helping students fund their college education financial aid & FAFSA workshop

Transcription

1 helping students fund their college education financial aid & FAFSA workshop

2 education continues to be an investment with positive outcomes

3

4 Arizona university system financial aid distribution financial aid dollars provided to students ASU $ 1,220,380, % NAU $ 335,965, % UA $ 643,543, % total financial aid awarded: $2.19 billion

5 what is financial aid: any money from outside of the family that helps cover college costs examples: scholarships, grants, outside sources, loans, and federal work- study

6 categories of aid { need-based non need-based

7 gift aid federal grants institutional grants scholarships self-help aid student employment federal student loans private loans { types of aid

8 involvement merit based need based service private community scholarships leadership academic major institutional

9 gift aid: grants federal or institutional usually awarded based on financial need may vary by institution

10 gift aid: federal pell grant amount of grant awarded is determined by: expected family contribution (EFC) enrollment status (full or part-time) attendance status (full academic year or less) maximum award per academic year = $5,775

11 gift aid: FSEOG & university grants federal supplemental education opportunity grant (FSEOG) & university grants (UG) are need based awards campus based apply early, limited funds (not all colleges participate) current amounts range from $100 - $4,000

12 gift aid: teach grant available for students who intend to teach in a public or private school that serves students from low-income families not all institutions participate agreement to serve if not met, grant converts to unsubsidized loan maximum award amount = $4,000

13 self-help aid: student employment hourly jobs federal work-study earn money to pay educational costs ü ü pay check ü ü does not count as income on the FAFSA ü

14 loans { federal or private available for students and parents pay back with interest

15 federal student loans subsidized (sub) unsubsidized (unsub) interest rate 4.29% 4.29% interest accrual does not accrue interest while in school does accrue interest while in school need based yes no repayment 6 months after graduation 6 months after graduation

16 loan repayment OR OR graduated fixed income driven gradual increases in loan payments fixed loan payment payments based on income studentaid.gov

17 federal loan limits

18 perkins loans { program has ended perkins loans are no longer being offered by any institution

19 loan{ subject to credit approval parent plus is 6.84% current interest rate payments begin 60 days after the loan is fully disbursed

20 private student loan { offered by private financial institutions likely require co-signer, if student is applying interest rates vary repayment options differ may have additional penalties

21 how financial aid is awarded

22 cost of attendance every college or university has an estimated cost of attendance (COA) tuition & fees housing & meals books & supplies transportation personal expenses { { direct cost indirect cost

23 federal formula is used contribution{ to calculate expected index score not actual family dollar amount determines financial aid eligibility same at any institution

24 how aid is calculated COA EFC = need { how much need based aid a student can be awarded grants federal work study subsidized loans a student can t receive more need-based aid than the amount of financial need

25 let s look at an example

26 estimated cost of attendance example tuition and fees (in-state) $ 10,000 housing & meals (on-campus) $ 10,000 books and supplies $ 1,000 personal $ 1,000 transportation $ 1,000 cost of attendance: $ 23,000* *not actual dollar amounts

27 calculation of financial need cost of attendance $23,000* (-) expected family contribution 5,000 financial need $18,000 *not actual dollar amounts

28 financial aid awarding cost of attendance $ 23,000* financial need $ 18,000 sample awards (gift & need based) scholarship $6,000 pell grant $1,000 university grant $2,000 federal work-study $2,500 subsidized loan $3,500 $15,000 *remaining need $3,000

29 financial aid awarding remaining financial need $3,000 sample awards unsubsidized loan - $2,000 parent plus loans - $6,000 { $17,000 { $23,000 total aid offered: $23,000 (cost of attendance) *not actual dollar amounts

30 financial aid awarding cost of attendance $ 23,000* financial need $ 18,000 sample awards (gift aid) scholarship $6,000 pell grant $1,000 university grant $2,000 federal work-study $2,500 subsidized loan $3,500 unsubsidized loan $2,000 parent plus loan $6,000 $23,000

31 questions?

32 let s take a quick break

33 completing the FAFSA

34 federal aid eligibility U.S. citizen or eligible non-citizen register with selective service (male applicants only, if required) attend a participating college enroll in a degree or certificate program. maintain satisfactory academic progress.

