Presentation Transcript

1. Financial Aid 101:What it is and How to Apply

   South Puget Sound Community College December 2009 Kerri Chaput, Director of Student Grants & Scholarships kchaput@spscc.ctc.edu 360-596-5234 Amy Ybarra, Program Specialist III aybarra@spscc.ctc.edu 360-596-5236 Cookie Greer, Program Coordinator cgreer@spscc.ctc.edu 360-596-5232
2. Financing Your Education What is financial aid? Where does it come from? What aid is available? Who is eligible? How do I apply?
3. What is Financial Aid? Scholarships Grants Loans Employment opportunities
4. Types of Need-Based Aid Gift aid: Grants & scholarships (need-based or merit-based) Self-help aid: Loans & employment (need- or non-need-based)
5. Goals of Financial Aid Primary goal is to assist students in paying for college & is achieved by: Evaluating family’s ability to pay for educational costs Distributing limited resources in an equitable manner Providing balance of gift aid & self-help aid
6. Definition of Financial Need Cost of attendance (COA) – Expected family contribution (EFC) = Financial need
7. What is the Expected Family Contribution (EFC) Reasonably be expected to contribute, but not what the family will pay to the college EFC the same regardless of what college the student attends Two components: Parent contribution Student contribution Calculated using data from a federal application form and a federal formula
8. Cost of Attendance Tuition & fees Room & board Books, supplies, transportation, & miscellaneous personal expenses, including documented costs for personal computer Loan fees Study abroad costs Dependent care expenses Disability-related expenses Cooperative education program costs
9. Need Varies Based on Cost
10. Federal Methodology Federal Methodology is the formula created by Congress to determine the expected family contribution (EFC). http://federalstudentaid.ed.gov
11. Types of Federal Aid Federal Pell Grant Federal Supplemental Educational Opportunity Grant (FSEOG) Federal Work Study (FWS) Academic Competitiveness Grant (ACG) National Science and Mathematics Access to Retain Talent Grant (SMART)
12. Types of Federal Aid continued… Federal Loan Programs Available under: Federal Family Education Loan (FFEL) Program with funds provided by lenders (e.g., banks or credit unions) Federal Direct Student Loan (Direct Loan) Program with funds provided directly by federal government via participating schools Federal Perkins Loans PLUS loans for Parents
13. Types of State Aid Grants such as the Washington State Need Grant (SNG), Educational Opportunity Grants (EOG),TRIO, and GEARUP Work programs including the State Work Study and Literacy Work Study programs Scholarships such as the Washington Academic Vocational Excellence Scholarship (WAVE), Nurses Conditional Scholarship, and many more which are student specific. For additional information on state aid programs visit www.hecb.wa.gov
14. Types of Institutional Aid Vary by college but generally include: Institutional Grant Programs funded by tuition dollars Tuition Waivers Work Study Programs Loan Programs Foundation Partnerships for Scholarship funding Targeted grant programs funded by students for students i.e. Daycare Grants
15. General Student Eligibility Criteria Must be enrolled or accepted for enrollment in an eligible program of study Must be pursuing an approved degree, certificate, or other recognized credential Must be U.S. citizen or eligible noncitizen Must be registered with Selective Service (if male & required) May not have eligibility suspended or terminated due to drug-related conviction if convicted while receiving aid
16. General Student Eligibility Criteria Must have valid Social Security Number May not be in default on federal student loan Must not owe overpayment of federal grant or loan Must be making satisfactory academic progress (as defined by school)
17. Application Process Submit Free Application for Federal Student Aid (FAFSA) prior to school’s deadline Most aid on “first-come, first-served” basis To ensure maximum consideration for federal, state, & institutional aid, check information from each school to determine: Required application materials Application deadlines Collects family’s personal & financial information used to calculate student’s EFC Must file FAFSA electronically via FAFSA on the Web Special circumstance filers may be required to submit paper applications but this is a very rare situation
18. Role of Financial Aid Office Determines aid eligibility using federal formula Packages aid depending on availability of funds Sends award notification including: Student’s Cost of Attendance (COA) Student’s Expected Family Contribution (EFC) Amount of student’s financial need Award amount for each program for which student is eligible Disbursement methods & time frames Terms & conditions of each award
19. FAFSA on the Web Web site: www.fafsa.gov 2010-11 FAFSA on the Web available on January 1, 2010 FAFSA on the Web Worksheet: Used as worksheet for on-line entry Questions follow order of FAFSA on the Web
20. PIN Site Web site: www.pin.ed.gov Sign FAFSA electronically Can request PIN before January 1, 2010 Not required, but speeds processing May be used by students and parents throughout aid process, including subsequent school years www.pin.ed.gov
21. IRS Data Retrieval While completing FOTW, applicant may submit real-time request to IRS for tax data IRS will authenticate taxpayer’s identity If match found, IRS sends real-time results to applicant in new window Applicant chooses whether or not to transfer data to FOTW
22. IRS Data Retrieval Available Summer 2010 for 2010-11 processing cycle Participation is voluntary Could reduce documents requested by financial aid office Not available to applicants with a recent change in marital status
23. FAFSA on the Web’s Homepage 2010-11 FAFSA on the Web Worksheet—4-page booklet containing: Instructions 37 questions in 4 sections
