Fishing for Funding

1. Fishing for Funding

2. What is Financial Aid? • Money to help you pay educational costs such as: • Tuition • Fees • Books • Room and Board • Transportation • Personal Expenses

3. Types of Financial Aid • Federal Aid • State Aid • Institutional Aid • Private Scholarships

4. Types of Aid(continued) • Need-Based Aid • Merit-Based Aid

5. Applying for FEDERAL FINANCIAL AID

6. FAFSA(Free Application for Federal Student Aid) • No cost to apply • Family’s personal and financial information is collected • Information is used to make a measurement of the family’s ability to pay for college • Everyone should complete a FAFSA

7. FEDERAL AID PROGRAMS THROUGH FAFSA • Federal Pell Grant • Federal Supplemental Educational Opportunity Grant (FSEOG) • Federal Work Study • Federal Perkins Loans- Expires 10/1/ 2015 • Federal Subsidized Student Loan • Federal Unsubsidized Student Loan • Parent Loan for Undergraduate Students (PLUS)

8. When To Start • Complete the FAFSA online before you do your taxes – as soon after January 1st as possible. • It is okay to use estimates of your income • You will have an opportunity to correct any information later. • Tax returns may be prepared and the information used, even if you haven’t mailed in your taxes yet.

9. Hint • Go to www.fafsa.gov to print a FAFSA on the Web Worksheet (FOTW) that you can fill out before going online to complete the application • Helps you gather information before completing the FAFSA • Online application recommended vs. paper application!

10. How To Determine Financial Need • The FAFSA helps you calculate your Expected Family Contribution (EFC). This year EFC maximum is 5198 • Your Cost of Attendance (COA) minus your Expected Family Contribution (EFC) equals your Financial Need.

11. EFC = ZERO • Dependent Student - If parents received federal benefits in 2012 or 2013 such as Free/Reduced Lunches, TANF, SNAP or WIC and their 2013 annual income is less than $24,000 or, • Independent Student – If student and spouse meet above qualifications

12. PIN to the FSA ID • Step 1: www.fafsa.ed.gov get your FSA ID for an electronic signature • Both parent and student will need a FSA ID • Step 2: www.fafsa.ed.gov to complete your FAFSA • Must re-apply each year! • The best time to apply is after January 1st and by March 1st for other state grants. March 1st date will change due to PPY starting with 2017-2018 application

13. Dependency Status • Independent • You were born before Jan. 1, 1993 • Married students • Students with dependents other than a spouse • Orphan/ Ward of the Court • Currently serving on active duty in U.S. armed forces (other than for training) • Veteran • Student identified as homeless

14. Five Funding Factors • Assets • Income • Household Size • Number in College • Age (of older parent)

15. Educational IRA Accounts 529 Savings Plans Prepaid Tuition Plan CD’s Real Estate (not primary residence) U.S. Savings Bond Series EE Stocks Cash Inheritance Mutual Funds Examples of Assets Retirement funds are not required to be reported on the FAFSA

16. FAFSA FACTS • Include information about your parent’s income. If you have a special situation, you should contact your school’s financial aid office • The FAFSA uses a larger % of student income and assets when determining award amount, so its best to keep all savings accounts in the parent’s names

17. Providing Tax Information • Parents and students can no longer provide a photocopy of their federal income tax return to the college(s) or university(ies). It must come directly from the IRS • Parents and students must request IRS Form 4506-T or call 800-908-9946 • Parents and students may use the IRS Data Retrieval Tool on the FAFSA website

18. Using the IRS Data Retrieval Tool • Parents and students must have a valid Social Security Number to use IRS Data Retrieval Tool • Separate parent tax returns not allowed

19. FAFSA FACTS • The marital status you choose on your FAFSA must reflect your status on the day you complete the application • If your parents are divorced, report the income for the parent you lived with the most during the last 12 months. If you lived with each parent for the same amount of time during the past year, you should include income information for the parent who provided you the most financial support during that period • You must report the income of the parent and step-parent, if applicable

20. What To Do Next • Review the Student Aid Report (SAR) • Respond to Requests for Information • Make any Necessary Changes • Receive Award Letter • Sign Promissory Note for Loans

21. Federal Pell Grant Program • Awarded to eligible undergraduates pursuing first baccalaureate degree • College determines actual award amount based on the Cost of Attendance, enrollment status and Expected Family Contribution • $5,775 maximum award this year

22. FSEOG • Federal Pell Grant recipients receive priority • Not all colleges participate in the FSEOG Program • Funds depend on availability at the college; you should apply by your college’s deadline

23. Federal Supplemental Educational Opportunity Grant (FSEOG) • Eligible Students • Undergraduate student who has not earned a bachelor’s or graduate degree • Awarded to students with significant financial need (lowest EFC) • Annual award amounts - $100 -$4,000/yr.

