Financial Aid Overview 2022-2023 High School Students 2023-2024

Financial Aid Overview 2022-2023 High School Students 2023-2024 Postsecondary Year 1 Office of Student Financial Assistance

2 Financial Aid has its own language and acronyms: COA FFAA SAR FAO EFC ED FAFSA FLDOE FSA OSFA ID IRS DRT

3 Agenda What is financial aid? Where do I find financial aid? How and When do I apply? Who can help me?

4 What is Financial Aid? Monies received from Four Sources: Federal, State, Institutional or Private Monies are also categorized as: Gift aid Self-help Need-based Merit-based Can cover direct or indirect costs

5 College Costs COA Cost of Attendance varies from: Institution to institution In State vs. out of state On campus vs. off campus COA Direct Costs Indirect Costs Net Price Calculator Requirement for every institution

6 College Costs Public 2-year college (tuition and fees, instate) - 3,770 Public 4-year college (tuition and fees, instate) - 10,560 Public 4-year college (tuition and fees, out of state) - 27,020 Private 4-year college (tuition and fees) 37,650 Source: The College Board

7 Financial Aid Applications: Free Application for Federal Student Aid FAFSA Florida Financial Aid Application FFAA College Scholarship Service Profile CSS Profile Institutional Applications Private Scholarships Source: The College Board

8 Free Application for Federal Student Aid (FAFSA) Federal government is largest source of student aid; FAFSA distributed and processed by the U.S. Department of Education Manual or electronic options 2023-24 FAFSA opens October 1 IRS Data Retrieval Tool opens October 1 and will allow students to import PRIOR PRIOR (2021) year tax data Must be completed ANNUALLY (per academic year) to be evaluated for financial aid www.fafsa.gov

9 Help FAFSA.GOV

1 0 Getting Started Gather important data Monitor priority deadlines State and institutional deadlines vary Confirm FAFSA dependency versus independency requirements Dependent students are required to include parental information Independent students are not required to include parental information Search for school codes Plan to sign and submit online using the Federal Student Aid (FSA) ID and FSA Password

11 Student Dependent or Independent? Were you born before January 1, 2000? As of today are you married? At the beginning of the 2023-24 school year, will you be working on a master’s or doctorate program (such as an MA, MBA, MD, JD, PhD, EdD, or graduate certificate, etc.)? Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training? Are you a veteran of the U.S. Armed Forces?

12 Student Dependent or Independent? Do you now have or will you have children who will receive more than half of their support from you between July 1, 2023 and June 30, 2024? 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, 2024? 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?

13 Student Dependent or Independent? As determined by a court in your state of legal residence, are you or were you an emancipated minor? Does someone other than your parent or stepparent have legal guardianship of you, as determined by a court in your state of legal residence? At any time on or after July 1, 2022, did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?

14 Student Dependent or Independent? At any time on or after July 1, 2022, did the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless or were selfsupporting and at risk of being homeless? At any time on or after July 1, 2022, did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?

15 Who is a Parent? A legal parent includes a biological or adoptive parent, or a person that the state has determined to be your parent (for example, when a state allows another person’s name to be listed as a parent on a birth certificate). Grandparents, foster parents, legal guardians, older brothers or sisters, widowed stepparents, and aunts and uncles are not considered parents unless they have legally adopted you.

16 Parent Marital Status Never Married Unmarried but living together Married Remarried Divorced or separated Widowed

1 7 Student Aid Report (SAR) Provides basic information about federal student aid eligibility Received (after you submit the FAFSA) via email within 3-5 days if you provided an email address Received via mail within 7-10 days if you did not provide an email address Correct errors, if needed Will contain an expected family contribution (EFC) Assists institutions in the financial aid award packaging process COA-EFC Financial need Cost of attendance less expected family contribution financial need

1 8 Additional Information Contact institution to determine award disbursement process Contact institution for special circumstances or professional judgment needs Contact institution to determine what other types of aid applications are available Use student loans as a LAST RESORT

1 9 Additional Information Verification Process Financial Aid Award Notification Communication with the Post Secondary Institution Formula: COA-EFC Financial Need Scholarships/Grants (Institutional/Federal/State) Florida Prepaid-529 Plans (Check with your Institution) Federal Loans: Student/Parent Subsidized (USDOE pays interest – in school) Unsubsidized (Student responsible interest) Subsidized/Unsubsidized (Principal interest begins after graduation or not enrolled for 6 months) Private Loans

2 0 Florida Financial Aid Application (FFAA) www.FloridaStudentFinancialAidsg.org The Florida Financial Aid Application opens October 1* of the senior year Apply early - must be completed prior to August 31 of high school graduation year One application is used for multiple programs, not just the Florida Bright Futures Scholarship Program Must log-in to check status, online notifications and award history

21 FFAA-Florida Financial Aid Application www.Floridastudentfinancialaidsg.org

2 2 Need-Based Programs Florida Student Assistance Grant (FSAG) Florida Work Experience Program (FWEP) Tuition Assistance Programs William L. Boyd, Effective Access to Student Education Grant Program

2 3 Merit-Based Programs Bright Futures (BF) Student Handbook Chart of Eligibility and Award Criteria Benacquisto Scholarship

2 4 Other First Generation Matching Grant (FGMG) Florida Farmworker Student Scholarship (FFSS) José Martí Scholarship Challenge (JM) Mary McLeod Bethune (MMB) Minority Teacher Education Program Scholarship (MTES) Rosewood Family Scholarship (RFS) Scholarships for Children and Spouses of Deceased or Disabled Veterans (CSDDV) New- 2021-2022 Randolph Bracy Ocoee Scholarship Program Money for College - Florida Scholarships and Grants

2 5 Private Scholarships 1.5 million scholarships worth 3.4 billion dollars Targeted search Other resources College search Career planning And more! www.fastweb.com

2 6 Other www.FinAid.org High School or School District Protect yourself from scams Report to www.ftc.gov

2 7 Mapping Your Future (MYF) www.mappingyourfuture.org Mapping Your Future is a non-profit organization dedicated to combining person-to-person financial counseling with online resources to help students plan for their future with: College preparation School selection Career exploration Money management www.mappingyourfuture.org

2 8 Navigating your Financial Future (NyFF) www.navigatingyourfuture.org Financing higher education Managing day-to-day money Career planning School/Life management Resources available at no cost www.navigatingyourfuture.org

29 Review: Action Items Federal – Financial Aid (FAFSA) Mark October 1, 2022 as FAFSA application opening date Create FSA ID and passwords now State – Financial Aid (FFAA) Mark October 1, 2022 as application opening date Ensure meeting requirements: Bright Futures Graduation Private scholarships – apply, apply, apply! CSS Profile –If Institution Requires Additional Required Institution Applications

3 0 Office of Student Financial Assistance (OSFA) Contacts Email: [email protected] Telephone: 1-888-827-2004 OSFA Director Outreach Services: Pete Hernandez 850.245.1821 [email protected]