Financial Aid Update - Dial in for Presentation

1. Thank you for joining us today! Welcome to : Counselor / Financial Aid Update Dial in to hear the presentation. Phone: 866-469-3239 Event number: 716 520 918 Password: Counselor

2. Thank you for joining us today! • Future College Access Coffee Break Webinars topics: • The Buffett Scholarship - November • FAFSA Completion - January • Complete the evaluation to be eligible to win one of four travel mugs. • EducationQuest’s College Access Symposium • March 31st, 2016 – Cornhusker Hotel – Lincoln

3. Thank you for joining us today! • To minimize background noise, you are on mute. • Type your questions in the Q&A area. • An evaluation will be emailed to you. • If disconnected, please call again!

4. 2015 CounselorUpdate What you need to know about financial aid and EducationQuest Foundation

5. Agenda Financial Aid Update • FAFSA changes • Types of financial aid • New FSA ID • Financial aid process • Financial aid formulas Nebraska Coordinating Commission • ACE • GAP • Tracking FAFSA completions EducationQuest Programs and Services • Resources for students • College Fairs • Scholarship tools • College Access Grants

6. About EducationQuest EducationQuest Foundation is a nonprofit organization with a mission to improve access to higher education in Nebraska.

7. Nebraska Higher Education Pipeline Of 10 students who start high school in 9th grade: 7.9 will graduate from high school in 4 years. 5.5will enter college within 12 months of graduation. 4will return for their sophomore year. 2.7 will graduate within 150% of time.

8. Where Nebraska students are going to college Community Colleges 36.7% University of Nebraska System 33.5% Independent Colleges 20.1% State Colleges 6.6% Private Career Schools 3.1%

9. FAFSA changes • College’s identification will be blocked • Adjustment to tax liability question: • Allows for premium payments made to insurance provider (per ACA) • For example: Income tax amount is on IRS Form: • 1040—line 56 minus line 46 • 1040A—line 28 minus line 36 • 1040EZ—line 10

10. FSA ID replaces PIN • Request at fsaid.ed.gov • Student and parent must each get one • Provide email, username and password • Provide SSN, name, address, date of birth • Answer 4 challenge questions and pick a unique date • Email will be verified • Use for: • Data Retrieval from IRS • Electronic signature for FAFSA and Promissory Notes • Access to grant and loan history

11. FSAID.ED.GOV

12. Types of financial aid • Scholarships(merit and need-based) • Grants* (need-based) • Work-Study* (need-based) • Loans* (need-based and non-need-based) * Based on FAFSA results

13. Common scholarship criteria • College choice • Field of study • GPA • ACT/SAT score • Financial need • first-gen • ethnicity • Talents • Activities • Community Service • Disability

14. Scholarship tips for students

15. Financial Aid Program Scholarship • Three $500 scholarships • Winners selected in February • Parent or student (junior or senior) must attend an FAP • Must attend nonprofit Nebraska college • Last year’s winners were from: • Friend • Brownell Talbot • St. Paul

16. Buffett Scholarshipwww.buffettscholarships.org • New dates • Online application opens: November 1, 2015 • Deadline: February 1, 2016 • Student Aid Report due March 15, 2016 • Eligibility Requirements • Recommendations must use online form • Financial need = EFC below 15,000 • Amount of Award • Maximum - $8,700 per year • Varies at institution

17. Buffett Scholarshipwww.buffettscholarships.org • Renewable • Maintain 2.0 or higher GPA • Earn at least 18 credit hours each calendar year • Renewable up to five years (four-year college) or three years (two-year college) • Watch counselor listserv for details and training opportunities

18. Grants • Money students don’t repay; based on financial need • Federal • Pell Grant (range $626 - $5,775) • EFC - $5,198 or less • SEOG • State • Nebraska Opportunity Grant • College-based

19. Tuition Assistance ProgramsIf criteria is met, tuition is covered Collegebound Nebraska • UNO, UNL, UNK, UNMC • NE resident, full-time student, Pell-eligible • Complete FAFSA by April 1 Advantage • Wayne, Peru, Chadron • Must be freshman or returning student • NE resident, full-time student, Pell-eligible • Complete FAFSA by June 1 Access NWU • NE resident, full-time student • ACT of 25 or higher, GPA of 3.0 or higher • Live on campus • EFC of $1,000 or less • Complete FAFSA by March 1

20. Work-Study • Based on financial need • Allows students to earn money while attending college • Paid for hours worked • Shouldn’t expect money up-front to pay tuition • Earnings will not impact financial aid the following year

21. Student Loans Type Interest accruing while in school? Name PerkinsDiscontinued Need-based No Direct Subsidized loan Direct Unsubsidized loan Non-need-based Yes Parent PLUS loan

22. Student Loan Interest Rates Subsidized Stafford 4.29% Unsubsidized Stafford 4.29% Parent Loan 6.84% • Subsidized Stafford interest paid by student during grace period • Interest rates change annually

23. Time-and-a-Half Limits Pell Grants and Loans • Limited to 150% • Associate Degree 2 years + 1 • Bachelor’s Degree 4 years + 2 NSLDS.ed.gov • Access with FSA ID • Grant and Student/Parent Loan History

24. Financial Aid Process FSA ID This is how the financial aid process works: FAFSA Processor SAR Student College Verification Award Notification Student Loan

25. Student Aid Report (SAR) • Provides Expected Family Contribution (EFC) • Indicates if chosen for verification • Identifies Pell Grant & loan eligibility • Lists grant and loan disbursement history

