What you need to know about financial aid and EducationQuest Foundation

1. 2014 CounselorUpdate What you need to know about financial aid and EducationQuest Foundation

2. Agenda • Financial Aid Update • Types of aid • Financial aid process • Financial aid formulas • EducationQuest Programs and Services • Resources for 8th - 10th grade students • Resources for 11th - 12th grade students • College Fairs • Scholarship Resources • College Access Grants • Coming soon … a new website!

3. About EducationQuest EducationQuest Foundation is a nonprofit organization with a mission to improve access to higher education in Nebraska.

4. EducationQuest Update • Through a permanent endowment, we fund: • Free college planning services • Need-based scholarship programs • Grants that help high schools increase their college-going rate • Outreach services for community agencies

5. Fast Facts By 2018, nearly 70% of Nebraska job openings will require postsecondary education. Nationwide, employers will need nearly 22 million new workers with postsecondary degrees. Colleges will fall short of that mark by 3 million graduates. "Help Wanted: Projections of Jobs and Education Requirements Through 2018." DC: The Georgetown University Center of Education and the Workforce.

6. Unemployment Rate by educational attainment (as of August 2013) Bureau of Labor Statistics, August 2013. http://www.bls.gov/news.release/empsit.t04.htm

7. Types of financial aid • Scholarships(merit and need-based) • Grants* (need-based) • Work-Study* (need-based) • Loans* (need-based and non-need-based) * Based on FAFSA results

8. Common scholarship criteria • GPA • Financial Need • Ethnicity • ACT/SAT score • Field of study • Leadership • College choice • Community Service • Employer • First generation student • Talents • Activities • Military service • Disability • State of residence • Gender

9. Scholarships Tips for students:

10. EducationQuest Financial Aid Program Scholarship • Three $500 scholarships across the state • Random selection begins in February • Parent or Student must attend an FAP • (Student must be a junior or senior) • Must attend a not for profit Nebraska College • Last Year’s Winners: • Grand Island High School • Pender • Lincoln Southeast

11. Buffett Scholarshipwww.buffettscholarships.org • New dates • Online application opens: November 1, 2014 • Deadline: February 1, 2015 • Student Aid Report due March 15, 2015 • Eligibility Requirements • Recommendations must use online form • Financial need = EFC below 15,000 • Amount of Award • Maximum - $4,250/semester • Varies at institution

12. Buffett Scholarshipwww.buffettscholarships.org • Renewable • Maintain 2.0 or higher GPA • Earn at least 18 credit hours each calendar year • Renewable up to five years (four-year college) or three years (two-year college) • Watch counselor listserv for details and training opportunities

13. ACE Scholarship • https://ecmp.nebraska.gov/CCPE-ACE/Login.aspx • Pays tuition/fees for high school students enrolled in a college course (dual-enrolled or concurrently-enrolled) • Student or parent/guardian must be eligible • Supplemental Security Income (SSI) • Free/Reduced Price Lunch • Temporary Assistance for Needy Families (TANF) • Food Stamps (SNAP) • Special Supplemental Nutrition Program (WIC) • Extreme Hardship • Documentation verifying eligibility required with application

14. Grants • Money students don’t repay; based on financial need • Federal • Pell Grant (range $602 - $5,730) • EFC - $5,157 or less • SEOG • State • Nebraska Opportunity Grant • College-based

15. Tuition Assistance Programs • Collegebound Nebraska • UNO, UNL, UNK, or UNMC • NE resident, full-time student, Pell eligible • Must complete FAFSA by April 1 • Advantage • Wayne, Peru, Chadron • NE resident, full-time student, Pell eligible • Must complete FAFSA by June 1 If criteria is met, tuition is COVERED!

16. Work-Study • Based on financial need • Allows students to earn money while attending college • Paid for hours worked • Shouldn’t expect money up-front to pay tuition • Earnings will not impact financial aid the following year

17. Student Loans Type Interest accruing while in school? Name Perkins loan Need-based No Direct Subsidized loan Direct Unsubsidized loan Non-need-based Yes Parent PLUS loan

18. Student Loan Interest Rates Subsidized Stafford 4.66% Unsubsidized Stafford 4.66% Parent Loan 7.21% • Subsidized Stafford interest now paid by student during grace period • Interest rates change annually

19. Time-and-a-Half Limits • Pell Grants and Loans • Limited to 150% • Associate Degree 2 years + 1 • Bachelor’s Degree 4 years + 2 • NSLDS.ed.gov • Access with PIN • Grant and Student/Parent Loan History

20. Financial Aid Process PIN This is how the financial aid process works: FAFSA Processor SAR Student College Verification Award Notification Student Loan

21. Personal Identification Number (PIN) • Request at pin.ed.gov • Student and parent must register • Must provide SSN, name, address, date of birth • Select a challenge question • Use for data Retrieval from IRS • Serves as electronic signature for FAFSA and Loan Promissory Notes • Allows online access to grant and loan history

22. PIN…continued • Effective April 2015,PIN will be replaced with PAS: Public Access System • Students and parents will set up a user ID and password • Personally identifiable information will be collected and matched during this process

23. Student Aid Report (SAR) • Provides Expected Family Contribution (EFC) • Indicates if chosen for verification • Identifies Pell Grant eligibility • Lists grant and loan disbursement history

