Ohio Wesleyan University. High School Financial Aid Presentation November 5 th, 2015

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1 Ohio Wesleyan University High School Financial Aid Presentation November 5 th, 2015

2 Contact Us for Help Your best source for FREE financial aid information and assistance Assist students with the application process. Determine eligibility for financial aid. Provide a balance of free aid, employment and student loans. Notify students of their awards. Develop a working relationship with students and their families.

3 The Financial Aid Process First Things First: Apply for admission Leave No Stone Unturned: Research and apply for private scholarships You Can t Win If you Don t Play: File the FAFSA and the CSS Financial Aid/PROFILE Anticipate Great Things: Receive Merit Scholarship Letters Weigh Your Options: Review your comprehensive Financial Aid Award Notices Make Your Decision: Submit your Enrollment Deposit to finalize your awards Finish the Race Early: Complete any required financial aid forms over the summer

4 Applying for Other Aid Resources Most colleges use the Free Application for Federal Student Aid (FAFSA) as an application for most financial aid programs. The FASFA can be completed after January 1st each year. To receive full consideration for all institutional and federal financial aid programs at most colleges, the FAFSA should be submitted in February and March each year. Many colleges also require an institutional aid application or the CSS/Financial Aid PROFILE.

5 FAFSA on the Web Built-in edits to prevent costly errors Skip logic allows student and/or parent to skip unnecessary questions Option to use Internal Revenue Service (IRS) data retrieval More timely submission of original application and any necessary corrections More detailed instructions and help for common questions Ability to check application status online Simplified application process in the future

6 CSS/Financial Aid PROFILE profileonline.collegeboard.com Colleges use the PROFILE to determine eligibility for institutional aid. The PROFILE asks for information not requested on the FAFSA. There is a cost for completing the PROFILE. The PROFILE can be completed starting October 1st each year.

7 Why Complete the FAFSA? (You Can t Win If You Don t Play) Many colleges require it for any non-merit aid consideration and some require it for all financial aid. You will need to complete it for any Federal Direct Student Loans and the Federal Direct PLUS Loan. It may help if you have more than one student in college. It may help if you re divorced. It may help if your financial situation changes.

8 Frequent FAFSA Errors Social Security Numbers Divorced/remarried parental information Income earned by stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth

9 Tips for Completing the FAFSA Apply Early: Estimate your 2016 income (use your 2014 taxes or 2015 W2 s). Complete All Items: Indicate (0) zero for items that do not pertain to you. Divorced Parents: Use parent with whom the student lived most in during the previous year. If remarried, household income includes the step parent. Claimed on taxes, does not matter Do not include ex-spouses income Untaxed Income: For Pre-taxed 401K and IRA withholdings, report only the amount saved in Investment Income: Report current value minus debt only. Sign the FAFSA Electronically: Use your FSA ID.

10 Federal Student Aid ID Federal Student Aid (FSA) is adopting the best practice of using a username and password instead of personal information when logging into their computer systems. The new login is called the FSA ID which has replaced the old PIN process. Both the student and parent must setup their own FSA ID's. Do not use the same for both ID's. More information on the FSA ID process can be found at: https://studentaid.ed.gov/sa/fafsa/fillin g-out/fsaid

11 FAFSA on the Web Worksheet Useful guide to help prepare and then complete the FAFSA Available to download at https://fafsa.ed.gov/fotw1516/pdf/fafsaws15c.pdf

12 How Eligibility for Financial Aid is Determined Federal Methodology is the formula created by Congress to determine the Expected Family Contribution (EFC). This measurement of the family s financial strength is comprised from many components including number of family members in household and college, age of oldest parent, and income and assets. Colleges use the EFC and other factors to determine need for aid. Determination of Need: Cost of Attendance (COA) Expected Family Contribution (EFC) = Financial Need

13 Special Circumstances Many times students and parents can appeal to have their EFC decreased, COA increased, or for additional institutional aid if they have valid, documented circumstances. - Job loss or reduction in pay - Excessive medical expenses paid - One time rollover or capital gain - Private elementary or high school costs paid - Loss of income sources - Many others Please note that consumer related expenses do not apply

14 TYPES OF FINANCIAL AID Financial aid is offered in the form of scholarships, grants, loans, and student employment programs. Scholarships & Grants are free dollars. Student Loans have to be paid back either during or after enrollment ends. Student Employment programs allow students to earn wages during college.

15 Merit-based Scholarships Rewarding academic and talent-based achievement with non-need-based scholarship programs. Academic-based Talent-based (i.e. music, theater, art) Departmental Awards Athletic Usually requires students to be admitted Merit scholarships vary per college Scholarships are usually renewable each year A competition may be required

16 GRANT PROGRAMS Institutional Grants - Usually based on need, but may be offered to lower need students. - Priority FAFSA date is usually required. State Financial Aid - Usually based on need and may require the FAFSA. Federal Grants - Pell Grant - Supplemental Educational Opportunity Grant (SEOG) Private Grants

17 STUDENT EMPLOYMENT Federal Work-Study (FWS) provides part-time jobs for students demonstrating financial need. This program allows students to earn money to help pay education expenses. The program encourages community service work and work related to students discipline. The FAFSA is required for this program. Institutional Student Employment is usually available for students who do not qualify for the federal work study program. This program is usually earned and used in the same way as federal program. Colleges must use portion of FWS funds for community service activities. Students generally use money earned to help pay for their personal expenses.

18 FEDERAL STUDENT LOANS Federal student loans are low-interest aid programs for students and parents. The FAFSA is required for these loans. Subsidized Stafford Loans are need-based loans where the interest is paid while students are attending and during their grace period. The annual amount for firsttime freshmen is $3,500. Unsubsidized Stafford Loans are non-need-based loans and the interest is not paid for students. The annual amount for first-time freshmen is $2,000. PLUS loans are borrowed by parents of dependent undergraduate students. Complete the application MPN after June 1, 2016.

19 Private Resources Private Grants and Scholarships are offered by various organizations, businesses and foundations: - Students must apply separately for each program - Students compete locally, regionally and nationally - Apply, Apply, Apply! Private student loans from commercial lenders: - Variable application process and procedures - Various criteria and requirements - Various terms and conditions - Usually requires a co-signer (e.g. parent)

20 Other Ways to Pay for College Consider Tuition Payment Plans Invest in 529 College Saving Plans Utilize investment income and home equity Select your college dorm and meal plan carefully Budget your money and reduce your expenses Work and save your earning during the summer Buy used text books and books on line Ask family members for assistance

21 Net Price Calculator All Title IV institutions enrolling full-time, first-time degree or certificate seeking undergraduate students are required to have an NPC posted on their website. Using both student-entered and institution-provided data, the NPC allows prospective students to calculate their estimated net price at an institution based on the following basic formula: Price of attendance minus financial aid Schools may use ED s NPC template, create their own template, or purchase a template from a third party.

22 Net Price Calculator Benefits: Designed to provide accurate and timely information about the net price of a college. Can assist families in comparing colleges based on net price and financial aid. Drawbacks: Inclusion of direct and indirect costs in price of attendance component can significantly inflate the price tag. Institution s flexibility to customize template could make college costs comparisons an extremely complex process.

23 College Goal Sunday When: February 21, 2016 Receive assistance with completing the FAFSA form from financial aid professionals. Various locations throughout Ohio Register on line:

24

25 Sample Schedule

26 Questions Kevin Paskvan Director of Financial Aid Leann Kendzerski Associate Director of Admission & Financial Aid

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