financial aid for college - gibsonburg high …...financial aid to do: complete the admissions...
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FINANCIAL AID FOR COLLEGE
Presented by Elizabeth LeMaster
Student Financial Aid and Scholarships
Bowling Green State University
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AgendaFree Application for Federal Student Aid (FAFSA)
Federal loan/grant programs
Campus Based Aid
Additional loan sources
Scholarship search
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Where do I start?Different schools require different applications, check with the
Financial Aid Office and Admissions Office at each school.
Some standard applications are:
1. Admission Application
2. Free Application for Federal Student Aid (FAFSA)
3. Other Institutional Application forms (if required)
4. Applications for scholarships
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Free Application for Federal Student Aid (FAFSA)
FAFSA is a FREE federal form
FAFSA.gov
Available October 1st
Apply early to meet priority deadlines
2019-20 FAFSA will use 2017 Federal tax information
Each student will file their ownapplication.
File a new application every year
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To complete the FAFSA…Student and one parent will need to create their own FSA ID to electronically sign the FAFSA
Apply online at www.fsaid.ed.gov
Used to sign the FAFSA and Federal Loan Master Promissory note electronically and as the log in for any Department of Education websiteStudent and Parent will need separate FSA IDs One FSA ID per e-mail address per SSNYou cannot make an FSA ID for someone else
2017 Federal Income taxesCurrent household information and asset values as of filing date
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FAFSA DeadlinesFAFSA can be filed at any time after October 1st , however, there are funding limitations on some aid programs.
Be aware of priority deadlines. These may vary from institution to institution.
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Sections to the FAFSA
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Sections to the FAFSA
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Sections to the FAFSA
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Sections to the FAFSA
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Independent vs. Dependent Students Born before 1/1/1996
Married
Working on a Master’s or Doctorate
program
Serving active duty in US Armed Forces
(not for training)
Veteran of US Armed Forces
Provides over 50% support for child
Provides over 50% for other dependent
that lives with student
At age 13 or older, both parents were
deceased, were in foster care, or
dependent/ward of court
Emancipated minor as determined by
court (not same as emancipated minor in
divorce decree)
In legal guardianship as determined by
court
On or after 7/1/2018, determined to be an
unaccompanied youth who was homeless
or at risk of being homeless
If you can answer YES to at least one dependency question, you can be considered as an
Independent student.
If you answered NO to all the dependency questions, you are considered to be a Dependent
student and must provide parental information.
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Sections to the FAFSA
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“Parent” definitions
Student’s legal parents
Different sex and live in same house = both income info
Same sex and live in same house = both income info
Separated/Divorced
Parent student lived with most in last 12 months (if student lived equally with both, report info for parent who provided more financial support)
Include step-parent info if parent is remarried as of day FAFSA is completed and lives in the same house
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“Parent” definitions
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Sections to the FAFSA
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Sections to the FAFSA
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Using IRS Data Retrieval
Data transferred will not be visible to the parent orstudent
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Sections to the FAFSAFAFSA is electronicallysigned by both the studentand the parent using theirFSA ID
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NEW for 2019-20 – myFAFSA Mobile App
19
Download from the App Store on iPhone or Android
Available October 1
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After the FAFSA is submittedThe student receives notification from FAFSA and is issued a summary of the FAFSA called a Student Aid Report (SAR)
The Student Aid Report includes the calculated Expected Family Contribution (EFC)
Student will receive an Award Letter
Compare offers:
Amount of aid vs. cost of attendance
Gift money vs. borrowed money
Types of loans
CollegeBoard Net Price Calculator Worksheet
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Expected Family Contribution EFC is an index number used to determine “financial need” of the student
The EFC estimates a families ability to pay for college as determined by a formula created by Congress called the Federal Methodology
Assumes that the primary responsibility for paying for college falls to the student and parents
Factors include:
Family Income (including taxed and untaxed income)
Family Size
Number of students in college in family
Etc.
