DO YOU NEED MONEY FOR COLLEGE?

Federal Student Aid at a Glance 201415

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WHAT is federal student aid?

Federal student aid comes from the federal governmentspecifically, the U.S. Department of Education. Its money that helps a student pay for higher education expenses (i.e., college, career school, or graduate school expenses). Federal student aid covers such expenses as tuition and fees, room and board, books and supplies, and transportation. Aid also can help pay for a computer and for dependent care. There are three main categories of federal student aid: grants, work-study, and loans. Check with your schools financial aid office to find out which programs the school participates in. Details about the federal student aid programs are on page 2 of this document.

HOW do you apply for federal student aid?

1. Complete the Free Application for Federal Student Aid (FAFSASM) at www.fafsa.gov. If you need a paper FAFSA, you can get one from our website at www.fafsa.gov, where you can download a PDF, or our ED Pubs distribution center at www.edpubs.gov or toll-free at 1-877-433-7827. For the 201415 award year, the FAFSA is available from Jan. 1, 2014, to June 30, 2015. But you need to apply as soon as you can! Schools and states often use FAFSA information to award nonfederal aid. Their deadlines are usually early in the year. You can find state deadlines at www.fafsa.gov or on the paper FAFSA. Check with the schools youre interested in for their deadlines. 2. Review your Student Aid Report. After you apply, youll receive a Student Aid Report, or SAR. Your SAR contains the information reported on your FAFSA and usually includes your Expected Family Contribution (EFC). The EFC is an index number used to determine your eligibility for federal student aid. Review your SAR information and make any corrections or changes, if necessary. The school(s) you list on your FAFSA will get your SAR data electronically. 3. Contact the school(s) you might attend. Make sure the financial aid office at each school youre interested in has all the information needed to determine your eligibility. If youre eligible, each schools financial aid office will send you an aid offer showing the amount and types of aid (from all sources) the school will offer you. You can compare aid offers from the schools to which you applied and see which school is the most affordable once financial aid is taken into account.

WHO gets federal student aid?

Our most basic eligibility requirements are that you must demonstrate financial need (for most programs to learn more, visit StudentAid.gov/how-calculated); be a U.S. citizen or an eligible noncitizen; have a valid Social Security number; register (if you havent already) with Selective Service, if youre a male between the ages of 18 and 25; maintain satisfactory academic progress in college or career school; and show youre qualified to obtain a college or career school education by -h  aving a high school diploma or General Educational Development (GED) certificate or -c  ompleting a high school education in a home-school setting approved under state law. Find more details about eligibility criteria at StudentAid.gov/eligibility.

HAVE QUESTIONS?
Contact or visit the following:

StudentAid.gov a college financial aid office [email protected]

1-800-4-FED-AID (1-800-433-3243) toll-free  1-800-730-8913 (toll-free TTY for the hearing impaired)

Federal Student Aid Programs 201415

Program Federal Pell Grant Type of Aid Grant: does not have to be repaid Program Details For undergraduates with financial need who have not earned bachelors or professional degrees; in some cases, however, a student enrolled in a postbaccalaureate teacher certification program might receive a Federal Pell Grant. A student can receive a Federal Pell Grant for no more than 12 semesters or the equivalent (roughly six years). Federal Supplemental Grant: does not have Educational Opportunity to be repaid Grant (FSEOG) Teacher Education Assistance for College and Higher Education (TEACH) Grant Grant: does not have to be repaid unless student fails to carry out service obligation, in which case student must repay TEACH Grant as Direct Unsubsidized Loan with interest accrued (accumulated) from date grant was disbursed (paid out to student) Grant: does not have to be repaid For undergraduates with exceptional financial need; Federal Pell Grant recipients take priority; funds depend on availability at school. For undergraduate, postbaccalaureate, and graduate students who plan to become teachers; recipient must sign Agreement to Serve saying he or she will teach full-time in a high-need field for four complete years (within eight years of completing the academic program) at an elementary school, secondary school, or educational service agency serving children from low-income families.

DO YOU NEED MONEY FOR COLLEGE? Page 2 of 2

Annual Amount Up to $5,645 for the 201314 award year For the 201415 award year amount, visit StudentAid.gov/pell-grant.

$100$4,000

Up to $4,000

Iraq and Afghanistan Service Grant

For students who are not Pell-eligible due only to having less financial need than is required to receive Pell funds; whose parent or guardian died as a result of military service in Iraq or Afghanistan after the events of 9/11; and who, at the time of the parent's or guardian's death, were less than 24 years old or were enrolled at least part-time at an institution of higher education. A student can receive an Iraq and Afghanistan Service Grant for no more than 12 semesters or the equivalent (roughly six years).

