What You Need to Know about Financial Aid

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1 National Association of of Student Financial Aid Administrators What You Need to Know about Financial Aid NASFAA Slide 1

2 Topics We Will Discuss Tonight What is financial aid? Categories, types, and sources of financial aid Expected Family Contribution (EFC) Cost of Attendance (COA) Free Application for Federal Student Aid (FAFSA) IRS Data Retrieval Special circumstances 2013 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 Slide 3

4 Sources and Types of Financial Aid Private Scholarships State Scholarships Federal government Grants Employment Loans 2013 Slide 4

5 Scholarships Money that does not have to be paid back Awarded on the basis of merit, skill, or unique characteristic Most require an application 2013 Slide 5

6 Private Sources Foundations, businesses, charitable and religious organizations Companies may have scholarships available to the educational benefits for employees and/or the children of employees Free Scholarship Search at Slide 6

7 State Residency requirements Award aid on the basis of both merit and need Deadlines vary by state; check FAFSA on the Web Tuition Incentive Program (TIP) Michigan uses the first school listed on the FAFSA for purposes of Michigan Tuition Grant Michigan Competitive Scholarship March 1, 2014 deadline 2013 Slide 7

8 Federal Government Largest source of financial aid Aid awarded primarily on the basis of financial need General financial aid information on-line Must apply every year using the Free Application for Federal Student Aid (FAFSA) 2013 Slide 8

9 Common Federal Aid Programs Federal Pell Grant Iraq and Afghanistan Service Grant (IASG) Teacher Education Assistance for College and Higher Education (TEACH) Grant Federal Supplemental Educational Opportunity Grant (FSEOG) Federal Perkins Loan Federal Work-Study (FWS) Subsidized and Unsubsidized Federal Direct Student Loans (Direct Loans) PLUS Loans 2013 Slide 9

10 Grants Money that does not have to be paid back Usually awarded on the basis of financial need 2013 Slide 10

11 Employment Allows student to earn money to help pay educational costs A paycheck/direct deposit; or Non-monetary compensation, such as room and board 2013 Slide 11

12 Loans Money that 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 Slide 12

13 Federal Direct Stafford Loans Year in College Initial Loan Amount Additional Unsubsidized Loan for Dependent Undergraduates First Year $3,500 $2,000 ($5,500 total) Second Year $4,500 $2,000 ($6,500 total) Third Year & Fourth Year $5,500 $2,000 ($7,500 total) Undergraduate Loan Maximum Debit Limit: $31,000 (only $23,000 can be Subsidized Loan) This table shows the maximum yearly amount that a dependent student can be offered in Federal Direct Stafford Subsidized and Unsubsidized Loans. It also states the maximum aggregate limit a dependent student is allowed to have for their entire undergraduate career Slide 13

14 Federal Direct Stafford Loans Year in College Maximum Yearly Loan Amount First Year $5,500 Max Loan Debt: $31,000 Second Year $6,500-4 Year Loan Debt: $27,000 Third Year $7,500 Loan Remaining for 5 th year: $4,000 Fourth Year $7,500 Total Loan Debt After 4 Years: $27,000 Estimated repayment amount: $350/month If a student takes out the maximum amount of loan each year for the first four years of college they will rapidly approach the $31,000 limit. More importantly, they will only have $4,000 remaining for the 5 th year of college (if necessary) Slide 14

15 Gaps in Educational Costs Payment Agreements Federal Direct PLUS Loan Alternative Loans 2013 Slide 15

16 Free Application for Federal Student Aid (FAFSA) FREE do not pay A standard form that collects demographic and financial information about the student and family to apply for federal aid May be filed electronically or using paper form beginning January 1 st each year Available in English and Spanish 2013 Slide 16

17 FAFSA Colleges may set their own FAFSA filing deadlines for awarding of their institutional funds (UM-Flint March 1) Most Colleges and Universities begin awarding in late March to mid-april Information used to calculate the Expected Family Contribution or EFC Colleges use EFC to award financial aid 2013 Slide 17

18 What is the Expected Family Contribution (EFC) Amount family can reasonably be expected to contribute towards the cost of the student s education for an academic year Stays the same regardless of college Two components Parent contribution Student contribution 2013 Slide 18

