Financial Aid Parent Student Meeting #1

1. Financial Aid Parent Student Meeting #1 December 2013

2. What do we mean by “College”? • College is a… • Vocational or Technical College • Certificate • 2-Year or Community College • Certificate • Associates Degree • 4-Year College • Bachelors Degree • Private or Public College • Proprietary Private College • ANY education you receive after high school!

3. What needs to get done Naviance Login is id password is initials and 6 digit birth date Ex dm040293 Add Colleges I am applying to Keep status updated Current email under profile Parents can access it Scholarships!!!!!

4. Emotional Decision • I get it ! • Mental Decision • Dr. Jason Garey/ Dr. Erik Verploeg • You can be anything from any school

5. Brain decision not a heart decision • Schwab report • Reality

6. Financial Aid – The Four Types • Grants • Awarded to the student based on need • Does not need to be paid back • Pell Grant, EFC less than or equal to $5,273 • Scholarships • Does not need to be paid back • Check out our CollegeInvest Scholarship Program • Work-study • Typically based on need • Student Loans • Federal Loans • Paid back at federally backed low interest rates with helpful terms • There are federal loans for students (Stafford loans) and parents (PLUS loans) • Private Loans • Use federal first and be sure to research the rates and terms carefully if you need a private loan to fill the gap.

7. Financial Aid Cost of Attendance (COA) - Expected Family Contribution (EFC) ______________________________ = Financial Need

8. Cost of attendance • Cost of attendance refers to the cost for attending college for one year (2 semesters) • Colleges often define total cost of attendance to include: • Tuition and fees • Room and board • Books and supplies • Medical expenses • Transportation • Personal expenses Fixed Costs Variable Costs

9. Time Line - Senior Year

10. Where Do We Start? • Estimate your cost • What is the schools average rate most pay? • % of need met

11. College Opportunity Fund • Pays a portion of total in-state tuition per credit hour… • $62 per credit hour at public 2/4-year colleges & universities • = approx. $1488 p/year • $31 for Pell-eligible students at private Colorado colleges (University of Denver, Regis University and Colorado Christian University) • Must apply – just once at www.collegeincolorado.org • Must be admitted to participating institution • Available for undergraduates only • Paid directly to the college

13. CSS Profile • Created by CollegeBoard • CollegeBoard is a not-for-profit association that tries to connect students to colleges • $9 for application fee, $16 for each school • More detailed than the FAFSA • Will calculate an EFC, may differ from EFC that the FAFSA calculates • Students can begin filling this out October 1st prior to school year • Colorado institutions that require the profile: • Colorado College • University of Denver • Daniels Fund • www.collegeboard.com

14. FAFSA.ED.GOV • Parents and student need their OWN pin number • Apply for PIN now! • File after January 1, 2013 completed by February 15, 2013 • Know your schools priority filing date • Pre-populate the form after your taxes have been completed

15. How to Submit the FAFSA • Available every January 1st- apply early! • Online application is fastest • Processed in 72 hours • Student and one parent need to get Personal Identification Numbers to sign application electronically • Parent and Student Information required: • Social security numbers, drivers license numbers • Records of money earned last year, tax returns and bank statements, etc. • Complete FAFSA online at http://www.fafsa.gov • 1-800-4FEDAID paper applications • Student Aid Report (SAR) • BEWARE of any service that requires you to pay a fee to submit your FREE application

16. FAFSA 4Caster • A “practice” FAFSA • Outlines family/student eligibility for: • Federal Grants • Student Loans • Federal Work Study • www.fafsa4caster.ed.gov

17. IRS Retrieval Tool • The IRS Data Retrieval Tool allows students and parents to access the IRS tax return information needed to complete the Free Application for Federal Student Aid (FAFSA), and transfer the data directly into their FAFSA from the IRS Web site. • If you are eligible to use the IRS Data Retrieval Tool, we highly recommend using the tool for several reasons: • It’s the easiest way to provide your tax data. • It’s the best way of ensuring that your FAFSA has accurate tax information. • You won’t need to provide a copy of your or your parents’ tax returns to your college. • Students or parents who are married and filed as Married Filing Separately, are married and filed as Head of Household, filed an amended tax return, or filed a Puerto Rican or foreign tax return are not eligible to use the IRS Data Retrieval Tool, and will need to enter their tax return information manually.

