What you Need to Know About Financial Aid

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1 What you Need to Know About Financial Aid ~ Thanks to ~ Pine Creek High School College Counseling Staff of District 20 National Association of Student Financial Aid Administrators US Department of Education Colorado College Jim Swanson ~ Co- Presented by ~ Jannette Parks Swanson

2 Tonight s Program Presentation : 45 minutes to 1 hour General Question and answer: minutes Basic information Applicable to all colleges and universities Sources and Type of Financial Aid Applications - Free Application for Federal Student Aid (FAFSA) and more Scholarships Award Notices Special Circumstances

3 If you have any questions related to your personal situation, we ll be on hand afterwards to help you

4 The College Process

5 What is Financial Aid? Funds provided to families to help pay educational expense.

6 The Keys To Success Be organized Observe deadlines Know application requirements Make College a family priority! Ask Questions

7 General Financial Aid Process Research application requirements and deadlines Submit forms by deadlines Each college and university determines eligibility for financial aid Financial aid offer is sent Review the offer and ask questions if needed Accept or Decline offer by deadline

8 Sources and Types of Financial Aid

9 Sources and Types of Financial Aid Federal Grants Loans Work-study Application FAFSA

10 Sources and Types of Financial Aid Federal State Grants Grants Loans Work-study Work-study COF Application FAFSA FAFSA Other

11 Sources and Types of Financial Aid Federal State Colleges/Universities Grants Grants Grants Loans Loans Work-study Work-study Student Employment COF Scholarships Application FAFSA FAFSA FAFSA PROFILE (check with college) Other Other (check with college)

12 Sources and Types of Financial Aid Federal State Colleges/Universities Outside agencies Grants Grants Grants Loans Loans Loans Work-study Work-study Student Employment COF Scholarships Scholarships Application FAFSA FAFSA FAFSA PROFILE (check with college) FAFSA (check with agency) Other Other (check with college) Other (check with agency)

13 Types of Aid Include Gift Aid Grants Free money, does not get paid back Scholarships Free money, does not get paid back Self-Help Options Loans Borrowed money to be paid back Work Money students earn while employed

14 What is the FAFSA? Free Application for Federal Student Aid The Standard Application For Federal grants Federal student/parent loans Federal work-study Colorado Student Grant Colorado work-study May be used by colleges and private foundations Grants Scholarships Other Financial Aid

15 Who should complete the FAFSA Student Parent(s) of the dependent student If married with each other; both parents If parents are not married to each other but live with each other; both parents If divorced, widowed or never married, only one parent; the parent with whom the student lived with the most during the past 12 months If divorced and remarried; the parent with whom student lives with the most during the past 12 months and student s stepparent

16 For the FAFSA, an undergraduate student is considered a dependent 24 or older married unless they are have dependents other than a spouse an orphan a ward of the court a veteran currently serving on active duty for purposes other than training other

17 Apply On-line Apply after January 1 st of the student s senior year in high school but before college s deadline For students entering college in the fall 2015, complete FAFSA Apply for Personal Identification Number (PIN) Student Parent Serves as electronic signature PIN process will change after April 25, different colleges may receive results

18 Don t be afraid of the FAFSA The FAFSA is: Simple User friendly Filled with helpful hints Designed with smart logic

19 FAFSA Step 1: Student Demographics Step 2: School Section Step 3: Student Dependency Status Step 4: Parental Demographics Step 5: Financial Information Step 6: Sign and Submit Step 7: Confirmation

20 Limited items to include on FAFSA: (for enrollment in college July 1, 2015 June 30, 2016) Parent(s), Stepparent & Student Information 2014 Adjusted Gross Income 2014 Wages, Salaries, Tips, etc Untaxable Income 2014 Taxes Paid Household size Number of dependents in college Savings, Investments & Other Real Estate (value at the time of application) Business value (more than 100 employees)

21 Items Not included on the FAFSA Value of Family Business Unless the business has greater than 100 employees Non-Custodial Parent Information Except for child support received Qualified Retirement Savings Plans Except for yearly contributions Family Home Second homes and other real estate are included Parents attending college Detailed Expenses Such as medical, elder care, and consumer debt

22

23

24

25

26 26 The IRS Data Retrieval Tool

27

28 Re-directed to IRS website Authenticate identity based on tax return information

29 Other Financial Information Needed on FAFSA

30

31

32

33 CAUTION! Avoid being charged a fee to file the FAFSA Completing, filing and processing the FAFSA are FREE Need Assistance? Contact College Financial Aid staff Call the federal information center at (800) Accessing is not the free federal website and they will charge you $$$$.