19 What is Cost of Attendance (COA) The cost of attendance (COA), also known as the budget, is an estimation of what it costs to go to school for a specific period of enrollment. 1. tuition & fees 2. room & board 3. books & supplies 4. personal/miscellaneous expenses 5. transportation Varies widely from college to college 2013 Slide 19

20 What is Financial Need Cost of Attendance Expected Family Contribution = Financial Need 2013 Slide 20

21 Need Varies Based on Cost of Attendance 1 X 2 Y 3 Z EFC EFC Cost of Expected Family Need Attendance Contribution (Variable) (Variable) (Constant) 2013 Slide 21

22 Satisfactory Academic Progress (SAP) To be eligible to receive federal student aid, you must meet and maintain your college s standards of satisfactory academic progress toward a degree or certificate. Each college has a policy students be aware of the policy if you get any for financial aid Slide 22

23 Getting Started Electronically Apply for Personal Identification Number(PIN) both parent and student File FAFSA Need Parent and Student Federal Tax Return (if completed) W-2 s 6 digit school codes may be found on school s web site 2013 Slide 23

24 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 Slide 24

25 FAFSA on the Web Website: FAFSA on the Web available on January 1, 2014 FAFSA on the Web Worksheet: Used as preapplication worksheet Questions follow order of FAFSA on the Web 2013 Slide 25

26 FAFSA on the Web Good reasons to file electronically: Detailed instructions and help for common questions 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 2013 Slide 26

27 FAFSA on the Web Look to the hints for help 2013 Slide 27

28 FAFSA on the Web Use 2 nd year and forward Use 1 st year 2013 Slide 28

29 FAFSA on the Web Demographics 2013 Slide 29

30 FAFSA on the Web Eligibility 2013 Slide 30

31 FAFSA on the Web School Selection UM Flint List your school of choice first 2013 Slide 31

32 FAFSA on the Web Dependency Status 2013 Slide 32

33 FAFSA on the Web Dependency Status 2013 Slide 33

34 FAFSA on the Web Parent Demographics 2013 Slide 34

35 FAFSA on the Web Parent Financial Information 2013 Slide 35

36 IRS Data Retrieval Participation is voluntary Reduces documents requested by financial aid office DON T Change the IRS Data once it is received Department of Education plans to send several reminders to request IRS retrieval 2013 Slide 36

37 IRS Data Retrieval 2013 Slide 37

38 IRS Data Retrieval 2013 Slide 38

39 IRS Data Retrieval 2013 Slide 39

40 2013 Slide 40

41 Will file Type in values for questions. Remember to look at help/hints Slide 41

42 FAFSA on the Web Financial Info 2013 Slide 42

43 FAFSA on the Web Financial Info If answer no, will not see asset questions $XXXXXX Slide 43

44 FAFSA on the Web Signatures Required Student One parent (dependent students) Format Electronic using PIN Signature page Paper FAFSA 2013 Slide 44

45 FASFA on the Web Confirmation 2013 Slide 45

46 FASFA on the Web Confirmation 2013 Slide 46

47 Frequent FAFSA Errors Social Security Numbers Household size and number in college U.S. income taxes paid Real estate and investment net worth 2013 Slide 47

48 FAFSA Processing Results How you know it s completed Central Processing Service notifies student of FAFSA processing results by (if provided) At student with PIN may view Student Aid Report (SAR) on-line Review comments Correct mistakes Use IRS Data Retrieval Add/delete school codes 2013 Slide 48

49 Verification The process your school uses to confirm that the data reported on your FAFSA is accurate. Your school has the authority to contact you for documentation that supports income and other information that you reported. Use IRS Data Retrieval Submit paper copy of IRS Tax Transcript 2013 Slide 49

50 Order an IRS Tax Transcript (current) Slide 50

51 Order an IRS Tax Transcript (coming soon) Download a transcript in pdf format that can be saved and printed Available immediately 2013 Slide 51

52 Special Circumstances Send written explanation to financial aid office at each college; do not report on FAFSA Change in employment status Medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses 2013 Slide 52

53 National Association of of Student Financial Aid Administrators NASFAA 2012 UM-Flint Office of Financial Aid Slide 53

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