Federal Student Aid Understanding The Basics

Transcription

1 Federal Student Aid Understanding The Basics

2 Awareness and Outreach Group Awareness and Outreach is responsible for targeting segments of the student population and their families and influencers, providing information and guidance to assist in postsecondary school planning and decision-making and educating aid program recipients. It targets segments of the population who are traditionally underrepresented in postsecondary education (both students and families) for student aid awareness through partnerships and outreach. 2

3 Awareness and Outreach Group Key Functions: Develop and implement strategies to increase awareness of all aspects of financial aid Manage the content of StudentAid.gov and the Financial Aid Toolkit Develop and deliver training for high school guidance counselors on student awareness and outreach products Manage Federal Student Aid s social media strategy and enterprise implementation and engagement activities 3

4 Myths About Federal Student Aid my parents make too much money, so I won t qualify for federal aid. Reality: There is no income cutoff to qualify for federal student aid. 4 4

5 Myths About Federal Student Aid...the form is too hard to fill out. Reality: The FAFSA is easier than ever, especially if you fill it out online at 5 5

6 Myths About Financial Aid only students with good grades get financial aid. Reality: High school diploma, GED and home schooling certificate... more scholarship opportunities available 6

7 Sources of Money for College Federal government State government Colleges and universities Private foundations Employers and private companies Professional and service organizations 7

8 8 FAFSA.GOV Homepage

9 Must file every year FAFSA.GOV Can file Jan. 1 st of senior year FSAID (Parent/Student) Check with college to determine if additional applications need to be completed. I.E. CSS Profile application 9

10 Basic Eligibility Requirements Students must have: High school diploma, GED A Social Security Number (with limited exceptions) U.S. citizenship or be an eligible non-citizen Registered with the Selective Service (Males) 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

11 There is more than $150 billion available in federal aid to help students pay for college

12 Federal Loan Programs Considerations: Subsidized vs. Unsubsidized Interest rate Grace period Death or Permanent Disability Know: Default 1 st Borrowers REQUIRED to Entrance Counseling Deferment & Forbearance Loan Repayment Plans Public Service Loan Forgiveness (PSLF) Program Teacher Loan Forgiveness 12

13 Federal Loan Programs Federal Perkins Loan Federal Stafford/ Direct Loan Direct PLUS Loans Parents & Graduate or Professional Student Interest Rate Repayment Additional Info 5% Fixed 9 months after school Subsidized 4.29% Fixed Unsubsidized 4.29% Fixed 5.84% Fixed 6.84% Fixed 6 months after school May be deferred until 6 months student drop ½ time or 60 days after loan is fully disbursed Ends Sept. 30, Some students may be able to receive loans if grandfathered through Sept. 30, Subsidized: no interest charged while in school Unsubsidized: interest accrues while in school Interest accrues while student is in school 13

14 What To Expect After Applying High Level Overview Student completes the FAFSA and signs with FSA FSAID 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 14

15 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 more than ½ support In foster care since turning 13, or ward of the court Emancipated minor or was in legal guardianship Homeless Serving Active Duty in U.S. Armed Force 15

16 Legal Parent Who fills out the FAFSA? 16

17 College Costs & Financial Need Cost of Attendance (COA) - Expected Family Contribution (EFC) = Financial Need 17

18 How Much Aid will I Receive? Financial Need = $13,000 Federal Grants $5,000 State Grants $2,000 Scholarships $2,000 Institutional Grant $2,000 Loans $2,000 Unmet need TOTAL = $13,000

19 Expected Family Contribution (EFC) 19

20 Understanding the New FSA ID

21 Why The Change to the FSA ID? The FSA ID is a username and password that replaced the Federal Student Aid PIN on May 10, The main reason we made the change was to increase security and protect personally identifiable information. Having a username and password is much more secure than a PIN that you enter in conjunction with personally identifiable information (your Social Security number, name, and date of birth). 21

22 Where Do You Use the FSA ID? Free Application for Federal Student Aid Federal Student Loans Teach Grant Agreement to Serve (ATS) National Student Loan Data System (NSLDS) 22

23 Using the FSA ID Users still click the Sign in button. This directs them to the FSA ID login page. Once they enter their FSA ID, they are directed back to the website landing page 23

24 Creating an FSA ID when the User already has a PIN

25 Create Account Link PIN 1. Enter your PIN 2. Click Verify OR 3. Click Forgot My PIN 25

26 Only if you already have a PIN Linking your PIN allows you to Link your SSA Match Information Transfer your address / contact information from the PIN database There is no requirement that you link your PIN and you can create an FSA ID without linking your PIN Will require a new SSA Match (1-3 days) Will require you to enter your contact information 26

27 Create Account Completed Example 27

28 Create Account Profile Information 1. Review and confirm that the information transferred from PIN is correct 2. Add any additional contact information 3. Click Continue 28

29 29 Completed Example

30 Create Account - Confirmation Congratulations!!! You have now created an FSA ID. You can use the FSA ID to logon to FSA s sites. Thank you. 30

31 Creating a New FSA ID Account when the User does not have a PIN

32 Create Account Challenge Questions 1. Select and answer challenge questions 1 and 2 2. Create and answer questions 3 and 4 3. Provide a date for question 5 4. All questions and answers must be unique 5. Show text reveals masked fields 6. Click Continue 32

33 Create Account Verification A confirmation will now be sent to the address you provided. In this , there is a secure code. 1. Enter the secure code 2. Click Continue Verifying your address provides added security and access to functionality: Use your address as your Username for login Use your instead of answering challenge questions for Forgot Password and Forgot Username issues Verifying your is optional 33

34 Create Account - Confirmation Congratulations!!! You have now created an FSA ID. Once your information has been confirmed by the Social Security Administration(SSA), you can use the FSA ID to logon to FSA s sites. Thank you. 34

35 FSA ID Frequently Asked Questions 35

36 Federal Student Aid Tools & Resources

37 FAFSA4caster.ed.gov

38 38 IRS Data Retrieval Tool

39 Enhanced IRS DRT Questions The format of the IRS Data Retrieval Tool filtering question will be enhanced Question labels will be improved for clarity 39

40 Detailed College Info and Comparison College s website School type Tuition and fees Net price average Graduation rates Retention rates Transfer rates 40

41 41 Repayment Estimator

42 National Student Loan Data System (NSLDS) 42

43 FAFSA Completion by High School

44 Ordering Publications Order publications from FSA Pubs: 44

45 YouTube 45

46 YouTube Playlists 46

47 Embed Videos into Your Website Instructions: Go to YouTube.com/ FederalStudentAid Select the video you d like to embed Click Share which will show you a new menu Click the Embed option to receive the code Copy and paste code to your site 47

48 Infographics - Why go to College? 48

49 Infographics - Who's My Parent? 49

50 Infographics - Types of Repayment Plans 50

51 Factsheets 51

52 PSAs 52

53 PSAs Matt & Mike 53

54 Facebook facebook.com/federalstudentaid

55 Twitter 55

56 @FAFSA Twitter Office Hours 56

57 StudentAid.gov

58 58 FinancialAidToolkit.ed.gov

59 StudentLoans.gov

60 60 College Scorecard

61 61 College Navigator

62 62 NT4CM Train the Trainers Webinar

63 FED-AID 63

64 QUESTIONS? 64