2011 High School Financial aid Night

1. 2011 High School Financial aid Night

2. Tammie Blaney, Presenter Education Specialist Department of Public Instruction Wisconsin Educational Opportunity Programs Green Bay

3. AGENDA • What is the goal of financial aid? • How is financial need determined? • What aid is available? • How do I apply?

4. Goal of Financial Aid • To assist students in paying for school. • To provide opportunity and access to higher education. • To help “bridge” the gap between what the family can pay and the cost of education.

5. What Are the Costs? Tuition and Fees + Room and Board + Transportation + Books & Supplies + Miscellaneous Living Expenses = Cost of Attendance (COA)

6. Expected Family Contribution (EFC) Determined by filing the FAFSA www.FAFSA.gov

7. Formula for the EFC • Income of both student and parents • Assets of both student and parents • Family size • Number in College • Age of the older parent

8. Financial Need Defined Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

9. Financial Need Varies by School Cost Cost of Attendance Source: College Board Trends in College Pricing 2008 - Average Estimated Undergraduate Budgets 2008-2009

10. What is Financial Aid? • Scholarships • Grants • Work Study Employment • Loans

11. Where does financial aid come from? • Federal-US Department of Education • State- the Higher Educational Aids Board (HEAB) manages state aid in Wisconsin. • Local-Colleges & Universities • Schools may offer their own scholarship, grant, work-study and loan programs, with each setting its own requirements.

12. Federal Grants • Federal Pell Grant • Federal Supplemental Educational Opportunity Grant (SEOG) • TEACH Grant

13. State Grants • Wisconsin Higher Education Grant (WHEG) • Wisconsin Tuition Grant (WTG) • Wisconsin Covenant www.wisconsincovenant@wi.gov • Hearing and Visually Handicapped Student Grant www.http://heab.wi.gov • Minnesota-Wisconsin Reciprocity Agreement www.http://heab.wi.gov • Talent Incentive Program (TIP) Grant www.dpi.wi.gov/weop/index.html

14. Fund for Wisconsin Scholars (FFWS) • The FFWS is a private charitable foundation that has been funded with a $175 million founding gift. It will provide grants to talented, lower-income graduates of Wisconsin public high schools attending a public college, university or technical school in Wisconsin. Recipients are selected randomly out of those students that meet basic eligibility criteria. For More Information: www.ffws.org Contact: Mary Gulbrandsen, Executive DirectorP.O. Box 5506Madison, WI 53705-0506 Ph: 608.238.2400mgulbrandsen@ffws.org

15. The Wisconsin Covenant • The goal of the Wisconsin Covenant is for 8th grade students to aspire to and prepare for higher education. • Every Wisconsin student should know that if they are willing to work hard in high school, stay out of trouble and contribute to their community, college IS possible For more information: www.wisconsincovenant.wi.gov

16. 2010-11Academic Year The Confirmation Process Students must verify that they met the pledge requirements to be recognized as a Wisconsin Covenant Scholar and to receive the Wisconsin Covenant Scholars Grant

17. A complete confirmation checklist: • Student and/or family mails into Wisconsin Covenant Office: • Confirmation form, signed by: • Student • Parent • Primary Contact • A record of service form • Two letters of recommendation, if necessary

18. Important dates to remember for seniors to be confirmed:

19. ESTIMATED Covenant Funding based on Full-Time Enrollment (12 credits or more per term)

20. Employment and Scholarships • Federal Work-Study • Institutional Work Programs • Off Campus employment • Scholarships

21. Federal Student Loans Every family should file a FAFSA. Regardless of income, every student qualifies for a Direct Student Loan, if they meet the basic eligibility requirements. Benefits of a federal student loan: • You don’t have to repay until you leave school • Lower interest rates than private loans or credit cards • Credit record is not needed • Co-signer is not required

22. 2010-2011 Loan Comparison Chart 22

23. Other Financing Options • School Payment Plans (spread over several months) • Home Equity Loans (longer repayment, tax deductible) • Life Insurance Policy Loans • Retirement Plan Loans • 529 Plan withdrawals

24. Government Resources • Corporation for National and Community Service • Hope and Lifetime Learning Credit • The American Opportunity Credit • Veteran’s benefits and tuition waivers • Bureau of Indian Affairs (BIA) Grants • State Divisions of Vocational Rehabilitation (DVR)

25. Other Sources of Funds • Parental Affiliations • Employers & Labor Unions • Religious and Community Organizations • Clubs and Civic groups • Civic organization scholarships • High School • Local Public Library • Private business scholarships • Internet

26. FREE RESOURCES • http://www.fastweb.com • http://www.finaid.org/scholarships/other.phtml • http://www.brokescholar.com • http://www.collegeboard.com • www.KnowHow2GO.org • www.heab.wi.gov • www.dpi.wi.gov • www.wasfaa.net • www.wicollegegoalsunday.org • http://www.sudents.gov • http://mappingyourfuture.org • http://www.americorps.gov • CollegeAccessAdvising@glhec.org (email address)

27. Proceed with Caution! • Complete the FAFSA online if possible • Never pay a fee to file the FAFSA • When filing a FAFSA, make sure you go directly to: www.fafsa.gov (not www.fafsa.com) • Contact the financial aid office if you need help in completing the FAFSA • Never pay for financial aid assistance!

