Financial Aid 101 What You Need To Know About Financial Aid

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1 Financial Aid 101 What You Need To Know About Financial Aid Jevita Rogers, Director, UCCS Financial Aid Branden Williams, Counselor, UCCS Financial Aid

2 All information in this presentation is general and although most processes in financial aid are the same regardless of which school you attend if you have detailed questions, it is always best to contact that specific school. If you have general questions regarding the financial aid application process, feel free to contact UCCS Financial Aid at

3 WHAT IS FINANCIAL AID? Grants, Loans, Student Employment, & Scholarships

4 GRANTS Grants are need-based financial aid awards that do not have to be repaid. Award amounts vary depending on the student s enrollment status and need level. Federal Pell Grant Maximum award $ /year (for ) Federal Supplemental Opportunity Grant Educational Grant (FSEOG) Other State and Institutional Grants

5 LOANS Federal Stafford Loans Federal Stafford Loans Subsidized Loans Need-Based Undergraduate students Unsubsidized Loans 3.86% Undergraduate Interest Rate Both are paid back starting 6 months after graduation, stop attending, or drop to less than half time attendance

6 LOANS (CONT.) Federal Stafford Loans Yearly Loan Limits Dependent 1 st Year Undergraduate $3,500 sub $2,000 unsub 2 nd Year Undergraduate $4,500 sub 3 rd Year and Beyond Undergraduates $2,000 unsub $5,500 sub $2,000 unsub Independent $3,500 sub $6,000 unsub $4,500 sub $6,000 unsub $5,500 sub $7,000 unsub Graduate Students n/a $8,500 sub Lifetime Limits $12,000 unsub Dependent Undergraduates Independent Undergraduates Graduate Students $31,000 ($23,000 sub) $57,500 ($23,000 sub) $138,500 ($65,500 sub)

7 REPAYMENT OPTIONS Federal Stafford Loans 1. Standard Plan - fixed payment, fixed time not to exceed 10 years. 2. Graduated Plan payments gradually increase, fixed time not to exceed 10 years. 3. Extended Plan must owe over $30, 000, not to exceed 25 years 4. Income Based Plan terms vary.

8 LOANS (CONT.) Other Types of Student Loans Federal Perkins Loans Fixed 5% Interest Rate Pay back 9 months after graduation Federal Parent PLUS and Graduate PLUS Loans 6.41% Interest Rate effective 7/1/2013-6/30/2014 Credit-Based Parents and Graduate Students can borrow up to cost of attendance minus any other financial aid award amounts. Pay back 60 days after disbursement (while still in school) Apply through

9 STUDENT EMPLOYMENT Studies have shown that students who work part time while attending courses actually perform better academically. Types of jobs available: Work -Study (on and off campus) Non-Work-Study (on campus) Off-campus regular employment

10 SCHOLARSHIPS Private money awarded on either merit or need. Places to look: High School Counselor Booster Club, PTA, etc. Surrounding Community Local Businesses, Spouses Clubs, Community Clubs, etc. The College/University you plan on attending On the internet

11 WHERE DO I START? Filling out the FAFSA

12 FAFSA FREE APPLICATION FOR FEDERAL STUDENT AID FAFSA has built-in-help to guide you through the application process.

13

14 GETTING STARTED 1. Apply for your PIN before you begin the application process. 2. Use the Federal Student Aid s secure Web site at 3. Use your PIN to electronically sign your FAFSA on the web 4. If you re a dependent student, both you AND parent will need to apply for a PIN

15 DOCUMENTS NEEDED: W-2 s and other records of money earned Federal Tax Return(s) Current bank statements Current business and investment mortgage information, business and farm records, stock, bond and other investment records Untaxed Income Records BAS Amounts You will need the above for yourself and your spouse or parents (if applicable).

16 VERIFICATION You may be selected for the process of Verification. This means your school will be required to verify the information you put on your FAFSA by collecting additional documentation from you.

17 FAFSA ON THE WEB WORKSHEET Complete this worksheet before filing your FAFSA to assist you when filling out your FAFSA! Do not submit this worksheet!!!

