Financial Aid Night. Marty Reba Director of Financial Aid North Central College

Transcription

1 Financial Aid Night Marty Reba Director of Financial Aid North Central College

2 Topics What is Financial Aid? Types of Financial Aid Free Application for Federal Student Aid (FAFSA) Change In Circumstances Financial Aid Award Letters Additional Financial Aid Resources

3 What is Financial Aid? Funds other than personal resources which are provided to help pay for educational expenses

4 Types of Financial Aid Federal North Central State Pell Grant Merit MAP Grant FSEO Grant TEACH Grant Direct Loans Work Study Talent Donor Funded Need-Based Alumni Referral

5 North Central College Merit Scholarships If eligible, a merit scholarship was awarded to you at your time of admission Based upon a combination of High School GPA from core academic courses ACT/SAT test scores If you did not qualify for a merit scholarship, you may still qualify for need-based aid from North Central

6 North Central College Talent Scholarships North Central offers scholarships based upon your academic and/or extracurricular talents Auditions or Interviews Required Music Theatre Forensics Mock Trial Art May Require Major/Minor is Related Academic Field Science Education Speech/Communication Writing Graphic Arts Your Admission Counselor can assist in determining which scholarships you may be eligible for

7 North Central College Donor Provided Scholarships North Central is fortunate to have generous donors who have provided scholarship funding for our students A listing of the scholarships available and applications can be found online: northcentralcollege.academicworks.edu Application deadlines are quickly approaching!

8 North Central Grant North Central College Need-Based Grants Must have financial need Award amounts will vary based on each individual student s financial need

9 Pell Grants Federal Financial Aid Grants Awarded to students with the highest financial need Maximum Award: $5,845 Federal Supplemental Educational Opportunity Grant Awarded to students with financial need Limited funds available Maximum Award: $1,500

10 Direct Subsidized Loan Federal Financial Aid Loans Awarded to students with financial need Interest Rate: 4.29% fixed Interest Rate: announced late May/early June 2016 No interest accrues while you are enrolled at least half-time Direct Unsubsidized Loan Interest Rate: 4.29% fixed Interest Rate: announced late May/early June 2016 Interest begins to accrue while you are enrolled

11 Federal Financial Aid Loans Direct Subsidized and Unsubsidized Loans Annual combined maximum awards vary by grade level Grade Level Annual Maximum Award Freshman $5,500 Sophomore $6,500 Junior $7,500 Senior $7,500

12 Perkins Loan Federal Financial Aid Loans Awarded to students with financial need Limited funds available Interest Rate: 5% fixed Maximum Award: $1,000 No interest accrues while you are enrolled at least half-time

13 Work Study Federal Financial Aid Work Study Awarded to students with financial need Students receive a bi-monthly paycheck Students must find on-campus employment

14 Illinois Monetary Award Program (MAP Grant) Basic Requirements: Must have financial need Must meet Illinois residence requirements Limited funds available Maximum Award: $4, Maximum Award: TBD

15 Free Application for Federal Student Aid (FAFSA) Collects financial and demographic information about the student and his/her family Must be completed and signed by student and his/her parent Must be completed every year Calculates the student s Expected Family Contribution (EFC) Value of a student s/family s reasonable contribution towards their educational costs Does not represent the amount a student and family may actually pay

16 FAFSA Timeline Academic Year Became available on January 1, 2016 Uses 2015 income and federal tax information Deadlines Illinois MAP Grant deadline: February Illinois MAP Grant deadline:??? Recommendation: Complete FAFSA by February 1!

17 Estimated vs. Actual Financial Information Many families may not have completed their federal income taxes by the time the FAFSA becomes available In order to have a FAFSA submitted prior to any early deadlines: Submit the FAFSA using estimated financial and tax information Correct the FAFSA with actual financial and tax information when it is available Do not submit the FAFSA with all zeros!

18 fafsa.gov Website to complete the FAFSA electronically Available in English and Spanish

19 fsaid.ed.gov Website to create an electronic signature used to sign the FAFSA Students and parents must have their own FSA IDs Can be completed prior to the FAFSA becoming available Same ID will be used for subsequent award years

20 Common FAFSA Errors Social Security Numbers Dates of Birth Divorced/remarried parental information Income earned by parents/stepparents U.S. income taxes paid Untaxed income Household size Number of household members in college Asset, real estate and investment net worth

21 FAFSA Results Information provided on the FAFSA is sent to the U.S. Department of Education s Central Processing System (CPS) General eligibility checks are performed (citizenship, Selective Service registration, default status) EFC is calculated Results are sent to: Student Schools listed on the FAFSA by the student (5-10 business days)

22 Student Aid Report (SAR) will be sent to student when available with a direct link to the student s online SAR Can also be accessed online at fafsa.gov using FSA ID Review for accuracy Make any necessary corrections Update estimated information with actual information when able

23 Making Corrections Using FAFSA on the Web Follow the instructions to make a correction Will update the ISIR sent to all schools listed Do not try to complete a new FAFSA Submit documentation to the Office of Financial Aid Talk to the Office of Financial Aid about the intended correction May not update the ISIR sent to all schools listed

24 Verification Schools are required to confirm the accuracy of the information provided on a student s FAFSA Not all applications may be selected for review Applications may be selected for review based on: Selection by the Department of Education Selection by standards set by the Office of Financial Aid (common errors) A financial aid award letter cannot be provided until the verification process is completed

