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FINANCIAL AID NIGHT

FINANCIAL AID NIGHT. 2014 – 2015. Applying for Aid is a Process. Finding out how much it “costs” to go to a certain college is a process , not an event. It will be toward the end of your senior year when you know exactly what it will “cost” you to attend a particular college(s).

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FINANCIAL AID NIGHT

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  1. FINANCIAL AID NIGHT 2014 – 2015

  2. Applying for Aid is a Process • Finding out how much it “costs” to go to a certain college is a process, not an event. • It will be toward the end of your senior year when you know exactly what it will “cost” you to attend a particular college(s).

  3. Senior Year College Process • Apply for admission and merit-based scholarships for all colleges you like • File the 2014-15 FAFSA by March 10 • Apply for private, outside scholarships • Financial Aid Notification Letters come from colleges, likely between March 15-April 15 • Compare your aid offers • Make final college decision by May 1 • Return all required forms to your chosen college

  4. Sources of Aid • Colleges • State of Indiana • Federal government • Schools, churches, clubs, businesses, foundations, parents’ employers, etc. Types of Aid • Scholarships - “gift-aid” based on student’s merit • Grants - “gift-aid” based on financial need • Student Loans-student repays after graduation • Work-study - campus job

  5. Financial Aid “Package” • Ultimately, you may have a financial aid “package” that is comprised of many different types of financial aid from several sources. • Tonight we’ll discuss how to apply for all types of aid from all sources.

  6. Applying for Admission is the key! Student must be accepted for admission by the college(s) before any formal offer of scholarship or financial aid is made.

  7. APPLY FOR MERIT-BASED SCHOLARSHIPS FROM COLLEGES • These may be based on academics, talents, athletics, or affiliations. • Follow the steps and deadlines dictated by each college. • Colleges decide criteria and amounts.

  8. APPLY FOR PRIVATE SCHOLARSHIPS • Good info from Guidance Office about these! • Private scholarships can be funded by community groups, churches, foundations, parents’ employers, business, etc. • Don’t pay a person or service to do this for you! • Popular online search tool is www.fastweb.com

  9. WHAT IS THE FAFSA? • The Free Application for Federal Student Aid (FAFSA) is a standard form that collects demographic and financial information about the student and family. • It is the primary application used by colleges to distribute federal, state and college financial aid in the form of grants, loans, and work-study -- NOT just for FEDERAL aid! • Some colleges may ask you for a supplemental financial aid application, in addition to the FAFSA.

  10. www.fafsa.gov • Beware of www.fafsa.COM --- They will charge a fee! Official FAFSA is free. • File the 2014-15 FAFSA -- NOT 2013-14 (it is for last year) • Filing by March 10 is a MUST for Indiana residents • You can direct your FAFSA to multiple colleges at once by listing their code.

  11. BEFORE YOU BEGIN: Parent and student PINs may be created at PIN site prior to starting the FAFSA - recommended

  12. PINs for FAFSA • Student AND one parent must each create a PIN at www.pin.ed.gov • PIN serves as a “signature” for the online FAFSA; may submit without, but FAFSA will not be fully processed until “signed” with PINs. • PIN will be needed to change/correct FAFSA; both PINs (student + parent) must be applied each time FAFSA is updated

  13. “Help” link opens a list of topics to help answer most FAQs. “Help” boxes also found throughout the FAFSA. We will cover major issues tonight!

  14. GET ORGANIZED BEFORE YOU START! • Make a “FAFSA folder” before you begin • Record Student and Parent PINs, passwords • Later add copies of submission confirmation page, etc., and note corrections you may later make to your original FAFSA

  15. FAFSA can be done in stages • Student can begin FAFSA and enter all demographic information; parents can complete their pages at another time • Each page is saved when completed • FAFSA can be reopened and continue to be completed prior to submission • FAFSA can be corrected after submission

  16. Begin here for initial FAFSA Access your FAFSA here after first time, whether submitted or just saved. Must know PIN.

  17. File the 2014-15 FAFSA

  18. Watch carefully if “Student“ or “Parent” info is needed on each screen.

  19. Help and Hints - lists question numbers and offers detailed explanation. • The system automatically saves the application at the end of each step. Most questions have detailed help as you go along. FAFSA will be saved after each click of “next”

  20. Must correct obvious errors before going to next page

  21. Dependency Status • Include parent information on the FAFSA, unless you can officially answer “yes” to one of the questions defining your Dependency Status

  22. PARENT INFORMATION • Who is considered a parent? • “Parent” refers to a biological or adoptive parent. Grandparents, foster parents, legal guardians, older siblings, and uncles or aunts are not considered parents on this form unless they legally adopted you. • In case of divorce or separation give information about the parent you live with the most. If your divorced or widowed parent has remarried, your FAFSA household is your custodial parent + stepparent and all who live there and receive support.

