blaine kelley uc clermont associate director student recruitment 513 732 5301
DESCRIPTION
Any source of funds that can be used to pay for post- secondary education = -Professional School -College or University -Degree or Certificate **TRANSCRIPT
FINANCIAL AIDOVERVIEW
FA101:
What is Financial Aid?Any source of funds that can be used to pay for post-secondary education = - Professional School- College or University
- Degree or Certificate **
What is Financial Aid?FREE MONEY:Scholarships (Merit or skill-based)
- GPA- CLASS RANK- ACT / SAT SCORE- SPECIAL SKILLS / ACTIVITIES- OTHER / HONORS / NEED
- THESE ARE DETERMINED BY THE SCHOOL
What is Financial Aid?FREE MONEY: Need-based awards from the Government
- PELL GRANT- SEOG / Supplemental Educational Opportunity Grant - OCOG / Ohio College Opportunity Grant
- THESE ARE DETERMINED BY YOUR FAFSA- Must have ‘need’ - Best to apply ‘early’**
What is Financial Aid?OTHER: Need-based awards from the Government
- FWS / Federal Work Study
- THIS IS DETERMINED BY YOUR FAFSA (if YOU select that you are interested)
- $3,000 annual maximum- Work on-campus or at an approved non-profit employer- FWS pays 75% of your hourly wage (employer pays 25%) - Can hold multiple jobs, but not supposed to work more than
25 hours / week total - On-campus hours work around your class schedule
What is Financial Aid?OTHER: Available $$$ from the Government
- Student Loans- THESE ARE DETERMINED
BY YOUR FAFSA- SUBSIDIZED- UNSUBSIDIZED- PERKINS *- In the student’s name = no co-signer
What is Financial Aid?OTHER: Available $$$ from the Government
- Parent Plus Loans- THESE ARE DETERMINED
BY YOUR FAFSA- In the parent’s name
- If low credit score / bad credit history, parent could be denied, but then the student’s UNSUB LOAN maximum would be increased by up to $4K / year
What is Financial Aid?OTHER: Available $$$ from other sources
- Third Party / Alternative Loans- THESE ARE NOT DETERMINED
BY YOUR FAFSA- In the student’s or parent’s name
- Alternative loans can be sourced when additional funds are needed to cover educational costs.
How to pay for school:- You pay (cash or 529 college savings plan)- Scholarships
- FAFSA = Grants & Loans (student and/or parent)- Alternative Loans
- VA Benefits
- Employer Benefits
- Bank of Grandpa & Grandma
- Scholarships (academic, athletic, music, specialty)- Each college has different criteria & deadlines- check website or ask enrollment advisor.- ‘priority application’ deadline for academic
scholarships typically Dec. 1 (Nov. 1 at OSU)- audition / try-out schedules vary by school- Check with high school Guidance Office for
options / community scholarships
- Books to purchase or view @ library. National Scholarships are available:
- Scholarships at UC & UC Clermont1. Cincinnatus (all UC colleges) deadline Dec 1
2. Application available at www.ucclermont.edu Dec 15 – Feb 29 for over $200,000+
3. UCC MERIT Scholarships for all UC Clermont applicants. Confirm by Feb 29, 2016:
- $2,500 w/ GPA of 3.5 or higher and min. ACT of 22- $1,500 w/ GPA of 3-3.49 and min. ACT of 20- $1,000 w/ GPA of 2.5-2.99 and min. ACT of 18
- Financial Aid (FAFSA) = Free Application for Federal Student Aid
- Do this once / year when attending college- Do this during tax season (Jan – April)
- Can do this BEFORE taxes are completed to meet ‘priority deadline’ of February 15, but is best after taxes are submitted (or you will need to revisit and update your FAFSA once you & your parents* submit taxes)- www.fafsa.gov
(never go to www.fafsa.com)
DON’T PAY
ANYONE for ANY
of these
SERVICES or it is a
SCAM!
- College Goal Sunday / February 14 from 2–4 pm at UC Clermont and other locations in most Ohio counties- register at: www.ohiocollegegoalsunday.org
- UC Clermont offers weekly FAFSA sessions Fridays @ 11:30 am in Student Services 100
- SW Ohio Educational Opportunities Center by appointment = call: 513-732-8961
FAFSA Workshops:
Home About Us PIN Site StuAid.gov Help
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Get help paying for collegeSubmit a Free Application for Federal Student Aid (FAFSA)
New to the FAFSA? Returning User?
- Make a correction- Add a school- View your Student - Aid Report (SAR)
and more
IF YOU HAD A PIN IN THE PAST, IT HAS NOW BEEN REPLACED BY THE FSA ID
www.fafsa.gov
You don’t need a FSA ID to begin the FAFSA.