34 Frequent FAFSA Errors Wrong year s version Wrong Social Security Numbers or Driver License number Incorrect marital status Not reporting untaxed income Withholding vs. U.S. income taxes paid Incorrect number in household and dependent students in college Including small business value (<100 employees) Forgetting to list the college Forgetting to electronically sign and submit FAFSA

35 Forms Reminder CSS PROFILE? https://student.collegeboard.org/css-financial-aid-profile Other? Check the school or agency website If you miss submitting a required form by the deadline you miss the opportunity for additional $$$

36 College Board CSS PROFILE Financial Aid Application Not used to determine federal or state financial aid eligibility Required by some colleges to assess student s eligibility for the college s grants and scholarships In Colorado: Colorado College, University of Denver, In limited circumstances: Colorado State University, CU- Boulder Comprehensive form Report three years income Additional income and asset information not collected on FAFSA Report expenses and special circumstances Noncustodial parent information

37 College Opportunity Fund (COF) Go to Complete necessary information now Grant money is available for many colleges in Colorado For , $75 per credit hour at public colleges/universities; $38 per credit hour at participating private universities

38 Merit Financial Aid

39 Private Scholarships Parents place of employment Local business, civic and fraternal organizations Local Foundations High School Websites Free Online Scholarship Searches

40 Need Based Financial Aid Funds offered to a family based on the families financial situation

41 Eligibility for Need-based aid is determined upon an analysis of your information supplied on the required financial aid applications

42 When you apply for financial aid you are applying for financial assistance to help meet ALL of the costs associated with going to college.

43 Cost of Attendance (COA) Tuition and fees Room and board Books, supplies, and equipment Transportation Miscellaneous personal expenses Student Health Insurance, if applicable Loan fees, if applicable Study abroad costs, if applicable

44 Once the Cost of Attendance is known, the college will determine the amount you and your family might be expected to pay this is known as the Expected Family Contribution (EFC)

45 Eligibility for Financial Aid based on Need Definition of Need Cost of Attendance (COA) Expected Family Contribution (EFC) = Financial Aid Eligibility (Often referred to as Financial Need)

46 Receiving The Award Letter Many different shapes and sizes Lists financial aid eligibility and terms. (Read the fine print.) Accept or decline the aid offer by date indicated Contact the college with questions or needed clarification

47 Don t be afraid to apply to a school just because it costs a lot! For families with high Need, high cost institutions might be the least expensive to attend!

48

49 Net Price Calculators College website Estimates financial aid award Should be used as a guideline

50 Special Circumstances Change in employment Medical expenses Change in marital status Dependent care expenses Cannot obtain parent information

51 Special Circumstances Cannot report on FAFSA Send a detailed written explanation and supportive documentation to the financial aid office at each college.

52 Where Can You Find Free Information About Financial Aid? Visit and Talk to the financial aid administrator at the college of choice Ask your high school counselor

53 College Goal Sunday Free assistance in completing the FAFSA February 8, :00 pm to 3:00pm Pikes Peak Community College 5675 S. Academy Blvd (Room A300) University of Colorado-Colorado Springs 1429 Austin Bluffs Blvd (room to be determined)

54 Financing a college education is a partnership between the government and school - as well as...

55 ... the family

56 Remember, College is a major family expense will require commitment from students and parents is a valuable lifetime investment IS affordable for students from ALL income ranges and ALL socio-economic backgrounds!

57 Reapply every year IMPORTANT APPLY ON TIME BEFORE APPLICATION DEADLINES! If you snooze you lose $$$

58 Where Do I Go From Here? Complete application for admission Review college s information for aid application requirements and deadlines Complete tax returns as soon as possible Attend College Goal Sunday Complete FAFSA Complete other financial aid / scholarship applications if applicable Investigate other sources of aid Conduct private scholarship search

59 Thank you for attending Questions? Still feeling snowed under???? Talk to your HS Counselor or financial aid person at the college you are considering Jim Swanson Director of Financial Aid Colorado College (719)

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