The National Office for School Counselor Advocacy (NOSCA) College Affordability Planning

1. The National Office for School Counselor Advocacy (NOSCA) College Affordability Planning April Bell Associate Director National Office for School Counselor Advocacy (NOSCA)

2. The Roadmap – The Eight Components of College and Career Readiness Counseling • Focus on Component #6 – College Affordability • Paying for College: The National Landscape for Financial Aid • What Counselors need to know to help their students and families, especially underserved student populations, navigate the financial aid process • Questions and Answers Session Content

3. The Road Map National Office for School Counselor Advocacy (NOSCA)

4. NOSCA’s Eight Components of College and Career Readiness Counseling A Systemic K-12 Approach

5. Paying for College: The National Landscape of Financial Aid

6. Sources of Aid Federal Government State Government Colleges and Universities Private Scholarships

7. Types of Aid Grants/Scholarships Loans Work-study Tax Credits and Deductions

8. Undergraduate Student Aid by Source (in Billions), 2009-10

9. Grants Federal Pell Grants State Grants Institutional Grants Private Grants

10. SOURCE: The College Board, Trends in Student Aid 2010 Who Gets Pell Grants?Percentage Distribution of Pell Grant Recipients by Family Income and Dependency Status, 2008-09

11. Grants from Colleges & Universities Based on financial need Based on academic qualifications Athletic and other awards Colleges with lowest price tags may not be least expensive for students

12. Loans • Federal Loans • Subsidized Stafford Loans • Unsubsidized Stafford Loans • PLUS Loans for parents • Private Loans – Beware!

13. Other Aid • Work-study • Tax Credits and Deductions • After the bills are paid • For parents or students • Now available to people who don’t owe taxes

14. Financial Aid Affordability Game Show How Much Do You Know About the Financial Aid Application Process?

15. The official website for obtaining the FAFSA is Fafsa.ed.gov.

16. The following financial documents are needed to successfully complete the FAFSA: Parent’s/Student’s W-2, Federal Income Tax Return, as well as bank statements

17. A student/parent should expect to receive a Student Aid Report (SAR) after the FAFSA has been successfully submitted online?

18. A student can declare “independent” if she or he has a child/children who will receive more than half their support from the student between July 1, 2011 and June 30, 2012.

19. Financial Aid Affordability Game Show Thank you for your participation!

20. Avoiding common barriers that can derail the financial aid process of which FAFSA is a central part, especially for underserved populations.

21. Common Barriers Financial Literacy Education The Financial Aid Application Process

22. Common Barrier A. Fear of Personal and Financial Information Sharing 1. Divulging personal financial information 2. Exposure of confidential information to others I. Preparing

23. Common Barrier B. Opposition to Educational Debt Lack of information about: 1. Good Debt vs. Bad Debt 2. Loan Repayment Plans and Options I. Preparing SOURCE: studentaid.ed.gov

24. Good Debt Bad Debt • Education Loan • Mortgage • Real Estate Loan • Business Loan • Credit Card • Store Credit Card • Auto Loan Good Debt vs. Bad Debt

25. Federal Loans and Repayment Plans* • Loan Option: Federal Family Education Loans Available Repayment Plan Option: Income-Sensitive Repayment Plan • Loan Option: Federal Direct Loans Available Repayment Plan Option: Income-Contingent Repayment Plan • Loan Options: All Federal Stafford Loans, PLUS Loans and Consolidation Loans Repayment Plan Option: Income-Based Repayment Plan *Partial List SOURCE: studentaid.ed.gov

26. Early Interventions and Strategies Financial Literacy Education The Financial Aid Application Process

27. Common Barriers Financial Literacy Education The Financial Aid Application Process

28. Common Barrier A. Lack of Attention and/or Disregard to Deadlines Three application deadlines that require a timely response: 1. Federal Deadline – Non-negotiable (June 30th) 2. State Deadlines – Vary by State 3. Institution Deadlines – Vary by Institution & Program of Study II. Applying

29. It is recommended to complete the FAFSA on-line (not the paper version) FAFSA 1 2 3 KEY: ( ) Date Received/Date Processed # For priority consideration, submit app by date specified + Applicants encouraged to obtain proof of mailing * Additional form may be required 4 SOURCE: fafsa.ed.gov ( Live support at studentaid.ed.gov/completefafsa 1-800-4-FED-AID)

30. SOURCE: studentaid.ed.gov

31. Common Barrier B. Error in Identification of “Parent” and Student Status 1. Definition of “Parent”: Family Educational Rights and Privacy Act (FERPA) vs. Free Application for Federal Student Aid (FAFSA) 2. Student Dependent vs. Independent Status II. Applying

32. US Department Of Education Identification of “Parent” *Partial List SOURCES: FERPA - ed.gov FAFSA - fafsa.ed.gov

33. Identifying Student Status* (2011-2012 Academic Year Only) If student can respond “YES” to at least one of the following questions, he/she is declared “Independent”: All other students will be declared “Dependent”. • Student born before Jan. 1, 1988. (24 years of age or older) • Student has children who will receive more than half their support from the student between July 1, 2011 and June 30, 2012. • At any time since student turned age 13, both student’s parents were deceased, student was in foster care or a dependent or ward of the court. • Student is/was an emancipated minor as determined by a state court. *Partial List SOURCE: studentaid.ed.gov

