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Welcome To

Welcome To. Office of Financial Assistance. How do I apply for a FAFSA?. Visit the website www.fafsa.ed.gov Not www.fafsa.com Not www.fafsa.org. How do I apply for a FAFSA?. Both the student and parent must apply for a PIN at www.pin.ed.gov Used to sign the FAFSA electronically

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Welcome To

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  1. Welcome To Office of Financial Assistance

  2. How do I apply for a FAFSA? • Visit the website www.fafsa.ed.gov Not www.fafsa.com Not www.fafsa.org

  3. How do I apply for a FAFSA? • Both the student and parent must apply for a PIN at www.pin.ed.gov • Used to sign the FAFSA electronically • Will be used by students and parents throughout the aid process, including subsequent school years • Neumann’s federal school code is 003988

  4. What does a FAFSA do? • Calculates a family’s EFC (Expected Family Contribution) • Determines eligibility for need-based aid COA (Cost of Attendance) – EFC = Need • First step to apply for funding through the Federal Direct Loan Program • Determines eligibility for certain grants and scholarships

  5. IRS Data Retrieval Tool (DRT) • Participation is voluntary • Reduces documents requested by financial aid office • Some will be unable to use IRS DRT • Filed an amended tax return • No SSN was entered • Student or parent married but file separately • Financial Aid Offices are unable to accept a copy of a tax return (few minor exceptions) • Tax transcripts from the IRS are required if tax information is requested for verification • You may request a copy of your tax transcript at www.irs.gov/transcript. Call the IRS at 1-800-829-1040 with any questions

  6. What is the process of verification? • All requested information must be submitted to the Office of Financial Assistance as soon as possible to ensure timely processing of your final award letter • The verification process is not complete until all information is received and reviewed. Please note that additional documentation may be requested at any time during the process • Please only submit the information that is requested

  7. Need-Based Aid Programs • Federal Pell Grant maximum EFC = 5157 (maximum award amount = proposed $5730 for 14-15) • Federal SEOG (Supplemental Educational Opportunity Grant) • State Grant • Federal Work Study • Neumann Grant-In-Aid

  8. State grant deadlines… • Know your state grant deadlines • Delaware – April 15th 1-800-292-7935 or DDOE (Delaware Department of Education) • Pennsylvania – May 1st 1-800-692-7392 or pheaa.org (Pennsylvania Higher Education Assistance Authority)

  9. What is a Federal Work Study Job? • Funds are earned by working in a campus department • Award is not deducted from your tuition bill • Students can work no more than 8-10 hours per week, depending on department needs • Students are paid bi-weekly • Original documents that may be submitted for application: • Driver’s License • Birth Certificate • Social Security Card • Photo Student ID Card

  10. What is a Direct Student Loan? • Federal Direct Student Loans (FDL) - guaranteed loans • 13-14 interest rate is 3.86% with a 1.072% origination fee, the rate for 14-15 will be determined in May 2014 per the loan certainty act guidelines and will not exceed 8.25% for undergraduate loans. • Subsidized loan is based on need (government pays the interest while student in school) • Unsubsidized loan is not based on need (option to pay interest while student in school) • Student is required to complete Entrance Counseling and a MPN (Master Promissory Note) at www.studentloans.gov

  11. StudentLoans.gov

  12. What is a Parent Plus Loan? • Parents may apply for a Plus Loan at www.studentloans.gov • 13-14 interest rate is 6.41% with a 4.288% origination fee, the rate for 14-15 will be determined in May 2014 per the loan certainty act guidelines. • Credit check is required. • If credit is denied, student is eligible for additional unsubsidized portion of Direct Loan. • Repayment starts 6 months after the first disbursement or parent may defer payments while student is in school up to six months after student leaves school.

  13. What is a Private Alternative Loan? • A Private Alternative loan is based on credit • Most need a credit-worthy co-signer, does not have to be the parent • Lenders are offering both fixed and variable interest rate loans without any fees • The better your credit the better your rate • Several lenders also give a discount on the interest rate*** for existing customers • It is in your best interest to research all your options to ensure you are getting the most competitive product to meet your educational expenses • Visit www.elmselect.comfor a commonly-used list of lenders ***Interest rates are subject to change at the discretion of the lender.

  14. Financial Assistance Home Page

  15. Net Price Calculator

  16. Office of Financial Assistance Main Office Number 610-558-5521 Fax Number 610-558-5652 Email finaid@neumann.edu

  17. SEE YOU IN AUGUST!!

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