What You Need to Know About Financial Aid
|
|
|
- Doreen Phillips
- 10 years ago
- Views:
Transcription
1 National Association of Student Financial Aid Administrators Presents What You Need to Know About Financial Aid 2013 NASFAA
2 Topics We Will Discuss Tonight What is financial aid Cost of attendance (COA) Expected Family Contribution (EFC) What is financial need Categories, types, and sources of financial aid Free Application for Federal Student Aid (FAFSA) Special circumstances 2013 NASFAA Slide 2
3 What is Financial Aid? Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses 2013 NASFAA Slide 3
4 What is Cost of Attendance (COA) Direct costs Indirect costs Direct and indirect costs combined into cost of attendance Varies widely from college to college 2013 NASFAA Slide 4
5 What is the Expected Family Contribution (EFC) Amount family can reasonably be expected to contribute Stays the same regardless of college Two components Parent contribution Student contribution Calculated using data from a federal application form and a federal formula 2013 NASFAA Slide 5
6 What is Financial Need Cost of Attendance Expected Family Contribution = Financial Need 2013 NASFAA Slide 6
7 Categories of Financial Aid Need-based Non-need-based 2013 NASFAA Slide 7
8 Types of Financial Aid Scholarships Grants Loans Employment Gift Aid Self-Help Options 2013 NASFAA Slide 8
9 Gift Aid: Scholarships Money that does not have to be paid back Awarded on the basis of merit, skill, or unique characteristic 2013 NASFAA Slide 9
10 Gift Aid: Grants Money that does not have to be paid back Usually awarded on the basis of financial need 2013 NASFAA Slide 10
11 Self-Help Option: Loans Money students and parents borrow to help pay college expenses Repayment usually begins after education is finished Only borrow what is really needed Look at loans as an investment in the future 2013 NASFAA Slide 11
12 Self-Help Option: Employment Allows student to earn money to help pay educational costs A paycheck; or Non-monetary compensation, such as room and board 2013 NASFAA Slide 12
13 Sources of Financial Aid Federal government States Private sources Civic organizations and churches Employers 2013 NASFAA Slide 13
14 Federal Government Largest source of financial aid Aid awarded primarily on the basis of financial need Must apply each year using the Free Application for Federal Student Aid (FAFSA) 2013 NASFAA Slide 14
15 Common Federal Aid Programs Federal Pell Grant Teacher Education Assistance for College and Higher Education Grant Federal Supplemental Educational Opportunity Grant Federal Perkins Loan Federal Work-Study Subsidized and Unsubsidized Loans PLUS Loans 2013 NASFAA Slide 15
16 States Residency requirements Award aid on the basis of both merit and need Use information from the FAFSA Deadlines vary by state; check paper FAFSA or FAFSA on the Web site 2013 NASFAA Slide 16
17 Private Sources Foundations, businesses, charitable organizations Deadlines and application procedures vary widely Begin researching private aid sources early 2013 NASFAA Slide 17
18 Civic Organizations and Churches Research what is available in community To what organizations and churches do student and family belong? Application process usually spring of senior year Small scholarships add up! 2013 NASFAA Slide 18
19 Employers Companies may have scholarships available to the children of employees Companies may have educational benefits for their employees 2013 NASFAA Slide 19
20 Free Application for Federal Student Aid (FAFSA) A standard form that collects demographic and financial information about the student and family May be filed electronically or using paper form Available in English and Spanish 2013 NASFAA Slide 20
21 FAFSA Information used to calculate the Expected Family Contribution or EFC The amount of money a student and his or her family may reasonably be expected to contribute towards the cost of the student s education for an academic year Colleges use EFC to award financial aid 2013 NASFAA Slide 21
22 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, 2013 Colleges may set FAFSA filing deadlines 2013 NASFAA Slide 22
23 FAFSA on the Web Website: FAFSA on the Web available on January 1, 2013 FAFSA on the Web Worksheet: Used as pre-application worksheet Questions follow order of FAFSA on the Web 2013 NASFAA Slide 23
24 FAFSA on the Web Good reasons to file electronically: 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 Tool 2013 NASFAA Slide 24
25 FAFSA on the Web Good reasons to file electronically: 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 2013 NASFAA Slide 25
26 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 window Applicant chooses whether or not to transfer data to FOTW 2013 NASFAA Slide 26
