What You Need to Know About Financial Aid. Office of Financial Aid

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1 What You Need to Know About Financial Aid Office of Financial Aid 1

2 Tonight s Topics What is Financial Aid Cost of Attendance (COA) Expected Family Contribution (EFC) Financial Need Types & Sources of Financial Aid Know Your Financial Aid Options How to Apply for Financial Aid Searching for Scholarships 2

3 What College Expenses Might I Have? TUITION & FEES ROOM & BOARD BOOKS & SUPPLIES OTHER EDUCATIONAL EXPENSES TRANSPORTATION CLOTHING LAUNDRY CELL PHONE MEDICAL 3

4 How Can I Pay for College? SCHOLARSHIPS OUT-OF-POCKET GRANTS LOANS WORK-STUDY 4

5 What is Financial Aid? College can be expensive, but it can still be affordable One Option is Financial Aid: Money awarded or loaned to students and families to help pay for educational expenses when their own resources are not sufficient 5

6 How MUCH Might College Cost Per Year? Community College In-State University Out-of-State University Private University 2 Yr Public 4 Yr Public 4 Yr Public 4 Yr Private Tuition & fees $2,460 $5,995 $16,630 $22,238 Room & board $5,150 $6,560 $8,000 $6,390 Books & supplies $1,000 $975 $1,030 $1,079 Other expenses $1,800 $3,450 $4,480 $5,392 Total $10,410 $16,980 $30,140 $35,099 6

7 Expected Family Contribution [EFC] Amount the family can reasonably be expected to contribute toward the student s education Stays the same regardless of college choice Calculated using FAFSA data and a federal formula Includes parent contribution and student contribution 7

8 What is Financial Need? COA Cost of Attendance for My College EFC My Expected Family Contribution (determined by the FAFSA) NEED My Financial Need for My College 8

9 4 BIG Types of Financial Aid Scholarships Grants Work-Study Loans Gift Aid Merit-Based Gift Aid Need-Based Self-Help Aid Must Earn Self-Help Aid Need-Based Non-Need-Based 9

10 Common Federal Aid Programs Federal Pell Grant Teacher Education Assistance for College & Higher Education Grant (TEACH) Federal Supplemental Educational Opportunity Grant (SEOG) Federal Perkins Loan Federal Work-Study Stafford Loans Parent/Graduate PLUS Loans 10

11 Federal Financial Aid: Pell Grant Recipients: Demonstrate financial need via FAFSA calculations Undergraduates pursuing 1 st bachelor s degree About Me: Does not have to be repaid Award: Up to $5730 ( school year) 11

12 Federal Financial Aid: Stafford Loans Subsidized Loans Recipients: Demonstrate financial need About Me: Must be repaid Fixed interest rate Interest free in school 6 month grace period Unsubsidized Loans Recipients: Not based on financial need About Me: Must be repaid Fixed interest rate Interest accrues in school 6 month grace period 12

13 Federal Financial Aid: Work Study Recipients: Demonstrate financial need via FAFSA calculations Must obtain on-campus job About Me: Earned money through a bi-weekly paycheck Benefits: On-campus jobs are flexible with student schedule Great resume builder 13

14 Federal Financial Aid: Parent PLUS Loans About Me: Low interest loan borrowed by the parent Payments typically begin 60 days after final disbursement May be deferred until the student graduates or drops below half time (additional paperwork) Credit-based If parent is denied, the student may receive the additional unsubsidized $4000-$5000 Check with your student s institution for specific instructions on how to apply 14

15 Alternative/Private Loans About Me: Applied for through private banks and companies Credit & income-based Student may need a co-signer Potentially high interest rates & fees Terms and conditions vary R E A D T H E F I N E P R I N T! Allows a student to borrow unmet need 15

16 WHAT is the FAFSA? FREE APPLICATION FOR FEDERAL STUDENT AID Standard form that collects demographic and financial information about the student and family May be filed electronically or using paper form Available in English and Spanish 16

17 HOW is the FAFSA Used? Information used to calculate the Expected Family Contribution (EFC) EFC is the amount of money a student and family may reasonably be expected to contribute toward the cost of the student s education for an academic year Colleges use EFC to award various forms of financial aid 17

