Student Financial Aid

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1 Student Financial Aid David P. Pearlman D. Ed Director of Student Penn State Altoona Shannon Hawkins Assistant Director of Student Penn State Altoona

2 What will you consider when looking at a college?

3 College Selection Process Size Location Reputation Academic Programs Extracurricular Activities Cost

4 collegecost.ed.gov Net Price Calculator Center Shopping Sheet College Scorecard

5 Why is your student going to college?

6 Meet friends Participate in co-curricular activities To learn To get a job

7 Student Financial Aid An Investment in education!!

8 Sources of Financial Aid Federal Government Lenders (Banks) State Government Outside Agencies The Institution

9 How do you apply for financial aid? FAFSA CSS profile Scholarship Applications Any additional forms at the college

10 The Purpose of the FAFSA The FAFSA (Free Application for Federal Student Aid) is a federal form used to determine student eligibility for the following: Federal programs - Pell Grants, campus based aid and student loans State programs - Pennsylvania State Grant, State Work-Study, and other special programs School programs - need-based grants and scholarships

11 fafsa.gov Request FSA ID prior to completing the FAFSA (for BOTH Student AND Parent) Complete FAFSA on-line

12 Benefits to Applying Online Filing the FAFSA electronically is the best way to apply. There are many benefits for online filers: Faster turnaround Online help Built-in edits Built-in skip logic Simplified renewal IRS Data Retrieval Tool Link to the State Grant Form

13 When to Apply Beginning January 1 of their senior year for Deadlines vary from school to school; Many are earlier than the May 1 deadline for the PA State Grant. Students must determine the earliest applicable deadline. Students need not be accepted for admission. Students may list up to 10 schools on the initial online FAFSA and add or delete schools later. Postsecondary schools will not see other schools listed, just their own. Families can file estimated income information and update it later using the IRS Data Retrieval Tool (DRT).

14 IRS Data Retrieval Tool (DRT) Allows transfer of federal tax data directly into their FAFSA. 2 weeks after electronically filing federal tax return 8 weeks after filing a paper federal tax return If estimated income is used to complete the FAFSA, students/parents can go back once taxes are filed and use the IRS DRT.

15 State Grant Form/Account Access

16 PHEAA Account Access

17 Student Aid Summary Total Aid Estimated Direct Bill Expenses Estimated Non- Billable Expenses Total Estimated Cost

18 Types of Financial Aid Gift Aid Grants Scholarships Self-Help Aid Federal Work-Study Loans

19 PA State Grant Awards College Cost tiers and Full-Time Awards: $0 to $12,000=$2,308 $12,001 to $19,000= $3,692 $19,001 to $29,000= $3,970 $29,001 to $32,000= $4,340 Half-Time Awards: Maximum half time award is one half of the full time award.

20 Federal Pell Grant Maximum award for is $5,775; maximum EFC for eligibility is 5198 Students can monitor through NSLDS at nslds.ed.gov

21 Campus Based Federal Programs SEOG- Supplemental Educational Opportunity Grant Federal Perkins Loan Expired September 30, 2015 No new awards Federal Work Study

22 Scholarships Financial Aid Office Academic Departments Outside Agencies Community Businesses and Organizations

23 Federal Work-Study FAFSA required On-campus Off-campus America Reads Not deducted from semester bill Funds earned as a paycheck throughout the semester

24 Loans Stafford Loan Subsidized Unsubsidized Parent PLUS Loan May be able to defer while student is enrolled Alternative Loans FAFSA NOT required Credit check required Co-signer may be required May be able to defer while student is enrolled Be careful of interest rates!!!

25 Undergraduate Loan Limits Grade Level Base Amount Add l Unsub Total Loan 1st Year $ 3,500 $ 2,000 $ 5,500 2 nd Year $ 4,500 $ 2,000 $ 6,500 3 rd & 4 th Year $ 5,500 $ 2,000 $ 7,500

26 Undergraduate Loan Interest Rates Interest Rates for Stafford Undergraduate 4.29% (subsidized and unsubsidized) PLUS Loans 6.84% (for parents)

27 Managing Loan Debt Only borrow what you NEED! Cut costs where you can If you need to borrow Stafford and Perkins/University Loans first PLUS is better than alternative loans Alternative Loans can be dangerous!

28 MySmartBorrowing.org Interactive online tool to assist students with making informed choices about post secondary education

29 Repayment OPTIONS Always work with your lender if you have difficulty paying on your loans! Deferment when your loan payments are suspended, usually without interest building Forbearance- temporary suspension of loan payments while interest builds

30 Renewal Process Maintain academic progress Submit FAFSA every year

31 What you should know about your student s financial aid What type(s) of financial aid do they have? Do these aid types have specific requirements such as GPA or employment applications? What type of aid has to be repaid? When does repayment begin? What is the renewal process for these aid types?

32 Strategies for Financing a College Education Careful Budgeting Savings Employment Payment Plans

33 PHEAA Online Resources PHEAA.org EducationPlanner.org MySmartBorrowing.org YouCanDealWithIt.com Facebook.com/pheaa.aid

34 Changes for FAFSA Two major changes to the FAFSA will take effect for the school year: The FAFSA will be available earlier. Students will be able to file a FAFSA as early as October 1, 2016, rather than beginning on January 1, The FAFSA will collect income information from the earlier tax year Prior Prior Year (PPY) income. Families will file the FAFSA using 2015 tax information.

35 When do you file the FAFSA and which tax documents do you use? When a Student is Attending College (School Year) When a Student Can Submit a FAFSA Which Tax Information is Required July 1, 2015 June 30, 2016 After January 1, July 1, 2016 June 30, 2017 After January 1, July 1, 2017 June 30, 2018 After October 1, July 1, 2018 June 30, 2019 After October 1, July 1, 2019 June 30, 2020 After October 1,

36 Questions??

37 Contact Info School Specific Contact your school Financial Aid Office PHEAA State Grant Federal Direct Student Loans

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