WI High School Counselor Financial Aid Workshop

1. WI High School Counselor Financial Aid Workshop 2019

2. Workshop Sponsors

3. Welcome! Today’s Facilitators Financial Aid: HEAB: DPI/WEOP:

4. Today’s Topics

5. FAFSA.ed.gov

6. How to Create an FSA ID • Step 1: When logging into fafsa.gov, nslds.ed.gov, studentloans.gov or studentaid.gov, you may click the link to create an FSA ID. • Step 2: Create a username and password, and enter an email address. Do NOT use a high school email or email that you may lose access to. • Step 3: Enter name, DOB, SSN, contact, and challenge questions. • Step 4: If you still have an FSA PIN, you can link it to your new FSA ID, or, make a new one if you don’t have the PIN • Step 5: Review your information, read and accept the terms and conditions. • Step 6: Confirm your email using the secure code sent to it. When you verify your email address, you can use it instead of your username to log in. NOTE: You may sign the FAFSA right away, but to use the other sites, allow 1 – 3 days for the SSA to verify your SSN.

7. General Financial Aid Timeline

8. The Value of the FAFSA Case Study #1

9. Meet Sasha Sasha says her parents don’t want her to complete the FAFSA because they know they won’t be offered any financial aid and she’s already applying for and receiving lots of scholarships.

10. Why Submit a FAFSA? • Scholarship applications may require that information. • FAFSA used for more than just federal aid: • The State of Wisconsin uses it for grant eligibility determination. • Each institution may utilize it for additional grant and scholarship eligibility. • Won’t know what eligible for until submitted – gives you a baseline to plan for future years. • Insurance policy if you need financial aid in future years – must reapply each year.

11. Hot Topic: What Parent to Use on the FAFSA

13. Unmarried Parents Who Live Together If the student’s parents are living together and are not married (or are divorced or are separated and living together), The student should answer the questions about both of them.

14. Verification Case Study #2

15. Meet Suzie Suzie submitted her FAFSA in October. When she received her SAR, Suzie noticed that her FAFSA was selected for verification. She was informed that she would be contacted by the college as to what needed to be submitted.

16. Suzie’s SAR • Suzanne Smith • 742 Evergreen Terrace • Springfield, OH 55555 • Dear Suzanne Smith, • Your Student Aid Report (SAR) summarizes the information you submitted on your 2015-16 Free Application for Federal Student Aid (FAFSA). • Application Status (review the checked boxes) • Your FAFSA appears to be complete. Review the data on pages 3 – 10 of your SAR and make corrections or updates if necessary. The school(s) listed on your FAFSA will receive your information. • Your FAFSA has been selected for verification. Verification is a process where your school confirms the data you reported on your FAFSA. Your school has the authority to contact you for documentation that supports income and other information that you reported on your FAFSA.

17. IRS Data Retrieval2018 Tax Data • Retrieve tax data directly from the IRS if eligible to use it • Cannot be used if: • Did not file 2018 taxes • Married but filed separately • Married after 12/31/2018 • Filed Amended Return • Filed an extension and have not filed for 2018 • Filed Puerto Rican or Foreign Tax Returns • If IRS Data Retrieval tool is not used the school may request “2018 Tax Return Transcript” or “Signed 2018 1040 Tax Form”

18. Tax Return Transcript • Request directly from the IRS website, www.irs.gov • Via online or mail option • By phone 1-800-908-9946 • Complete and submit IRS form 4506T. • Effective July 2019, the IRS will only mail tax transcript requests to the address on record, NOT to third parties such as the school. Schools CAN accept copies of the 1040 signed by either the filer or the paid preparer.

19. Award Determination Case Study #3

20. Meet Roberto Roberto, one of your senior honor students, comes to your office wanting to discuss his financial aid award. He knows that his friend Peter has the same family income as he does. Roberto filed the FAFSA and has an EFC of $8,903. Peter’s EFC is unknown. Roberto is planning to attend UW Oshkosh, while Peter is planning to attend Lawrence University. Roberto has been offered $5,500 in student loans. All Roberto knows is that Peter has been offered grants from Lawrence. What kinds of suggestions and/or comments do you have for Roberto?

21. Remember!There are several factors that go into determining a student’s financial aid award.

22. School Choice • Compare cost of attendance at different schools • Research – is there a difference in available institutional grant/scholarships between those schools?

23. EFC Calculation: • Established by Congress • Uses both parent AND student info (for DEP students) • Has standard income and asset protection allowances • **Adjustments to EFC may be made by the FinAid Office due to Verification and/or Special Circumstances that limit ability to pay.** # in family Assets Taxes Paid # in college Income FAFSA Expected Family Contribution (EFC)

24. Net Price Calculators • Federally mandated • Based on income information and, sometimes, academic information • Will provide at least the following information: • Estimated total cost of attendance • Total estimated merit- and need-based grant aid • Estimated net price (price of attendance minus gift aid)

25. Net Price Calculator Examples • University of Wisconsin – Madison • http://finaid.wisc.edu/award-estimator.php • Viterbo University • http://www.viterbo.edu/admcost.aspx • Waukesha County Technical College • http://www.wctc.edu/become-a-student/how-to-pay/calculator/npcalc.htm **Find ANY calculator for ANY college/university** • collegecost.ed.gov/netpricecenter.aspx

26. How Need Impacts Awards Case Study # 4

27. Meet EmilyFull Need Student Emily is applying to college, but is worried about affordability. She has completed a FAFSA and her Expected Family Contribution (EFC) is 0. Emily might think that this means her family won’t be expected to contribute towards her college costs, but she needs to understand that college still may not be free. Even with grants and scholarships, she may still have a “gap” that will need to be covered by loans or paid out-of-pocket. Here are some things Emily will need to know:

28. What is the Cost of Attendance? Tuition and fees + Room and board + Transportation + Books and supplies + Miscellaneous living expenses =Cost of Attendance (COA)

29. Emily’s COA at: College 1 College 2

30. What are the Direct Costs? • Costs for which the student will receive a BILL: • Tuition and fees • Room & board, if living on campus College 1 College 2 Indirect costs: Estimated so that the student can plan but are not billed and can vary depending on class enrollment (books/supplies) or the students’ spending habits (cell phone plan, etc).

31. “Free Money” vs. Loans Gift Aid - FREE • Grants • Federal – Pell Grant, Supplemental Educational Opportunity Grant (SEOG) • State – Wisconsin Grant • Scholarships – Institutional, Community, Business, Organizational • Work Study/Other Employment • Loans • Subsidized/unsubsidized Federal Direct Loans • Parent Loan for Undergraduate Students (PLUS) • Private/alternative loans Self-Help Aid

32. Emily’s Financial Aid Offers College 1 College 2

33. Understanding Emily’s Offers • Federal work study does not disburse to a student’s account • Based on the offers, are her direct costs completely covered? • Will any of her indirect costs be covered as well? College 1 College 2

34. Meet Ben • Ben’s EFC is $6,100- too high to qualify for Pell Grant • He doesn’t qualify for the WI Grant at all colleges- depends on the college’s tuition cost . • Based on the offers, are his direct costs completely covered?

35. Ben’s COA at: College 1 College 2

36. Ben’s Financial Aid Offers College 1 College 2

37. Comparing Ben’s Offers • Federal work study does not disburse to a student’s account • Based on the offers, are his direct costs completely covered? College 1 College 2

38. How Can Students Cover the “Gap?” • Are there scholarships they haven’t yet applied for? • Is the parent willing to borrow a parent PLUS loan to help with costs? • Is there a payment plan available that works for the family? • How will “indirect costs” (other living expenses) be covered? • Is the student planning to work while attending school? • Have they contacted the university’s financial aid office to ask about other options?

39. Other “Gap” Resources • Government Related • AmeriCorps www.nationalservice.gov • Veteran’s benefits/tuition waivers • ROTC scholarships and/or stipends • Bureau of Indian Affairs Grants • Dept. of Vocational Rehab (DVR) • College Savings Plans • 529 Education Savings Plans (EdVest)www.edvest.com

40. HOT TOPIC Understanding Dependency Rules

41. Student Dependency Status

42. HEAB Resources Wisconsin Higher Educational Aids Board

43. Meet AllanHigh School Counselor Allan has received an e-mail from the Academic Excellence Scholarship (AES/TES) coordinator telling him that the AES and Technical Excellence Scholarship (TES) nomination form is now available. Allan has received the online instructions – what is his first step?

44. AES/TES Online Nomination Allan needs to have the following information of the recipient/s before completing the form: • Name of the scholar as they would like to have it appear on the certificate. • Home address, city, state, zip code and phone number. • Students’ e-mail address (not a high school e-mail address). • Cumulative GPA as shown on the official transcript. • Social security number is required. If the student does not wish to provide one, they cannot participate. • Anticipated school choice.

45. AES/TES Timeline JANUARY – HEAB emails nomination and online nomination form instructions. February 25 – deadline for the school board to designate the academic excellence and technical excellence scholar(s). These designations are final. March 1 – deadline for high school counselors to submit online nomination forms with the names of the recipients and alternates MARCH – AES/TES recipients are contacted via email by HEAB confirming if the student intends to accept the scholarship and to which participating school s/he plans to attend. Late April – May – HEAB sends AES/TES certificates to high schools for presentation to the scholars. Alternates do not receive certificates. HEAB begins the alternate selection process. Contact Cassie Weisensel, HEAB Grant Specialist, for any questions about AES/TES Email: cassie.weisensel@Wisconsin.gov

46. Meet Brock Brock is a lifelong Wisconsin resident attending a Minnesota institution which participates in the MN-WI Tuition Reciprocity Agreement. Brock was charged out of state tuition. Why was he charged as an out of state student?

47. MN-WI Tuition Reciprocity • Students have to apply to receive the benefit • Schools may indicate the possibility of this benefit in a financial aid package, but no benefit will be allowed unless the student applies for and is approved by HEAB. • Step for Brock: • Apply for the benefit: heab.wi.gov/reciprocity

48. Non-citizens Case Study #5

49. Meet Julia Julia comes to you because although she is extremely bright with high test scores, she’s the child of immigrant parents who will be unable to assist with her college costs. You know she is not a U.S. Citizen.

50. Who’s Eligible for Aid? • U.S. Citizens • Eligible non-citizens: • U.S. Nationals • U.S. Permanent residents (green card – that are actually blue) • Have a I-94 showing refugee, asylum granted, Cuban-Haitian entrant (status pending), or parolee • Student (or parent) holds a T-visa (victim of human trafficking) • Battered immigrant-qualified alien • Citizens of Micronesia, Republic of Marshall Islands, or the Republic of Palau