Financial Aid Workshop Re-Cap

Financial Aid Tips/Reminders:
1. Your student must have their FAFSA information sent to the school they plan to attend. The school will not allow them to receive any scholarships or loans without having their FAFSA on file.

2. The RiseUp MS website has lots of state aid-MTAG, MESG, HELP. These grants, along with the FAFSA, must be filled out every year.

3. Get organized! Start a folder with documents from FAFSA, MTAG, and tax returns. Keep this and update it yearly.

4. You will need a PIN to access your FAFSA. You can create this PIN by going to the FAFSA PIN website. The PIN is a four digit number (you can decide the four digits). Your student must have one and a parent must have one as well. You will use this PIN each year to renew your FAFSA.

5. If your student plans to attend summer school, you will need to fill out the 2013-2014 FAFSA and use your 2012 taxes. Additionally, you will need to fill out the 2014-2015 FAFSA for the fall and use your 2013 taxes.

6. You can send your FAFSA information to a maximum of 10 schools-narrow it down to three. Send your FAFSA information to Northwest or another local community college as a backup plan. Sending your information to the school does not require attendance but will make things easier for you if your original plans do not work out the way you hoped.

7. 2 out of 3 students will be asked to verify the information provided on FAFSA. Sending your information to numerous colleges increases your chances of being selected.

8. Full Pell (aka the maximum amount given by FAFSA) will not cover full tuition at a university.

9. When planning your financial needs, budget approximately $1000 for books.

10. Do not make a hasty decision because you are overwhelmed. Compare the cost of attendance for each institution and scholarship/grant money from each to determine your out-of-pocket expenses. Ask your admissions counselor if you need more assistance.

Types of Financial Aid
1. Grants/Scholarships
               Do not have to be repaid.
               Available through the Federal Government, State Government, companies, small businesses,
                  private organizations, community groups, and the colleges themselves.
2. Work Study
              Job opportunities at the school
              Work around your class schedule
              Paid minimum wage/monthly
              Can put your pay toward your school debt
              Must mark "yes" on the FAFSA to be considered
              Most schools have an additional application and jobs are filled before school starts in the fall
3. Loans
             Last option! Do not take out a loan "just for fun."
             Average student loan debt $23,200
             Must be re-paid; the government will seize your tax return if you default on your student loans after                     graduation.
             If you have to take out a loan, only borrow what you need.

State Aid
1. MTAG
            15 ACT
            2.5 GPA
            Must be a MS resident and attend MS school (student and parent driver's license # required)
            Pays up to $500 per semester
            Must reapply each year
2. MESG
            29 ACT
            3.5 GPA
            Pays up to $2500 per year
            Must reapply each year
3. HELP
            Deadline March 31
            20 ACT
            2.5 GPA
            Must meet income requirements
            Pays up to full tuition