financial aid 2012-13 - amazon web services · financial aid award example example only cost of...
TRANSCRIPT
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FINANCIAL AID BASICS2019-2020
Presented by: Kelly McGuire, Executive Director
of Financial Aid - Trine University
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ITEMS TO DISCUSS
• What is financial aid?
• Cost of Attendance
• How is financial need calculated?
• Sources of Financial Aid
• How to complete the FAFSA
• What happens next?
• Closing and Questions
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What is Financial Aid?
Financial aid is funds provided to students and their families to assist them in paying for postsecondary education expenses.
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What is Cost of Attendance (COA)?
Direct Costs Indirect Costs
Estimation of expected costs
Tuition and fees
Room and board
Books and supplies
Transportation
Miscellaneous
personal expenses
*Varies widely from college to college
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Measurement of student’s and
family’s ability to pay postsecondary
educational expenses
Student contribution
Parent contribution
(for dependent students)
What is Expected Family Contribution (EFC)?
*Stays the same regardless of college choice
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College A
COA $46,246
EFC - 12,250
Need = 33,996
COA - Variable
EFC - Constant
College B
COA $21,174
EFC - 12,250
Need = $8,924
Financial Need = COA-EFC
How is financial need determined?
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Types of Financial Aid
• Grants
• Scholarships
• Loans
• Employment
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SOURCES OF FINANCIAL AID
college(institutional aid)
outside/
private
sources
federal
government
state
government
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COMMON FEDERAL AID PROGRAMS
Grants
• Federal Pell Grant
• Teacher Education
Assistance for College and
Higher Education (TEACH
Grant)
• Federal Supplemental
Educational Opportunity
Grant
Self - Help
• Federal Work-Study
• Direct Stafford Student
Loans
• Parent PLUS Loans
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Maximum Award Amounts for 2018-19
THE BIG THREE
Up to $11,100
Up to $6,095
Up to $4,000
—State of Indiana Grant
Program (SFA)
— Federal Pell Grant
— Federal Supplemental
Education Opportunity
Grant (FSEOG)Total = $21,195
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A need-based employment program that provides on- and off-campus jobs to students.
FEDERAL WORK-STUDY
A completed FAFSA is required
It is a campus-based financial aid program; funds are limited and available only at participating postsecondary institutions
Priority deadlines may apply
Compensation is at least the current federal minimum wage
A student must earn these funds
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YOU MAY BE ELIGIBLE FOR AID, BUT...
• You must apply to find out!
• Everyone will be eligible for some type of financial aid.
• Every family should fill out a FAFSA even if they chose to decline some of the aid they receive
• Apply it is FREE!
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Note: Communicate with each college to inquire about steps to complete an application and their deadlines.
To be considered for student aid, a student must complete all forms required by a
college.
HOW TO APPLY
Free Application for Federal Student Aid
(FAFSA)
Institutional Forms
Other
as required
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FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)
• A standard form that collects family’s demographic and financial information used to calculate the student’s EFC (available in English and Spanish)
• How to apply:
• FAFSA on the web at https://fafsa.gov
• It’s FREE … Free Application for Federal Student Aid
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WHEN DO I NEED TO FILE THE FAFSA?
• For the 2019-20 academic year, the FAFSA may be
filed beginning October 1, 2018
• Needs to be completed on an annual basis
• State Aid Filing Deadline is April
15, 2019
• Colleges may set FAFSA filing deadlines that are
different than the State (Institutional Deadlines)
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oSocial Security Number. Be sure that it is correct!
oRecords of income, such as income earned from work and business, child support paid or received and any other untaxed income. If available, refer to the W-2 Forms and the Federal Income Tax Return IRS 1040, 1040A or 1040EZ.
o Information about assets, such as savings, certificates of deposit, stock options, bonds, 529 plans and other college savings programs; and investment real estate, business and farm.
oDriver’s license number, if the student has one.
oAlien Registration Number, if not a U.S. citizen.
What information is needed?
COMPLETING THE FAFSA
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FSA ID
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FSA ID
• User ID and Password format
• Student and parent both need own FSA ID
• Each individual must use unique email address
• Tip: Use a personal email address; not your school email
• https://fsaid.ed.gov/
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FSA ID
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FSA ID
• Sign and Submit initial FAFSA
• Make corrections to processed FAFSA
• Review previously received federal aid
• Sign federal student loan documents
• Parents: apply for federal loan
• Apply for income based repayment
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DEPENDENT VS. INDEPENDENT STUDENTS
• At least 24 years old
• Graduate or professional student;
• Married;
• Has children or dependents (in which the student provides over 50% of their support);
• Veteran of the U.S. Armed forces or currently serving on active duty
• At age 13 or older, both parents deceased, in foster care or a ward/dependent of the court;
• Emancipated minor (determined by court in state of legal residence)
• In legal guardianship (determined by a court in state of legal residence)
• Homeless
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FAFSA TIPS
• Dependent students are required to report parent information.