25 Verification Common documentation requested to confirm the information provided on the FAFSA: Federal tax return transcripts W2s, 1099s, Schedules C, Schedules S Institutional verification forms Reply to information requests quickly Provide only what is requested

26 IRS Data Retrieval Tool Allows income and tax information to be directly loaded into the FAFSA from the IRS Use of the tool is not required, but is highly recommended Eliminates the need for the collection of a paper copy of the federal tax return transcript Can be used: On initial completion of the FAFSA To update the FAFSA with actual information if estimated information was previously used While making corrections to the FAFSA

27 IRS Data Retrieval Tool

28 IRS Data Retrieval Tool Available the later of: February 6, weeks after filing 2015 federal tax return electronically 11 weeks after filing 2015 federal tax return by mail Not eligible to use the tool if: Tax filing status of Married Filing Separately Have since filed an amended tax return Marital status changed after December 31, 2015

29 IRS Tax Return Transcript If unable to use the IRS Data Retrieval Tool, a paper IRS Tax Return Transcript will need to be requested No need to obtain unless this information is requested by the Office of Financial Aid Can be requested online at irs.gov Get a Tax Transcript Paper transcript by mail: 5-10 business days to be received Electronic download: Feature available within the next few weeks

30 Change in Circumstances It is understood that current household circumstances may be different from those being reported on the FAFSA using 2015 tax and income information These changes cannot be reported on the FAFSA These changes can be reviewed by the Office of Financial Aid to re-evaluate your financial aid eligibility

31 Change in Circumstances Change in employment status Reduction in household income Unusual medical expenses not covered by insurance Change in marital status Private elementary/secondary school tuition Unusual dependent care expenses Student cannot obtain parental or spousal information

32 Change in Circumstances Written explanation of situation must be sent to the Office of Financial Aid Common request forms can be found on North Central s Financial Aid website: northcentralcollege.edu/financial-aid Each situation: Will be reviewed on a case-by-case basis Will require supporting documentation to evidence the situation Each decision is final and cannot be appealed

33 Expected Family Contribution (EFC) Value of a student s/family s reasonable contribution towards their educational costs Unique to each student/family Determined from data provided on the Free Application for Federal Student Aid (FAFSA)

34 Cost of Attendance (COA) Actual and estimated costs of attendance at an institution Unique to each institution May change based upon a student s educational program, enrollment level, and housing decisions Combination of direct and indirect costs Direct Costs Expenses charged by the institution Actual costs Tuition, Fees, On-Campus Room and Board Indirect Costs Expenses not charged by the institution Estimated costs Books, Supplies, Off-Campus Room and Board, Personal Expenses, Transportation

35 Financial Need COA EFC = Financial Need A student s level of financial need will determine the maximum amount of need-based aid that he/she can receive Other financial aid program limits may result in a student not receiving an amount of need-based aid equal to his/her financial need

36 North Central College Financial Aid Award Process The 2016/2017 award process will begin in mid/late February Any requested documentation must be received and reviewed by the Office of Financial before awards can be determined

37 North Central College Financial Aid Award Letter Once your award eligibility is determined, a financial aid award letter informing you of your total financial aid eligibility will be sent With the award letter, you will also receive: Detailed information about the awards offered to you Instructions on any steps required to accept the awards offered to you Payment plan options Admission Counselor will be in contact with your to answer any questions

38 Comparing Award Letters Be sure to compare apples to apples! Direct Costs Actual expenses charged by the institution Actual Costs Direct Costs less scholarships and grants The amount you will actually pay through loans or personal resources A lower Direct Cost may not mean a lower Actual Cost

39 North Central College Award Letter

40 Additional Financial Aid Resources Federal Direct Parent PLUS Loan studentloans.gov Borrowed by the parent of undergraduate students Separate application and credit check required Interest Rate: 6.84% fixed Interest Rate: announced late May/early June 2016 If parent is denied, student may be eligible for an additional $4,000 in Direct Unsubsidized Loan funds

41 Additional Financial Aid Resources Alternative/Private Student Loans Borrowed by the student from a private financial institution Separate application and credit check required Co-signer may be required Interest rates will vary by borrower; may be fixed or variable

42 Scholarship Websites United Methodist General Board of Higher Education gbhem.org Illinois Student Assistance Commission isac.org Fastweb! fastweb.com FinAid! finaid.org Scholarships.com scholarships.com Peterson s petersons.com The College Board collegeboard.org

43 Beware of Scams! Verify the legitimacy of any potential scholarship source or application before applying. U.S. Department of Education studentaid.ed.gov Federal Trade Commission consumer.ftc.com Better Business Bureau bbb.org

44 North Central College Partnership North Central College is committed to helping make an education affordable for all of our students Class of 2019: 29% are Federal Pell Grant eligible and 38% are first generation college students In , we allocated over $40 million in institutional scholarship and grant funds to help students We provide you with a knowledgeable staff dedicated to helping you navigate the financial aid and admission process

45 Covering North Central Tuition Institutional Scholarships and Grants 58% Student Loans 16% Other Family Resources 16% Federal and State Scholarships and Grants 9% Outside Scholarships 1%

46 Office of Financial Aid Contact Information Monday Friday 8:00 am 5:00 pm Phone: Fax: