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Navigating
James HammarAssistant Director of Financial AidUniversity of St. Thomas
Financial Aid
The best thing students can do…
Outside scholarships
Free Application for Federal Student Aid
Special Circumstances
Agenda
Apply Outside Aid FAFSA
One less thing to worry about
Gives the student more time to focus on searching for scholarships and preparing for the FAFSA
Gives schools the information they need to start the financial aid process and keep students informed
The best thing you can do…
Apply early.
Most scholarships for high school seniors will have deadlines in Jan. – April
Start locally, think globally
Students should never pay for scholarships or services that “guarantee” they will find the student scholarships
Set realistic goals and stick to them
Outside Scholarships
Outside Aid
Universal application
97% of students file online
Students must re-apply each year
Determines Expected Family Contribution (EFC)
Regardless of EFC, all students are awarded financial aid
Free Application for Federal Student Aid
FAFSA
The 2014-2015 FAFSA will be available online at www.fafsa.gov after Jan. 1, 2014
Prepare taxes early and file electronically if possible
The student and one parent need a PIN to sign FAFSA electronically
Talk with schools about priority filing date and school code
FAFSA
FAFSA Continued…
PIN Sitewww.pin.ed.go
v
Fill Out Your FAFSA
Look up federal school
codes
Print a Paper FAFSA
fafsa.gov
Taxpayers may choose to transfer their IRS data directly to the FAFSA.
Tax data should be available within 10 days after taxes are filed electronically with the IRS.
For best results :1. File taxes early
and electronically2. Wait two weeks3. File FAFSA using
IRS data transfer
If you file with estimated data you should update FAFSA using IRS transfer when possible.
Reporting Assets on FAFSA
Protected Assets• Your home• Retirement Accounts
Unprotected Assets
•Investment real estate
•Trust funds
•Money market funds
•Mutual funds
•Certificates of deposit
•Stocks and bonds
•529 College savings plans
•Business value (if you employ 100+ people)
Only “unprotected” assets must be reported on the FAFSA
List your name and SSN on the FAFSA exactly how it appears on your social security card.
Don’t leave any fields blank. If entry is zero or none, enter 0.
Enter all school code(s).
Both student and one parent must sign a dependent student’s FAFSA.
Avoid Errors
Other FAFSA Tips
Types of Financial Aid
Financial Aid
Scholarships (merit-based)
Grants (need-based)
Work-study (must be earned)
Student loans (must be repaid)
Education Tax Credits
How is financial need determined?
Cost of Attendance(Variable)
EFC(Constant)
Financial Need
School 3
School 2
School 1
$0 $10,000 $20,000 $30,000 $40,000 $50,000
EFC
EFC
EFC
Net Price Calculators Estimates your EFC
based on a few questions
Estimates aid from the school and government sources
Compares cost and aid to provide “net price” or true cost to student/family
Useful planning tool but the estimate is only as good as data provided
Born before January 1, 1991
Married
Already completed a BA
Active-duty military
U.S. veteran
Has dependents for whom they provide most of the financial support
Orphan or ward of the court
What makes students independent?
Are you or were you in legal guardianship as determined by a court in your state of legal residence?
At any time on or after July 1, 2013, did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless?
At any time on or after July 1, 2013, did the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless?
At any time on or after July 1, 2013, did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?
Additional Dependency Questions
Student must determine which biological parent will be listed on their FAFSA. As of the date of application, the student should ask themselves: Which parent have they lived with more during the
last 12 months? If neither then… Which parent provided most of their financial support
during the past 12 months. If neither then… Which parent provided more financial support during
the most recent year they actually received support?
If the biological parent listed on the FAFSA is remarried, their spouses information is required on the student’s FAFSA as well.
When parents are divorced
Students should always try to meet each schools priority filing date. This is the only time it is advised they estimate. It is more important that high-need students meet priority
filing dates Estimating will increase student’s chances of being selected
for verification, slowing the whole process down An award based on estimated information is really just an
estimate. It is subject to change when actual data is available Parents may not be able to use the IRS Data Retrieval Tool if:
They owe taxes They file as head of household or married filing separately They amended their taxes They filed for an extension to file taxes
Should I estimate?
Special CircumstancesIf you have a special circumstances, you should:
1. File the FAFSA using previous tax year data
2. Contact each school to talk about their process
3. Collect necessary documentation and provide copies to each Financial Aid Office.
4. The federal government allows schools to adjust FAFSA results for:
Changes in household size (divorce, death, etc.) Medical expenses not paid or reimbursed by insurance Private education expenses (K-12) Reductions in income or unemployment of a parent
City of Minneapolis Scholarship
One full-tuition, renewable scholarship will be awarded to a graduate of Washburn High School
Awarded to the applicant who demonstrates the most financial need according to the FAFSA.
Application Deadline: March 3, 2014
Must be a resident of Minneapolis
Other Questions?