18 SECTION 1 STUDENT INFORMATION To be completed with applicant information only General information such as name, SSN, state of legal residence Marital status (of student) Selective Service Registration for under 25 s (male) Drug Convictions High School Information

19 SECTION 2 STUDENT DEPENDENCY STATUS A student is considered independent ONLY if they can answer YES to ONE of 13 questions (samples below): Born before 1 January 1991 ( ) Married Have children or dependents other than children that you provide more than 50% support. Active duty Veteran of the U.S. Armed Forces

20 SECTION 3 PARENTAL INFORMATION If student answered NO to all questions in section 2, then parents must complete section 3 This section must still be completed even if the applicant does not live with their parents Tax, income, and other financial information Dislocated worker status Assets

21 SECTION 4 STUDENT FINANCES Information about the student (and spouse): Tax, income, and other financial information Dislocated worker status Assets

22 IRS DATA RETRIEVAL On the IRS Web site, enter the requested information. Once the IRS has validated your identification, your IRS tax information will display. You can either transfer your information from the IRS, or choose to return to FAFSA on the Web from the IRS Web site. If you transfer your IRS tax information, questions that are populated with tax information will be marked with Transferred from the IRS

23 SCHOOL CODES Each school has a Federal School Code You will have a chance online to search for school codes Write the name of the school if you do not know the school code Up to 10 school codes can be listed

24 CSS PROFILE CSS/Financial Aid PROFILE is required by many private colleges and universities to determine eligibility for institutional aid. -PROFILE can be submitted in the fall -PROFILE has questions that are specific to your school or program -PROFILE determines your financial need differently than the FAFSA, taking into account information like if your family owns their own home. -PROFILE costs $9 plus $16 for each school or scholarship program you want your information sent to To complete a PROFILE Application go to https://profileonline.collegeboard.com

25 HOW IS FINANCIAL AID AWARDED? Determining your award package

26 COA COST OF ATTENDANCE The estimated cost, including direct and indirect costs, of a particular institution. Direct: Tuition, fees, books, and room and board (if living on campus) Indirect: Travel, miscellaneous, and room and board (if not living on campus) This value varies from college to college.

27 EFC EXPECTED FAMILY CONTRIBUTION Federal Student Aid uses the data on your FAFSA to calculate an Expected Family Contribution (EFC) The EFC is the number that s used to determine your eligibility for federal financial aid.

28 EFC EXPECTED FAMILY CONTRIBUTION Calculation takes into account the following: Adjusted Gross Income (AGI) Untaxed Income (Do not include BAH) Assets and Benefits Number in Household Number in Household Attending College

29 NEED Cost of Attendance Expected Family Contribution = Financial Need

30 TIPS & TOOLS

31 FAFSA4CASTER Providing you with an early estimate of your eligibility for federal student aid. Giving you an experience similar to FAFSA on the Web Allowing you to transfer all of your FAFSA4caster data to FAFSA on the Web once you are ready to apply for aid. Increasing your knowledge of the financial aid process, and providing information about other sources of aid.

32 FA, TA, VA. If you will be receiving tuition assistance (including military TA) or veteran s educational benefits you may still be eligible for financial aid funds! Make sure to apply for all of your funding options!

33 COLLEGE OPPORTUNITY FUND (COF) What is the voucher program? Who is eligible? Do I need to apply for the voucher program? What happens if I don t apply for the voucher program? Where should I go to register and for more information? College Opportunity Fund

34 THINGS TO REMEMBER APPLY, APPLY, APPLY! Make sure to meet any deadlines or priority dates your school may have by applying early! Apply for Scholarships! Make sure to complete your financial aid file! Maintain log-in information. Keep in close contact with your school Financial Aid Office. Ask questions!

35 QUESTIONS

36 NEED MORE HELP? For further assistance with the FAFSA application call FED-AID or toll free or access You may also access the USDOE federal student aid website at For scholarship searches check out and/or

37 CONGRATULATIONS YOU JUST COMPLETED FINANCIAL AID 101

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