Learning About Financial Aid. Katherine Allen Financial Aid Workshop November 14, 2015

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1 Learning About Financial Aid Katherine Allen Financial Aid Workshop November 14, 2015

2 Topics for Today College Costs Types of Financial Aid All About the FAFSA What Happens Next?

3 Direct Cost Expenses paid directly to the college Tuition * $430 per credit hours 1 12 $ 93 for credit(s) 13 and beyond Fees Technology, Course, Registration *In-state, lower division assessment

4 Indirect Cost Expenses accrued during the school year Books and Supplies New, Uses or Online Room & Board(Off Campus) Apartments, Groceries, Utilities, Roommate Vs. Non Transportation Commuting Expense Personal Expenses Toiletries, Personal Money

5 Cost of Attendance (COA) U-M Dearborn s cost of attendance is $17,732* Average tuition for 15 credits for two semesters is $11,600 (including mandatory fees) Allowance for books and supplies is $1,300 *Freshman/sophomore at home budget for

6 What is Financial Aid? Financial aid is any source of funds available to assist students in meeting the cost of a college education beyond the family s resources.

7 What is the Expected Family Contribution (EFC)? Calculation using FAFSA data and a federal formula Amount family can reasonably be expected to contribute Stays the same regardless of college Two components Parent contribution Student contribution EFC is a device to focus more funds to needier students: it is not the amount that parents or students are expected to pay

8 What is Financial Need?

9 What is Financial Need? $27,000 - $10,000 =$17,000

10 Types of Financial Aid GRANTS Need-bases money Without repayment Merit or Performance Based money without repayment Fixed low-interest Rate money that Must be repaid SCHOLARSHIPS WORK STUDY LOANS Need-based campus jobs; earnings go toward personal expenses

11 State Government Sources of Financial Aid

12 Sources of Financial Aid State Government Federal Government

13 Sources of Financial Aid State Government Federal Government College/Universities

14 Sources of Financial Aid State Government Federal Government College/Universities Private Organizations/Foundations

15 Sources of Financial Aid Federal Government NEED-BASED Federal Pell Grant (from $602-$5775) Federal SEOG (ranges from college to college) Federal Work Study (ranges from college to college) Federal Direct Subsidized Loan (maximums) o $3,500 for Freshmen o $4,500 for Sophomores o $5,500 for Juniors o $5,500 for Seniors

16 Sources of Financial Aid Federal Government NON NEED-BASED Federal Direct Unsubsidized Loan o Dependent student $2,000, but can be as high as $7,500-if replacing Subsidized Loan Federal Direct PLUS o Credit-based, but can cover entire cost of attendance and budget

17 Sources of Financial Aid State Government NEED-BASED Michigan Competitive Scholarship (up to $676) o Demonstrate Financial Need o Eligible ACT Score (24 composite of higher)

18 Sources of Financial Aid State Government Michigan Tuition Incentive Program o Must have received Medicaid coverage for 24 months within a 36-month period between ages of 9 or high school o Student notified by Student Scholarships and Grants o Student must complete acceptance before high school graduation o Phase I Schools: up to in-district tuition o Phase II Schools: $2,000 over 30 months

19 Sources of Financial Aid College and University Grants Colleges and universities award need-based grants. Be careful of deadlines (usually March 1 st or before) Complete document requests as quickly as possible Other factors that are considered: EFC (Expected Family Contribution) Other resources of aid

20 Sources of Financial Aid College and University Scholarships College and university scholarships are usually awarded on the basis of merit (academic, athletic, musical talent).

21 Sources of Financial Aid Private Private scholarships can be a valuable resource for students to help meet educational costs. Many students apply, but few are selected. Students can begin planning for scholarships as early as their freshman or sophomore year in high school

22 Sources of Financial Aid Private Grades, standardized test scores, and class rank. Grades are more than GPA the classes that you take matter too. Take a rigorous academic course loan. Many programs look at the breadth and depth of accomplishments not just a large number of activities in a senior year. There is often an emphasis on leadership and initiative not just membership

23 Sources of Financial Aid The Strategy To Earning the Maximum Amount of Scholarships

24 Sources of Financial Aid There are no short cuts

25 Sources of Financial Aid Typically, these essays will be about yourself. Your academic and career goals People and/or events that have inspired you Have you overcome hardships or obstacles? A one paragraph essay is NOT adequate. Do not write more than two pages (unless asked)

26 Sources of Financial Aid Misspelled words Using big words incorrectly Using clichés Bad grammar Unclear thoughts Poor articulation Not writing about what you are asked

27 All About The FAFSA Free Application for Federal Student Aid (FAFSA) Federal Student Aid ID Student Loans

28 FSA ID

29 All About The FAFSA May be filed at any time during an academic year, but no earlier than the January 1 st prior to the academic year for which the student requests aid For the academic year, the FAFSA may be filed beginning January 1, 2016 Most colleges set FAFSA filing deadlines

30 All About The FAFSA What to Expect... Seven Steps No need to be confused Login and create password Student Demographics School Selection Dependency Status Parent Demographics Financial Information Sign, Submit & Confirmation

31 All About The FAFSA IRS Data Retrieval Tool While completing FOTW, applicant may submit real-time request to IRS for tax data IRS will authenticate taxpayer s identity If match found, IRS sends real-time results to applicant in new browser window Applicant chooses whether or not to transfer data to FOTW

32 All About The FAFSA IRS Data Retrieval Tool Available early February 2016 for processing cycle Participation is voluntary Reduces documents requested by financial aid office

33 All About The FAFSA IRS Data Retrieval Tool Some will be unable to use IRS DRT. Examples include: Filed an amended tax return Student or parent married but filed separately

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

35 What Happens Next? Initial calculation by Federal Student Aid Processing Center providing the EFC Student Aid Report (SAR) sent by within less than one week for official results to student FAFSA information released to universities which the student has requested the application be sent can list multiple schools Reviews for federal requirements Documentation of citizenship status, selective service registration, etc. Verification documentation for such items as income, household information, SNAP (Supplemental Nutritional Assistance Program) etc.

36 What Happens Next? Making Corrections Using FAFSA on the Web (www.fafsa.gov) Updating paper SAR (SAR Information Acknowledgement cannot be used to make corrections); or Submitting documentation to the financial aid office at the college

37 Special Circumstances Students and their families apply for consideration for special circumstances through the Office of Financial Aid using the Special Circumstances Form Documentation is required Appeal must reflect a significant loss of income as well as a special circumstance

38 Special Circumstances Change in employment status Termination or separation Full-time to part-time Reduction in salary Unusual medical expenses not covered by insurance Divorce or separation Death of parent or spouse Loss of untaxed income or taxable benefits Child Support Worker compensation or disability benefits

39 Your Financial Aid Calendar December Apply for admission by December 15 th Obtain a parent and student PIN January Complete the FAFSA as early as January 1 st March and April Watch for your financial aid award Make enrollment deposit Accept scholarship offers Update FAFSA tax information May-August Freshmen Orientation Begin loan acceptance in June Late August First financial aid applied to your tuition account September Tuition due September after the end of the first two weeks of classes

40 Financial Aid Fridays In March and April 2015, Fridays are dedicated to Fall 2016 admits and their families Offer one-on-one 30 minute counseling sessions Reviewing applications, awards and appeals

41 Contact Information Contact Financial Aid Telephone at at Website at umdearborn.edu/financialaid Secured Website (need UMID and PIN) Appointments available

42 Thank You Any Questions?

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