Navigating Financial Aid: A Comprehensive Guide

1. How to Navigate Financial Aid A compilation of all things Financial Aid!

2. What does Financial Aid mean exactly? • Money to help you pay educational costs such as: • Tuition • Fees • Books • Room and Board (usually refers to living on campus in a dorm with a meal plan)

3. What does Financial Aid consist of? • Federal Aid • State Aid • Institutional Aid • Private Scholarships Some aid is *Need-Based Some aid is *Merit-Based

4. Federal Financial Aid or“FAFSA” • No cost to apply • Family’s personal and financial information is collected • Information is used to make a measurement of the family’s ability to pay for college • EVERYONE should complete a FAFSA

6. Federal Aid programs through FAFSA • Federal Pell Grant • Federal Supplemental Educational Opportunity Grant (FSEOG) • Federal Work Study • Federal Subsidized Student Loan • Federal Unsubsidized Student Loan • Parent Loan for Undergraduate Students (PLUS)

7. Determining Financial Need • The FAFSA calculates your Expected Family Contribution (EFC). • Your EFC “is a measure of your family’s financial strength and is calculated according to a formula established by law,” according to fafsa.ed.gov.

8. This formula configures the following: • Taxed and untaxed income• Assets• Benefits, like unemployment and Social Security• Family size• Number of family members enrolled in college

9. EFC = 0? • What is a Good EFC Number? • Thelower your EFC score the greater your financial need. The lower your score the better your chances for financial aid which usually consists of grants and loans. • Even if you do have an EFC of 0, the financial aid package would likely contain loans, depending on which college chosen,etc.

10. Dependency Status? If any of the following criteria applies, the student is considered independent: 24 years or older Married Pursuing a Master’s or Doctorate Program Children and you provide ½ support In foster care or parents deceased since turning the age of 13 Emancipated minor Currently or was in legal guardianship Homeless or self supporting and at risk of being homeless Veteran or serving active duty in U.S. Armed Forces

11. Special Circumstances •Some examples of special circumstances are: •Parents are incarcerated •Student left home due to an abusive family environment •Unsure of parents whereabouts or no contact with parents •Circumstances must be well documented •Financial aid office determines dependency status

12. FAFSA.gov

13. FAFSA Process

16. IRS Data Retrieval Tool Function available inside the FAFSA. Allows student and parent to transfer tax information from IRS to FAFSA. Reduces errors. Reduces chance of being selected for verification. Reduces paperwork required by financial aid offices.

17. PELL Grant • Awarded to eligible undergraduates pursuing first baccalaureate degree • College determines actual award amount based on the Cost of Attendance, enrollment status and Expected Family Contribution • $5,920 maximum award this year

18. FSEOG (Federal Supplemental Educational Opportunity Grant) • Eligible Students • Undergraduate student who has not earned a bachelor’s or graduate degree • Awarded to students with significant financial need (lowest EFC) • Annual award amounts - $100 -$4,000/yr. • Not all colleges participate in the FSEOG Program • Funds depend on availability at the college; you should apply by your college’s deadline

19. Work Study • Work schedule developed around classes • The amount you earn can’t exceed your total Federal Work-Study award • Paid at least the federal minimum wage • If not eligible, student may apply for a job as an Institutional Student Worker on campus

20. LOANS Subsidized and Unsubsidized • 4.45% interest rate • Federal government pays interest while enrolled in school for Subsidized but NOT for unsubsidized • Payments begin six months after leaving school • These loans are in the student’s name • To receive either type of loan, you must be enrolled at least half-time at a school

21. PLUS Loans (Parent Loans for Undergraduate Students) • Parents can borrow for dependent children • Fixed interest rate of 6.84% • Repayment begins 60 days after the loan is fully disbursed • Parent must not have an adverse credit history • Loan amount cannot exceed cost of attendance minus other aid received by the student • If a parent is denied a PLUS loan, the student may qualify for an additional unsubsidized student loan

22. STATE Financial Aid

23. OTAG Oklahoma Tuition Aid Grant • FAFSA serves as the OTAG application • Maximum award is $1,000 per year for public institutions, $1,300 per year for private institutions • Must apply very early. Before December 1st recommended. • Expected Family Contribution must be close to 0000 to receive this.

24. Oklahoma’s Promise • 2018 – 2019 • Family income below $55,000 • Pays for career tech classes that qualify for financial aid • Must meet college GPA & completion requirements • Apply in 8th, 9th, 10th grades. • 2018 – 2019 Cont. • No longer pays for remedial courses • Yearly income checks begin; Family income must be less than $100,000 • Must submit FAFSA yearly while in college • 2021 – 2022 • Initial family income limit increases to $60,000

25. SCHOLARSHIPS

26. Institutional Scholarships • Valedictorian • Salutatorian • Academic Achievement • Leadership • Intended Major • Activities • Athletic Ability • ACT Score & GPA • Foundation Scholarship deadlines usually fall between December 1 and May 1. Check with the college for exact dates.

27. Institutional Tuition Waivers College Awarded Tuition Waiver Scholarships • Each institution has tuition waivers available for students based on financial need, scholastic aptitude and achievement, academic discipline or field of study, student activity participation and academic level. Check with the college for the deadline and application process.

28. OTEGOklahoma Tuition Equalization Grant For Private Schools • Oklahoma Tuition Equalization Grant - $2,000 per year. Students’ whose family income is $50,000 or less are eligible to apply. Students have to file a FAFSA. This grant comes directly from the financial aid office at the institution.

29. Search for national, local, and private scholarships anywhere you can! • Free Scholarship Searches • Okcollegestart.org has an amazing scholarship search engine. • http://www.fastweb.com • http://www.goodcall.com/scholarships • http://www.occf.org/scholarships • http://www.Ucango2.org AVOID SCHOLARSHIP SEARCHES WHERE YOU MUST PAY A FEE!

30. Other Helpful Hints • Purchase books online to save money • Do not hesitate to contact the financial aid office with questions • Be positive yet pushy in your approach in getting financial aid

31. FAFSA Student Scenarios

32. “I am a student and my parents are divorced. Do both of my parents need to complete a FAFSA?” Answer: If your parents are divorced or separated and don’t live together, answer the questions about the parent with whom you lived more during the past 12 months. If you lived the same amount of time with each divorced or separated parent, give answers about the parent who provided more financial support during the past 12 months or during the most recent 12 months that you actually received support from a parent.

33. “I am the grandmother and legal guardian of a student. Can I fill out the FAFSA in place of the parent?” Answer: No. This student is considered independent due to the courts placing the student in a legal guardianship. Independent students are not required to provide parental information on the FAFSA. Also, only legal parents should report parental information on the FAFSA.

34. “I am a student with U.S. citizenship, but my parents are undocumented. Am I eligible for federal student aid? If so, the FAFSA requires parent information, so what should I do?” Answer: Yes, you are eligible for federal student aid as a U.S. citizen. Your parents can fill out the FAFSA using 000-00-0000 in place of a SSN and provide the requested financial information regardless of whether they have filed taxes with the IRS. If your parent does not complete the FAFSA, then you are only eligible for unsubsidized loans from FSA.

35. “I do not meet the independent student criteria but I have no contact with my parents and left home years ago due to an abusive family environment. How do I complete the FAFSA?” Answer: This student can complete the FAFSA without parental information by selecting the option to indicate they are in a special circumstance. They must contact the financial aid office and submit supporting documents to explain their situation. The financial aid office has the final say in determining their dependency status.