34. Special Circumstances for Dependent Students* Special circumstances that hinder some dependent students from providing parent information: Examples: • Parent(s) are incarcerated. • Student left home due to abusive family environment. • Student does not know where parents are and unable to contact them. Assist students with special circumstances: • Clarify the process with students and families. • Gather supporting documentation. *Partial List, items may vary SOURCES: 2011-2012 Counselor and Mentors Handbook on Federal Student Aid, US Department of Education

35. Early Interventions and Strategies Financial Literacy Education The Financial Aid Application Process

36. Common Barriers Financial Literacy Education The Financial Aid Application Process

37. Common Barrier A. Failure to Make Updates and Corrections Needed to Receive Aid Reports/Forms requiring updates and corrections: • Student Aid Report-SAR (Federal) • State Higher Education Agency Application (State) • College/University Financial Aid Application (Institution) III. Receiving

38. Identifying the Need for Corrections Student Aid Report (SAR) If “C” is indicated, locate correction details of page #1 of SAR. If an asterisk (*) appears in front of the “C”, the application has been selected for verification. If no “EFC” appears, it is a rejected SAR, additional information, corrections and/or updates are required before processing. SOURCE: studentaid.ed.gov

39. Common Updates and Corrections

40. Common Updates and Corrections

41. Common Barrier B. Failure to Communicate with Financial Aid Office Required communication for all students: 1. Corresponding with Financial Aid Office 2. Review and Analyze Financial Aid Award Letter (FAAL) 3. Comparing Financial Aid Award Letters (FAALS) III. Receiving

42. Required Communications Chart FAFSA Application Completion Received & Reviewed by Federal Government Student Aid Report (SAR) distributed Received by State Government Agency (If applicable) ------------------------------------------------------------------ Required Communication Student & Family Admitting Institution(s) (Financial Aid Office) Collective Responsibilities of the Student & Family and the Financial Aid Office

43. Green University Dear Potential Student, Cost of Attendance: $26,310.00 Circle “A” for Accept or “D” for Decline for each individual award where indicated below: Fall Spring Total Accept/Decline Pell Grant $2,000 $2,000 $4,000 A / D Presidential Freshman Scholarship $1,450 $1,450 $2,900 A / D Green University Grant $550 $550 $1,100 A / D Total Grants and Scholarships $8,000 Federal Subsidized Stafford Loan $1,750 $1,750 $3,500 A / D Total Student Loans $3,500 Federal College Work-Study $330 $330 $660 A / D Federal PLUS Loan $7,405 $7,405 $ 14,810 A / D Sincerely, Financial Aid Office Sample Financial Aid Award Letter SOURCE: Adapted from: College Counseling Sourcebook, 6th Ed. College Board, collegeboard.org

44. Compare Your Aid Awards The On-line Tool SOURCE: collegeboard.org

45. Early Interventions and Strategies Financial Literacy Education The Financial Aid Application Process

46. Early Interventions and Strategies Financial Literacy Education The Financial Aid Application Process

47. Common Barriers Financial Literacy Education The Financial Aid Application Process

48. Cracking the Student Aid Code: Parent and Student Perspectives on Paying for College Trends in Student Aid 2010 Education Pays 2010 College Counseling Sourcebook, 6th Ed. advocacy.collegeboard.org/publications College Board Publications

49. Additional Resources and Tools Financial Literacy • Federal Insurance Deposit Corporation (FDIC), fdic.gov • My Money, mymoney.gov Preparing to Apply for Financial Aid • The Federal Trade Commission, ftc.gov • Safeguarding Against Identity Theft Worksheet, collegeboard.org Applying for Financial Aid • Counselor and Mentors Handbook on Federal Student Aid, fsa4counselors.ed.gov • Funding Your Education Beyond High School, studentaid.ed.gov • Pay for College, collegeboard.org Receiving Financial Aid • Helping Families Compare FAALs, collegeboard.org • Appealing An Award, College Counseling Sourcebook, 6th Ed., collegeboard.org

50. Sign up for the next 2 NOSCA Webinars on the Eight Components of College and Career Readiness Counseling Webinar 2 – 1:00PM EST, March 29, 2011   Component 8: Transitioning Students from High School Graduation to College Enrollment – Vivian Lee Learn how to connect students to school and community resources to help students overcome barriers and ensure the successful transition from high school to college. Webinar 3 – 1:00PM EST, April 20, 2011  Component 1: Building College Aspirations – Jennifer Reed Learn how to build a college going culture based on early college awareness by nurturing in students the confidence to aspire to college and the resilience to overcome challenges along the way. Maintain high expectations by providing the necessary supports, building social capital and conveying the conviction that all students can succeed in college.