27 IRS Data Retrieval Tool Available early February 2013 for processing cycle Participation is voluntary Reduces documents requested by financial aid office 2013 NASFAA Slide 27
28 IRS Data Retrieval Tool Some will be unable to use IRS DRT Examples include: Filed an amended tax return No SSN was entered Student or parent married but filed separately 2013 NASFAA Slide 28
29 Federal Student Aid Personal Identification Number (FSA PIN) Website: Sign FAFSA electronically Not required, but speeds processing May be used by students and parents throughout aid process, including subsequent school years 2013 NASFAA Slide 29
30 FAFSA on the Web Worksheet FAFSA on the Web Worksheet contains: Instructions Questions that gather basic information on student and parent, if applicable 2013 NASFAA Slide 30
31 General Student Information Social Security Number Citizenship status Drug convictions Selective Service registration High School Completion 2013 NASFAA Slide 31
32 Student Dependency Status FAFSA asks questions to determine status: If all No responses, student is dependent If Yes to any question, student is independent 2013 NASFAA Slide 32
33 Information About the Parents of Dependent Students Tax, income, and other financial information Dislocated worker status Assets 2013 NASFAA Slide 33
34 Information About the Student (and Spouse) Tax, income, and other financial information Dislocated worker status Assets 2013 NASFAA Slide 34
35 Additional Information College and housing information 2013 NASFAA Slide 35
36 Signatures Required Student One parent (dependent students) Format Electronic using PIN Signature page Paper FAFSA 2013 NASFAA Slide 36
37 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 2013 NASFAA Slide 37
38 FAFSA Processing Results Central Processing System (CPS) notifies student of FAFSA processing results by: Paper Student Aid Report (SAR) if paper FAFSA was filed and student s address was not provided SAR Acknowledgement if filed FAFSA on the Web and student s address was not provided 2013 NASFAA Slide 38
39 FAFSA Processing Results CPS notifies student of FAFSA processing results by: notification containing a direct link to student s on-line SAR if student s was provided on paper or electronic FAFSA Student with PIN may view SAR on-line at NASFAA Slide 39
40 FAFSA Processing Results Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted College reviews ISIR May request additional documentation, such as proof that a sibling is enrolled in college 2013 NASFAA Slide 40
41 Student Aid Report Review data for accuracy Update estimated information when actual figures are available 2013 NASFAA Slide 41
42 Making Corrections If necessary, corrections to FAFSA data may be made by: Using FAFSA on the Web ( if student has a PIN; Updating paper SAR (SAR Information Acknowledgement cannot be used to make corrections); or Submitting documentation to college s financial aid office 2013 NASFAA Slide 42
43 Special Circumstances Cannot report on FAFSA Send written explanation to financial aid office at each college 2013 NASFAA Slide 43
44 Special Circumstances Change in employment status Medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Student cannot obtain parent information 2013 NASFAA Slide 44
45 2013 NASFAA Slide 45
Rochelle Filler. Assistant Director of Financial Aid Rensselaer Polytechnic Institute
Rochelle Filler Assistant Director of Financial Aid Rensselaer Polytechnic Institute National Association of Student Financial Aid Administrators What You Need to Know about Financial Aid Topics We Will
What You Need to Know about Financial Aid
National Association of Student Financial Aid Administrators What You Need to Know about Financial Aid Presented By: Mary Cannon Director of Student Financial Services Mount Vernon Nazarene University
What You Need to Know About Financial Aid
National Association of Student Financial Aid Administrators Presents What You Need to Know About Financial Aid Tracy Dahl Centralia College 2014 NASFAA Topics We Will Discuss Tonight What is financial
Learning About Financial Aid. Katherine Allen Financial Aid Workshop November 14, 2015
Learning About Financial Aid Katherine Allen Financial Aid Workshop November 14, 2015 Topics for Today College Costs Types of Financial Aid All About the FAFSA What Happens Next? Direct Cost Expenses paid
Financial Aid 101. UNDERSTANDING THE BASICS Sarah Everitt Associate Director, Financial Aid Gonzaga University
Financial Aid 101 UNDERSTANDING THE BASICS Sarah Everitt Associate Director, Financial Aid Gonzaga University Goal of Financial Aid Primary goal: Assist students in paying for college and is achieved by:
What You Need to Know About Financial Aid Mark Hill Director of Financial Aid SUNY College of Environmental Science and Forestry