18 WHEN Do I Apply for Financial Aid? File your FAFSA as soon as possible after Jan. 1 st. Most colleges have FAFSA filing priority dates. Some aid programs are first-come, first-served and have limited funds available. Apply EVERY year JAN. 18

19 WHERE Do I Apply for Financial Aid? 19

20 IRS Data Retrieval Tool While completing FAFSA on the Web, applicant may submit a real-time request to the IRS for tax data IRS sends real-time results to applicant in new browser window Applicant chooses whether or not to transfer data to the FAFSA 20

21 Federal Student Aid PIN Website: Sign FAFSA electronically Not required, but speeds processing May be used by students and parents throughout aid process, including future school years 21

22 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 22

23 Who is Considered Your Parent for FAFSA? If your parents are living together, include their combined financial information (regardless of their marital status) NEW!! If your parents are divorced or separated, include the financial information for the parent you lived with more during the past 12 months. If that parent is remarried, you must include your stepparent s financial information. Grandparents, foster parents, and legal guardians are NOT considered parents unless they have legally adopted you. 23

24 Info About PARENTS of Dependent Students Tax, income, and other financial information Dislocated worker status Receipt of federal means-tested benefits Assets Untaxed income 24

25 School Information Colleges List up to 10 colleges to receive your FAFSA data Add each school s Federal School Code Housing Options Choose your housing plans for each college On-Campus With Parent Off-Campus 25

26 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 26

27 Making Corrections If necessary, corrections can be made by: Using FAFSA on the Web if student has PIN Updating paper Student Aid Report Submitting documentation to college s financial aid office 27

28 I Submitted My FAFSA, Now What? FAFSA Processor sends student notification that FAFSA has been processed Students with PIN may view Student Aid Report (SAR) online at Students without PIN will receive paper copy of SAR Review SAR for accuracy Update estimated information when actual figures are available 28

29 I Submitted My FAFSA, Now What? Schools will contact you if additional information is required Students should provide the requested documentation as soon as possible 1 out of 3 students must complete VERIFICATION Verification verifies the information submitted on the FAFSA Schools will notify you of your award offer Students should evaluate award offers and decide which awards to decline/accept 29

30 Special Circumstances Change in Employment Status Unusual Medical Expenses Not Covered By Insurance Change in Parent Marital Status Unusual Dependent Care Expenses Student Cannot Obtain Parental Information LIFE HAPPENS SOMETIMES 30

31 Scholarship Essays It s All About How You Portray Yourself vs Personality Passion Purpose 31

32 Building an Impressive Application Build a RESUMÉ containing the following information: Education & Scholastic Achievements Life Experience, Training, Employment Honors, Awards, Memberships Leadership and Community Service Career Ambitions: Statement of Goals References and/or Reference Letters 32

33 WHERE Do You Find Scholarships? Schools Parent s Employer Local Businesses Banks, Car Dealerships, TV Stations Community Organizations Churches, Lion s Club, NAACP, American Legion [National, Regional, Local] [National] [National] 33

34 Where Do You Find MORE Scholarships? National Competitions Gates Millennium Scholarship Hispanic Scholarship Fund Jackie Robinson Foundation Coca-Cola, Dell, Best Buy, Kohl s Cares, Target Institutional Awards come from the university Some schools have automatics; others are competitive 34

35 State of Kansas Programs KCG Kansas Comprehensive Grant KS Ethnic Minority Scholarship KS State Scholarship KS Teacher Service Scholarship KS Nursing Service Scholarship National Guard Tuition Assistance Program Military Service Scholarship Application & Details at 35

36 WSU s FRESHMEN MERIT Scholarships Must be fully admitted to WSU $1000 to $3000 per year Renewable for three additional years Awards offers based on: High School GPA High School Class Rank National Test Score (ACT/SAT) 36

37 Contact Us Office: 203 Jardine Hall Phone: Web: Walk-in and Appointment Hours: Mondays-Tuesdays: 8am-6pm Wednesdays-Fridays: 8am-5pm 37

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