OHIO WESLEYAN UNIVERSITYHayes High SchoolDecember 12, 2013

Your best source for FREE financial aid

information and assistance

Assist students with the application process.

Determine eligibility for financial aid.

Provide a balance of free aid, employment

and student loans.

Notify students of their awards.

Develop a working relationship with students

and their families.

Contact Us for Help

The Financial Aid ProcessFirst Things First:Apply for admission

Leave No Stone Unturned:Research and apply for private scholarships

You Can’t Win If you Don’t Play:File the FAFSA and the CSS Financial Aid/PROFILE

Anticipate Great Things:Receive Merit Scholarship Letters

Weigh Your Options: Review your comprehensive Financial Aid Award Notices

Make Your Decision:Submit your Enrollment Deposit to finalize your awards

Finish the Race Early:Complete any required financial aid forms over the summer

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Most colleges use the Free Application for Federal

Student Aid (FAFSA) as an application for most

financial aid programs.

The FASFA can be completed after January 1st

each year.

To receive full consideration for all institutional

and federal financial aid programs at most colleges,

the FAFSA should be submitted in February and

March each year.

Many colleges also require an institutional aid

application or the CSS/Financial Aid PROFILE.

Applying For Other Aid Resources

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FAFSA on the Webfafsa.ed.gov

Built-in edits to prevent costly errors

Skip logic allows student and/or parent to skip unnecessary questions

Option to use Internal Revenue Service (IRS) data retrieval

More detailed instructions and “help” for common questions

Ability to check application status on-line

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CSS/Financial Aid PROFILEprofileonline.collegeboard.com

Colleges use the PROFILE todetermine eligibility forinstitutional aid.

The PROFILE asks forinformation not requested

on the FAFSA.

There is a cost for completing

the PROFILE.

The PROFILE can be completed

starting October 1st each year.

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Why Complete the FAFSA?(You Can’t Win If You Don’t Play)

• Many colleges require it for any non-merit aid consideration and some require it for all financial aid.

• You will need to complete it for any Federal Direct Student Loans and the Federal Direct PLUS Loan.

• It may help if you have more than one student in college.

• It may help if you’re divorced.

• It may help if your financial situation changes. LK

Frequent FAFSA Errors

• Social Security Numbers

• Divorced/remarried parental information

• Income earned by stepparents

• Untaxed income

• U.S. income taxes paid

• Household size

• Number of household members in college

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Tips for Completing the FAFSAApply Early: Estimate your 2013 income (use your 2012 taxes or

2013 W2’s).

Complete All Items: Indicate (0) zero for items that do not pertain to you.

Divorced Parents: Use parent with whom the student lived most in during the

previous year. If remarried, household income includes the step parent.• Claimed on taxes, does not matter• Do not include ex-spouses income

Untaxed Income: For Pre-taxed 401K and IRA withholdings, report only the

amount saved in 2013.

Investment Income: Report current value minus debt only.

Sign the FAFSA Electronically: Use your federal PIN.

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Register for a PIN pin.ed.gov

Sign FAFSA electronically

Sign student loan promissory

notes electronically

Have your PIN automatically

created or chose your own.

Each student has a PIN and

one parent has a PIN.LK

FAFSA on the Web WorksheetUseful guide to help prepare and then complete the FAFSA

Available to download at http://www.fafsa.ed.gov/fotw1314/pdf/fafsaws13c.pdf

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Federal Methodology is the formula created by Congress to determine the Expected Family Contribution (EFC). This measurement of the family’s financial strength is comprised from many components including number of family members in household and college, age of oldest parent, and income and assets. Colleges use the EFC and other factors to determine need for aid. Determination of Need:

Cost of Attendance (COA)

– Expected Family Contribution (EFC)

= Financial Need

How Eligibility for Financial Aid is Determined

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Special Circumstances

Please note that consumer related expenses do not apply

Many times students and parents can appeal to have their EFC

decreased, COA increased, or for additional institutional aid if

they have valid, documented circumstances.

- Job loss or reduction in pay

- Excessive medical expenses paid

- One time rollover or capital gain

- Private elementary or high school costs paid

- Loss of income sources- Many others…

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TYPES OF FINANCIAL AID

Financial aid is offered in the form of

scholarships, grants, loans, and student

employment programs.

