What You Need to Know about Financial Aid
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1 National Association of Student Financial Aid Administrators What You Need to Know about Financial Aid
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 Slide 2
3 What is Financial Aid? Financial aid is funds provided to students and families to help pay for postsecondary educational expenses 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 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 Slide 5
6 What is Financial Need Cost of Attendance Expected Family Contribution = Financial Need Slide 6
7 Example using approximate costs: U. of Toledo: COA: 22,000 EFC: - 10,000 NEED: 12,000 Ohio Northern U: COA: 40,000 EFC: - 10,000 NEED: 30,000 Slide 7
8 Categories of Financial Aid Need-based Non-need-based Slide 8
9 Types of Financial Aid Scholarships Grants Loans Employment Slide 9
10 Scholarships Money that does not have to be paid back Awarded on the basis of merit, skill, or unique characteristic Slide 10
11 Academic Scholarships Scholar..ship The best source for academic scholarships is the college/university the student will be attending. Slide 11
12 Grants Money that does not have to be paid back Usually awarded on the basis of financial need Slide 12
13 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 Slide 13
14 Employment Allows student to earn money to help pay educational costs A paycheck; or Non-monetary compensation, such as room and board Work Study is a form of financial aid Slide 14
15 Sources of Financial Aid Federal government Colleges/Universities Local Scholarships Civic Organizations, Businesses, Families, Individuals Employers Slide 15
16 Federal Government Largest source of financial aid Aid awarded primarily on the basis of financial need (as determined by FAFSA) Must apply every year using the Free Application for Federal Student Aid (FAFSA) Slide 16
17 1098-T Statement Institution will send (possibly via the internet) by January 31, Statement of direct educational expenses. The federal tax code currently provides higher education tax incentives for families. Slide 17
18 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 Stafford Loans PLUS Loans Slide 18
19 LOAN$ FAFSA required for the federal student loans and PLUS loans Stafford Loans: Subsidized 3.86% (fixed) Unsubsidized 3.86% (fixed) Perkins Loans Subsidized 5% (fixed) Slide 19
20 Loans (cont.) PLUS Loan Parent Loan 6.41% (fixed) Up to remainder of cost of attendance Slide 20
21 Private financing options Federal loan program is now direct from the federal government to the schools. However, private/commercial loans have always been an option. Slide 21
22 Philosophically speaking How much debt is appropriate? How much debt should parent(s) assume for their student s education? What is the value of this investment? Are there less expensive alternatives? Slide 22
23 Local Scholarships Slide 23
24 Richland County Foundation Demonstrate need based on SAR 2.5 GPA Must be a Richland County resident Need to re-apply each year Must be received by RCF by 4-1 Slide 24
25 Employers Companies may have scholarships available to the children of employees Companies may have educational benefits for their employees Slide 25
26 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 Must be filed each year Slide 26
27 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 Slide 27
28 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, 2015 Colleges may (do) set priority FAFSA filing deadlines Slide 28
29 FAFSA on the Web Website: FAFSA on the Web available on January 1, 2015 FAFSA on the Web Worksheet: Used as pre-application worksheet Questions follow order of FAFSA on the Web Slide 29
30 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 Slide 30
31 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 on-line Simplified application process in the future Slide 31
32 IRS Data Retrieval 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 Slide 32
33 IRS Data Retrieval Available February, 2015 for processing cycle Participation is voluntary Reduces documents requested by financial aid office (verification) Slide 33
34 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 Slide 34
35 FOTW Worksheet: Section 1 General student information: Social Security Number Citizenship status Drug convictions Selective Service registration Slide 35
36 FOTW Worksheet: Section 2 Student s dependency status: If all No responses, student is dependent If Yes to any question, student is independent Slide 36
37 FOTW Worksheet: Section 3 Information about the parents of dependent students: Tax, income, and other financial information Dislocated worker status Assets Slide 37
38 FOTW Worksheet: Section 4 Information about the student (and spouse): Tax, income, and other financial information Dislocated worker status Assets Slide 38
39 Additional Information College and housing information Slide 39
40 Signatures Required Student One parent (dependent students) Format Electronic using PIN Signature page Paper FAFSA Slide 40
41 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 Slide 41
42 Frequent Errors (detail) Investments Do not include value of retirement accounts or home equity. 529 is a Parent Asset Small business employing less that 100 is excluded Family farm is excluded Rental property is generally not excluded Slide 42
43 A word about assets Parent assets are protected from consideration up to a certain level depending on the age of the older parent and depending on one or two parents in the household. For example. Slide 43
44 If the age of the oldest parent is. 40 and there is only one parent, then the dollar amount of protected assets is $6,800. If there are two parents, then the dollar amount of protected assets is $25,100. (The EFC Formula, pg. 19) Slide 44
45 Student income and assets: The first $6,310 of a student s income is protected from consideration All student assets are considered at a 20% assessment rate. Slide 45
46 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 Slide 46
47 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 Slide 47
48 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 Slide 48
49 Student Aid Report Review data for accuracy Update estimated information when actual figures are available Slide 49
50 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 Slide 50
51 Special Circumstances Cannot report on FAFSA Contact financial aid office at each college Slide 51
52 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 Slide 52
53 Financial Aid Award Letter Available to student March/April Compare bottom line costs between schools Accept or decline components of package Loan counseling and MPN May 1 Slide 53
54 What are the steps? 1. Apply to college/university 2. Complete taxes (optional) 3. Complete & submit FAFSA 4. Review SAR 5. Compare costs w/financial aid 6. Make choice & deposit by Graduate from high school! Slide 54
55 Please call or questions: Slide 55
56 Slide 56
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