35 who is eligible? U.S. citizen eligible non-citizen not eligible U.S. birth certificate certificate of naturalization U.S. permanent resident with an alien registration number refugee student visas DACA students all student applicants have data checked by DHS data base all student applicants have data checked by department of homeland security database

36 DACA and undocumented students are not eligible for federal, state, or institutional aid at Arizona institutions eligible for private aid

37 students{ eligible for in-state tuition rates in Arizona must work with the residency classification (or designated DACA office) to complete classification process students will need to submit a completed Domicile Affidavit, provide a copy of their Employment Authorization Document, and copy of their photo ID

38 students{if DACA students have a SSN, they can complete the FAFSA; however, they are not eligible DACA for federal aid when completing the FAFSA, answer the question, are you a U.S. citizen? with, No, I am not a citizen or eligible noncitizen

39 resources for undocumented students College Success Arizona collegesuccessarizona.org Aspira Association, Inc. aspira.org/resources/college-information Latino College Dollars Scholarships for America's Latinos latinocollegedollars.org Isak Amaya Foundation isacamayafoundation.org Mexican American Legal Defense Fund (MALDEF) Salvadoran-American Leadership & Educational Fund (SALEF) salef.org Degrees 10000degrees.org Scholarships A-Z scholarshipsaz.org National Society for Hispanic Professionals Educators for Fair Consideration (E4FC) e4fc.org

40 FAFSA application to apply for federal financial aid collects family s personal and financial information available in English and Spanish three formats: online, pdf, paper

41 FAFSA online faster, easier, smarter built in edits to help prevent errors skip-logic = skip unnecessary questions immediate submission more detailed instructions and live chat help

42 fafsa.gov

43 easy help options with the online FAFSA

44 helpful hints and tips throughout the FAFSA

45 information needed { social security number prior year federal tax information (for fall 2016) taxable income untaxed income bank account info asset and investment info taxes do not have to be completed to file the FAFSA, families can estimate and make changes online once taxes have been filed

46 FSA ID {replaces the student aid PIN username and password used by parents, students, and borrowers used to login to U.S. Dept. of Ed. websites & to sign electronic documents such as the FAFSA

47 FSA ID student and parent must have different FSA ID s student and parent should each use their own addresses when creating an FSA ID cannot share or use the same address

48 creating an FSA ID

49 creating an FSA ID go to StudentAid.gov/fsaid click the create an FSA ID now button or when logging into a federal education website or when completing the FAFSA click on create an FSA ID now button

50 creating an FSA ID begin with creating a username and password You can select Show Text to see what you re typing username do not include personal info such as date of birth of name

51 creating an FSA ID enter personal identification information make sure SSN, DOB, and name match what is on social security card

52 creating an FSA ID challenge questions & answers You can select Show Text to see what you re typing combination of both pre-determined questions and student created

53 FSA ID is created following the review of terms & conditions and verifying , the FSA ID is created students receive confirmation students can log into fafsa.gov and complete, sign, and submit FAFSA info will be sent to Social Security Administration for confirmation SSA review will take 1-3 days

54 getting started select the correct FAFSA choose the academic year the student will be attending school

55 create a save key

56 FAFSA sections {student demographics dependency status financial information school selection sign & submit

57 part I: student demographics

58 student demographics use correct student social security number include applicant s full legal name: no nicknames registration: register on FAFSA

59 student eligibility

60 student eligibility select citizenship status selective service registration option

61 student eligibility high school completion status when beginning academic year ex. high school diploma grade level what degree or certificate will student be working on in academic year

62 student eligibility federal work study consideration foster youth question

63 foster youth question a student who answers yes to the foster care question will receive additional info on their confirmation page related to benefits for which they may be eligible

64 student eligibility provide the student s high school name drop down list of high school names based on location student can manually enter the name of high school if not found

65 section II: school selection

66 school selection students can list up to 10 institutions at one time to send FAFSA information to *new this year list of colleges that student selects will NOT be sent to the colleges

67 school selection summary select housing plans for each college

68 section III: dependency status

69 dependency determination FAFSA dependency questions are the key! students who cannot answer yes to any of the questions are dependent and must provide parent and student financial information if a student has unusual circumstances, the student can contact the financial aid office at their institution

70 students who answer yes to any of the questions may be required to submit supporting documentation to their college

71 dependency status results if students are considered independent they will be asked if they are able to provide parent information

72 unable to provide parent information when a student is unable to provide parental information, select I am unable to provide parental information not all situations are considered special circumstances

73 special circumstances examples of special circumstances as determined by the federal government option is again given to provide parental information

74 unable to provide parent information if a parent refuses to provide their information on the FAFSA and refuses to provide any financial support: student can submit FAFSA, but is eligible to receive an unsubsidized stafford loan only

75 dependency case studies

76 part IV: parent demographics

77 parent demographics: parent of record if parents are married include both parents information if parent is single, never married but living with other legal parent include both parents information if divorced and remarried include parent and stepparent information if parent is single/divorced, not remarried and not living with the other legal parent include single/divorced parent information

78 parent demographics: parent of record the following people are not considered parents unless they have adopted the student: grandparents foster parents legal guardians older brothers or sisters uncles or aunts

79 studentaid.gov parent of record infographic

80 table to help students determine which parent s info they need to provide infographic link

81 parent demographicsdetermination provide parent marital status list correct SSN parents without a SSN must list

82 parent demographics continued reporting household size include all people who are supported more than 50% reporting number in college include all students from household who are attending college at least ½ time do not include parents in the number in college

83 section V: student & parent income information

84 parent tax information parent tax filing status already completed, will file, will not file individuals who meet IRS tax filing standards are required to file taxes married filing jointly married filing separately head of household single determine eligibility to use the data retrieval tool (DRT) enter FSA ID and link to IRS

85 parent tax information student is transferred to the IRS website to access tax information

86 these fields are pre-filled based on FAFSA responses

87 data retrieval tool (DRT)

88 in situations where the DRT is not used

89 they will be asked to enter financial information, income, assets, etc.

