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Presenter: Stan Werne Vincennes University Director of Financial Aid And

Welcome to Financial Aid. Presenter: Stan Werne Vincennes University Director of Financial Aid And 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 And

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  1. Welcome to Financial Aid Presenter: Stan Werne Vincennes University Director of Financial Aid And 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. State of Indiana Grants Commission of Higher Education: Div. of Student Financial Aid Grant Programs - Frank O’Bannon & Academic Honors Grants Supplemental Grants - 21st Century Scholars - National Guard - Associate Degree “bump” Scholarships -Minority Teacher Scholarship -Special Education Teacher Scholarship

  4. State Grants Credit Completion Requirements • 30-60-90 for full renewal • For 2nd year complete at least 30 credits by end of 1st year. • For 3rd year complete at least 60 credits by end of 2nd year. • For 4th year complete at least 90 credits by end of 3rd year. • 21st Century Scholars must meet these targets to remain Scholars. • 24-48-72 for reduced non-Scholar award

  5. SFA 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

  6. What to look for How to apply • Federal & State Awards=FAFSA • Special state programs = directions atwww.in.gov/sfa • College/university aid = Ask at admissions or financial aid offices. (VU priority deadline is Jan. 15, 2014.) • Privatescholarships = • Employers’ programs • Community foundation • Web sites like www.fastweb.com

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

  8. 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?

  9. 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

  10. Part of Financial Need Calculation Cost of Attendance(VU/VUJC 2013-2014) • Tuition & fees ($5030 – 30 credits/year) • Room & board ($8478/$2244) • Books & supplies ($1148) • Transportation ($2046) • Miscellaneous ($1050) • Program expenses (varies) • Total: $17,812/$11,578

  11. Sample Aid Packages 1 & 2 Suppose dependent student living with parents or relative: #1 #2 COA $11,578 $11,578 EFC - 2,500 - 0 FA need $9,078 $11,578 Pell grant- 3,195- 5,645 $5,883 $5,933 Subsidized loan - 3,500- 1,000(FSEOG) $2,383 $4,933 Unsubsidized loan- 2,000- 3,500(Sub loan) $ 383 $ 1,433

  12. Sample Aid Packages 3&4 Suppose student on/off campus: #3 #4 COA $17,812 $17,812 EFC - 7,812- 0 FA need $10,000 $17,812 Pell grant - 0- 5,645 $10,000 $12,167 SEOG - 0- 1,000 $10,000 $11,167 Subsidized loan - 3,500- 3,500 $ 6,500 $ 7,667 Unsubsidized loan - 2,000- 2,000 $ 4,500 $ 5,667 PLUS/unsub loan - 4,000 - 4,000

  13. Application Process • Submit FAFSA prior to the college or state deadline, whichever is first. • State SFA receipt date: March 10, 2014. • State SFA correction date: May 15, 2014. • To ensure maximum aid, check information from each school to determine: • ► Required application materials • ► Application deadlines

  14. www.fafsa.gov • 2014-15 FAFSA on the Web available Jan. 1. • 2013-14 still available for current academic year. (Some use for summer 2014.)

  15. 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.

  16. FAFSA Step 1: Student information and plans: SSN, DOB, marital status, e-mail (for state notifications), Selective Service, school level 2014-15? Step 2: School choices: • Up to 10 schools (codes online). • Housing plans: on/off campus or with parents?

  17. FAFSA Step 3: Student must submit parent data if answers = “No.” • Born before Jan. 1, 1991? • 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?

  18. FAFSA Step 4: Parental information: • SSN, DOB, marital status, residency, # in household, # in college? • Marital status question about legal parents (biological or adoptive) regardless of gender: • Never married • Unmarried & both parents living together • Married or remarried • Divorced or separated (if not living together, custodial or which parent student lived with most during 2013) • Widowed

  19. FAFSA Step 5: Financial information Parents: 2013 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. Use the IRS Data Retrieval process if you can. Parents:Additional info, e.g., child support paid. Untaxed income. Dislocated worker, recipient of federal benefits?

  20. FAFSA Step 5: Continued: Student: 2013 federal tax info or earnings, checking, savings, investments? Untaxed income? Recipient of federal benefits? Use the IRS Data Retrieval process if you can.

  21. 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.

  22. Then what? One of three results: • EFC without verification OR • FAFSA reject/no EFC: major error • 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

  23. 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.

  24. 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. 23, 2014, 2:00, local time. • No one can guarantee finding scholarships.

  25. 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.

  26. 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

  27. Good Luck!

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