Navigating Financial Aid

1. Navigating Financial Aid Courtesy of Florida Gulf Coast University Michelle Gonzalez – Assistant director

2. AGENDA • Role of Financial Aid • Applying for Financial Aid • FAFSA • CSS Profile • Florida State Aid • Institutional Aid

3. Role of Financial Aid Financial Aid Philosophy: • While financial aid can make college more affordable, parents and students are expected to take primary responsibility for paying for post-secondary education Primary Goal: • To assist students in paying for college Achieved by: • Evaluating a family’s ability to pay • Distributing limited resources in an equitable manner • Providing a balance of gift aid and self-help aid (when available)

4. Applying for Financial Aid

5. Applications • FAFSA (FREE Application for Federal Student Aid): • fafsa.ed.gov • CSS Profile: • cssprofile.org • Bright Futures/State Aid: • floridastudentfinancialaid.org • Institutional Aid Tuesday, October 1st, 2019

6. Free Application for Federal Student Aid (FAFSA) fafsa.gov • Calculates students Expected Family Contribution (EFC) • The EFC is a measure of your family’s financial strength • The EFC is not the amount of money your family will have to pay for college • To maximize financial aid every student should complete this application • Must reapply every year

7. Free Application for Federal Student Aid (FAFSA) fafsa.gov • Determines student eligibility for: • Grants- PELL, SEOG*, TEACH Grant*, Iraq & Afghanistan Service Grant • Loans- Direct subsidized and unsubsidized loans, Parent PLUS • Work-Study* • Need Based State Aid *each institution determines application & awarding process

8. Create an FSA ID- fsaid.ed.gov • Used to electronically Sign the FAFSA • Created for both parent and student

9. Gather Your Documents • Social Security Number or Alien Registration number (if not a U.S. citizen)- student and parent • Legal Name, Date of Birth and Marital Status Date for parent(s) • Student’s drivers license number • Your 2018 federal tax returns, W-2’s and other records of money earned • Bank statements and records of investments • Records of untaxed income • List of schools interested in attending

10. Income Information • Income earned from work- wages, salaries, tips, business income • Rental Income • Interest & ordinary dividends • Untaxed Income • Child Support received for all children in the household • Payments to tax-deferred pension and retirement plans • Works comp or disability payments • Veterans non-educational benefits • Housing, food, living allowance paid to military, clergy, etc. • Do not report untaxed portions of social security payments

11. Asset Information • Cash, checking and savings account values • CDs, stocks, bonds, money markets, mutual funds • Equity of any property other than primary residence • Coverdells, 529s for all children • Student owned retirement funds (IRAs including Roth) • Net Worth of Business with more than 100 FT employees • Do not include retirement accounts (IRAs, 401k, 403b)

12. Citizenship Requirements • U.S. Citizen or National • Eligible Non-Citizen • U.S. permanent resident • Asylum Granted • Refugees • Victim of Human Trafficking • Parents who are not citizens use nine zeros 000-00-0000 as their SSN • DACA students are not eligible to receive federal aid

13. Am I a Dependent or Independent Student? • 24 years of age or older • Married • A veteran or active duty member of the armed forces* • An orphan or ward of the court* • Has a court appointed legal guardian (Not custody)* • Has legal dependents that you support more than 50%* • An emancipated minor* • Someone who is homeless or at risk of becoming homeless* * Documentation required!

14. Who is My Parent on the FAFSA? • Parents are married and living together = both parents • Parents are living together and not married = both parents • Parents are separated but live together = both parents • Parents are divorced or separated and don’t live together= Parent you lived with the most the prior 12 monthsor Parent who provided the most support

15. Who is My Parent on the FAFSA? • If parent on the FAFSA is remarried, stepparent must be reported • Marital status is reported as of the day you file your FAFSA not your 2018 tax filing status • Do not list relatives, foster parents, legal guardians unless they have legally adopted you

16. IRS Data Retrieval Tool (DRT) • Allows applicants to transfer their 2018 federal income information to prefill some questions on the FAFSA • Reduces time to complete the FAFSA • Applicants can complete their FAFSA more easily and accurately! • Reduces verification requirements

17. IRS Data Retrieval Tool (DRT) Tips • The taxpayer’s name must be listed exactly as it is listed on the tax return • The address entered on the DRT must match the address on the tax return • You are ineligible to use the DRT if you: • Filed as married filing separately • Married and filed as Head of Household • The parents’ marital status is unmarried and parents live together • Filed a Puerto Rican or foreign tax return

18. FAFSA- Next steps • Student Aid Report (SAR)- review for errors and important comments • Results are sent to each school you have listed • Additional Documents may be needed to complete your application • Documents - should be submitted as quickly as possible

19. Special Circumstances • Student is unable to provide parental information but doesn’t meet the independent criteria • Check special circumstances box on the FAFSA and submit FAFSA without parental information. • Contact individual schools to discuss your situation • The household income / information reported on the FAFSA has changed • Contact individual school for a change in circumstances appeal

20. CSS Profile- cssprofile.org • 300+ private schools use to award institutional aid • Log in using College Board username and password • Much more detailed than the FAFSA • Takes into account cost of living in your area, any money spent on private schools, medical expenses

21. CSS Profile- cssprofile.org • $25.00 fee for first school and $16 for each additional school • Fee waiver is granted during registration • Many schools require non-custodial household income • Non-custodial parent will be required to create an account and submit application with their financial information • Can request a waiver if you do not have contact with the parent

22. Florida Student Aid floridastudentfinancialaid.org • One application is used for multiple programs, not just Bright Futures • Must apply by August 31st of high school graduation year • Can only apply in their senior year • Allows only one school on the application

23. Florida Student Aid- Need Based • FSAG*- for students who demonstrate substantial financial need • FWEP*– Provides eligible Florida resident undergraduate students the opportunity to secure work experiences that complement their educational program and career goals • ABLE & EASE*- Provides tuition assistance to full-time FL students enrolled at eligible private FL colleges or universities • *each institution determines application & awarding process

24. Florida Student Aid- Merit Based • Bright Futures • Based on high school achievement GPA and test scores • Can be used at public and private institutions in Florida • Requires community service hours • Three Levels • Florida Academic Scholarship • Florida Medallion Scholarship • Florida Gold Seal • Benacquisto Scholarship • For students who receive recognition as National Merit Scholars

25. Florida Student Aid- Other Aid • FGMG*- financial need and student is a first generation college student at public schools • Jose Marti – need-based merit scholarship that provides financial assistance to eligible students of Hispanic origin who will attend FL public or eligible private institutions • MTES- minority students who plan to be a teacher, additional application ffmt.org • CSDDV- scholarship assistance to dependent children of a veteran who died or is 100% permanent disabled as a result of service *each institution determines application & awarding process

26. Institutional Aid • Merit and Need Based Aid • HOW do I apply? • WHEN is the deadline? • Financial Aid timelines are NOT one size fits all. Consider keeping a calendar or spreadsheet to track requirements and deadlines

27. Financial Aid Summary • Apply- the early bird gets the worm • Adhere- know the deadlines • Monitor- check your email/student portal frequently • Submit- all requested documents as soon as possible • Research- each school has it’s own process for institutional aid • Ask-reach out to the financial aid office for assistance