28. Don’t Get Scammed on Your Way to College Be aware of tactics used to convince students to buy services: • “If you use our services, you’re guaranteed to get at least $2000 in student aid for college, or we’ll give you your money back.” • “Applying for aid is complicated. We’re the only ones who can help you through the process and find all the aid for which you’re eligible.” • “I’d like to offer you a scholarship (or grant). All I need is your bank account information so the money can be deposited and a processing fee charged.” Questions about a legitimate organization: Call 1-866-653-4261 (Federal Trade Commission) Call 1-800-647-8733 (US Department of Education Office of Inspector General) Or call your College Financial Aid office

29. WANT A PAPER FORM? Call 1-800-433-3243 Download online at: www.fafsa.gov • FAFSA on the Web Worksheet (FOTW) • Paper FAFSA

30. Get Help College Goal Wisconsin • Free program to help families complete the FAFSA • February 19-20, 2011 • Scholarship drawing at each site • 30 sites throughout Wisconsin • Sponsored by WASFAA, along with several other partners For location information: visit www.wicollegegoalsunday.org or call 1-866-578-4625

31. College Goal WisconsinSaturday Sites February 19, 2011 JanesvilleHedberg Public Library316 S Main Street MadisonEdgewood College1000 Edgewood College Avenue(Use Main Entrance) MilwaukeeCuster High School5075 N Sherman Blvd (Park on south side of school. Use Sherman Blvd entrance) WaukeshaUW Waukesha1500 N University DriveCommons Building AppletonFox Valley Technical College1825 N Bluemound(Entrance 1, Room A105) KenoshaGateway Technical College3520 30th AvenueThe Center for Bioscience MadisonMadison Area Technical College3550 Anderson Street(Use Redsten Gym Entrance) OshkoshUW Oshkosh800 Algoma Blvd WausauNorthcentral Technical College1000 Campus Drive(Main Entrance Rooms, E101 and E102) BeloitBeloit Memorial High School1225 4th Street KeshenaCollege of Menominee NationN172 State Hwy 47/55 MarinetteUW Marinette750 W Bay Shore Street(Enter Main Building) PlattevillePlatteville High School710 E Madison StreetCommons AreaWisconsin RapidsMid State Technical College500 32nd Street, Building A ElkhornGateway Technical College400 County Road HAtrium – 200 Building Lac du FlambeauLake of the TorchesHwy 47 N, Convention Center(Questions, contact the Education Dept.) MilwaukeeAlverno College3400 S 43rd Street(Free parking in ramp. Enter rotunda.) Rice LakeUW Barron County1800 College DriveRitzinger Hall

32. College Goal WisconsinSunday Sites February 20, 2011 Eau ClaireChippewa Valley Technical College620 W Clairemont AvenueBusiness Education Center(Entrance by Parking Lot P1 at the front of the building or P9 on the west side) DeForest (Madison Area)DeForest High School815 Jefferson Street RacineGateway Technical College1001 S Main StreetRacine Conference Center(Parking in Lake Level Parking Lots. Lake Side Entrance.) Fond du LacMarian University45 S National AvenueStayer CenterCorner of 4th and National KenoshaUW Parkside900 Wood RoadStudent Center RhinelanderRhinelander High School665 Coolidge Avenue(Entrance 1) Green BayEast High School1415 E Walnut Street(Use Front Entrance off of Walnut Street) MilwaukeeRiverside High School1615 E Locust Street(Main Entrance off of Locust) SheboyganUW SheboyganOne University Drive (Use West Entrance) LaCrosseUW LaCrosse1705 State StreetWing Technology Center MilwaukeePulaski High School2500 W Oklahoma Avenue(Use Main Entrance at 25th & Oklahoma) SuperiorSuperior High School2600 Catlin AvenueLibrary Computer Lab

33. Frequent FAFSA Errors • Check if the college has a financial aid priority date • Wrong Social Security Number • Divorced/remarried parent information • Incorrect reporting of U.S. income taxes paid • Household size • Number in postsecondary education • Not using name listed on Social Security card • Wrong state of residence; info will not go to HEAB • NOT APPLYING AT ALL

34. ITEMS YOU NEED TO COMPLETE THE FAFSA • 2010 Federal Income Tax, if you need to file-parent and student if student is dependent • W-2 wage statements • Amount of non-taxable income such as child support received or paid • Asset information • Parent(s) and student’s social security numbers • Parent(s) date of birth

35. Dependency Status • I was born before 1/1/88 • I am married • I will be working on a master’s or doctorate program in the fall of 2011 • I am serving on active duty in the U.S. Armed forces • I am a veteran of the U.S. Armed Forces • I have children and I provide more than half of their support • I have dependents (other than children or my spouse who live with me and I provide more than half of their support) • Since I turned age 13, both of my parents were deceased • I was in foster care since turning age 13 • I was a dependent or ward of the court since age 13 • I am currently or I was an emancipated minor • I am currently or I was in legal guardianship • I am homeless or I am at risk of being homeless (Parents refusal to provide support or financial data is insufficient to make a student independent regardless of tax filing status)

36. Who is a Parent? • Two biological parents married to each other • Divorced or separated parents • Stepparent • Widowed parent • Legal adoptive parent Do not provide income information on: • Legal guardians • Grandparents • Other relatives the student might live with • Foster parents

37. www.fafsa.gov Get Started

38. Which School Year? 2011-12

39. New or Renewal FAFSA

40. Password to return to FAFSA

41. Student Information

42. High School Information

43. Adding College Codes

44. College Codes Selected

45. Do you need to file an income tax return?

46. IRS Option

47. Non taxable income

48. Asset Questions

49. ASSETS ARE NOT: • Net worth of the home you are living • Qualified pension/retirement programs/annuities • Life insurance policies • Value of car, stereo, boat, etc. • Family farm net worth • Business net worth if there are less than 100 employees • Non educational IRAs • Keough Plans

50. ASSETS ARE: • Trust funds • Certificate of deposits • Mutual funds, stocks, and bonds • 529 College Plans • Rental property • Second home/cottage • Land not associated with farming • Coverdell Saving Account • UGMA/UTMA Accounts