Up to $5,238.56 for the 201314 award year For the 201415 award year amount, visit StudentAid.gov/Iraq-Afghanistan.

Federal Work-Study Federal Perkins Loan Direct Subsidized Loan

Money earned while attending school; does not have to be repaid Loan: must be repaid with interest Loan: must be repaid with interest

For undergraduate and graduate students; jobs can be on campus or off campus; students are paid at least federal minimum wage; funds depend on availability at school. For undergraduate and graduate students with exceptional financial need; must be repaid to school that made the loan; 5% interest rate. For undergraduate students; U.S. Department of Education pays interest while borrower is in school and during grace and deferment periods; student must be at least half-time and have financial need; 3.86% interest rate for new loans made on or after July 1, 2013, and before July 1, 2014; visit StudentAid.gov/interest for latest information on interest rates. First-time borrowers may not receive this type of loan for more than 150% of the length of their program of study; and U.S. Department of Education may stop paying their interest if they exceed that limit.

No annual minimum or maximum amounts Undergraduate students: up to $5,500; graduate and professional students: up to $8,000 Up to $5,500 depending on grade level

Direct Unsubsidized Loan

Loan: must be repaid with interest

For undergraduate and graduate students; borrower is responsible for all interest; student must be at least half-time; financial need is not required; 3.86% (undergraduate) and 5.41% (graduate or professional) interest rates for new loans made on or after July 1, 2013, and before July 1, 2014; visit StudentAid.gov/interest for latest information on interest rates.

Up to $20,500 (less any subsidized amounts received for same period), depending on grade level and dependency status

Direct PLUS Loan

Loan: must be repaid with interest

For parents of dependent undergraduate students and for graduate or Maximum amount is cost of attendance professional students; borrower is responsible for all interest; student minus any other financial aid student must be enrolled at least half-time; financial need is not required; receives. 6.41% interest rate for new loans made on or after July 1, 2013, and before July 1, 2014.

Note: The information in this document was compiled in fall 2013. For updates or additional information, visit StudentAid.gov.
Printed: December 2013

LOOKING FOR MORE SOURCES OF FREE MONEY?

Try StudentAid.gov/scholarships for tips on where to look and for a link to a free online scholarship search.

www.fafsa.gov

Complete your 2014-2015 fafsa before the end of January The sooner the better Just do it even if you think youre ineligible Write down your pin number its yours forever Your parent(s) need a pin too If youre staying in NYS dont forget the TAP Be sure to update your fafsa with 2013 tax info (use estimates initially)

Check to see if you need to complete the CSS Profile https://profileonline.collegeboard.com The financial aid office at the college is your friend

Dont be fooled by scams (fafsa.com is not legit) FAFSA = FREE

Dont Get Scammed on Your Way to College!

Financial aid scams are a hot topic these days. You should be aware of the tactics companies use to convince students to buy their services. Here are some of the most common claims students are hearing:

If you use our services, youre guaranteed to get at least $5,500 in student aid for college, or well give you your money back.
This claim doesnt mean anything. Most students are eligible for at least $5,500 in unsubsidized student loans anywayand because a student loan is considered student aid, you wont be able to ask for a refund if thats all youre offered. No one can guarantee to get you a grant or scholarship. Remember, too, that refund guarantees often have conditions or strings attached. Get refund policies in writing.

Id like to offer you a scholarship [or grant]. All I need is your bank account information so the money can be deposited and a processing fee charged.
Watch out! Its extremely rare for a legitimate organization to charge a processing fee for a scholarship. Some criminals imitate legitimate foundations, federal agencies, and corporations. They might even have official-sounding names to fool students. Dont give anyone your bank account or credit card information or your Social Security number (SSN) unless you initiated the contact and trust the company. Such personal identification information could be used to commit identity theft. If youve been contacted by someone claiming to be from the U.S. Department of Education (ED) and asking for your SSN or bank account information, do not provide it. (ED does not make such requests.) Instead, immediately contact the agencies listed below. To find out how to prevent or report a financial aid scam, visit or call:

Applying for aid is complicated. Were the only ones who can help you through the process and find all the aid for which youre eligible.

