Financial Aid Workshop. Vicki Hendrickson, Director The University of Tulsa

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1 Financial Aid Workshop Vicki Hendrickson, Director The University of Tulsa 1

2 Different Types of Financial Assistance Outside Scholarship: Outside scholarships are various forms of funding that the student secures through outside organizations. Students should check with their high school counselor for applications. Various resources would be local rotary organizations, parent employers, churches, native American tribes, etc. University Scholarships: This funding is provided to the student by the university that they are attending. These scholarships will range in types and values. Federal Aid: Federal Aid consists of grants, workstudy, student loans, and parent loans. 2

3 Outside Scholarships Students should be applying for outside scholarships by the beginning of their senior year in high school. Many websites are available (fastweb.com) Applications should be typed if possible Include important facts that describe student leadership and activities. Always make the Financial Aid Office aware of outside sources of funding that the student will receive. 3

4 Outside Scholarship (continued) Students should devote time each week to search for scholarships. Treat this much like a job in pursuing these outside applications, devote the time and apply for as available. Check the webpage of the university that you are applying to for an outside scholarship page or facebook page that notifies you of scholarship applications they receive and post for their students. DO NOT use the services of any agency that charges you to obtain scholarship services or information regarding federal aid. 4

5 University Scholarships Check with the Admission or Financial Aid Office at the schools you apply to and inquire about their individual scholarship processes. Is there a separate application for scholarships Does the school require a FAFSA to be filed in order to be considered for scholarships Most talent based scholarships will require a separate audition, confirm audition dates and expectations for the audition. Inquire as to the expectations of the scholarship (i.e. full time enrollment, gpa requirements, major, performance, etc. Inquire as to the university s scholarship policy if expectations are not met Confirm the length of the scholarship 5

6 Complete the FAFSA on the Web You may complete the FAFSA at The FAFSA must be signed by the student and one parent (that provided their financial information.) In order to sign the application a PIN number is needed for both the student and parent. The student will have their own individual PIN number, as will the parent have their own PIN number. Your PIN serves as your electronic signature and provides access to your personal records, you should never give your PIN to anyone, including commercial services that offer to help you complete the FAFSA. 6

7 How to Apply for Federal Aid In order to apply for Federal Aid you must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA can not be completed prior to January 2, The FAFSA is based on your 2012 income. We recommend that you complete your 2012 tax return as soon as possible. You may complete the FAFSA with estimated income if you will be delayed in filing your tax return. 7

8 Tips to completing the FAFSA File your taxes as early as possible, although estimated income can be used when filing the FAFSA. Gather information on savings, investments, and business and farm assets for the student and the parents. Apply for PIN numbers (electronic signatures for both the student and the parent) USE THE IRS DATA RETRIEVAL TOOL (if possible) 8

9 Is the Student Dependent or Independent? The student can only be independent if you can answer yes to the following questions: Was the student born before January 1, 1990? Are you married? Are you currently serving on active duty in the US Armed Forces for purposes other than training? Are you a veteran of the US Armed Forces? Do you have children who will receive more than half of their support from you between July 1, 2013 and June 30, 2014? When your were age 13 or older, were both your parents deceased, were you in foster care or were you a dependent/ward of the court? As of today are you an emancipated minor as determined by a court in your state of legal residence? As of today are you in legal guardianship as determined by a court in your state of legal residence? At any time on or after July 1, 2012 did a school district homeless liaison determine that you were an unaccompanied youth who was homeless? At any time on or after July 1, 2012 did the director of a HUD emergency shelter program determine that you were an unaccompanied youth who was homeless? At any time on or after July 1, 2012 did the director of a runaway or homeless center determine that you were an unaccompanied youth who was homeless or were selfsupporting and at risk of being homeless? 9

10 Whose income should be reported? If the parents are both living and married to each other, both incomes must be reported. If the parent is widowed, or single, report the income of that individual. If the widow has remarried as of the day you are completing the FAFSA, answer the questions about that parent and the person whom the parent married. If the parents are divorced or separated, answer the questions about the parent who will provide at least 50% or more the student s support from July 1, June 30, If this parent has remarried as of the day the FAFSA is completed, answer the questions about the parent and the person whom the parent married 10

11 Unusual Circumstances Appeals to the Financial Aid Office to revise your FAFSA may be made for the following circumstances: Loss of income Parents divorce after filing the FAFSA Loss of Child Support Excessive Medical Expenses Private School Expenses for Siblings 11

12 Federal and State Grants Pell Grants (Grants are funding that does not have to be repaid.) Awards range from $602 to $5550 per award year. A family s EFC must be $4995 or less to qualify. SEOG Federal Grant: This is a grant that students may receive depending on their need level. The government states that this award must be given to students with the highest need at the university/college. Award amounts vary per school, but average between $100 - $4000. State Grants The Oklahoma Tuition Aid Grant (OTAG). You must file your FAFSA prior to March 1, Eligibility is determined by the State of Oklahoma. Award amounts vary ranging up to $1300. Oklahoma s Promise Grant: This is funding that requires an application while the student was in either the 8 th, 9 th, or 10 th grade level. Full tuition is promised if you attend a state supported school, hourly rates are promised at Oklahoma private schools. 12

13 Federal Teach Grant TEACH Grant: Teacher Assistance for College and Higher Education Grants This is an annual $4000 grant established for the award year. The student must be willing to teach for at least four years out of eight years as a highly qualified teacher, at a Title I school, or a specified subject area. Those areas are as follows: mathematics, science, a foreign language, bilingual education, special education, as a reading specialist, or other high need fields. The student must have a 3.25 high school gpa, or be above the 75 th percentile on a national test score. This grant must be repaid as a direct unsubsidized loan if the student does not teach in the above areas. 13

14 Federal Workstudy Opportunities Only students who qualify with need will have the opportunity to receive federal workstudy. Students will earn a minimum of $7.25/hr. Students must work to earn these funds. 14

15 Perkins Loan (Inquire with your school of choice to see if they have Perkins Loan funds) Perkins Loan: Student loan requiring repayment. The interest rate is 5% fixed. Repayment begins 9 months after withdraw from classes or graduation. There are limited cancellation benefits for Perkins borrowers. The loan limit for undergraduates is $

16 Stafford Student Loans Stafford Student loans are student loans that require repayment. There are two separate types of Stafford Loans: Subsidized Stafford 6.8% (government pays the interest while the student is in school. Once the student ceases half time enrollment from school the interest will start accumulating.) Unsubsidized Stafford 6.8% (government does not pay the interest, the student is responsible to pay the interest or capitalize the interest into their principal balance.) 16

17 Stafford Loan Limits Stafford Loan Limits are the following per year. If the Parent loan (PLUS) is denied, due to credit, the loan limits will be increased to the higher amount. Original Amount If Plus is denied Freshman $5,500 $9,500 Sophomore 6,500 10,500 Junior 7,500 12,500 Senior 7,500 12,500 17

18 Parent Loan A Parent Loan is available to parents who are credit worthy. Parents may borrow up to their total cost of attendance less any financial aid received. The interest rate is fixed at 7.9%. Parents can begin the process of completing an electronic Master Promissory Note at Once the empn is completed, the Department of Education will run the credit check and notify the parent if the loan has been approved or denied. The DOE charges the Parent an origination fee of 4.0%. If a parent is denied a Parent Loan, the university you are attending may process a unsubsidized Stafford Loan for the student within eligibility. 18