Understanding The (Nuts and Bolts) Of Federal Financial Aid

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1 Understanding The (Nuts and Bolts) Of Federal Financial Aid Mr. Kevin Roberts, MS U.S. Department of Education, Office of Federal Student Aid Awareness and Outreach Specialist

2 Today s Topics Considering College? Financial Aid Myths Federal Financial Aid Programs The FAFSA: When and How to Apply What to Expect After Applying Scholarships/State Aid/Institutional Aid Federal Student Aid Resources Questions

3 What Can College Do for Me? More Money $$$$ More Job Opportunities More Freedom Fact: On average, a person who goes to college earns more money than a person who doesn t Over a lifetime a college graduate can earn over $1,000,000 more than a high school graduate (Census Bureau) 3

4 Higher Education is Imperative

5 What is Financial Aid? Financial aid is money to pay for college, vocational, or technical school Examples include: Grants Loans Work-Study Scholarships 5

6 Sources of Financial Aid Federal government State government Colleges and universities Private foundations Employers and Private Companies Professional and Service Organizations

7 Myths About Financial Aid...it costs money to apply for federal student aid. Reality: Applying is FREE. It costs nothing to apply for federal student aid and you should avoid companies charging a fee 7

8 Myths About Financial Aid...the form is too hard to fill out. Reality: The FAFSA is easier than ever, especially if you fill it out online at 8

9 FAFSA Statistics FAFSAs Processed : Applications: million ( Jan Feb. 2015) : Applications: 4.5 million ( Jan Feb. 2015) Average FAFSA Submission Time : 20 Minutes (Dependent)/12 Minutes (Independent) : 29 Minutes (Dependent)/16 Minutes (Independent) : 9,968,789 users IRS Data Retrieval Tool : 457,723 (Became available February 1, 2015) (As of March 3, 2015)

10 Myths About Financial Aid my parents make too much money, so I won t qualify for aid. Reality: There is no income cutoff to qualify for federal student aid

11 Federal Financial Aid Programs

12 Federal Financial Aid Programs There is more than $150 billion available in Federal aid to help students pay for college! 15 12

13 What are the Federal Aid Programs? Federal Grants Pell Grant FSEOG Grant TEACH Grant Iraq and Afghanistan Service Grant

14 Federal Pell Grant The Federal Pell Grant Program provides needbased grants to low-income undergraduate students. Grant amounts depend on the student s: Expected Family Contribution (EFC) Enrollment status (full or part-time) Attendance status (full academic year or less) Pell Grant maximum award per academic year: $5,730 ( ) $5,775 ( )

15 FSEOG The Federal Supplemental Educational Opportunity Grant (FSEOG) Program provides need-based grants to low-income undergraduate students. Grant recipients must be: Pell Grant-eligible Current award amounts are from $100 - $4,000 Not all colleges participate in the FSEOG program and funds depend on availability at the college

16 TEACH Grant The Teacher Education Assistance for College and Higher Education Grant Program (TEACH) provides assistance to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. Grant recipients must be: Enrolled in an institution that participates in the TEACH Grant Program Enrolled in coursework that is necessary to being a career in teaching Able to demonstrate certain academic achievements

17 TEACH Grant The Teach Grant: Is not based on financial need Up to $4,000 a year Undergraduate student; total amount may not exceed $16,000 Graduate student; total amount may not exceed $8,000 TEACH Grant recipients must sign an Agreement to Serve which states that the student will: Teach at least four years in a public or private elementary or secondary school Teach full-time in a high-need field Teach in a school that serves students from low-income families If the teaching obligation is not completed, the TEACH Grant must be repaid as a Direct Unsubsidized Loan

18 Iraq and Afghanistan Service Grant Students whose parent or guardian died as a result of military service in Iraq or Afghanistan after September 11, 2001, may be eligible for additional Title IV aid. Grant recipients must be: Less than 24 years old Enrolled in college at least part-time at the time of the parent s or guardian s death Maximum Grant Award: $5,311.71

19 What are the Federal Aid Programs? Federal Work-Study Work-Study award Federal Loans Federal Perkins Loan Direct Subsidized Loan Direct Unsubsidized Loan Direct PLUS Loan

