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Dont Be Afraid Its Just Financial Aid Nealon Presentation 2023
Dont Be Afraid Its Just Financial Aid Nealon Presentation 2023
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FOUR BASIC SOURCES OF AID:
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THREE BASIC TYPES OF AID:
• Grants
• Work Study
• Loans
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HOW MUCH FEDERAL STUDENT AID CAN I GET?
Maximum yearly amounts for the major programs for a dependent
freshman in 2023-24:
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HOW MUCH FEDERAL STUDENT AID CAN I GET?
• Direct Subsidized and Unsubsidized Loans:
• $5,500 freshman year
• $6,500 sophomore year
2023-2024
• $7,500 junior year interest rate
is 5.5%
2023-2024
interest rate
is 8.05%
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JACKIE’S UNPOPULAR SECRET:
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HOW MUCH STATE MONEY CAN I GET?
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HOW MUCH MONEY CAN I GET FROM THE SCHOOLS?
Depends on the school; do your research!
This is where the majority of money comes from for most
students.
• Ask college admissions and financial aid offices for info about
aid available at their schools during fairs and visits
• Need-Blind: Scholarships and Grants
• Need-Based: Grants
• Free scholarship search at StudentAid.gov/scholarships
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WHEN DO I APPLY FOR AID?
2022
Tax returns
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HOW DO I APPLY FOR AID?
• Apply at https://studentaid.gov/h/apply-for-aid/fafsa
• You can also use the short cut: https://fafsa.gov
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HOW DO I APPLY FOR AID?
• Federal student aid: apply at fafsa.gov
“Start the
2024-2025 FAFSA
Form”
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HOW DO I APPLY FOR AID?
• Federal student aid: apply at fafsa.gov
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HOW DO I APPLY FOR AID?
2022
Tax returns
• Federal student aid: apply at fafsa.gov
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AM I AN INDEPENDENT STUDENT?
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A NEW TERM THIS YEAR… ‘CONTRIBUTOR’
Contributors will receive an email informing them that they've been identified as such
and will need to log in using their own FSA ID (if they don't already have one) to
provide the required information on the student's FAFSA.
Being a contributor does not mean they are financially responsible for the
student's education costs, but it does mean the contributor must provide
information on the FAFSA or the application will be incomplete and the student
will not be eligible for federal student aid.
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• Student Marital Status
• Dependents
• If no to all, DEPENDENT!
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IN A DIVORCE/SEPARATION, WHICH PARENT’S
INFORMATION IS REQUIRED?
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WHAT ELSE ARE THEY GOING TO ASK ABOUT?
2022
Tax returns
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I SUBMITTED THE FAFSA, NOW WHAT?
Watch for response by email or by mail, confirming that your FAFSA form
was processed.
• Double-check that your info is correct by logging on at the FAFSA
site and reviewing your data.
• Correct any mistakes and submit the corrected info.
• Don’t update info that was correct on the day you signed your FAFSA
form.
Watch for emails or letters from the schools you are considering.
And ONLY what
• Give the schools any additional paperwork they ask for. they asked for!
Watch for emails or letters from the schools you are considering.
• Give the schools any additional paperwork they ask for.
• Meet all deadlines or you could miss out on aid!
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WHY DO THEY CHANGE THE NAMES OF THESE THINGS?
• BIG notable terminology update within the new FAFSA: is the replacement of the term
Expected Family Contribution (EFC) with the Student Aid Index (SAI).
• The name was changed from Expected Family Contribution (EFC) to Student Aid Index (SAI)
because EFC was widely misinterpreted as a determination of the total amount that an
applicant would be expected to pay—and SAI clarifies that it is only an eligibility index for
student aid.
• The significance of the Student Aid Index (SAI) value is that the lower the amount, the higher
the financial need and the greater the eligibility for federal financial aid programs.
• This name more accurately describes the number used to determine aid eligibility and,
unlike the EFC, the SAI may be a negative number down to -1500.
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WHY DO THEY CHANGE THE NAMES OF THESE THINGS?
• Beginning with the 2024-25 FAFSA, the application will still
ask how many household members are in college, but your
answer will not be calculated into the SAI.
• The number of family members in college is no longer a
factor in the need analysis.
• Schools may use professional judgment to adjust other data
items related to COA or SAI that reflect costs associated with
additional family members enrolled in college.
• Some schools may handle this differently when it comes to
their own institutional need-based aid.
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• Extra Note: This will impact other children currently attending college.
HOW DO THEY FIGURE OUT WHAT I GET?
• In general, depends on your financial need.
• Financial need determined by Student Aid Index(SAI) and cost
of attendance (COA)
• SAI comes from what you report on FAFSA® form
• COA includes tuition, fees, room and board, transportation, etc.
• The lower the SAI, the more need is demonstrated.
• Once you decide which school to attend, keep in touch with the
financial aid office to find out when and how you will get your
aid.
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CAN I HAGGLE WITH THESE PEOPLE?
• Dream school?
• A reasonably small amount of money means the difference
between a YES and a NO?
• Know EXACTLY how much you need?
• Sure. Call the School.
• But be prepared to take immediate ACTION!
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YOU’RE NOT RICHER, BUT DO YOU FEEL MORE INFORMED?
Contact information:
• Dr. Jackie Nealon
• E-mail: drjackienealon@gmail.com
• Please use SUBJECT LINE: Bellmore-Merrick Follow Up Question
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