What You Need to Know About Financial Aid Mark Hill Director of Financial Aid SUNY College of Environmental Science and Forestry Monday, January 5, 2014 Slide 1 Agenda Financial Aid Cost of Attendance
What You Need to Know About Financial Aid. Office of Financial Aid
What You Need to Know About Financial Aid Office of Financial Aid 1 Tonight s Topics What is Financial Aid Cost of Attendance (COA) Expected Family Contribution (EFC) Financial Need Types & Sources of
OFFICE OF FINANCIAL AID. Central Connecticut State University
OFFICE OF FINANCIAL AID Central Connecticut State University WHAT IS FINANCIAL AID COST OF ATTENDANCE (COA) WHAT AID IS AVAILABLE WHO IS ELIGIBLE HOW DO I APPLY FINANCIAL AID consists of federal, state,
2014-2015 Academic Year Jessica Petrie Financial Aid Coordinator Penn State York
2014-2015 Academic Year Jessica Petrie Financial Aid Coordinator Penn State York Financial Aid consists of funds provided to students and families to help pay for postsecondary educational expenses Students
Financial Aid 101. What You Need to Know About the College Financial Aid Process. Presented by Jack Zegeer Northern Virginia Community College
Financial Aid 101 What You Need to Know About the College Financial Aid Process Presented by Jack Zegeer Northern Virginia Community College Topics Why is college important? What is Financial Aid? What
What is Financial Aid. What is Financial Aid. Cost of Attendance (COA) 2/27/15&
What is Financial Aid What is Financial Aid Provides access to postsecondary education. Helps pay expenses such as tuition and fees, room and board, books and supplies, and transportation. Cost of Attendance
Financial Aid Overview
Financial Aid Overview 1/14/2015 1 Presentation Objectives Understand the financial aid process and timeline Know the different types of financial aid and how to access each of them Understand why everyone
Financial Aid Night. Marty Reba Director of Financial Aid North Central College
Financial Aid Night Marty Reba Director of Financial Aid North Central College Topics What is Financial Aid? Types of Financial Aid Free Application for Federal Student Aid (FAFSA) Change In Circumstances
Financial Aid 101 What You Need To Know About Financial Aid
Financial Aid 101 What You Need To Know About Financial Aid Jevita Rogers, Director, UCCS Financial Aid Branden Williams, Counselor, UCCS Financial Aid All information in this presentation is general and
Discussion Topics. Funding Your Education Wisely Taking A Closer Look at the Various Types of Aid and the Financial Aid Process 1/6/15. !
Funding Your Education Wisely Taking A Closer Look at the Various Types of Aid and the Financial Aid Process Discussion Topics! Financial Aid Overview ª Types and sources of aid ª Federal and state programs
Financial Aid: What You Need to Know
Financial Aid: What You Need to Know Presented by: Michelle Anderson Associate Vice President for Enrollment Washington & Jefferson College Presentation Topics What is financial aid? Financial need calculation
Financing Your Future. An introduction to Financial Aid
Financing Your Future An introduction to Financial Aid Financing Your Future What does college cost? How do I apply for financial aid? What types of aid are available? Where can I get more information?
How To Get A College Degree In Michigan
Elements of Financial Aid Oakland University Financial Services Funding Education Beyond High School Supplemental Worksheet A) Four types of financial aid available to students: B) Three different categories:
Seton Hall University. Where Leaders Learn. Financial Aid 101
Financial Aid 101 Q: What is Financial aid? A: Any form of monetary assistance that helps pay for college This includes, scholarships, need-based grants, loans, work-study, etc. It is not just gift aid.
Financial Aid: What You Need to Know
Financial Aid: What You Need to Know South High School December 15, 2014 Sandy Sundstrom St. Olaf College Agenda General Overview and Philosophy of Financial Aid Family Contribution Financial Need Types
The Financial Aid Process Paying for College Kenneth McGhee, Financial Aid Manager The SEED Foundation
The Financial Aid Process Paying for College Kenneth McGhee, Financial Aid Manager The SEED Foundation Agenda for Conversation Section One Education Pays Section Two What is Financial Aid?, Section Three
Filling Out the FAFSA
Filling Out the FAFSA Free Application for Federal Student Aid The Path to Financial Aid Starts Here FAFSA What s Inside? Federal student aid is provided by the U.S. government to help you pay for college.
Mike Johnson, Director of Financial Aid Pacific University
Mike Johnson, Director of Financial Aid Pacific University Community Colleges $ 4,200 tuition, $16,000 total Public Colleges and Universities $ 8,300 tuition, $22,800 total Private Colleges and Universities
What documents do I need when I file my FAFSA?