20 Federal Work Study Provides part-time jobs for undergraduate and graduate students with Loans financial need, allowing them to earn Federal money Perkins to help Loan pay education expenses. Eligible employers (On-campus or off-campus employment) Schools Subsidized Direct Loan Federal, state or local public agency Private nonprofit organization Community service activities Unsubsidized Direct Loan Students are paid at least federal minimum wage PLUS Direct Loans (Parents) Not all colleges participate in the Federal Work-study program and funding depends on availability at the college 15 20

21 Federal Perkins Loan For undergraduate and graduate students with exceptional financial need. Loan characteristics: Your college is the lender; payment is owed to the college that made the loan Interest is 5% Funds depend on financial need and availability at the college Not all colleges participate in the Federal Perkins Loan program Undergraduate students up to $5,500 Graduate or Professional students up to $8,000

22 Subsidized Loans Government PAYS the borrowers accrued interest while you are attending college and other eligible periods Direct Loans Unsubsidized Loans The borrowers is responsible for the interest for the life of the loan NOT Based on Financial Need Based on Financial Need Fixed Rate Undergraduate students Amount: $3,500-$5,500 Fixed Rate Undergraduate and graduate students qualify Amount: $5,500-$20,500

23 Direct Plus Loans PLUS loans originate through the William D. Ford Federal Direct Loan Program (Direct Loans). Loan characteristics: For parents of dependent undergraduate students and for graduate & professional students Borrowers may receive loan amounts up to, but not exceeding the college s Cost of Attendance Borrower is responsible for all the interest Borrower must not have a negative credit history

24 Interest Rates for Federal Loans Federal Perkins Loan Federal Direct Loans Undergraduate Federal Direct Loans Graduate/Professional Interest Rate (First Disbursed between July 1, 2014 and June 30, 2015) Repayment Additional Info 5% Fixed Subsidized 4.66% Fixed Unsubsidized 4.66% Fixed Unsubsidized 6.21% Fixed 9 months after school 6 months after school 6 months after school Subsidized: no interest charged while in school Unsubsidized: interest accrues while in school Unsubsidized interest accrues while in school Federal Direct PLUS Loan (Parents, Graduate, or Professional) 7.21% Fixed Direct Lending Schools May be deferred until 6 months student drop ½ time or 60 days after loan is fully disbursed Interest accrues while student is in school 24

25 Be Aware of Alternative or Private Loans Be informed before signing Not Federal loans May have higher interest rates Repayment may start immediately May need a co-signer

26 The FAFSA: When and How to Apply

27 What Does FAFSA Stand For? Free Application for Federal Student Aid

28 Basic Eligibility: Requirements Students must have: Have a high school diploma or a General Education Development (GED) certificate, or have completed homeschooling. If you don t, you may still be eligible for federal student aid if you were enrolled in college or career school prior to July 1, Go to for additional information A Social Security Number (with limited exceptions) U.S. citizenship or be an eligible noncitizen Registered with the Selective Service (Males)(18-25) Students also need to: Be enrolled or accepted for enrollment in an eligible program Be pursuing a degree, certificate or credential Maintain Satisfactory Academic Progress 15 28

29 Basic Eligibility: Documents Social Security Number (Student & Parent) Your driver s license number (not mandatory) Your Alien Registration Number if you are not a U.S. citizen Federal tax information including IRS Tax Return Transcripts, W-2 information, for yourself, (for your spouse, if married, and for your parents if you are providing parent information) IRS Data Retrieval Tool is Available Records of veterans benefits, for yourself (and for your parents if you are providing parent information); Information on savings, investments, and business and farm assets for yourself (and for your parents if you are providing parent information) 15 29

30 Eligibility: Citizenship Status The following types of applicants are ineligible for federal student aid: Visitors (B1 and B2 visitor visas) Foreign students (F1 and F2 student visas) Temporary workers Undocumented residents Full visa listing: 30

31 Basic Eligibility: Dream/DACA DREAM Act (as proposed) August present Executive Action of June 2012 (DACA) Executive Action of December 2014 (DAPA) More information on Deferred Action contact: USCIS National Customer Service Center Dreamers/DACA students ineligible for federal student aid May be eligible for state or institutional aid Encourage them to fill out the FAFSA if they have an social security number Consult with institutions financial aid office!

