Augusta County Public Schools



190500 RIVERHEADS HIGH SCHOOLFINANCIAL AID NEWSLETTEROctober 2016Understanding Financial Aid To receive need based financial aid, students and their parents must complete the FAFSA Form (Free Application for Federal Student Aid). This application must be completed yearly. It can be completed online at fafsa. after October 1, 2016. A printable worksheet is typically available on the FAFSA website .What you need for completing the FAFSA: FAFSA ID numbers for the student and parent. *It is recommended that 1 parent and the student each apply for a FAFSA ID number at fafsa. (at least 3 days prior to completing the FAFSA) Social Security numbers for Parents and Student 2015 W-2 forms for Parents and Student 2015 Federal Tax Returns for Parents and Student Current Bank Statements for Parents & StudentsAfter you complete the FAFSA Form (Free Application for Federal Student Aid), you will receive an “EFC” number from the Federal Government. The “EFC” number is your family’s Expected Family Contribution. It is what the Government has calculated that your family is expected to pay for you to attend college. This is the minimum amount that you would be expected to pay for tuition based on your family’s income.The colleges use the “EFC” number to calculate the financial aid package. For example: If the tuition/expenses are $20,000 per year and your Expected Family Contribution is $5,000, the college will try to come up with a financial aid package for the balance of $15,000. Colleges do their best to cover the entire amount of the financial need but it is not mandatory that they meet your entire need. Usually the amount of financial need that colleges can cover ranges between 80% and 100% of the financial need. The financial aid package typically consists of:Grants - free tuition assistance that does not have to be paid backGovernment Loans - loans that have a lower interest rate than you can get from the bank and that you don’t start paying back until after graduation)Work Study - a part-time job on campusScholarships – usually based on achievement but can also be included in the financial aid packageKey Points to Remember When Applying for Financial AidIn addition to College application deadlines, each college usually has a Financial Aid Deadline. Typical Financial Aid Deadlines fall in March but are as early as February. The Financial Aid Deadline is for submitting the FAFSA Form and it is when colleges begin to award their financial aid packages. Some colleges start awarding financial aid prior to their deadline so filing early is always a good idea.Always contact the Financial Aid Office of the college you are wishing to attend. Sometimes they have scholarships and financial assistance opportunities that require a separate application.If you have an extenuating circumstance or situation that makes it impossible for you to attend a school due to the amount of Expected Family Contribution, inform the College Financial Aid Office. Sometimes there are special funds or resources that they can use to assist you. Financial Aid Packages don’t always cover 100% of the financial need. Financial Aid Packages can vary considerably from school to school. Schools try to cover as much of the financial need as they can. Some schools may be able to cover 100% of the need while others can only cover 80% of the need. All Students should apply for Scholarships to help with the financial need that is not covered with the financial aid package or portion of the financial aid that may be in loans. There are numerous local scholarships posted in the Guidance Office, in Senior Classrooms, in the Cafeteria, and on the School Website (under Guidance). They are posted as they become available. The majority of scholarships come available during the 2nd semester. Many students don’t take the time to apply so the odds are generally good.Don’t assume that you can’t afford to go to college. Typically the greater your financial need, the more financial assistance you qualify for. Also those with the most significant need often receive a larger portion of their financial aid package in grants. It is unrealistic to expect that your education will be free but the financial aid package will often make it possible for you to attend. Most students have some loans to repay upon graduation from college.The FAFSA has to be filed every year.Recent Changes in the FAFSA NEW FILING DATE In the past, students and parents had to wait until after Jan. 1st to file the FAFSA. The form utilized income and tax from the preceding year that ended on Dec. 31st. Students and parents were always rushing to complete their taxes or were having to use estimated figures to meet college financial aid deadlines. To make it easier for parents and students to complete the FAFSA, the FAFSA form is now available on Oct. 1st. This year the FAFSA will use 2015 income and tax information. For students who have siblings or parents currently in college, this could be somewhat confusing because last year when they filed the FAFSA they also used 2015 income information. The earlier filing date should make it possible to directly import income and tax figures from the IRS without having to hand enter everything. In most cases the filing changes will make things easier to get the FAFSA completed in a timely manner. The disadvantage is that a lot can change with the family’s circumstances and income in one year. If you have significant changes in your income or circumstances that impact the validity of your FAFSA information, it may be necessary to appeal the financial aid decision with the college. The early FAFSA filing date has the potential to impact financial aid deadlines for colleges. Many colleges have said that they are not changing their financial aid deadlines during the first year the FAFSA filing changes are implemented but each college determines their own deadlines and policies. Each year it will be very important to closely work with the college financial aid office. Over the next few years there is a strong possibility that colleges may choose to adjust their financial aid deadlines.FAFSA ID - All students and parents are required to have FAFSA ID numbers. The FAFSA ID protects your information and also serves as your electronic signature on the FAFSA and student/government loans that are part of the financial aid package. The FAFSA ID replaces the pin numbers that were used previously by students and parents. If parents have a previous pin number it will no longer be valid. Parents and Students should apply for the FAFSA ID at least 3 days prior to submitting the FAFSA. It is a minimum of 3 days before the FAFSA ID will be activated and able to be used as an electronic signature. CUSTODY versus GUARDIANSHIP - The FAFSA makes a distinction between the two. This is not a new policy but they have made the guidelines more clear. If court documents list the student as having a guardian/s then guardians are the individuals who complete the parent and parent income portion of the FAFSA. If the court documents only list the student as being in the custody of someone else, it is the parent, not the custodian who completes the parent portion. In Virginia, court documents often use the term “custody” instead of “guardianship”. This could possibly create confusion and complications when filing the FAFSA, It is important to consult with the college financial aid office when you have these special circumstances.GREAT RESOURCES FOR FAFSA HELP The Riverheads Financial Aid Workshop will be held on:Monday, October 24, 2016 from 7:00 – 8:00PMin the Riverheads High School Media Center.Presenter: Mr. Bob Norvell of the GRASP programTopic: Mr. Norvell will explain the process of applying for need-based financial aid and explain how to complete the FAFSA (Free Application for Federal Student Aid). All College Bound Seniors and their Parents are strongly encouraged to attend. Technical schools and Trade Schools typically use the same FAFSA form for their need based financial aid so the workshop is beneficial for everyone planning on continuing their education. GRASP (Great Aspirations Scholarship Program)Representative: Mr. Bob Norvell email: riverheads@ or 337-1921The GRASP program began at Riverheads in the 2011-12 school year as a program to assist students and their parents in the scholarship and financial aid process. Mr. Norvell will be meeting with many of the seniors who have expressed an interest in continuing their education. Mr. Norvell is typically available on Mondays during the school day. Appointments can be made by emailing Mr. Norvell at riverheads@.Students who meet with Mr. Norvell are also eligible to compete in the GRASP scholarship program which is a scholarship that goes to a Riverheads senior/s. The GRASP scholarship is typically a minimum of $500 and goes to at least one Riverheads student. The exact amount of the GRASP scholarship and the number of students receiving a GRASP scholarship varies each year depending upon the available funding. ................
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