Presented By:

1. Presented By: Financial Aid & Navigating the Application Process

2. What we will Cover Tonight . . . • What is Financial Aid • Who is eligible • How to apply • What are you applying for • How is eligibility determined • What to expect in the process

3. What is Financial Aid? Financial Assistance to help families pay for the cost of attending college when the cost exceeds their ability to do so. It is awarded as: • “Gift Aid”(free monies) -- Scholarships -- Grants • “Self Help” -- Student Loans (to be repaid) -- Student Employment (to be earned)

4. Who is Eligible? All U.S. citizens or non-citizens with permanent resident status applying for federal student aid for the first time qualify for some forms of financial assistance. (18 - 26 year old males required to register for selective service must do so in order to receive federal student aid.) Undocumented WA residents can apply for the Washington State assistance using the WASFA (Washington Application for State Financial Aid).

5. How Do I Apply? • Apply for admission to the schools you are interested in attending (Fall of your senior year in high school) • Create your electronic signature (FSA ID) https://studentaid.ed.gov/sa/fafsa/filling-out/fsaid • Complete the Free Application for Federal Student Aid (FAFSA) (www.fafsa.gov). Application can be submitted beginning Oct. 1, 2017. Apply as early as you can after Oct. 1, especially if you are a College Bound Scholarship eligible student ORif you are an undocumented WA resident, complete the WASFA (Washington Application for State Financial Aid). (www.readysetgrad.org) • Complete any supplemental applications required by individual schools.

6. Your on-line FAFSA should look like this . . . And NOT these $79.99 .com sites! .gov

7. What am I applying for? Federal Aid Federal Pell Grant (up to $5,920 in 2017-18) Federal Supplement Educational Opportunity Grant (FSEOG - $100 to $4,000 depending of school’s availability of funds) • Federal Direct Student Loans (not available at all schools) • Up to $5,500 per year for freshmen • Up to $6,500 per year for sophomores • Up to $7,500 per year for juniors and seniors • FederalNursing Loan • Up to $3,300 per year for sophomores • Up to $5,200 per year for juniors and seniors Federal Work Study (working a part-time job and getting a pay check to help pay for educational expenses)

8. What am I applying for? – State Aid • Washington State Need Grant & College Bound Scholarships (available only in WA, but not available at all for-profit career schools). • Up to $11,904 at four year private schools if College Bound eligible; full tuition + $500 for books at WA four year public schools. • Up to $4,300 at community colleges if College Bound eligible • Can be eligible for Need Grant without being eligible for College Bound, but must be eligible for Need grant to be eligible for College Bound • Washington State Work Study program (in WA only - working a job and getting a pay check to help pay for educational expenses) • Washington State Tuition &Fee Waivers (limited to specific students attending WA public schools only)

9. What am I applying for? – School Aid • College funded scholarships and Grants. Can be based on meritand talent as well as calculated financial need. Criteria and award amounts will vary, depending on the school. Funding will be found primarily at not-for-profit private colleges and universities to help offset their higher tuition costs. Other aid options are also available through the Veteran’s Administration, Private scholarship organizations, such as employers, foundations and civic groups, and private loans from commercial lenders. These usually do not require you to file a FAFSA.

10. How is “Financial Need” Determined?“Financial Need” is the difference between the cost of the school and the amount the family is expected to contribute toward that cost (EFC) according to the FAFSA information and a federal formula. Cost of Attendance (COA) - Expected Family Contribution (EFC) = Financial Need

11. Cost of Attendance (COA)Includes: Tuition and fees (direct costs) Room and meals (direct costs if living on campus) Books and supplies (indirect costs) Transportation (indirect costs) Personal and miscellaneous (indirect costs) Sometimes referred to as the “Financial Aid Budget”. Amounts set by each school = maximum financial aid award. (may also include day care costs, uniforms and computer at school’s discretion/policy)

12. Cost of Attendance will Vary by School . . . *Includes cost of BA programs at some community colleges.

13. But Expected Family Contribution (EFC) remains the same SAMPLE

14. How is the EFC Calculated?Federal Methodology Need Analysis Formula looks at: • Student’s dependency status • 2016 Income (taxed and some untaxed incomes) for parents (if student is dependent) and student • Household size • Number of family members attending college (excludes parents, running start students) • Value of assets (Excludes home, retirement accounts, insurance policies - 529 accounts are parents assets) • Age of older parent (as parents get older, less assets used in formula).