• “parent” means legal (biological, adoptive or court appointed)
parent
• If married or unmarried & living together, both parents are listed on the FAFSA
Who is considered
a parent?
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FAFSA TIPS
• If divorced or never married & not living together:
• Student Asks:
• Who did I live with more the last 12 months?
• Who provided more financial support the last 12 months?
• Answer determines which parent is listed.
• If that parent is remarried; must also provide stepparent information.
Who is considered
a parent?
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FAFSA TIPS
Not a factor in determining a parent:
Who claims student on taxes
Who makes more money
Never considered a parent (unless they have legally adopted student)
Grandparents
Foster Parents
Legal Guardians
Aunts/Uncles
Older siblings
Widowed Stepparent
Who is considered a
parent?
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IRS DATA RETRIEVAL TOOL
• 2017 tax data will be presented and the applicant will
have the option to “transfer” the tax information to
the FAFSA
• Transferred data will have a notation- “Transferred
from the IRS” but data will be masked
• Complete transfer for both student and parent
• **Do not update after completing 2018 return**
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27
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IRS DATA RETRIEVAL TOOL
Certain tax filers cannot use the
IRS Data Retrieval Tool
Did not indicate on FAFSA a tax return
was completed
Marriage date is
January 2017, or
later
First three digits of the
SSN are 666
Filed a non-U.S. tax return
Married and filed as
head of household,
or filed separate returns
Neither married parent
entered a valid SSN
Non-married
parent or both
married parents
entered all zeroes for the SSN
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SIGNATURES
• Required
• Student
• One parent (dependent students)
• Format
• Electronic using FSA ID (recommended)
• Signature page
• Paper FAFSA
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FREQUENT FAFSA ERRORS
• Parent and student social security numbers
• Missing signatures/FSA ID
• Divorce/remarried parent information
• Income earned by parents/stepparents
• Untaxed Income
• Household size & number in college
• Real estate and investment net worth
• Not using real name as it appears on SS Card
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SPECIAL CIRCUMSTANCES
• Cannot be reported on FAFSA
• Contact the Financial Aid Office at each school to explain
your specific situation
• College will review special circumstances
• May have a specific form
• May request additional documentation
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SPECIAL CIRCUMSTANCES
• Change in employment status
• Excessively high medical expenses not covered by insurance
• Change in parental marital status
• Expenses related to a students disability
• Death of a parent
• One time income exclusion
• Unusually high dependant child care costs associated with a
disability
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WHAT HAPPENS NEXT?
• I submitted my FAFSA on time. Now
what?…….
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FINANCIAL AID AWARD EXAMPLE
EXAMPLE ONLY
Cost of Attendance (COA) - Expected Family Contribution (EFC) = Need
$35,000 - $6,500 = $28,500
College Scholarship $16,000
State Grant $3,000
College Grant $4,000
Stafford Subsidized Loan $3,500
Stafford Unsubsidized Loan $2,000
Work Study $2,000
Total Aid $30,500
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Source
of
Loan
Repayment
Options
&
Grace
Period
Interest
Rate
When evaluating loan options, consider the following:
LOAN PROGRAMS
Start by knowing your rights and responsibilities.
Subsidized
vs.
Unsubsidized
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Federal Loan Programs, 2018-2019
U.S. DEPARTMENT OF EDUCATION
* *FAFSA and Program Application(s) are Required
Type GraceRate
Stafford* *(2018-2019)
Subsidized 5.05%
Fixed
6
Months
Unsubsidized 5.05%
Fixed
6
Months
PLUS/
Graduate PLUS
Credit-based 7.60%
Fixed
Within first
60 days
(can be deferred)
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• Financial Aid Programs
• 529 Savings & Prepaid Tuition
Programs
• Employer Tuition Benefits
• Tuition Payment Plans
• Savings Accounts
• Savings Bonds
Types of Programs
WAYS TO FINANCE COLLEGE
Know your options…
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THE FINANCIAL AID PROCESS IN
REVIEW
Complete
FAFSA
Receive and review the
Student Aid Report
Complete
verificationprocess (if
selected)
Receive and review
Award Letter
Respond
to college
Complete all
pending processes
RenewFAFSA after
Oct. 1st
every year
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QUESTIONS OR COMMENTS……..
THANK YOU!!Contact info:
260-665-4130