keys questions about financial aid

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What options do we have? Where do we start? How do we apply for aid? Will my information be safe? What funds could we get? Is it worth my time?

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These relatively new tools are designed to give you good estimates of your likely aid eligibility early on in the process

All schools are required to have one Using the one at the school itself will often get

you better information than any other sources Example at

◦ www.indwes.edu/Financial-Aid/Undergraduate

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Online at:

www.fafsa.gov

Can also file using paper FAFSA if needed

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Free Application for Federal Student Aid (FAFSA) is key to getting all federal or state financial aid.

File by March 10th – Indiana’s Priority Deadline

Very helpful to have taxes already completed

Can use estimates, but must remember to update the data after taxes are filed – Before May 15th State corrections deadline

It is much better to use estimates than miss the March 10th Indiana filing deadline

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Name Social Security Number Date of Birth

Apply for a PIN number Create a password

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Gender Mailing address State residency Phone number Email Marital Status Drivers license IRS Data Match

option

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Citizenship Selective Service

registration High School completion College grade level Degree level sought Interest in Work-study Bachelor’s degree earned Education levels for parents

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IWU’s Codeis 001822

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Born before January 1, 1989? Married? In a master’s or doctoral program? Support dependents over 50%? Military active duty or veteran? Orphan, foster child or Ward of the Court? Court designated Emancipated Minor? Under a legal guardianship? Homeless?

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Marital status and date Social Security Numbers Dates of Birth Email State Residency Household size Number in college

◦ Excluding the parents

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PIN number IRS Data Match

Option Tax filing info AGI Income from work Dislocated Worker

status Federal tax paid Exemptions claimed

Student encouraged to use PIN Number Must read and agree to Terms of Agreement

Parent signature◦ Electronically with a PIN Number ◦ Print and mail a Signature Page◦ Submit without signatures

Must read and agree to Terms of Agreement

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The federal government will calculate your Expected Family Contribution (EFC) and send it to the colleges you released you information to.◦ EFCs range from 0 – 99999◦ 0 = full Pell Grant eligibility

Financial Aid Office staff will◦ Request more documentation if needed◦ Review your file for accuracy and completeness◦ Correct FAFSA answers if necessary

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Calculate your estimated Cost of Attendance (COA)◦ This includes tuition, room, board, books and

supplies, transportation, personal and miscellaneous expenses

COA – EFC = Need

Award aid from all available sources to try to fill your financial Need

Notify your student electronically or by paper letter of the aid they qualify for

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Gift aid includes Grants – federal, state and institutional Scholarships – institutional and off campus

Self-help aid includes: Work Study – federal or state Loans – federal, institutional or private

bank

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Federal Pell Grant Federal SEOG Grant TEACH Grant Federal Work Study Federal Perkins Loan Federal Direct Loan

◦ Subsidized and Unsubsidized Parent Loan for Undergraduate Students

(PLUS)

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Frank O’Bannon Grant Program◦ Higher Education Award◦ Freedom of Choice Award

21st Century Scholars Program Indiana Nursing Scholarship Mitch Daniels Early Graduation Scholarship Child of Certain Veterans and Public Safety

Officer Supplemental Grant Additional info: www.in.gov/ssaci/2359.htm

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Most can be sought during Junior or Senior year

Use free scholarship search tools Some possibilities

◦ www.brokescholar.com◦ www.fastweb.com◦ www.scholarshipexperts.com◦ College Board Scholarship Search

You should not pay for scholarship search help

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At the institution◦ Academic scholarships, Athletic, Music, Art

Awards Benefits for employee dependents Military benefits and ROTC programs Private businesses and civic organizations Alternative student loans

Remember to report all scholarships and other funds to your Financial Aid Office early

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