15. Who is an Independent Student? • Student is 24 years old by Dec 31, 2018 • Married at time of FAFSA filing • Providing 50%+ of support to dependent child(ren) • Is serving on active duty or is a veteran of the U.S. Armed Forces • Is enrolled in graduate school • Both parents deceased • McKinney-Vento documented homeless, or unaccompanied or emancipated minor • Foster youth, or court appointed legal guardian • If independent, parents’ information is not used.

16. So who’s the Parent? • Legal or biological parent • If parents divorced and not living together, the parent the student lives with the most over the last 12 months; • If equal, then the parent providing the most support over the past 12 months; • Always includes step-parent if parent remarries and student lives with parent and step-parent; • Includes both parents if they are living together (regardless of marital status or gender); • Exclude grandparent or other relatives supporting the student (unless student legally adopted)

17. Submit Your FAFSA • You can list up to ten schools to receive your FAFSA information. • Parents also need to “sign” with their own FSA ID and password if they also provided their information. (“Wet” signature can be mailed in, but considerably slower) • Your FAFSA has not been submitted until you see a Confirmation Page at the end. You will be provided with your EFC on the Confirmation Page. • Find the “FAFSA Overview” at https://www.youtube.com/watch?v=c-23SMf5DyQ

18. So What happens next? • After your school receives your FAFSA (and in most cases, after you are admitted), you will receive an offer of financial aid from each school, outlining what aid programs and dollar amounts they are making available to you. You need to: • Decide on the school you will attend, accept (or decline) their award and complete the processes to finalize your aid. (May include a tuition deposit) • Notify the other schools of your decision • May 1st is National Candidate Reply date

19. Sample Financial Aid Award Letter University’s direct costs Total Cost of Attendance (COA) Total of Scholarships & Grants Net Cost after gift aid Total Loans Offered Out-of-pocket costs after loans Other Possible Resources

20. When can we expect to see this happen? Assuming you’ve been admitted and filed the FAFSA, generally aid offers are sent beginning: Late fall or early winter, mostly from private colleges and universities Mid to late winter, mostly from four year public colleges and universities Early to mid spring and into the summer, mostly from community colleges

21. Things to Remember • 2018-19 FAFSA Only looks at 2016’s income, so must re-apply each year. • FAFSA Doesn’t consider unusual circumstances* or changes. You must contact the school. • Don’t assume you can’t afford a school – get your financial aid award offer before deciding. • Renewal requires the student to make Satisfactory Academic Progress. • Must re-apply with a new FAFSA each year. *loss of income in 2017, extraordinary expenses, etc.

22. FAFSA4caster If not yet a H.S. senior, get an estimate of what the FAFSA might generate as your Expected Family Contribution (EFC) by completing the FAFSA4caster. Go to www.fafsa.gov and click on the link you see below: Thinking About College? Use FAFSA4caster to see how Federal student aid can help you pay For college!

23. Net Price Calculator All schools offering federal student aid MUST have a “Net Price Calculator” (NPC) on their website, which provides an ESTIMATE of their: Cost of Attendance - Dollar amount of scholarship and grants student could expect to receive = Net price The NPC’s “net price” should be reasonably close to what you see on the financial aid award letter from that school. Some schools will also provide an estimate of the student’s total financial aid award, including student loans and work study.

24. Finally . . . • Keep all your school options open until you have all the information to make an informed decision. • Don’t pay anyone or any website to do your scholarship search or help with the FAFSA. • About 33% of all FAFSA filers will be selected by the federal processer forVerification. Schools will be required to verify your FAFSA information. Tax returns will be required & can only be provided via: - IRS Data Retrieval Tool on the FAFSA website OR - IRS Tax Return Transcript • You will be notified on your Confirmation Page if you have been selected for verification.

25. Find scholarship matches on the Washington only website: www.thewashboard.org

26. Readysetgrad.org is a project of the Washington Student Achievement Council (WSAC) and funded through the Washington GEAR UP program. Get tips for preparing for college starting in the 6th grade. The Washington Application for State Financial Aid (WASFA) is also found on this site. www.readysetgrad.org Includes financial aid information, academic preparation, timelines, etc.

27. Got Questions? 1. Check out readysetgrad.org 2. Check out WFAA.org. Includes financial aid priority dates for WA colleges and universities, FAQ’s, and “How to” video clips. 3. Check out the financial aid website at the schools you are interested in attending. .edu 4. Finally, if all else fails or you have remaining questions, email or call the school’s financial aid office.