24. FAFSA results • EFC = Expected Family Contribution Lower EFC Greater Financial Need = • College uses EFC to determine the type and amount of aid to award the student

25. Cost of Education *Depends on student housing plan

26. Financial aid formula Cost of Education EFC Financial Need Tuition & Fees Room & Board Books Personal Transportation Parent Income/Assets Student Income/Assets Parent’s Age # in Household # in College The amount of money the college will try to give you in financial aid

27. Automatic ZeroStudent automatically qualifies for zero EFC if both (1) and (2) are true (1) In 2013 or 2014, anyone in parents’ household received benefits from any of these federal programs: • Supplemental Security Income (SSI) • Supplemental Nutrition Assistance Program (SNAP) • Free and Reduced Price School Lunch Program • Temporary Assistance for Needy Families (TANF) • Supplemental Nutrition Program for Women, Infants, and Children (WIC) • ORparents were eligible to file 2014 IRS Form 1040A or 1040EZ • OR parents were not required to file any income tax return • ORparent is a dislocated worker (2) 2014 income of student’s parents is $24,000 or less

28. Simplified Formula*Used for dependent students if both (1) and (2) are true: (1) In 2013 or 2014, anyone in parents’ household received benefits from any federal program listed on Automatic Zero slide • ORthe student’s parents could file a 2014 1040A or 1040 EZ IRS Form • ORwere not required to file any income tax return • ORthe student’s parent is a dislocated worker (2) Parent(s) 2014 Adjusted Gross Income is UNDER $49,999 *Assets excluded

29. Regular Formula*Used for dependent students if both (1) and (2) are true: (1) In 2013 or 2014, NO ONE in parents’ household received benefits from any federal program listed on the Automatic Zero slide (2) Parent(s) were required to file a 2014 IRS Form 1040 AND Adjusted Gross Income was OVER $49,999 *Assets are included – see table for Education Savings and Asset Protection Allowance

33. Income impact on EFC – family size 4 Income increases, assets remain level

34. Asset impact on EFC – family size 4 Assets increase, income remains level

35. Questions?

36. EducationQuest Update

37. Resources for 8th-10th Grade Students • KnowHow2GO Program • KnowHow2GO Handbook • 8th, 9th & 10th Grade sectionat EducationQuest.org • Countdown2College monthly emails

38. Resources for 8th-10th Grade Students • KnowHow2GO Activities • Student activities that reinforce the 4 steps • 8th Grade Campus Visit Grants • Applications available this fall for winter and spring college visits • KnowHow2GO Ambassador Program • Currently available in Beatrice, Grand Island/Hastings, Kearney, Lincoln, Norfolk, North Platte, Omaha, Peru, Scottsbluff, Wayne To learn more about these resources, visit the Middle School / High School Professionals section at EducationQuest.org.

39. Resources for 11th-12th Grade Students • Explore careers • Search for colleges • Scholarship resources • Complete the FAFSA • Learn about student loans

40. Resources for 11th-12th Grade Students • College Prep Handbook • College Planning for Students • with Disabilities • 11th & 12th Grade section at EducationQuest.org • Countdown2College • monthly emails

41. Fall College Fairs • Scottsbluff/Gering – Sept. 7 • Grand Island– Sept. 14 • Norfolk – Sept. 21 • South Sioux City – Oct. 5 • Lincoln – Oct. 19 • Omaha – Oct. 26

42. Spring College Fairs • Kearney – March 8 • Omaha – March 29 • Lincoln – April 19 Especially valuable for juniors and sophomores. Thank you for your promotional efforts!

43. Bar Codes and Scanners • Scanners – used by most colleges at College Fairs and EPPs • Barcodes – each student should register at NebraskaCollegeFairs.org • Barcodes for Fall College Fairs and EPPs can be used at Spring College Fairs • Students may display their barcode on mobile devices

44. Scholarship Resources • ScholarshipQuest • Database of over 2,000 local and state scholarships at EducationQuest.org • Scavenger Hunt Scholarship • To apply for this $500 scholarship, students in 9th-12th grade set up a ScholarshipQuest profile • Financial Aid Program Scholarship • Juniors and seniors who attend an FAP are eligible to apply for a $500 scholarship

45. College Access Grants • Every two years, EducationQuest awards College Access Grants to Nebraska high schools • Grant amounts range from $2,500 to $20,000 per year for four years • 22 Nebraska high schools received funding starting in 2014-15 • Goal is to increase college-going rate by 10 percentage points during four years • New applications will be accepted in 2016

46. 2014 Grant Schools • Lincoln Southeast • Logan View Public • Norfolk Senior • North Bend Central • Omaha North Magnet • Omaha South Magnet • Omaha Benson • Raymond Central • Santee • West Point-Beemer • Weeping Water • Bancroft Rosalie • Blue Hill • Central City • Columbus Public • Crete • David City • Diller-Odell • Garden County • Harvard • Kenesaw • Lincoln High

47. Coming soon…a new website! • Should be ready by early 2015 • Will be mobile-friendly

48. Follow us! • Facebook.com/EducationQuest • Twitter: @FreeCollegeHelp • Encourage student and parents to follow us, too!

49. Omaha888.357.6300402.391.4033 Kearney800.666.3721308.234.6310 Lincoln800.303.3745402.475.5222 EducationQuest.org Facebook.com/EducationQuest Twitter - @FreeCollegeHelp