32 Eligibility: Dependency Status Dependency in financial aid is significantly different than dependency for tax purposes. Questions on the FAFSA determine the student s dependency status. If the student is: Dependent = Parental information is required Independent = Parental information is not required 32

33 Dependency Status If any of the following criteria applies, the student is considered independent: 24 years or older Married Master s or Doctorate Program Children and you provide ½ support In foster care since turning 13 Emancipated minor Currently or was in legal guardianship Homeless or self supporting and at risk of being homeless Veteran or serving active duty in U.S. Armed Force

34 Parental Information Beginning with the FAFSA, dependent students FAFSA must include income and other information about both of the student s legal parents (biological or adoptive) if the parents are living together, regardless of the parents marital status or gender 34

35 Parental Information Collecting parental information from both legal parents will result in fair treatment of all families by eliminating longstanding inequities that were based on the legal relationship of the parents (married or not married) rather than on the parents relationship with their child 35

36 Special Circumstances Parents are incarcerated Left home due to an abusive family environment Unsure of parents whereabouts Circumstances must be well documented Financial aid director has final say

37 What You Need to Know Must file every year in college Can file Jan. 1st of your senior year PIN (Parent/Student) The earlier the BETTER!!

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39

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41 What to Expect After Applying

42 What To Expect After Applying High Level Overview *Helpful Hint* Student/ parent(s) completes the FAFSA and signs with FSA PIN(s). FAFSA is processed by FSA; Student receives a SAR; College receives information if listed on the FAFSA. College reviews info and assembles award package for the student. Student reviews award package; compares to other award letters; student determines which college to attend. Some applications are selected for verification. Attach IRS Tax Return Transcript, W2 statements and other supporting documentation if requested.

43 FAFSA s Submitted, Now What Happens? Will receive Student Aid Report (SAR) by or paper FederalStudentAidFAFS Review--Compare award packages Decide which school to attend 43

44 FAFSA: Lower to Moderate Incomes The FAFSA experience is different for students from families with lower to moderate incomes: Family income < $50, = SNT Assets not considered, possibly increasing aid Family income < $24, = Auto Zero Applicant qualifies for full Pell Grant award 44

45 Financial Aid Terminology Net Price: Difference between COA and need and merit-based grant aid (not including workstudy programs or government subsidized loans) Net Price Calculator: Determines for each prospective or current student a personalized Net Price (available on each college website and on College Navigator) 45

46 Financial Aid Terminology Cost of Attendance (COA): Establishes the limits for qualified financial aid available to the student Sometimes called Published Cost of Attendance, Budget or Sticker Price Determined by schools Typically includes tuition, fees, books, supplies, transportation, personal, room and board, dependent care, etc 46

47 Financial Aid Terminology Expected Family Contribution (EFC): Formula used to estimate how much money a student's family would be able to contribute to his or her education Calculated according to a formula established by law and is a measure of your family s financial strength; Helps schools determine how much and what types of financial aid a student is eligible for; Indicates how much your family could be expected to spend toward a college education 47

48 Financial Aid Terminology Financial Need: Need-based financial aid is awarded on the basis of the Financial Need of the student. To determine Financial Need, most schools use the following formula. It involves subtracting the student s EFC from the COA: COA EFC = Financial Need 48

49 College Costs and Financial Need Cost of Attendance Tuition & Fees Room & Board Books & Supplies Equipment & Transportation Miscellaneous Personal Expenses Child Care Parent Contribution + Student Contribution = Expected Family Contribution (EFC) Cost of Attendance (COA) - Expected Family Contribution (EFC) = Financial Need

50 Sample Award Letter Financial Need = $13,000 Scholarships $2,000 Institutional Grant $2,000 Federal Grants $5,000 State Grants $2,000 Loans $2,000 - Unmet need TOTAL = $13,000

51 FAFSA College Info and Comparison College s website School type Tuition and fees Net price average Graduation rates Retention rates Transfer rates

52 Scholarships / State Aid / Institutional Aid

53 Searching for Scholarships? Search Engines Corporations U.S. Dept. of Ed (search engine) **Never Pay for Scholarships**

54 State and Institutional Aid Additional financial aid may be available from your home state and from the institution that you are planning to attend Grants and merit based scholarships may be available Research, Research, Research! Be aware of varying deadlines!