The lower your EFC, the more likely you are to qualify for need-based aid programs at any school
The EFC is not a specific amount the family is expected to pay at any one specific college
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What is Verification?Random selection by the Federal Department of Education
Department of Education is requesting the school to “verify” the information listed on the FAFSA by collecting documentation
Schools may not award any aid until the verification process is completed
Documentation required may vary between schools
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HOW A FINANCIAL AID PACKAGE IS CREATED BASED ON YOUR EFC
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Understanding “Need”
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Definition of “Financial Need”
Cost of attendance (COA)
– Expected family contribution (EFC)
= Financial need
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Need Comparison
Higher Cost Mid Cost Lower CostInstitution Institution Institution
Cost of Attendance $30,000 $20,000 $13,000- EFC $10,000 $ 10,000 $10,000
=Need-based Eligibility $20,000 $ 10,000 $ 3,000
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Need vs. Non-Need Based Aid
Need-based aid:Some forms of aid are only available to students that have demonstrated financial need:
Pell Grant, FSEOG (very high need only)
Direct Subsidized Loans
Federal Work Study
Some scholarships
Non-Need Based Aid:Other forms of aid are not dependent on a student’s financial need:
Most Scholarships
Unsubsidized Student Loans
Parent PLUS loans, alternative/private loans
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STUDENT AID PROGRAMS:
Awards through the FAFSA
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Types of aid
Scholarships – Free money awarded based on the student’s achievements
Grants – Free money awarded based on need
Loans – Borrowed monies repaid typically after graduation
Work – Money earned through employment
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Federal Direct LoansFederal Direct Student Loans
Direct Subsidized Loan – No interest accrues on this need-based loan during undergraduate study.
Direct Unsubsidized Loan – Interest accrues on this non need-based loan while in school.
Interest rates are currently fixed at 5% for the 2018-19 academic year
Will change July 1st, based on Treasury Bill
Repayment occurs 6 months after the student:Graduates
Leaves school
Falls below ½ time enrollment
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Federal Direct Loans LimitsDependent, Undergraduate Students
Class Year Base Amount
Additional
Unsubsidized
Amount
Total Available
to Borrow
Freshman $3,500 $2,000 $5,500
Sophomore $4,500 $2,000 $6,500
Junior $5,500 $2,000 $7,500
Senior $5,500 $2,000 $7,500
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Grant ProgramsFederal Pell Grant - 2018-19 academic year
Need based
Award amount: up to $6,095
EFC: 0 – 5486
Ohio College Opportunity Grant - 2018-19 academic yearNeed based
$1,500 for students at most public university main campuses
Funding not available for students at community colleges & regional campuses
EFC: 0 - 2190
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TEACH Grant
Up to $4,000 per year
(current amount is $3,736 for the 2018-19 academic year)
For students who agree to teach in a high-need
field at a school that serves low-income families
Must teach at least 4 years within 8 years of
graduation, otherwise it converts into a Direct
Unsubsidized Loan
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Campus-Based Aid
To be considered for these awards students must file FAFSA by priority deadline and amounts may vary between institutions.
Supplemental Educational Opportunity Grant (SEOG)
Awarded to Pell eligible students with a very low EFC
Award ranges between $100-$4000
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Campus-Based Aid, continuedFederal Work-Study (FWS)
Earnings are not automatically applied to your college bill
FWS funds will be provided to the student in the form of a paycheck for actual hours worked
When the student applies for financial aid for the next academic year, questions on the FAFSA will exclude Work-Study income so those earnings will not have a negative effect on the EFC
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What if I’m not awarded enough money from FAFSA?
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You have choices!Federal Parent Loan for Undergraduate Students (PLUS)
Parent loan program for parents of dependent undergraduate students
Loan in parent’s name
Credit check is required
Repayment begins while student is in school, but parent can defer payment as long as student continues to be enrolled at least half-time
Interest rate: 7.5% fixed for the 2018-19 academic year
Will change July 1st, based on Treasury Bill
If denied, student would be eligible for a $4,000 additional Unsubsidized Loan
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Alternative/Private Loans
Credit based loan offered through private lenders
Student is borrower – will need a creditworthy
co-signer
Terms and conditions will vary based on
creditworthiness
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Searching for Scholarships
Search locally:
High School Guidance Counselors
Places of Worship
Fraternal Organizations
Chamber of Commerce
Free, national searches:
www.fastweb.com
www.finaid.com
www.careerinfonet.org/scholarshipsearch
At every college you want to attend, check with:
Financial Aid Office
Admissions Office
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Timing - start early and search often year round!
Complete each application carefully—check for specific criteria
Be aware of deadlines (postmarked, received by)
Submit all application requirements by deadline
Maintain a scholarship search folder
If an essay is required or even optional, do it!
Apply even if you think it’s a long-shot; who knows, you might be the only applicant!
Spend the time, not money. If it sounds too good to be true, it probably
is!
Applying for scholarships – general tips
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Financial Aid TO DO:Complete the Admissions processComplete 2019-20 FAFSA at www.fafsa.govSearch and apply for scholarshipsRespond promptly to requests from college officesReview all financial aid award letters from each school
Compare institutional costs to financial aid offered at each school Determine your true out-of-pocket costsCollege Board Net Price Calculator Worksheet
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CONTACT INFORMATION
Bowling Green State University
Student Financial Aid and Scholarships
419-372-2651
Elizabeth LeMaster
Email: [email protected]
Email AskSFA: https://sfa.bgsu.edu/asksfa
THANK YOU!