Unlikely. There are many places to get free help applying for student aid. Check with your school counselor or Federal Trade Commission college financial aid office for help filling out the Free www.ftc.gov/scholarshipscams Application for Federal Student Aid (FAFSASM). Your 1-877-FTC-HELP (1-877-382-4357) school or college also can help you find scholarships. (TTY for the hearing impaired: 1-866-653-4261) And be sure to try the free scholarship search at U.S. Department of Education www.studentaid.ed.gov/scholarship Office of Inspector General Fraud Hotline

Dont Pay to Fill Out the FAFSA

The FAFSA is a free application. Fill it out at www.fafsa.gov. Other sites will charge you.

www.ed.gov/misused 1-800-MIS-USED (1-800-647-8733) [email protected]

For more ideas about where to find free information on student aid, visit Looking for Student Aid Without Getting Scammed at www.studentaid.ed.gov/LSA.

Download this fact sheet at www.studentaid.ed.gov/pubs 201213

When I Fill Out the FAFSA

Am I Dependent or Independent?
When I fill out the 201415 Free Application for Federal Student Aid (FAFSASM), will I have to provide information about my parents?
It depends. Answer these questions:
Were you born before Jan. 1, 1991? Are you married? (Also answer Yes if you are separated but not divorced.) At the beginning of the 201415 school year, will you be working on a masters or doctorate degree program (such as an M.A., M.B.A., M.D., J.D., Ph.D., Ed.D., graduate certificate, etc.)? Are you currently serving on active duty in the U.S. armed forces for purposes other than training? (If you are a National Guard or Reserves enlistee, are you on active duty for other than state or training purposes?) Are you a veteran of the U.S. armed forces?* Do you now haveor will you havechildren who will receive more than half of their support from you between July 1, 2014, and June 30, 2015? Do you have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you, now and through June 30, 2015? At any time since you turned age 13, were both your parents deceased, were you in foster care, or were you a dependent or ward of the court? Has it been decided by a court in your state of legal residence that you are an emancipated minor or that you are in a legal guardianship? At any time on or after July 1, 2013, were you determined to be an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless, as determined by (a) your high school or district homeless liaison, (b) the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development, or (c) he director of a runaway or homeless youth basic center or transitional living program?** Yes Yes Yes Yes No No No No

Yes Yes Yes Yes Yes Yes

No No No No No No

*Answer No (you are not a veteran) if you (1) have never engaged in active duty(including basic training) in the U.S. armed forces (Army, Navy, Air Force, Marines, or Coast Guard), (2) are currently a Reserve Officers Training Corps (ROTC) student or a cadet or midshipman at a service academy, (3) are a National Guard or Reserves enlistee activated only for state or training purposes, or (4) were engaged in active duty in the U.S. armed forces but released under dishonorable conditions. Also answer No if you are currently serving in the U.S. armed forces and will continue to serve through June 30, 2015. *Answer Yes (you are a veteran) if you (1) have engaged in active duty (including basic training) in the U.S. armed forces or are a National Guard or Reserves enlistee who was called to active duty for other than state or training purposes, or were a cadet or midshipman at one of the service academies and (2) were released under a condition other than dishonorable. Also answer Yes if you are not a veteran now but will be one by June 30, 2015. **If you do not have a determination that you are homeless, but you believe you are an unaccompanied youth who is homeless or self-supporting and at risk of being homeless, answer No to the FAFSA questions concerning being homeless. Then contact your financial aid office to explain your situation.

Did you answer Yes to any of the questions?

If so, then for federal student aid purposes, youre considered to be an independent student and do not have to provide information about your parents on the FAFSA.

Did you answer No to every question?

If so, then for federal student aid purposes, youre considered to be a dependent student, and you must provide information about your parents on the FAFSA. Not sure who counts as your parent? See the instructions on

the FAFSA or check out Who Is My Parent When I Fill Out the FAFSA? at StudentAid.gov/resources. If you have no contact with your parents and dont know where they live, you should discuss your situation with the financial aid office at the college or career school you plan to attend. The financial aid administrator will help you figure out what to do next.

Fill out the FAFSA for FREE at www.fafsa.gov

For additional information on federal student aid, visit StudentAid.gov or call 1-800-4-FED-AID (1-800-433-3243).

December 2013

Who Is My Parent When I Fill Out the FAFSASM?