How do I apply for financial aid? To apply for financial aid, a student must fill out a FAFSA. FAFSA stands for the Free Application for Federal Student Aid and can be completed at www.fafsa.gov. You should
Student Financial Services: Understanding Financial Aid
Student Financial Services: Understanding Financial Aid Employee Financial Aid Night 2011 Overview What is Financial Aid? Free Application for Federal Student Aid (FAFSA) CSS PROFILE How do colleges give
FINANCIAL AID 101. Claire Alasio Associate Vice President for Enrollment Management Director of Financial Aid Monmouth University
FINANCIAL AID 101 Claire Alasio Associate Vice President for Enrollment Management Director of Financial Aid Monmouth University Role of the Financial Aid Office Evaluate a family s ability to pay for
The Financial Aid Office Presents. Financing Education Beyond High School
The Financial Aid Office Presents Financing Education Beyond High School What You Need to Know General Eligibility Requirements Understanding EFC & COA Categories, types, and sources of financial aid Free
Lamar University Verification Policy 2015-2016 Financial Aid Office
Lamar University Verification Policy 2015-2016 Financial Aid Office New FAFSA verification, updating, and corrections requirements for all students receiving federal and state financial aid Overview To
F N I ANCIN I G G Y OU O R COL O L L E L GE G EDUCATI T O I N
FINANCING YOUR COLLEGE EDUCATION 2013-2014 Award Year 1 Overview Types of Assistance Scholarship Information Applying for Need-Based Aid Eligibility Requirements Application Process Award Notification
Your comprehensive AMDA Financial Aid planning guide.
Your comprehensive AMDA Financial Aid planning guide. We know the financial aid process can sometimes be confusing, so we ve tried to make the process easier with this comprehensive guide. Simply follow
Financial Aid Discussion. December 13, 2012
Financial Aid Discussion December 13, 2012 Discussion Topics Forms and Deadlines Net Price Calculator IRS Data Retrieval Expected Family Contribution (EFC) Financial Need Aid Types Award Notification Special
Financial Aid 2014-2015. Gloucester High School Counseling Department
Financial Aid 2014-2015 Gloucester High School Counseling Department Presentation Overview Terms and Definitions Federal and State Aid FAFSA Process Necessary Forms FAFSA Worksheet Common FAFSA Errors
2015-2016. Carol Ann Lott Outreach Representative
2015-2016 Carol Ann Lott Outreach Representative Basic Information Federal Programs State Programs Filling out the FAFSA Additional Resources 2 3 Financial aid is money to pay for college or career school
Cost of Attendance (COA) EFC = Demonstrated Financial Need. APPLYING FOR FINANCIAL ASSISTANCE
APPLYING FOR FINANCIAL ASSISTANCE The Office of Financial Aid is dedicated to responding to the needs of our students. We are committed to assisting our students achieve their educational goals by providing
FINANCIAL AID NIGHT 2015 2016
FINANCIAL AID NIGHT 2015 2016 1 Understanding the College and Financial Aid Application Process Be patient, thorough, and organized as you go through the college admission and financial aid application
Financial Aid 101: Beginning Financial Aid. Presented By Jimmy Mauger Northern Virginia Community College
Financial Aid 101: Beginning Financial Aid Presented By Jimmy Mauger Northern Virginia Community College Sources of college funds 2013 Source: How America Pays for College, Sallie Mae, 2013 3 Cost of
Acronym Fun. College Foundation of North Carolina. Free Application for Federal Student Aid. Expected Family Contribution
The Cost of College Acronym Fun CFNC FAFSA EFC PLUS College Foundation of North Carolina Free Application for Federal Student Aid Expected Family Contribution Parent Loan for Undergraduate Students 2 Bonus
Education Lights the Way at
Education Lights the Way at UC Irvine Today s Topics Sources of Financial Aid General Eligibility Criteria Cost of Education Application Process Needs Analysis Types of Financial Aid Comparing Aid Offers
The Financial Aid Process. Paying for College
The Financial Aid Process Paying for College Financing College What is financial aid? Types: Loans, scholarships, etc. FAFSA Who can help? What is financial aid? Financial aid makes college/training affordable
Example Student Aid Report
Example Student Aid Report 2012-2013 Electronic Student Aid Report (SAR) The SAR summarizes the information you submitted on your 2012-2013 Free Application for Federal Student Aid (FAFSA). Application
FINANCIAL AID VOCABULARY
Award Letter Notification of the terms and requirements of the financial aid package offered by a college. College Scholarship Service (CSS) Profile A financial aid application, in addition to the FAFSA,
Applying for Financial Aid. Presented by: Clint Young Office of Student Financial Assistance The George Washington University
Applying for Financial Aid Presented by: Clint Young Office of Student Financial Assistance The George Washington University An investment in knowledge always pays the best interest. Benjamin Franklin
Financial Aid Glossary
Financial Aid Glossary NASFAA Financial Aid Glossary edited by MN Office of Higher Education Accruing Interest (on a loan): The cost of the loan, represented by the interest which is added to the loan
Understanding Financial Aid
Understanding Financial Aid Goal of Financial Aid Primary goal is to assist students in paying for their educational investment and is achieved by:! Evaluating family s ability to pay for educational costs!