Scholarships & Grants are free dollars.

Student Loans have to be paid back either

during or after enrollment ends.

Student Employment programs allow students

to earn wages during college.LK

Rewarding academic and talent-based achievement with non-need-based scholarship programs.

Academic-based

Talent-based (i.e. music, theater, art)

Departmental Awards

Athletic

- Usually requires students to be admitted

- Merit scholarships vary per college

- Scholarships are usually renewable each year

- A competition may be required

Merit-based Scholarships

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GRANT PROGRAMS

Institutional Grants- Usually based on need but may be offered to lower

need students.- Priority FAFSA date is usually required.

State Financial Aid- Usually based on need and may require the FAFSA.

Federal Grants- Pell Grant- Supplemental Educational

Opportunity Grant (SEOG)

Private GrantsAK

STUDENT EMPLOYMENT

Federal Work-Study (FWS) provides part-time jobs for students demonstrating financial need. This program allows students to earn money to help pay education expenses. The FAFSA is required for this program.

Institutional Student Employment is usually available for students who do not qualify for the federal work study program. This program is usually earned and used in the same way as federal program.

Colleges must use portion of FWS funds for community service activities.

Students generally use money earned to help pay for their personal expenses.

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FEDERAL STUDENT LOANS

Federal student loans are low-interest aid programs for students and parents. The FAFSA is required for these loans.

Perkins Loans are need-based loans made through the financial aid office. Amounts generally range between $1,000 - $5,000.

Subsidized Stafford Loans are need-based loans. The annual amount for first-time freshmen is $3,500.

Unsubsidized Stafford Loans are non-need-based loans. The annual amount for first-time freshmen is $2,000.

PLUS loans are borrowed by parents of dependent undergraduate students. Complete the application MPN after June 1, 2014. AK

Private Grants and Scholarships are offered by various

organizations, businesses and foundations:- Students must apply separately for each

program- Students compete locally, regionally and

nationally- Apply, Apply, Apply!

Private student loans from commercial lenders:- Variable application process and procedures- Various criteria and requirements- Various terms and conditions- Usually requires a co-signer (e.g. parent)

Private Resources

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Other Ways to Pay for College

• Consider Tuition Payment Plans

• Invest in 529 College Saving Plans

• Utilize investment income and home equity

• Select your college dorm and meal plan carefully

• Budget your money and reduce your expenses

• Work and save your earning during the summer

• Buy used text books and books on line

• Ask family members for assistanceLK

Net Price Calculator

All Title IV institutions enrolling full-time, first-time degree or certificate seeking undergraduate students are required to have an NPC posted on their website.

Using both student-entered and institution-provided data, the NPC allows prospective students to calculate their estimated net price at an institution based on the following basic formula: Cost of attendance minus financial aid

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Net Price Calculator

Benefits:Designed to provide accurate and timely information about the net price of a college.

Can assist families in comparing colleges based on net price and financial aid.

Drawbacks:Inclusion of direct and indirect costs in “price of attendance” component can significantly inflate the price tag.

Institution’s flexibility to customize template could make college costs comparisons an extremely complex process.

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College Goal Sunday

February 9, 2014

Receive assistance with completing the2013-2014 FAFSA form from financial aidprofessionals.

Various locations throughout Ohio

Register on line:

www.oasfaa.org

www.ohiocollegegoalsunday.org

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A Few Hayes Announcements• OSU FAFSA Completion Nights

– Handouts available for days and times

• College Goal Sunday:– February 9th, 2014, 2:00 @ CSCC Delaware– Bring your FAFSA materials and receive help with completing

the FAFSA on the spot!– Registration is now open, grab a handout

• College App Fest Round 2: – January 15th, 2014, 1:00 to 4:00 in room 6007– Students can apply to college, work on Common App and

Naviance– Counselors will be on hand for help

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Questions?

Amy KapleAssociate Director of Admission & Financial Aidajkaple@owu.edu

Leann KendzerskiAssociate Director of Admission & Financial Aidlskendze@owu.edu