Which parents information should I report on the FAFSASM?
Maybe you know youre considered a dependent student* by the Free Application for Federal Student SM Aid (FAFSA ), and youre supposed to put information about your parents on the application. But what if your parents are divorced? Remarried? What if you live with your sister? Whose information should you report? Below are some guidelines that might help. Unless otherwise noted, parent means your legal (biological and/or adoptive) parent or your stepparent. In addition, the rules below apply to your legal parents regardless of their gender. If your parents are living and legally married to each other, answer the questions about both of them. If your parents are living together and are not married, answer the questions about both of them. If your parent is widowed or was never married, answer the questions about that parent. If your parents are divorced or separated and dont live together, answer the questions about the parent with whom you lived more during the past 12 months. If you lived the same amount of time with each parent, give answers about the parent who provided more financial support during the past 12 months or during the most recent year that you actually received support from a parent. If your parents are divorced but live together, youll indicate their marital status as Unmarried and both parents living together, and youll answer the questions about both of them. If your parents are separated but live together, youll indicate their marital status as Married or remarried, and youll answer the questions about both of them. If you have a stepparent who is married to the legal parent whose information youre reporting, you must provide information about that stepparent as well. The following people are not your parents unless they have adopted you: grandparents, foster parents, legal guardians, older brothers or sisters, and uncles or aunts. EXCEPTION: The FAFSA asks about your parents education level. For these two questions, your parents are considered to be your birth parents or adoptive parentsyour stepparent is not your parent in those questions.

What if my parents are worried about providing their private information on the FAFSA?
Their information is safe with us. We recommend you fill out your FAFSA online, where your information is put into special code before its sent over the Internet to our processor. Also, we wont share your FAFSA information with anyone except the schools you tell us you want to attend (so they can use the information to award financial aid to you) and a few federal and state government agencies (so they can check to be sure youve reported your information accurately or can assess your information to see what financial aid they could offer you).

What if I dont live with my parents?

You still must answer the questions about them if youre considered a dependent student.

What if my parents arent going to help me pay for college and refuse to provide information for my FAFSA?
You cant be considered independent of your parents just because they refuse to help you with this process. If you do not provide their information on the FAFSA, the application will be considered rejected, and you might not be able to receive any federal student aid. The most you would be able to get (depending on what the financial aid administrator at your college decides) would be a loan called an unsubsidized loan. The FAFSA will tell you what to do if you are in this situation. You also will need to speak to the financial aid administrator at the college or career school you plan to attend.

What if I have no contact with my parents?

If you dont know where your parents live, or youve left home due to an abusive situation, fill out the FAFSA and then immediately get in touch with the financial aid office at the college or career school you plan to attend. The financial aid administrator will tell you what to do next. Dont put this off or you might miss financial aid deadlines! *Find out whether youre a dependent student: see Am I Dependent or Independent? at StudentAid.gov/resources.

For more information on federal student aid, visit StudentAid.gov or call 1-800-4-FED-AID (1-800-433-3243).

January 2014

Dont Fall for These

Myths About Financial Aid

Im not going to bother filling out the Free Application for Federal Student Aid because
my parents make too much money, so I wont qualify for aid.
Reality: There is no income cut-off to qualify for federal student aid. Many factors besides incomefrom the size of your family to the age of your older parentare taken into account. Your eligibility is determined by a mathematical formula, not by your parents income alone. And remember: when you fill out the Free Application SM for Federal Student Aid (FAFSA ), youre also automatically applying for funds from your state, and possibly from your school as well. In fact, some schools wont even consider you for any of their scholarships (including academic scholarships) until youve submitted a FAFSA. Dont make assumptions about what youll get fill out the application and find out.

the form is too hard to fill out.

Reality: The FAFSA is easier than ever, especially if you fill it out online at www.fafsa.gov. There are detailed instructions for every question, and the form walks you through step by step, asking only the questions that apply to you. If you need help, you can access real-time, private online chat with a customer service representative. If youre filling out the paper FAFSA, you can get help from a high school counselor, from the financial aid office at the school you plan to attend, or from our toll-free number: 1-800-4-FED-AID. And remember, the FAFSA and all these sources of advice are FREE.

So what do I do now?
Go to www.fafsa.gov, fill out the application, and see what you get! For more information about federal student aid, see StudentAid.gov or contact the Federal Student Aid Information Center: 1-800-4-FED-AID (1-800-433-3243) TTY: 1-800-730-8913 For inquirers without access to the toll-free number: 319-337-5665 E-mail: [email protected]

only students with good grades get financial aid.

Reality: While a high grade point average will help a student get into a good school and may help with academic scholarships, most of the federal student aid programs do not take a students grades into consideration. Provided a student maintains satisfactory academic progress in his or her program of study, federal student aid will help a student with an average academic record complete his or her education.

I'm too old to get financial aid.

Reality: Funds from federal student aid programs are awarded on the basis of financial need, not on the basis of age. Adult students can get financial aid, so be sure to fill out the FAFSA.

Find this fact sheet at StudentAid.gov/resources and share it with others!

August 2013