55 Federal Student Aid Resources

56 Comparison Shop College Navigator College Scorecard Net Price Calculator Apply for aid Budgeting & Borrowing Manage Debt Stay Informed Free Application for Federal Student Aid (FAFSA.gov) Financial Aid Shopping Sheet StudentAid.gov Financial Awareness Counseling Tool (FACT) Entrance and Exit Counseling Repayment Estimator StudentAid.gov

57 College Affordability AVAILABLE AT: CollegeCost.ed.gov

58 Comparison Shop: College Navigator AVAILABLE AT:

59 Comparison Shop: College Scorecard College Scorecard An online tool that will make it easier for students and families to compare colleges by comparing information such as: net price; graduation rates; default rates; student loan debt; and earnings potential AVAILABLE AT:

60 Comparison Shop: Net Price Calculator AVAILABLE AT:

61 Comparison Shop: Financial Aid Shopping Sheet Institutions must use this form for service members and veterans if they sign on to the principles of excellence but our preference would be for them to use this type of form for all students Current graduate rate survey as reported to the National Center for Education Statistics under IPEDS Current cohort Default rate as calculated by the Department NEW median debt calculated by the Department More information on the financial aid shopping sheet is available at: 61

62 FAFSA4caster AVAILABLE AT: 62

63 FAFSA Completion by High School

64 FAFSA Demo Log-in credentials: (all lowercase) User Name: eddemo Password: fafsatest AVAILABLE AT:

65 Budgeting and Borrowing Fact Tool StudentAid.gov

66 FinancialAidToolkit.ed.gov - Homepage Site structured around four main content areas: Learn About Financial Aid Conduct Outreach Get Training Search Tools and Resources

67 Learn About Financial Aid Provides individuals who are new to financial aid with some basic info and tips for working students Topics include: Preparing for College Types of Aid and Eligibility The FAFSA FAFSA Updates FAFSA Completion Data Loan Repayment Basic Links to StudentAid.gov for detailed info

68 Conduct Outreach Highlights key outreach topics and resources Topics include: Hosting a financial aid night Reaching certain target audiences (e.g., military and borrowers) Using social media Articles and e- mails Public service announcements

69 Get Training Shares information on professional development opportunities including: Classroom training Webinars Resources for self-instruction Provides information on the National Training for Counselors and Mentors initiative

70 National Training for Counselors and Mentors (NT4CM) provides free training and resources/tools for federal, state, and local financial aid programs Topics include: Program details Participating states Training dates and locations Materials and resources FAAs have opportunity to be trainers and/or help spread the word Get Training NT4CM

71 Search Tools and Resources Searchable database of resources Filter your search by: Resource Type (e.g., videos, presentations, how to guides) Audience Type Topic (e.g., FAFSA completion, loan repayment) Time of Year

72 Results display in the search page Results include: Link to open/download the resource Short description Links to related resources You can refine your search criteria You can subscribe to RSS feed to be notified when a resource is added or updated Search Tools and Resources

73 StudentAid.gov Homepage

74 Facebook Stats: 32,833 Likes 5,030 Shares

75 Meme

76 Social Media: Facebook AVAILABLE AT:

77 Social Media: Leveraging Facebook Content Posts you can use

78 Social Media: Twitter AVAILABLE AT:

79 Social Media: Leveraging Twitter Content Tweets you can use

80 #AskFAFSA Office Hours on Twitter

81 Social Media: YouTube AVAILABLE AT:

82 Social Media: YouTube Playlists

83 Infographics

84 Web Banners AVAILABLE AT:

85 Read the NEW FSA Blog The Federal Student Aid Blog! Will launch 2015 Plan to post about twice per week Content will come from FSA staff, students, school counselors, and YOU!

86 Ordering Publications Order publications from FSA Pubs: Use your Mailing List (ML) to log in Call OR

87 FSAIC The Federal Student Aid Information Center (FSAIC) operates a toll-free hotline to provide comprehensive assistance in English, as well as Spanish on: o General information about federal student aid (Title IV programs); o The FAFSA application (paper and online); o FAFSA corrections; o Student loan history FED-AID ( ) Hours: Monday through Friday 8:00a.m. 10:00p.m. ET *Extended hours may be available*

88 Help Us Improve! Evaluate this presentation by participating in a short survey Survey will be ed to you in a few days Survey will help FSA Outreach Team improve our services!

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