Paying for college 2018-2019

Paying for College
2018 - 2019
Scholarships
Grants
Loans
GSFAPPS
FAFSA

What is Financial Aid?
Financial aid is money to help pay for your postsecondary education. Financial aid can be grants, scholarships, loans or work-study programs. Types and sources of financial aid include:

Types of Financial Aid Merit-based Scholarships (e.g., HOPE Scholarship) Need-based Grants (e.g., Pell Grant) Non-need Based Grants (e.g., HOPE Grant)
Student or Parent Loans
Work-Study Programs
Military Aid Grants

Sources of Financial Aid Federal Government
State Government
Colleges & Universities
Private Foundations
Employers & Private Companies
Professional & Service Organizations

Basic Eligibility Requirements
In order to determine eligibility for federal and some state financial aid programs, students must:
Demonstrate financial need or exhibit academic merit, depending on the type of financial aid
Have a high school diploma or General Educational Development (GED) diploma
Be enrolled in, or accepted to, an institution participating in federal financial aid programs
Be a U.S. citizen, permanent resident or eligible noncitizen
Have a valid Social Security number
Meet the drug conviction criteria
Not be in default or owe a refund on any federal or state student grant or federal or state student loan
Be registered with the Selective Service, if required

THE FAFSA: Your Key to Financial Aid
With the Free Application for Federal Student Aid (FAFSA), you can apply for financial aid for multiple colleges and funding sources. Simply visit fafsa.gov to begin your online application.
The FAFSA is available beginning October 1. If you are planning to attend college fall 2019, you should complete the 2019-2020 FAFSA after October 1, 2018.
How is your financial need calculated?
In general, your financial need is determined by two factors:
Cost of Attendance (COA) is tuition, fees, room and board, transportation and other costs associated with attendance established by the school
Expected Family Contribution (EFC) is determined from what you report on the FAFSA
COA EFC = Financial Need
What Happens Next?
Once you have completed and submitted your FAFSA, you will receive a Student Aid Report (SAR) in 3-5 days. Your SAR is a summary of the information you reported on the FAFSA.
Colleges listed on your FAFSA will receive and review the Institutional Student Information Record (ISIR) after your FAFSA has been submitted. This is the information schools use to determine your aid eligibility.
Once the school has reviewed the ISIR, an award letter is generated and sent to you via email or regular mail. Contact the school about their timeframe for this process.
Other Financial Aid Applications
The FAFSA may not be the only application you have to submit in order to receive financial aid. You may also need to complete other institutional applications. Be sure to contact your school(s) of interest or visit their website(s) to find out what other forms or applications are required.
GSFAPPS is also an acceptable application method for some of the scholarship and grant programs administered by the Georgia Student Finance Commission (GSFC), such as the HOPE Scholarship. You can complete the GSFAPPS on GAfutures.org.

Sample Financial Aid Award

Housing: On Campus Residency: In-State
Type of Aid

Estimated Cost of Attendance 2 Semesters Expected Family Contribution

Established Financial Need

Fall

Spring

Summer

Total

$19,035 - $0
______
$19,035
Accept?

Federal Pell Grant

$3,047.50 $3,047.50 $0

$6,095

Yes or No

HOPE Scholarship*

$3,720

$3,720

$0

$7,440

Yes or No

Federal Direct Loan Sub $1,750

$1,750

$0

$3,500

Yes or No

Federal Direct Loan Unsub $1,000

$1,000

$0

$2,000

Yes or No

Total for Academic Year

$19,035

*Estimated HOPE Scholarship award amount for 15 credit hours per semester at Georgia Institute of Technology. Award amounts vary by institution. Complete award amounts available on GAfutures.org. Loan amount based on dependent student status.

Federal Financial Aid Programs

The Federal Government has financial aid programs that include grants and work-study awards that do not need to be repaid, as well as various loans that require repayment. For more information on the types of federal aid, visit studentaid.gov.
Federal Grants and Work Study
Pell Grant Federal Supplemental Educational Opportunity Grant Work-Study Award
Federal Direct Loan Programs
Subsidized loan the government pays the interest on the loan while you are in school, during the six-month grace period after you graduate or drop below half-time enrollment, and during deferment periods. Subsidized loans are awarded based on financial need.
Unsubsidized loan you are responsible for paying the interest while enrolled in school. You can decide not to pay the interest while in school and it will be added to the loan balance until repayment begins.

