Financing Education Beyond High School

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1 Financing Education Beyond High School Claudia A. Wenzel John Carroll University Director of Financial Assistance

2 Topics We Will Discuss The Basics of Understanding the process including: Expected Family Contribution (EFC) Formula for financial need The application process Free Application for Federal Student Aid(FAFSA) Special circumstances Common misconceptions of Aid Tips for Success

3 Funding a College Education To the extent they are able, parents have the primary responsibility to pay for their dependent children s education Students also have a responsibility to contribute to their educational costs Past Present Future

4 Definition of Need Cost of attendance (COA) Expected family contribution(efc) = Need

5 COST OF ATTENDANCE FIXED TUITION & FEES ROOM BOARD VARIABLES BOOKS & SUPPLIES TRANSPORTATION PERSONAL EXPENSES

6 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 EFC at most institutions is used as indication of federal and state eligibility rather then the amount to be paid by the family

7 Calculating the EFC for a Dependant Student Student & Parent Income Taxes Paid/Income Protection Allowance Family Asset Equity (excludes home) Family Size Number of family members in college Age of older parent

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

9 Application Process Submit FAFSA prior to school s deadline Most aid awarded on first-come, firstserved basis To ensure maximum consideration for federal, state, and institutional aid, check information from each school to determine: Required application materials CSS PROFILE Application deadlines

10 Free Application For Student Aid WWW. FAFSA.GOV Website: FAFSA on the Web available on January 1, May be filed at any time during an academic year, but no earlier than the January 1 st A standard form that collects demographic and financial information about the student and family Information used to calculate the expected family contribution (EFC)

11 Student Financial Aid Personal Identification Number (SFA PIN) Web site: Sign FAFSA electronically Can request PIN before January 1, 2015 May be used by students and parents throughout aid process, including subsequent school years

12 General Student Information Social Security Number Citizenship status Marital status Drug convictions Selective Service registration Level of parents school completion

13 Student Dependency Status FAFSA asks questions to determine dependency status for federal student aid (not IRS) purposes: If all No responses, student is dependent If Yes to any question, student is independent

14 Information About Parents of Dependent Students Tax, income, and other financial information Dislocated worker status Receipt of federal means-tested benefits Assets Untaxed income

15 Information About Student (and Spouse) Tax, income, and other financial information Dislocated worker status Receipt of federal means-tested benefits Assets Untaxed income

16 Additional Information College and housing information Marital status of parents FAFSA preparer information Certification of Statement of Educational Purpose

17 Required Signatures Student One parent (dependent students) Format for submitting signatures Electronic using PIN Signature page Paper FAFSA

18 Frequent FAFSA Errors FAFSA.COM 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

19 Redesigned for clarity. Includes - Confirmation Number Data Release Number (DRN) EFC estimate Pell Grant and Direct Loan estimates Option for parents to transfer info to an application for a sibling Graduation, Transfer, and Retention rates for each college on the FAFSA Average Net Price at each institution Confirmation Page 19

20 FAFSA Processing Results Central Processing System (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 Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted

21 Reduces documents requested by financial aid office IRS Data Retrieval Tool While completing FOTW, applicant may submit realtime request to IRS for tax data IRS will authenticate taxpayer s identity If match found, IRS sends real-time results to applicant in new browser window Applicant chooses whether or not to transfer data to FOTW Available early February 2015 for processing cycle Participation is voluntary

22 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

23 Special Circumstances Cannot report on FAFSA Send explanation to financial aid office at each college College will review special circumstances Request additional documentation Decisions are final and cannot be appealed to U.S. Department of Education Verify that FAFSA is accurate Change in employment status Medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Student cannot obtain parent information

24 Role of the Financial Aid Office Determines aid eligibility using federal formula Packages aid depending on availability of funds Sends award notification including: Award amount for each program for which student is eligible Disbursement methods and time frames Terms and conditions of each award Review of special circumstances

25 Types of Financial Aid Scholarships Grants Loans Employment Gift Aid Self-Help Aid

26 Sources of Financial Aid Federal Pell Grant Supplemental Educational Opportunity Grant (SEOG) TEACH Grant Perkins Loan Federal Direct Loan (Subsidized and Unsubsidized) Federal Direct Parent Loan for Undergraduate Students Federal College Work-Study State Ohio College Opportunity Grant Ohio War Orphan Scholarship Institutional Aid Merit and Gift Awards Outside Scholarships Prviate Loans

27 Loan Programs Perkins Loan 5%/9 months grace Federal Direct Stafford Loan-4.66%/6 months grace Subsidized vs. Unsubsidized Federal Direct PLUS Loan-7.21% Private Loans Home Equity

28 Private Scholarship Search Free Internet scholarship search engines: FinAid on the Web: College Board: FastWeb: Scholarship Resource Network Express: GoCollege: The Collegiate Websource:

29 Avoid Being Scammed To check legitimacy of scholarship search services or individuals, for information about financial aid scams, and tips to avoid being scammed visit these Web sites: U.S. Department of Education: sa/index.html Federal Trade Commission: tm Better Business Bureau:

30 Where Do I Go From Here? Obtain and review admissions and financial aid Web sites and materials for each school to which you are applying Meet all application deadlines Complete FAFSA and other application materials, such as College Scholarship Service s PROFILE application, if required by school or state agency Submit all requested follow-up documents Investigate other sources of aid

31 Common Errors and Myths Families need to hire a financial aid consultant to navigate the process FAFSA.com You will be responsible for whatever is calculated as your family contribution Reporting assets Parental data in situations of divorce and remarriage You can negotiate a financial aid award by pitting colleges against each other

32 TIPS FOR SUCCESS Start early and ask questions Net Price Calculator (NPC) Know the importance of deadlines Read everything Don t assume you don t qualify Don t rule out any college because of cost- utilize the Net Price Calculator Involve the student

33 COLLEGE GOAL SUNDAY February 8, P.M Find locations and register at:

34 Good Luck!

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