24. Federal Work Study • Work schedule developed around classes • Employment can be on or off campus • The amount you earn can’t exceed your total Federal Work-Study award • Paid at least the federal minimum wage • If not eligible, student may apply for a job as an Institutional Student Worker on campus

25. Federal Stafford Loan(Subsidized) • 4.29% interest rate • Federal government pays interest while enrolled in school • Can borrow up to $8,500 depending on grade level • Payments begin six months after leaving school • Loan is in the student’s name, it may require a cosigner

26. Federal Stafford Loan(Unsubsidized) • 4.29% interest rate • Interest accrues while in school • Can borrow up to $12,000 per year depending on your eligibility • Loan is in the student’s name

27. Stafford Loan AmountsDependent Student • Freshman – up to $5,500 per year • Sophomore – up to $6,500 per year • Junior – up to $7,500 per year • Senior – up to $7,500 per year • Fifth Year Senior – up to $7,500 per year

28. Stafford Loan AmountsIndependent Student • Freshman – up to $9,500 per year • Sophomore – up to $10,500 p/year • Junior – up to $12,500 per year • Senior – up to $12,500 per year • Fifth Year Senior – up to $12,500 per year

29. Public Service Loan Forgiveness Pay 120 monthly payments on your non-default student loan and the remainder of the loan will be forgiven if you work for a Government Agency or a Non-Profit 501 (c) (3) organization

30. Parent Loans for Undergraduate Students (PLUS) • Parents can borrow for dependent children • Fixed interest rate of 6.84% • Repayment begins 60 days after the loan is fully disbursed • Parent must not have an adverse credit history • Loan amount cannot exceed cost of attendance minus other aid received by the student • If a parent is denied a PLUS loan, the student may qualify for an additional unsubsidized student loan

31. FISHING FOR OTHER TYPES OF FEDERAL AID

32. Teacher Education Assistance for College and Higher Education (TEACH) Grant • For undergraduate, post baccalaureate, or graduate students who are/will be taking coursework necessary to become elementary or secondary teachers • Must agree to serve, for a minimum of 4 years (within 8 years of completing academic program) as a full time teacher in a high-need field in a school or educational service agency that serves low income students

33. Iraq and Afghanistan Service Grant • For students whose parent or guardian was a member of the U.S. armed forces and dies as a result of performing military service in Iraq or Afghanistan after the events of 9/11 • Must be ineligible for Federal Pell Grant due only to having less financial need than is required to receive Pell funds • Must have been less than 24 years old or enrolled at least part-time at an institution of higher education at the time of the parent’s or guardian’s death

34. STATE FINANCIAL AID

35. Oklahoma Tuition Aid Grant • FAFSA serves as the OTAG application • Maximum award is $1,000 per year for public institutions, $1,300 per year for private institutions • Must apply on/before March 1st by midnight each year. This date will change starting with 2017-2018 FAFSA application due to PPY • Expected Family Contribution must be less than $1,700

36. Oklahoma’s Promise • Family income less than $50,000 in the year of application • Must apply in the 8th, 9th or 10th grade • Make a 2.50 grade point average in these college prep courses and on the overall high school GPA • Stay out of trouble • Student must meet standard college/ university admission requirements • U.S. Citizen or lawfully present in the U.S. Undocumented immigrant students may enroll but must meet eligibility when entering college • Will complete a 2nd income screening at time of graduation and can not exceed $100,000 • Has provisions for home school students – ACT of 22

37. Institutional Scholarships

38. Valedictorian Salutatorian Academic Achievement Leadership Intended Major Activities Athletic Ability ACT Score & GPA Foundation Institutional Scholarships Scholarship deadlines usually fall between February 1 and May 1. Check with the college for exact dates.

39. Tuition Waivers College Awarded Tuition Waiver Scholarships • Each institution has tuition waivers available for students based on financial need, scholastic aptitude and achievement, academic discipline or field of study, student activity participation and academic level. Check with the college for the deadline and application process.

40. PRIVATE SCHOLARSHIPS

41. Voc-Rehab Workforce Dev. Nat’l Guard American Business Women’s Association Jeltz Foundation Gates Millennium Scholarship Company Scholarships Lions Club Kiwanis Club Tribal Grants Religious Organizations Indian Health Service Private and Civic Scholarships

42. Private School Grant • Oklahoma Tuition Equalization Grant - $2,000 per year. Students’ whose family income is $50,000 or less are eligible to apply. Students have to file a FAFSA. This grant comes directly from the financial aid office at the institution.

43. SAVINGS PROGRAM & EDUCATION CREDITS

44. Oklahoma 529 College Savings Plan • Enroll online at www.ok4savings.org • Flexibility in using the funds • Choice of investments • No income limits • Tax advantages • Low minimum contribution • No annual limit on the amount of contribution

45. Tax Credits Available for Education • Must file a tax return to take the credit • The individual who claims the student as a dependent for tax purposes takes the credit, even if the student files a tax return

46. How To Claim These Credits • The college will send the student IRS Form 1098-T,Tuition Payments Statement • The person claiming the credit needs to fill out IRS Form 8863 and attach the form to his or her tax return.

47. FISHING FOR ADDITIONAL INFORMATION AND HELPFUL SITES

48. Regent’s Scholarship Resources www.okcollegestart.org

49. Financial Aid Estimator http://www.act.org/fane/ “A bigger fish to fry!”

50. Internet Scholarship Searches • Free Scholarship Searches • http://www.fastweb.com • http://www.collegeanswer.com • http://www.schoolsoup.com • http://www.occf.org • http://www.scholarshipExperts.com • http://www.Ucango2.org AVOID SCHOLARSHIP SEARCHES WHERE YOU MUST PAY A FEE!