Annual Limits
1st Year Undergraduate
2nd Year Undergraduate 3rd Year and Beyond Undergraduate
Graduate or Professional Student

Subsidized and/or Unsubsidized Loan
$5,500 - No more than $3,500 can be subsidized
$6,500 - No more than $4,500 can be subsidized
$7,500 - No more than $5,500 can be subsidized
$20,500 (unsubsidized only)

With the exception of a Graduate or Professional Student, the loan amounts included in the chart are based on dependent student status. To learn more about whether a student is dependent or independent, visit studentaid.gov.

Georgia Financial Aid Programs
In addition to federal financial aid programs, Georgia residents may also be eligible for state-specific financial aid programs administered by GSFC.
Dual Enrollment Georgia Military College State Service Scholarship Georgia National Guard Service Cancelable Loan HERO Scholarship HOPE Career Grant HOPE GED Grant HOPE Grant HOPE Scholarship Public Safety Memorial Grant REACH Scholarship Scholarship for Engineering Education Scholarship for Engineering Education for Minorities Student Access Loan Tuition Equalization Grant University of North Georgia Military Scholarship University of North Georgia ROTC Grant University of North Georgia ROTC Grant for Future Officers Zell Miller Grant Zell Miller Scholarship
For more information on any of these programs, visit GAfutures.org.
Important Resources
GAfutures.org Learn about federal and Georgia-specific financial aid programs, search for colleges, scholarships and explore various career paths.
FAFSA.gov Complete and track your FAFSA.
Studentaid.gov Find information to help get ready for college and learn more about federal student aid.

Basic Financial Aid Terms
Education Loans money borrowed by a student or parent from the federal government or a private lender to fund postsecondary education; requires repayment with interest.
EFC (Expected Family Contribution) amount considered reasonable for your family to contribute to your educational expenses according to FAFSA calculations.
FAFSA (Free Application for Federal Student Aid) application completed by students and parents to apply for federal financial aid, along with some state programs.
Federal Financial Aid money offered by the federal government to assist eligible students in funding their postsecondary education.
Grants money available to eligible students based upon financial need, past academic performance, service to the community or special areas of study; does not require repayment.
GSFAPPS (Georgia Student Financial Aid Application System) financial aid application created by the Georgia Student Finance Commission that enables students to apply for most statebased financial aid programs. Available on GAfutures.org.
ISIR (Institutional Student Information Record) contains the information submitted on the FAFSA and the EFC as well as other information regarding financial aid eligibility. The ISIR is electronically transmitted to the school.
SAR (Student Aid Report) document you will receive after your FAFSA is processed. Your SAR will contain a summary of information reported on the FAFSA as well as your EFC.
Scholarships money for college that does not have to be repaid. This money can come from many sources, including the government, community groups, schools and corporations. Awards may be based on academic merit, artistic or athletic talent, major or hobbies. Search for scholarships on GAfutures.org.
Service Cancelable Loans student loans that will not have to be repaid if certain conditions are met. Examples of service cancelable loans are the Georgia National Guard Service Cancelable Loan and the Scholarship for Engineering Education.
Work-Study Programs provide part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay educational expenses.

Checklist For Financial Aid

If the college's application materials did not include a financial aid application, contact the college's Financial Aid Office to ask if one is required.

Keep a copy of every application you submit, along with any correspondence you receive.

Investigate private aid sources such as civic groups, clubs, religious organizations and businesses. Check out the scholarship search on GAfutures.org for more possibilities.

Students and parents should create their FSA ID then complete the appropriate FAFSA.

2018-19 FAFSA 2019-20 FAFSA

Income Tax Year

2016

2017

Semester Attending Fall 2018

Fall 2019

If the college's Financial Aid Office requests additional documents in connection with your application, submit them in a timely manner and confirm they have been received.
If you and the college's Financial Aid Office has determined you will need a loan, follow their application procedures.

Reminder: You must apply for financial aid every year!

What is the Georgia Student Finance Commission (GSFC)?
GSFC is the state agency committed to helping Georgia residents achieve their higher education dreams by providing a wide range of financial aid programs and services. We work closely with high school and college administrators to ensure that Georgia students are able to take full advantage of all available financial aid opportunities.

GSFC 2018

800.505.4732

H-07 (07/18)