18. BEWARE… of any service that requires you to pay a fee to submit a FAFSA or Scholarship application. WWW.FASFA.ED.GOV

19. Frequent FAFSA Errors • Social Security Numbers • Divorced/remarried parental information • Income earned by parents/stepparents • Untaxed income • Household size • Number of household members in college • Real estate and investment net worth • Dependent vs. Independent Student • Verification • IRS DATA match

20. Assets Not Included • Life insurance plans • Retirement plans • Equity from primary residence • Investment value of small business • 100 full-time employees or less • Farm when it is primary source of income

21. Expected Family Contribution • The U.S. Department of Education processes the information on your FAFSA and provides you and the colleges you selected your Expected Family Contribution (EFC) • The information will be used to determine a student’s eligibility for most federal and state assistance • The Dept. of Ed. does not expect you to have this amount in cash

22. Examples

23. College Goal Sunday • Moffat County High School • Free help filling out the FAFSA • Bring your tax information, income documentation, etc. • Information on scholarships and college planning • Scholarship giveaways • www.collegegoalcolorado.org Sunday, February 10, 2013 from 1 PM to 3 PM

24. How Do I Know It Has been Submitted? • You will receive a confirmation page, • with a confirmation number, after your application or correction is successfully submitted. • Your confirmation number is proof that your application or correction was successfully submitted. • I recommend that you print your confirmation page for your records. If you provided an e-mail address on your application or correction, the confirmation page will be automatically e-mailed to you.

25. FAFSA…What Next? • After you submit the Free Application for Federal Student Aid (FAFSA), we will send you a Student Aid Report (SAR). • If they have a valid e-mail address on file for you, we will send you an e-mail, within 3 to 5 days, with instructions on how to access an online copy of your SAR. • If the e-mailed link for your SAR does not work, try this: • Copy the full URL link from the e-mail we sent you, • Paste it into the address or location line of your Web browser, • Hit Enter. • TIP: Make sure you copy and paste the entire link; this may display as multiple lines in your e-mail. • If we do not have a valid e-mail address on file, your SAR will be mailed to you via postal mail within 7 to 10 days. • The colleges that you listed on your FAFSA will have access to your information electronically one day after it is processed. However, depending on their own process and workload, they might not retrieve your information immediately. • If your application is complete, an Expected Family Contribution (EFC) will display on your SAR. If your application is incomplete, your SAR will not include an EFC, but it will display text that specifies any issues that need to be resolved.

26. What happens next?

27. Pell Grant • Eligibility determined from FAFSA • 2012-2013 families make under $23,000 maximum amount $5,635 • Need based grant • For the 2012-13 academic year, only students with an EFC between 0 and 4995 will be Pell Grant eligible. Your EFC can be found on your Federal Student Aid Report (SAR).

28. State & Institutional Grants • Colorado State Grants • Based on need, academics, & talent • Types and amounts vary by school • Institutional Grants • Based on need, academics, & talent • Types and amounts vary by school

32. Scholarships • Naviance • Login is student id • Password is initials and birth date dm040292 • Collegincolorado.org • Go to the Schools Website • CSU is on RamWeb due by March 1 • CU Boulder is on MyCUBoulder account March 1 • Check each school's site!

33. Searching for Scholarships • http://studentaid.ed.gov/ • Collegeincolorado.org

34. Colorado Priority Filing Dates • CU Boulder April 1 • CSU March 1

35. 2009 & 2010 Duct Tape Scholarship Winners 2010 first place winners 2009 Winners from Golden, CO

36. Drink Milk Scholarship

37. 5 Overall Tips • 1. Go to college where you are on top • 2. Be realistic about what you are going to earn • 3. Only borrow what you need • 4. Visit before you commit • 5. Get to know the college administration (financial aid counselors, director of housing)