90 parent tax information confirm correct type of filed return dislocated worker

91 parent tax information untaxed income

92 students will also be asked to provide their tax & financial information

93 student tax information student tax / income information side banner change of color information requested is similar to parent students who meet IRS filing standards are required to file taxes

94 section VI: sign and submit

95 sign and submit student and parent must sign FSA ID: fastest option, processed within 3-5 days or print and mail signature page parents without a SSN parents will be required to use signature page

96 sign and submit signing with FSA ID

97 submit check application status processed rejected what happens next option to view student aid report (SAR)

98 common errors

99 common errors {student & parent signatures blank fields no college code divorced / remarried parental info incorrect SSN or driver s license number household size number of household in college real estate & investment net worth

100 what to do if a family s situation has changed

101 reviews { parent loss of income student loss of income cost of attendance increase unusual circumstance

102 after the FAFSA

103 financial aid steps student receives award letter school calculates financial need verification process institutions receives EFC student receives SAR student submits FAFSA

104 student aid report { by or mail depending on info student provides summary of info entered on FAFSA review carefully to make sure it s correct and complete estimated EFC and aid eligibility

105 what is verification?

106 sample financial aid notification

107 financial aid shopping sheet tool designed to simplify information standardized form easily compare institutions to make informed decisions

108 compare costs & financial aid compare costs compare financial aid net price sticker price gift aid resident vs non-resident tuition pay per credit hour or flat amount 1 year vs 4 years renewal and eligibility criteria accept financial aid awards

109 award letter comparison worksheet example by NASFAA national association of financial aid administrators compare aid offers & costs from multiple schools

110

111 student accepts their financial aid awards!

112 questions?

113 Arizona State University: financial aid & scholarships

114 86% of ASU grads looking for a job received an offer within 90 days of graduation in 2014

115 ASU direct costs tuition and fees (in-state) one-time, temporary surcharge $ housing & meals (on-campus) books and supplies $ 10, $ 12,078 $ 1,300 total direct costs $23,856

116 More than 80% of all ASU students receive some form of financial assistance every year

117 scholarships{academic merit awards New amounts range from $1,500 - $10,000 / year American University no separate application required awarded based on G.P.A., class rank, test score renewable for 8 consecutive semesters

118 students can use the scholarship estimator to check potential merit award eligibility *enter unweighted core GPA

119 ASU institutional scholarship renewal ASU scholarship maintenance plan criteria: 3.0 ASU GPA and 30+ ASU credit hours = 100% award value ASU GPA and/or ASU credits hours = 80% award value (after 1 st year) = 70% award value (after 2 nd year) = 60% award value (after 3 rd year) if student meets the full renewal requirements after one academic year, 100% award value will be renewed

120 additional ASU scholarships

121

122 special programs for eligible Arizona residents

123 college attainment grant incoming freshman completed application for admission & FAFSA on file by July 1 Pell eligible tuition and fees

124 Barack Obama Scholars Program incoming freshman only completed application for admission & FAFSA on file by march 1 meet assured admissions total family income less than $42,400 direct cost tuition and fees room and board books

125 ASU financial aid timeline (students entering fall 2016){ oct aug incoming freshman merit awards january 1 FAFSA available february 1 scholarship portal deadline march 1 financial aid (FAFSA) priority date march 1 incoming freshman awarding begins may 1 enrollment deposit

126 tools & resources

127 financial aid toolkit financialaidtoolkit.ed.gov

128 financialaidtoolkit.ed.gov financial aid toolkit access tools and resources such as handouts, videos, infographics link to FAFSA demo site and FAFSA4caster

129 financial aid toolkit track FAFSA completion at your high school

130 financial aid toolkit search for high school by state data is released bi-weekly beginning the last monday in january

131 NASFAA tips for completing the FAFSA: students in unique situations

132 NASFAA tip sheet for undocumented students

133 NASFAA tip sheet for undocumented students

134 studentaid.gov questions & answers: financial aid and undocumented students

135 NASFAA award package comparison worksheet

136 FAFSA on the web worksheet

137

138 ASU financial aid & scholarship services visit us at any campus location or contact us 24/7 live chat asu.edu/financialaid