FSA ID
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FIRST SECTION: STUDENT DEMOGRAPHICS(NOTE: STUDENT SECTIONS FEATURE BLUE-COLORED TRIM)
SELECT COLLEGE CODE(S) = UC = 003125
SECOND SECTION: PARENT FINANCIALS (NOTE: PARENT SECTION FEATURES PURPLE-COLORED TRIM)
Parent can create FSA ID here to use ‘IRS Linking Tool’
THIRD SECTION: STUDENT FINANCIALS(NOTE: BLUE-COLORED TRIM WILL RETURN HERE)
Student can create FSA ID here to use ‘IRS Linking Tool’
FOURTH SECTION: E-SIGN and SUBMITAll can create FSA ID here before you ‘sign’
Home About Us
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FIRST SECTION: STUDENT DEMOGRAPHICS(NOTE: STUDENT SECTIONS FEATURE BLUE-COLORED TRIM)
SELECT COLLEGE CODE(S) = UC = 003125
SECOND SECTION: PARENT FINANCIALS (NOTE: PARENT SECTION FEATURES PURPLE-COLORED TRIM)
Parent can create FSA ID here to use ‘IRS Linking Tool’
THIRD SECTION: STUDENT FINANCIALS(NOTE: BLUE-COLORED TRIM WILL RETURN HERE)
Student can create FSA ID here to use ‘IRS Linking Tool’
FOURTH SECTION: E-SIGN and SUBMITAll can create FSA ID here before you ‘sign’
In both the SECOND SECTION: PARENT FINANCIALS & the THIRD SECTION: STUDENT FINANCIALS, you will be asked to reveal how much you currently have in the bank / checking & savings accounts + the current value of any stocks or secondary property (not the house where you live) + the worth of your private company (including facilities, vehicles, equipment) + worth of any private investment farm(s).
You will later select ‘YES = I state that my answers in the FAFSA are true and accurate, but the Government will not verify these numbers.
If parent / student share a joint account, it is more beneficial to list that amount in the PARENT FINANCIALS than in the STUDENT FINANCIALS.
Home About Us
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Your Gross Adjusted Income:
Tax Information
NEED HELP?
Help and Hints
1. Click on the text box. 2. Look in the ‘Help’ window for details
3. Enter data4. Click on ‘NEXT’
THIS BOX IS ESPECIALLY HELPFUL WHEN YOU NEED TO LOOK UP NUMBERS FROM YOUR TAX RETURN.Ex: IRS 1040 = ENTER AMOUNT IN BOX 37
_
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Use the NEXT and PREVIOUS buttons to move from page to page in the form. How Can I Get help?How many steps does it take …How long …Can I save …Signing the FAFSA
Your Tax Information
NEED HELP?
STUDEN
T
SAVE
IF YOU CAN’T FINISH YOUR FAFSA or GET STUCK …
USE THE ‘SAVE’ BUTTONLOCATED AT THE BOTTOM OF
MOST PAGES
PREVIOUS
FAFSA: Free Application for Federal Student Aid
FSA ID: Your FAFSA ‘log-in’ & ‘password’. One per person**
SAR: Student Aid Report = shows the result of your FAFSA
EFC: Expected Family Contribution = The total amount of money that the Government thinks you should be able to contribute toward your college bill each year (this does not mean you have to pay this amount, except in cases when a school’s cost is > than available aid or at some private schools)
COA: Cost Of Attendance = is the estimated cost of completing 1 year as a full-time student at a specific school including tuition, fees, books, housing, food, and incidentals. The Government sets this amount for each school.
FAFSA Definitions:
Dependent or Independent? the US Government thinks the student’s family should help pay for college, so all students are considered to be ‘dependent’
concerning Financial Aid until they turn 24 years old.
This means that the parent’s tax information (W2s and 1040 forms) plus other assets will be used on the student’s FAFSA to determine
what $ will be offered.
Parent are not ‘co-signing’ and don’t have to actually pay any $.
‘Independent’ exceptions < age 24: if student is married; has children; is military; estranged from parents; in foster care on or after age 13; has been placed in care of non-parent by court order; or is homeless.
Financial Aid:
Estranged = parents are deceased; parents are incarcerated; or parents whereabouts are unknown.
Fafsa.govGet your SAR. 3-5 days after completing the FAFSA.Look for your EFC (will range from 0 – 99,999) If EFC = 0 – 5,198 The Government thinks you have ‘need’ and will give you a PELL GRANT = FREE $$$
If EFC = 0, you’ll get the MAXIMUM PELL GRANT of $5,775.00
IF EFC = is 100-5,198, you’ll still get a PELL GRANT, but it will be lower than the MAXIMUM shown above. The higher the EFC, the lower the PELL GRANT. You will also be offered LOANS.
If EFC is above 5,200, you will only be offered LOANS.
Fafsa.govSTUDENT LOAN MAXIMUMS / YEAR
Whether you get a grant or not, EVERYONE will be offered Student Loans.- Not connected to credit rating- These loans are in the ‘student’s
name’ and the parents are not co-signing!
