Finding Money for College

1. Finding Money for College Basics of Financial Aid and the FAFSA Office of Financial Aid University of Mary Washington

2. We will talk about: • What is financial aid? • Who can get federal student aid? • What is financial need? • Expected Family Contribution (EFC) • Cost of Attendance (COA) • Types and sources of financial aid • Free Application for Federal Student Aid (FAFSA) • Special circumstances

3. What is financial aid? • Money to pay for college or career school and may include - • Scholarships • Grants • Loans • Student Employment/Federal College Work Study

4. Who can get federal student aid? • U.S. citizen or permanent resident • High school graduate/GED holder • Eligible degree/certificate program • Valid Social Security number • Males registered for Selective Service • Satisfactory academic progress in college/career school

5. What is financial need? • Financial need is determined by Expected Family Contribution (EFC) and cost of attendance (COA) • EFC comes from what you report on FAFSA • COA is tuition, fees, room and board, transportation, etc. COA – EFC = financial need

6. What is the Expected Family Contribution (EFC)? • Federal Aid is based on the principle of parental responsibility • Amount family can reasonably be expected to contribute • Stays the same regardless of college • Two components • Parent contribution • Student contribution • Calculated using data from a federal application form and a federal formula

7. What is Cost of Attendance (COA)? • Direct costs • Indirect costs • Direct and indirect costs combined into cost of attendance • Varies widely from college to college

8. Cost of Attendance for 2013-14 (COA) • VIRGINA RESIDENTS ON CAMPUS LIVING WITH PARENTS OFF CAMPUS • Tuition $ 4,896 $ 4,896 $ 4,874 • Education and General Fees 1,862 1,862 1,862 • Auxiliary Fees 2,902 2,902 2,902 • Meal Plan (225 Block) 3,674 --- --- • Housing Allowance (Average) 5,768 --- --- • CHARGES BILLED TO STUDENTS: $ 19,102 $ 9,660 $ 9,660 • Books and Supplies 1,100 1,100 1,100 • Personal Expenses 1,500 1,500 1,500 • Transportation 1,208 1,208 1,208 • Housing & Food Allowance --- 3,432 9,432 • TOTAL COSTS $ 22,900 $ 16,900 $ 22,900 • NON-VIRGINIA RESIDENTS ON CAMPUS LIVING WITH PARENTS OFF CAMPUS • Tuition $ 17,766 $ 17,766 $ 17,766 • Education and General Fees 1,862 1,862 1,862 • Auxiliary Fees 2,902 2,902 2,902 • Meal Plan (225 Block) 3,674 --- --- • Housing Allowance (Average) 5,768 --- --- • CHARGES BILLED TO STUDENTS: $ 31,972 $ 22,530 $ 22,530 • Books and Supplies 1,100 1,100 1,100 • Personal Expenses 1,500 1,500 1,500 • Transportation 1,928 1,438 1,928 • Housing and Food Allowance --- 3,432 9,442 • TOTAL COSTS $ 36,500 $ 30,000 $ 36,500

9. How much federal student aid can I get? Maximum amounts for the major programs for a dependent freshman in 2014-15: • Federal Pell Grant: 2014-15 max award TBD [$5,645 in 2013-14] • Direct Subsidized and Unsubsidized Loans: $5,500 total based on number of credits earned • Student Employment and Federal Work-Study • Direct PLUS Loan (for parents): COA minus other aid received

10. FAFSA4caster For early estimate, use FAFSA4caster: • Go to www.fafsa4caster.ed.gov • Enter some financial information • Get an estimate

11. Scholarships • Money that does not have to be paid back • Awarded on the basis of merit, skill, or unique characteristics • Ask college financial aid offices for info about aid available at their schools – we will discuss later in this presentation • Free scholarship search at StudentAid.gov/scholarships • Research what scholarships may be available in your community • Companies may have scholarships available to the children of employees

12. Grants • Money thatdoes not have to be paid back • Awarded on the basis of financial need

13. Loans • Money students and/or parents borrow to help pay college expenses • Repayment usually begins after education is finished • Only borrow what is really needed • Look at loans as an investment in the future

14. Student Employment/ FCWS Allows student to earn money to help pay educational costs • A paycheck • Room waivers for RA/HRs • Highly competitive due to limited resources and positions

15. How do I apply for aid? • Federal, state, and institutional student aid: fill out Free Application for Federal Student Aid (FAFSASM) at www.fafsa.gov • Outside Scholarships: visit scholarship website or call contact number for information • Institutional Scholarships: submit the Scholarship Application Form before May 15th

16. How do I apply for federal student aid? • Get a PIN at www.pin.ed.gov. • Your parent might need a PIN too. • Choose your own PIN or let the site choose one for you. • Don’t tell anyone your PIN!

17. How do I apply for federal student aid? • Gather the documents you need to apply. • Find checklist at StudentAid.gov/resources#fafsa-documents • Optional: Use FAFSA on the Web Worksheet to prepare your answers. (Get the Worksheet at StudentAid.gov/resources#worksheet)

18. How do I apply for federal student aid? • Fill out your FAFSA at www.fafsa.gov. • Apply on or after January 1 but as early as possible to meet all deadlines. • March 1 deadline for priority filing at UMW • Need help? Use the help functions within the FAFSA (including live chat) or call 1-800-4-FED-AID. • Don’t forget: watch for the confirmation page that says your FAFSA has been submitted. THEN log out.

19. How do I apply for federal student aid? • Watch for response by e-mail or by mail. • Double-check that your info is correct by logging on at the FAFSA site and reviewing your data. • Correct any mistakes, both student and parent sign again using their PINs, and submit the corrected info.

20. How do I apply for federal student aid? • Watch for e-mails or letters from the schools you are considering. • Give the schools any additional paperwork they ask for. • Meet all deadlines or you could miss out on aid!

21. Good reasons to file electronically: • 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 timely submission of original application and any necessary corrections • More detailed instructions and “help” for common questions • Ability to check application status on-line • Simplified application process in the future FAFSA on the Web

22. Frequent FAFSA Errors • Social Security Numbers • Divorced/remarried parental information • Income earned by parents/stepparents • Untaxed income • U.S. income taxes paid • Household size • Number of household members in college • Real estate and investment net worth

23. What happens next? • Each school will tell you how much aid you can get at that school. • Once you decide which school to attend, keep in touch with the financial aid office to find out when and how you will get your aid.

24. Special Circumstance • Cannot report on FAFSA • Send written explanation to financial aid office at each college • See our website for information and form: http://adminfinance.umw.edu/financialaid/special-circumstance/ • Change in employment status • Medical expenses not covered by insurance • Change in parent marital status • Unusual dependent care expenses • Student cannot obtain parent information

25. Where can I get more info? • StudentAid.gov • Info about aid programs • Links to free scholarship and college searches • 1-800-4-FED-AID • Info about aid programs • Help with FAFSA

26. Questions?

27. Thanks for coming Contact information: Office of Financial Aid • Phone: (540) 654-2468 • E-mail: finaid@umw.edu • Fax: (540) 654-1858