TOP TEN MYTHS & FACTS ABOUT FINANCIAL AID CAMRY IVORY EDUCATIONAL OPPORTUNITY CENTER

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1 TOP TEN MYTHS & FACTS ABOUT FINANCIAL AID CAMRY IVORY EDUCATIONAL OPPORTUNITY CENTER

2 EDUCATIONAL OPPORTUNITY CENTER Mission: Help individuals pursue postsecondary education Services Include: Academic Résumé GED Referrals College Planning & Selection Admission Applications Financial Aid Application (FAFSA) Scholarship Search Guidance Career Counseling Defaulted Student Loan Counseling

3 TRUE OR FALSE? If a student s family makes too much money, he or she cannot qualify for financial aid.

4 EVERYONE QUALIFIES Need based aid FOR FINANCIAL AID! Based on income & household size Includes grants & low-interest/subsidized loans Non need based aid Unsubsidized loans Anyone is eligible, regardless of income Special circumstances appeal is available to families with significant change in income Unemployment Divorce Medical bills

5 TRUE OR FALSE? The parent is the cosigner for federal loans taken out by the student

6 PARENTS ARE NOT LIABLE FOR STUDENT LOANS Parental information is only used to determine need No credit check required Exception: Parent PLUS Loans

7 TRUE OR FALSE? Students have to complete the FAFSA every academic year

8 STUDENTS MUST COMPLETE THE FAFSA EVERY YEAR Application goes online January 1 st Check school & state priority deadlines Missouri deadline: April 1 st

9 TRUE OR FALSE There is no cost involved in completing the FAFSA

10 THE FAFSA IS FREE Free Application for Federal Student Aid Avoid fafsa.com, fafsa.net or any site asking for credit card information

11 TRUE OR FALSE You can use last year s tax info to complete the FAFSA if you don t have the current year s tax information

12 YOU CAN USE PRIOR YEAR TAX INFO TO COMPLETE THE FAFSA Need 2014 taxes to complete the FAFSA Can use 2013 tax information as an estimate Can resubmit with correct tax info after priority deadline

13 TRUE OR FALSE If a student s parent does not have a social security number or does not have any taxable income, the student can still complete the FAFSA.

14 PARENTS WITHOUT SSNS CAN STILL COMPLETE THE FAFSA Parents without social security numbers For parents who are undocumented or who live in another country Enter for SSN Parents who do not file taxes Report W-2 wages and/or estimate of untaxed income (including cash payments) Do not report Social Security income (SSI)

15 TRUE OR FALSE If a student lives on their own and their parents do not claim them on their taxes, they can declare themselves independent and do not have to report parental income on the FAFSA.

16 INDEPENDENT & DEPENDENT STUDENTS Independent student must meet one of the following criteria 24 years or older Married Has a child or dependent Is in legal guardianship Parents are deceased Was a ward of the court All other students are considered dependent Must include info of at least one biological or adoptive parent Cannot use another family member s information

17 WHICH PARENT S INFORMATION SHOULD YOU USE? Parent s Marital Status Parents are married to each other Parents are legally separated/ divorced Parent is remarried to a step-parent Parents were never married, not living together Parents were never married, but are living together FAFSA Action Need both parents info Use custodial parent s info If remarried parent has custody, use parent s & stepparent s joint income Use custodial parent s info Use both parents info

18 TRUE OR FALSE Students may have to complete extra paperwork to finish the financial aid application process

19 ADDITIONAL FINANCIAL AID PAPERWORK Verification: Documentation that FAFSA info is accurate IRS Tax Transcript: Copy of tax info directly from IRS College Transcript: Necessary if you ve received financial aid at a previous institution Master Promissory Note: Necessary if you receive student loans PRO-TIP: Check your student and student account center regularly and follow-up with any s or requests

20 TRUE OR FALSE Dropping classes does not affect a student s financial aid eligibility.

21 SATISFACTORY ACADEMIC PROGRESS AFFECTS FINANCIAL AID SAP Satisfactory Academic Progress In order to meet SAP and get financial aid every year you must have Cumulative 2.0 GPA and 67% completion rate SAP is retroactive and transferable, looks at entire college career, even at different colleges Students who don t meet SAP lose financial aid eligibility Return to Title IV Funds dropping classes before 60% completion

22 TRUE OR FALSE Student loans are not dischargeable in bankruptcy

23 STUDENT LOANS STAY WITH YOU FOREVER! Income-based repayment plans Loan forgiveness programs Public Service Loan Forgiveness (10 years) Teacher Loan Forgiveness (5 years, $17k) MO Health Professional Forgiveness (2 years)

24 FINANCIAL AID TIMELINE January 1 st FAFSA application goes online March 1 st Priority deadline for competitive universities April 1 st Priority deadline for Missouri & Kansas April Colleges send financial aid award letters or request for additional paperwork May 1 st Decision Day

25 TYPES OF FINANCIAL AID Grants: Free money that you don t pay back Pell Grant, SEOG Grant, A+, Institutional Grants Loans: Money borrowed from the government Subsidized Loans: no interest accrues until after graduation Unsubsidized Loans: interest accrues immediately PLUS loans: loan borrowed by parent on student s behalf

26 TYPES OF FINANCIAL AID Work Study Students are paid to work on-campus Receive bi-weekly paycheck directly to student Awarded on first-come, first-served basis.

27 QUESTIONS?

28 CONTACT ME! Camry Ivory Educational Opportunity Center 3100 Main Street, Suite

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