24. This is the new Login page for FOTW.
25. FAFSA Sections General Student Information Student’s Dependency Status Parent Information (dependent student only) Student Information Signatures Student One parent (dependent students)
26. FOTW Worksheet: Section 1 General student information: Name Social Security Number Citizenship Marital status Selective Service registrationstatus Parents’ educational background Drug conviction status
27. FOTW Worksheet: Section 2Student’s Dependency Status Student’s dependency status: If all “No” responses, student is dependent If “Yes” to any question, student is independent. Student should be prepared to provide supporting documentation to prove dependency if requested by the school the student is attending.
28. Questions will display one at a time based on previous answers. Once a question is answered as Yes, the remaining questions will not display.
29. Error messages are shown in a RED box at the top of the page and lists multiple errors at one time. The error graphic is also shown next to each question that will need to be answered or corrected.
30. The Special Circumstance page is shown to a dependent student. The content has not changed, however, the layout of the page is different.
31. FOTW Worksheet: Section 3Parent’s Data for dependent students Dislocated worker status Tax filing status Adjusted Gross Income (AGI) for 2009 Income earned from work for each parent Receipt of benefits from certain federal means-tested programs Additional financial information Untaxed income
32. FOTW Worksheet: Section 4Financial Data for Student Tax filing status Adjusted gross income (AGI) for 2009 Income earned from work Dislocated worker status Receipt of benefits from means-tested programs Additional financial information Untaxed income
33. Household Size & Number in College Household Size = Members of the household who receive more than 50% of their support from you (or your parents if you are a dependent student) Number in College = Members of the above household who are also enrolled at least half time in an eligible program of study (excluding parents)
34. FOTW Worksheet: College Information List up to 10 colleges to receive FAFSA data: Federal School Code for each college Housing plans for each college
35. College Codes
36. FOTW WorksheetSignature Block Required Student One parent (dependent students) Format Electronic using PIN Signature page
37. Signature Process
38. CAUTION! Avoid being charged a fee to file the Free Application for Federal Student Aid Processes of completing & processing FAFSA are FREE If filing via FAFSA on the Web, be sure to go directly to www.fafsa.gov Contact financial aid office for help completing FAFSA
39. FAFSA Processing Results Central Processing System (CPS) notifies student of FAFSA processing results by: SAR Information Acknowledgement if filed via FAFSA on the Web & student’s e-mail address was not provided E-mail notification containing direct link to student’s on-line SAR if student’s e-mail was provided on paper FAFSA or FAFSA on the Web Student with PIN can view on-line SAR at www.fafsa.gov
40. Student Aid Report Student should review SAR Check for accuracy Contact school if corrections are needed for additional instruction Update information when appropriate
41. FAFSA Processing Results FAFSA Results are sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted College reviews results May request additional documentation, such as copies of federal tax returns, institutional application (data sheet), birth certificate, social security card, selective service confirmation, etc
42. Where Do I Go From Here? Obtain and review admissions and financial aid materials from each school to which you are applying Meet all application deadlines Complete FAFSA Other application materials, such as College Scholarship Service’s PROFILE application, if required by school or state agency Investigate other sources of aid
43. Other Sources of Funds State grants, scholarships, loans, and work programs School need-based and non-need-based programs Academic, athletic, and other talent-based scholarships and grants Private business scholarships Civic organization scholarships
44. Avoid Being Scammed To check legitimacy of scholarship search services or individuals, for information about financial aid scams, and tips to avoid being scammed visit these Web sites: Better Business Bureau: http://www.bbb.com U.S. Department of Education: http://studentaid.ed.gov/students/publications/lsa/index.html Federal Trade Commission: www.ftc.gov/bcp/conline/publs/alerts/ouchart.htm
45. Scholarship Search Options Free Internet scholarship search engines: FinAid.org – http://www.finaid.org The College Board – http://www.collegeboard.com FastWeb.com – www.fastweb.com The Washington Scholarship Coalition www.TheWashBoard.org
46. Private Scholarship Search Local library resources Local businesses and civic organizations Parents’ employers
47. Kerri Chaput, Director of Student Grants & Scholarships kchaput@spscc.ctc.edu 360-596-5234 Amy Ybarra, Program Specialist III aybarra@spscc.ctc.edu 360-596-5236 Cookie Greer, Program Coordinator cgreer@spscc.ctc.edu 360-596-5232 South Puget Sound Community College