Student Financial Aid
Student Financial Aid David P. Pearlman D. Ed Director of Student Aid @ Penn State Altoona Shannon Hawkins Assistant Director of Student Aid @ Penn State Altoona What will you consider when looking at
YOUR GUIDE TO FINDING THE FUNDS FOR COLLEGE
YOUR GUIDE TO FINDING THE FUNDS FOR COLLEGE Funded by the Education Services Foundation, our mission is to help Mississippi students plan and pay for college. Jackson: 601.321.5533 Gulf Coast: 228.875.4441
HELPFUL FINANCIAL AID HINTS...
TABLE OF CONTENTS HELPFUL FINANCIAL AID HINTS.........................................................................................1 PAYING FOR COLLEGE.................................................................................................2
AWARD LETTER COMPARISON WORKSHEET
AWARD LETTER COMPARISON WORKSHEET Different schools have different resources, so financial aid offers can vary greatly from school to school. There are several components of an aid offer you should consider:
FINANCIAL AID 2015. OVERVIEW OF FINANCIAL AID A student's financial need is determined by the following equation:
FINANCIAL AID 2015 INTRODUCTION Below is a brief overview of both federal and state financial aid programs, along with a guide to filing the proper forms. You'll also find a glossary of terms, a list of
What you Need to Know About Financial Aid 2015-16
What you Need to Know About Financial Aid 2015-16 ~ Thanks to ~ Pine Creek High School College Counseling Staff of District 20 National Association of Student Financial Aid Administrators US Department
Your guide to finding the funds for college
Your guide to finding the funds for college Get2College counselors can provide you with personalized advice on how to do everything outlined in this booklet. Just call one of our Centers listed on the
Accepted Student Reception Financial Aid Presentation. March 29, 2015
Accepted Student Reception Financial Aid Presentation March 29, 2015 Understanding Your Financial Aid Award Letter Screen shot of award letter here Screen shot of award letter here Estimated costs and
Financial Aid Seminar
Financial Aid Seminar What is financial aid? What are the sources of financial aid? How will colleges determine your eligibility for aid? When and how do you apply for aid? Principles of Financial Aid
NEW JERSEY CITY UNIVERSITY. Guide to Financial Aid
NEW JERSEY CITY UNIVERSITY Guide to Financial Aid Fastfact: NJCU graduates include a fashion magazine art director, a NJ Assembly person, a police captain, a news anchor and a corporate vice president!
College Financial Aid 101
College Financial Aid 101 The information contained in this presentation is subject to change and does not constitute legal advice. Always consult a financial planner or a tax advisor for detailed information.
FINANCIAL AID. The Basics and then some. Presented by: Bonnie Lee Behm Director of Financial Assistance Villanova University
FINANCIAL AID The Basics and then some Presented by: Bonnie Lee Behm Director of Financial Assistance Villanova University Before we start. Begin with a positive attitude Involve your child in the admission
Glossary of Financial Aid Terms. Accrued Interest --- interest that has accumulated on the unpaid balance of a loan.
Glossary of Financial Aid Terms Accrued Interest --- interest that has accumulated on the unpaid balance of a loan. Adjusted Gross Income (AGI) gross income minus deductions. This figure appears on IRS
2016-2017 GUIDE TO FINANCIAL AID AND FUNDING RESOURCES
2016-2017 GUIDE TO FINANCIAL AID AND FUNDING RESOURCES PAGE 2 COST OF ATTENDANCE The cost of your Trinity education includes both direct costs and indirect expenses. Direct costs will be listed on the
University. Financial Aid Planning Session December 5, 2007
Florida A & M University Financial Aid Planning Session December 5, 2007 Financial Aid Overview The Application Process FAFSA to ISIR Student Eligibility Academic Calendar Cost of Attendance (Budget) The
An Introduction to Financial Aid. Colby McCarthy University Director of Financial Assistance Drew University Madison, NJ cmccarthy1@drew.
An Introduction to Financial Aid Colby McCarthy University Director of Financial Assistance Drew University Madison, NJ [email protected] What We Will Discuss Applying for Financial Aid FAFSA How, Where,