DEP LOANS IND
$5.5K Freshman $9.5K
$6.5K Sophomore $10.5K
$7.5K Junior $12.5K
$7.5K Senior $12.5K
These are annual maximums.You can choose to take none, part or all.You can change your mind ‘after the fact’ to return or get more…
LOAN OPTIONS1. Perkins Loan (need-based) 5% rate over 10 yr max** interest charge
and payback starts 9 mos after leaving school
2. SUBsidized Loan 4.29% rate over 10 yr max** interest charges and payback starts 6 mos after leaving school
3. UNSUBsidized Loan 4.29% rate starts immediately / payback starts 6 mos after leaving school over 10 yr
max**
4. Parent Plus Loan 6.84% rate & payback starts 60 days after school begins / payback over 10 year
max***
5. Private Loan Determined by lender / not part of FAFSA
** after exiting school*** payments due after 60 days unless deferred
FAFSA LOANS:
- 1.051 origination fee
- 4.272 origination fee
- 0 origination fee
- 1.051 origination fee
Perkins funding will likely not exist in future years
Fafsa.govC.O.A. = Cost of Attendance / DEP example
Typical public university in OHTuition & Fees $11,000Housing & Food $10,496Books $ 2,100Transportation $ 1,242Incidentals $ 4,166
TOTAL estimated cost $29,004PELL Grant - $5,775SUB LOAN - $3,500UNSUB LOAN - $2,000------------------- --------------- SUB TOTAL (of available funds) $11,275 = $29,004 C.O.A.PARENT PLUS LOAN OFFERED: $17,729
PARENT
PLUS LOAN
will be
OFFERED to
‘make up the
difference’.
AvailableFunds
What is it going to COST?SCHOOL TUITION HOUSING + FOOD TOTAL
UC 11,000 10,750 – 12,160 21,750+UC Clermont 5,316 N/A 5,316
OSU 10,037 11,666 21,703
BGSU 10,590+ 8,496 – 10,424 19,086+
EKU 17,640 8,360 26,000
XAVIER 35,080+ 4,280-9,000 + 4,840-5,080 44,200+
HARVARD 45,278 15,381 60,659
PURDUE 28,804 10,030 38,834
M.I.T. 43,720 13,224 56,944
NKU 13,200 metro 7,901 13,279
The C.O.A. will be higher than these numbers by $2-10K
Dependent freshman with EFC = 0$ 5,775 Pell Grant$ 3,500 SUB Loan$ 2,000 UNSUB Loan$11,275 TOTAL $
available
Scholarships + other Grants = may be offeredParent Plus Loans would also be offered
Example 1: Public School
Dependent freshman with EFC = 0$ 5,775 Pell Grant$ 3,500 SUB Loan$ 2,000 UNSUB Loan$11,275 TOTAL available
Xavier $44,200 / year + books (includes basic dorm + food opt.)
- 10,000 academic scholarship (possible funding) - 10,000 athletic scholarship (possible funding) - 11,275 financial aid (shown above) ---------------
$ 12,925 balance due (Parent Plus Loan would be offered)
Example 2: Private School
Don’t exclude a
school because of
cost … they may
offer alternative
ways to ‘pay’ or
reduce your cost.
Dependent freshman with EFC = 20,000 – 99,999 Government thinks this family doesn’t have ‘need’, so no PELL GRANT or SUB LOAN will be offered.
$ 5,500 UNSUB Loan$ 5,500 TOTAL available
Scholarships = may be offeredParent Plus Loans would also be offered
Example 3: Any school
Many private
schools will
require the
parent to ‘pay’
the EFC
Dependent freshman with EFC = 20,000 Government thinks this family doesn’t have ‘need’, so no PELL GRANT or SUB LOAN will be offered. Vanderbilt $63,500 / year + books (includes dorm + food) - 20,000 EFC / you must pay it
- 5,500 student loan (UNSUB) ____________
Balance $38,000
- 38,000 tuition grant or merit scholarship (school funded)
________ Balance Due 0
Example 3: Some private schools
In some cases,
the private
school will
‘make up the
difference’. No
Parent Plus
Loan offered.
.
FINAL STEPS
APPLY + TRANSCRIPTS = GET ACCEPTED (IF NOT ALREADY DONE)
RETURN ‘CONFIRMATION’ TO DESIRED SCHOOL (BEST B4 APRIL – TYPICALLY CAN’T SELECT ROOMATE UNTIL BOTH / ALL ARE CONFIRMED) RECEIVE FINANCIAL AID ‘AWARD PACKAGE’ FROM SCHOOL (MARCH – JUNE)
ACCEPT DESIRED STUDENT &/OR PARENT PLUS LOANS at your school- Then go to: www.studentloans.gov- complete LEC = Loan Entrance Counseling- complete MPN = Master Promissory Note
- These also required if taking out a PARENT PLUS LOAN
REVIEW PLACEMENT TEST REQUIRMENTS
ATTEND ORIENTATION / REGISTER FOR CLASSES- COULD INCLUDE HOUSING & FOOD SERVICE SIGN-UP
REVIEW YOUR BILL WEEKS BEFORE THE TERM BEGINS
