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Presenter: Stan Werne Vincennes University Director of Financial Aid for

Welcome to the Financial Aid Night. Presenter: Stan Werne Vincennes University Director of Financial Aid for Indiana State Financial Aid Association. Federal Financial Aid Programs. Pell Grant SEOG Grant (limited funds) Work-Study (limited funds) Stafford Loan – Subsidized

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Presenter: Stan Werne Vincennes University Director of Financial Aid for

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  1. Welcome to the Financial Aid Night Presenter: Stan Werne Vincennes University Director of Financial Aid for Indiana State Financial Aid Association

  2. FederalFinancial Aid Programs • Pell Grant • SEOG Grant (limited funds) • Work-Study (limited funds) • Stafford Loan – Subsidized • Stafford Loan – Unsubsidized • Perkins Loan (limited funds) • Parent PLUS Loan

  3. SSACI Higher Education Grants State Student Assistance Commission of Indiana Grant Programs - Frank O’Bannon & Academic Honors Grants Supplemental Grants - 21st Century Scholars - National Guard Scholarships -Minority & Special Education Teacher Scholarship -Nursing Scholarship

  4. SSACI Tuition Remission Child of Veteran & Public Safety Officer (CVO) Tuition remission for students at public colleges who are children of : -Disabled Veterans -Purple Heart Recipients -POW/MIA’s -State police officers/fire fighters killed in line of duty

  5. What to look for How to apply • Federal & State Awards=FAFSA • Special SSACI programs = directions atwww.in.gov/ssaci • College/university aid = Ask at admissions or financial aid offices • Privatescholarships = • Employers’ programs • Community foundation • Web sites like www.fastweb.com

  6. Your key to financial aid: FAFSA Free Application for Federal Student Aid

  7. Why Free Application for Federal Student Aid (FAFSA) is key: • Family’s personal and financial information required to calculate expected family contribution (EFC). • Why needed?

  8. Financial Aid Need Calculation U.S. Department of Education Definition of Financial Aid Need • Cost of Attendance (COA) • Varies from school to school • Minus • Expected Family Contribution (EFC)Same for all schools--results of your FAFSA • Equals • Financial Aid Need

  9. Part of Financial Need Calculation Cost of Attendance(VU/VUJC 2011-2012) • Tuition & fees ($4706 – 30 credits/year) • Room & board ($7838/$2144) • Books & supplies ($1098) • Transportation ($1928) • Miscellaneous ($1020) • Loan fees ($54) • Program expenses (varies) • Total: $16,644/$10,950

  10. Sample Aid Packages 1 & 2 Suppose dependent student living with parents or relative: #1 #2 COA $10,950 $10,950 EFC - 3,000 - 0 FA need $7,950 $10,950 Pell grant- 2,600- 5,550 $5,350 $5,400 Subsidized loan - 3,500- 1,000(FSEOG) $1,850 $4,400 Unsubsidized loan - 2,000 - 3,500(Sub loan) $ 900

  11. Sample Aid Packages 3&4 Suppose student on/off campus: #3 #4 COA $16,644 $16,644 EFC - 6,644- 0 FA need $10,000 $16,644 Pell grant - 0- 5,550 $10,000 $11,094 SEOG - 0- 1,000 $10,000 $10,094 Subsidized loan - 3,500- 3,500 $ 6,500 $ 6,594 Unsubsidized loan - 2,000- 2,000 $ 4,500 $ 4,594 PLUS/unsub loan - 4,000 - 4,000

  12. Application Process • Submit FAFSA prior to the college or state deadline, whichever is first. • SSACI receipt date: March 10, 2012. • SSACI correction date: May 15, 2012. • To ensure maximum consideration for federal, state, and college aid, check information from each school to determine: • ► Required application materials • ► Application deadlines

  13. www.fafsa.gov • 2012-13 FAFSA on the Web available now. • 2011-12 still available for current academic year. (Some use for summer 2012.)

  14. PIN Registration • www.pin.ed.gov • Can request PIN now or as you fill out the FAFSA. • Each student and a parent needs separate PIN. • Use same PIN throughout financial aid processes. • Parent uses same PIN for other children.

  15. FAFSA Step 1: Student information and plans: SSN, DOB, marital status, e-mail (for state notifications), Selective Service, school level 2012-13? Step 2: School choices: • Up to 10 schools (codes online). • Housing plans: on/off campus or with parents?

  16. FAFSA Step 3: Student must submit parent data if answers = “No.” • Born before Jan. 1, 1989? • Grad student, active duty military, or veteran? • Provide more than half support for child or other dependent? • Since age 13, in foster care, ward of court, or parents deceased? • Emancipated minor or in guardianship (before turning 18)? • Homeless or unaccompanied youth?

  17. FAFSA Step 4: Parental information: • SSN, DOB, marital status, residency, # in household, # in college? Step 5: Financial information Parents: 2011 federal tax info or earnings, checking, savings, investments? NOT retirement accounts, home you live in, farm you work, or business with 100 or fewer full-time employees.

  18. FAFSA Step 5: Continued: Parents:Additional info, e.g., child support paid. Untaxed income. Dislocated worker, recipient of federal benefits? Student: 2011 federal tax info or earnings, checking, savings, investments? Untaxed income? Recipient of federal benefits?

  19. FAFSA Step 6: E-sign with PINs and submit: • Both student & parent e-sign. • Be sure to click SUBMIT button, then print confirmation page. • If submitting corrections, be sure both e-sign and submit. Print confirmation page.

  20. Then what? One of two results: • EFC without verification OR • FAFSA processing center identifies student forverification. • Return to FAFSA to use IRS transmittal system to verify income and tax information • Submit other documentation as required

  21. But my tax return is misleading because…What can I do? • Submit a form that requests consideration of special circumstances. • Submit verification and other supporting documentation. • Financial aid officers can make professional judgments. • Maybe grant or subsidized loan eligibility can result.

  22. CAUTION! • Don’t pay a fee to file the Free Application for Federal Student Aid or search for scholarships. • Filing & processing of the FAFSA areFREE. • If filing via FAFSA on the Web, be sure to go directly to www.fafsa.gov. • Avoid www.fafsa.com. (Google lists this first.) • Contact financial aid office for help completing the FAFSA or attend College Goal Sunday, Feb. 12, 2012, 2:00, local time. • No one can guarantee finding scholarships.

  23. CAUTION! For student or parent loans: • Ignorefor the time being mailings from lenders. Maybe file away and save for later if needed. • Highly recommendyouwait for award notification from financial aid offices. • Federal student and parent PLUS loansgenerally a better deal thanprivate/alternative education loans.

  24. Review: What & How • Federal & State Aid:FAFSA • Special State programs: Directions & forms at www.in.gov/ssaci • College/university scholarships: Ask at admissions or financial aid • Employee programs:Ask at work • Community foundations:High school guidance office or chamber of commerce • National sources: Web sites like www.fastweb.com

  25. Good Luck!

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