  23. PARENT INFORMATION cont.New Regulation Effective 2014-15 • In the case where legal parents (biological and/or adoptive) are not marriedto each other and live together, select “Unmarried and both parents living together” and provide information about both of them regardless of their gender. Do not include any person who is not married to your parent and who is not a legal or biological parent.

  24. Review to determine who should be counted in parents’ household and who should be counted as a college student

  25. PARENT INFORMATION • HOUSEHOLD SIZE: When answering “How many people are in your parents’ household?” -- count all siblings who are under 24 years if they live with your parents (or they areaway at college) and get at least ½ of their support from your parents. “Support” includes all costs of living in the world. Free shelter is automatically ½ of support. Also include other people if they live in your parents’ home and meet these criteria.

  26. Income/Financial Section of FAFSA • Best to complete 2013 taxes as soon as documents available. • Best to file taxes electronically. • Best to complete FAFSA after taxes are filed. • However, OK TO ESTIMATE tax information to meet the March 10 deadline.

  27. IRS Data Retrieval for Tax info • Beginning late February • Allows transfer of IRS data into FAFSA. • May use to initially provide tax info , OR…. • Update later as a “correction” if estimated tax info used when filing FAFSA initially • May be used for BOTH student AND parent tax information

  28. Indicate if taxes are “already completed” or “Will file” Try to use the IRS Data Retrieval Tool if conditions allow. Otherwise, put tax info in manually and correct later using IRS Data Retrieval.

  29. First screen in IRS Data Retrieval Tool will ask you to fill in filling status and address (must be exactly as shown on tax return. If a match is found, it displays the actual tax numbers.

  30. 1) Check here 2) Then here

  31. Successful IRS D/R will show messages on FAFSA Do NOT change any information that says “Transferred from the IRS”

  32. Student and one parent will “sign” with PIN. “Disagree” will be the default. Must change to “Agree” to continue.

  33. FAFSA is not officially submitted until you see Confirmation page Short-cut to second child’s FAFSA Initial EFC index displays here. Colleges will use to calculate aid.

  34. How much aid did I receive? • Aid notification does not come from the FAFSA processor. • Each college listed on your FAFSA will notify you about your financial aid in the spring, as long as you have been admitted • Aid types and amounts can be different from each college

  35. FAFSA can be sent to as many as 10 colleges; colleges will offer specific aid; not the FAFSA processor

  36. VERIFICATION OF FAFSA • Some FAFSAs are selected for review in a process called “verification.” • College must collect copies of certain documents before disbursing aid. Must follow college’s instructions to comply. • Using IRS Data Retrieval assists you in complying with requests for verification of your FAFSA. .

  37. SPECIAL CIRCUMSTANCES • There is no way to explain special things on the FAFSA. Unusual circumstances must be discussed with a financial aid officer at the college(s) the student is considering. • Examples include: • Recent job loss • Death of parent in prior or current year • Recent divorce or separation of parents • Large medical bills

  38. Direct Costs vs. Cost of Attendance Direct Costs “Cost of Attendance” This is a “budget” figure against which financial aid eligibility is calculated. Includes direct costs plus allowances for other educational expenses such as books, transportation and personal expenses. • These are costs that are billed by the university. • May include tuition, student fees, room, and meal plan. • Understand each colleges direct costs and how they may be paid.

  39. What is EFC? • EFC is an index number used by the federal and Indiana government, and colleges to calculate financial aid eligibility. • EFC is not a dollar amount that you owe. It is an index used to calculate and ration aid. • “Cost of Attendance” – EFC = NEED

  40. Cost ($) - EFC = “Need”

  41. Federal Pell Grant • Needy students may be offered a Federal Pell Grant – gift aid which is not repaid. • Amount is often same at different colleges, although prorated for part-time enrollment.

  42. State of Indiana Grants • FAFSA will load into State’s system – Division of Student Financial Aid for the Indiana Commission on Higher Education. • FAFSA must be received by March 10 ! No exceptions! • 21st Century Scholars is one of the state’s aid programs; also Frank O’Bannon Higher Education (public colleges) and Freedom of Choice Award (private colleges). • Amounts vary by college and diploma type.

  43. State of Indiana Grants, cont. • http://www.in.gov/sfa • Create an eStudent Account to view your state aid record • FAFSA errors (“edits”) must be corrected by May 15 or eligibility is forfeited

  44. Create an “eStudent” account to view your status for state grants

  45. Federal Direct Stafford Loan • Annual eligibility, up to maximum of $5,500 will be listed on colleges’ aid offers • All FAFSA filers are eligible for this loan • Loan in student’s name • Student repays loan after college

  46. Subsidized vs. Unsubsidized Loan Amounts • Subsidized portions do not accrue interest during college. Maximum subsidized is $3,500. • Unsubsidized portions accrue interest during college. Current fixed rate is 3.86%. • Sub vs. Unsub amounts may vary by college

  47. How will you pay your balance? • Understand how much you will owe the college after all financial aid has been subtracted • Understand the ways you may elect to pay that balance: by the semester, monthly installments, Federal Parent PLUS Loan, additional private loan for student?

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