUCKET… RED
• Institutional SCHOLARSHIPS are almost always
  the biggest, and most generous
• Qualify early by testing early (AND SENDING
  THOSE TEST SCORES TO COLLEGES), applying
  early AND MEETING THE INSTITUTION’S
  REQUIREMENTS FOR THEIR MERIT BASED
  SCHOLARSHIPS.
• In some cases, these institutional scholarship offers
  are an automatic part of the application process…
  (i.e., deadlines, supplemental info, etc.…)

•   Become More aware of your GPA
             •   You will work harder & encourage one another…always a
                 win-win!
CHECK OUT…   •   You may discover schools you’ve never considered before,
                 especially small to medium sized schools

RAISE.ME     •   May result in more college research and visiting more
                 schools
             •   You MUST Proactively build your Raise profile… AND BE
                 COMPLETE BY YOUR INDIVIDUAL SCHOOL’S
                 DEADLINES TO QUALIFY!!

RAISE.ME - CURRENT STANDING

THE GREEN BUCKET
THE STATE OF FLORIDA
  BRIGHT FUTURES
 • Guaranteed scholarship – if you meet all 3 requirements by
   graduation.
 • Must apply senior year prior to graduation, application opens
   October 1st – IT IS NOT AUTOMATIC, EVERYONE
   MUST APPLY!!!
 • Apply as soon as you can after the application opens, YOU DO
   NOT HAVE TO WAIT TO HAVE THE GPA,TEST SCORES
   &/OR HOURS POSTED – GET THE APPLICATION IN SO
   WE CAN START CHEKING/TROUBLESHOOTING
 • Can access the monies up to 5 years after graduation

FLORIDA BRIGHT FUTURES
                    2021-2022
Bright Futures        Award Amount          GPA Requirement               SAT or ACT             Community
Award                                                                     Requirement            Service Req.

Florida Academic      Full Tuition & Fees   3.5 weighted                  1330 SAT, or           100 Hours
Scholars                                    (16 core academic classes)    29 ACT

Florida Medallion     75% Tuition & Fees    3.0 weighted                  1210 SAT, or           75 Hours
Scholars              Approx. $4700         (16 core academic classes)    25 ACT

Florida Gold Seal     $39.00 Sem. Hour      3.0 weighted BF GPA           SAT 880                30 Hours
Vocational Scholars   $26 Quarter Hour      3.5 weighted GPA in 3         M-440 / CR-440
                      $1.30 Clock Hour      vocational credits – in the   ACT
                                            same program                  E-17 / R-18 / M-19
                                                                          PERT
                                                                          R-83 / S-83 / Alg-72

THE LAST BUCKET = THE MOST WORK…
         • Private scholarships take a lot of work – but are often
           are the deciding factor against student loans or can fill
           the financial need gap left over after all federal, state &
           institutional aid is awarded!
         • Can garner/be awarded as many as possible
         • Some take financial need into consideration, some do not
         • Approach it like a part time job – 45 minutes to an hour
           every few days

WHERE ELSE TO LOOK?
        • Local organizations such as Rotary & Kiwanis clubs
          often offer service-based scholarships to students in the
          communities they serve
        •    Houses of Worship will often help/sponsor and in some
            cases even create a scholarship to assist students in their
            congregation – why not spearhead the program if it doesn’t
            already exist?
        • Places of employment & patronage: UPS, Church’s
          Chicken, Target, Walmart, Burger King, Tylenol, Coca-Cola
          and many other corporations offer generous scholarships
        • Financial institutions – the South Florida Educational
          Federal Credit Union offers 15 Florida pre-paid scholarships
          every year, Tropical Financial offers 5 $1,000 scholarships to
          their members, Wells Fargo has great programs to assist
          high school seniors – ask your financial institution or bank!

AND DON’T FORGET ABOUT COLLEGE
BOARD’S OPPORTUNIT Y SCHOL ARSHIPS
TOO…

• $500 for every step towards college that you
  MUST complete anyway…
    – make a list, practice for the SAT, research
      scholarships, apply for both college and financial
      aid!!!
    – Why not try to get a little more $$ for doing all
      that you have to do anyway???
• Apply here: https://opportunity.collegeboard.org/

GO TO THE CUDA CAP WEBSITE.