26. FAFSA results • EFC = Expected Family Contribution Lower EFC Greater Financial Need = • College uses EFC to determine the type and amount of aid to award the student

27. Cost of Education Tuition & Fees Books & Supplies Personal & Transportation Room & Board

28. Financial aid formula Cost of Education EFC Financial Need Tuition & Fees Books & Supplies Room & Board Personal Transportation Parent Income/Assets Student Income/Assets Parent’s Age # in Household # in College The amount of money the college will try to give you in financial aid

29. Automatic ZeroStudent automatically qualifies for zero EFC if both (1) and (2) are true (1) In 2014 or 2015, anyone in parents’ household received benefits from any of these federal programs: • Supplemental Security Income (SSI) • Supplemental Nutrition Assistance Program (SNAP) • Free and Reduced Price School Lunch Program • Temporary Assistance for Needy Families (TANF) • Supplemental Nutrition Program for Women, Infants, and Children (WIC) • ORparents were eligible to file 2015 IRS Form 1040A or 1040EZ • OR parents were not required to file any income tax return • ORparent is a dislocated worker (2) 2015 income of student’s parents is $24,000 or less

30. Simplified Formula*Used for dependent students if both (1) and (2) are true: (1) In 2014 or 2015, anyone in parents’ household received benefits from any federal program listed on Automatic Zero slide • ORthe student’s parents could file a 2015 1040A or 1040 EZ IRS Form • ORwere not required to file any income tax return • ORthe student’s parent is a dislocated worker (2) Parent(s) 2015 Adjusted Gross Income is UNDER $49,999 *Assets excluded

31. Regular Formula*Used for dependent students if both (1) and (2) are true: (1) In 2014 or 2015, NO ONE in parents’ household received benefits from any federal program listed on the Automatic Zero slide (2) Parent(s) were required to file a 2015 IRS Form 1040 AND Adjusted Gross Income was OVER $49,999 *Assets are included – see table for Education Savings and Asset Protection Allowance

32. $0 1,000 2,100 3,100 4,100 5,200 6,200 7,200 8,300 9,300 10,300 11,400 12,400 13,400 14,500 15,500 15,900 16,300 16,600 17,000 $0 500 1,100 1,600 2,100 2,600 3,200 3,700 4,200 4,700 5,300 5,800 6,300 6,800 7,400 7,900 8,100 8,300 8,500 8,600 17,400 17,800 18,300 18,700 19,200 19,700 20,200 20,700 21,300 21,800 22,400 23,000 23,700 24,300 25,000 25,700 26,400 27,200 27,900 13,900 29,600 $0 1,000 2,100 3,100 4,100 5,200 6,200 7,200 8,300 9,300 10,300 11,400 12,400 13,400 14,500 15,500 15,900 16,300 16,600 17,000 8,800 9,000 9,200 9,400 9,700 9,900 10,100 10,400 10,600 10,900 11,100 11,400 11,700 12,000 12,300 12,600 12,900 13,200 13,600 13,900 14,300

33. $17,840 22,220 27,400 32,380 37,870 $14,790 19,180 24,390 29,320 34,820 $16,130 21,350 26,290 31,780 $18,300 23,240 28,730 $20,200 25,690 $4,270 $3,040

34. $25,000 to $380,000 $380,100 to $635,000 $635,001 or more $177,500 + 60% of NW over $380,000 $330,500 + 100% of NW over $635,000

35. Income impact on EFC – family size 4 Income increases, assets remain level

36. Asset impact on EFC – family size 4 Assets increase, income remains level

37. CCPE Update • ACE Scholarship • Ace “Career Program of Study” Scholarship • Community College GAP Assistance Program • Tracking FAFSA Completions

38. ACE Scholarship • www.ccpe.ne.gov/ace • Pays tuition/fees for high school students enrolled in a college course (dual-enrolled or concurrently-enrolled) • No more than 2 classes per term • Student or parent/guardian must be eligible • Supplemental Security Income (SSI) • Free/Reduced Price Lunch • Temporary Assistance for Needy Families (TANF) • Food Stamps (SNAP) • Special Supplemental Nutrition Program (WIC) • Extreme Hardship • Eligibility documentation requiredwith application

39. ACE “Career Program of Study” Scholarship • For low-income students pursuing a career that typically requires a diploma or certificate • Eligibility criteria: • Family income at or under 200% of federal poverty level • Student enrolled in a Career Program of Study • at least one course must be part of a sequence of courses found at http://cestandards.education.ne.gov/ • A local business or industry must serve as an official advisor to the program • Limited to $250 per term

40. New FAFSA Completion Project • Can now track FAFSA completions by student • Schools must register with CCPE to participate • Submit contract by Dec. 15, 2015 • CCPE will run weekly reports starting Jan. 2016 • Show students’ FAFSA status (started, submitted, missing signature, completed, etc.) • Initiated by DOE to increase number of students who complete the FAFSA and thus go on to college • Watch bulletins and listserv for more details

41. Community College GAP Assistance Program (GAP) • Effective for 2016-2017 school year • Funding for community colleges to award to students in eligible “not-for-credit” programs such as certificate, diploma or degree • Eligibility Criteria: • Nebraska resident • Family income at or below 250% of poverty • Must complete readiness assessment • Valid for six months • Funding for only one eligible program • Program must have 16 contact hours or more

42. GAP • In-demand occupation means: • Financial services • Transportation, warehousing, distribution logistics • Precision metals manufacturing • Biosciences • Renewable energy • Agriculture and food processing • Business management and administrative services • Software and computer services • Research, development, engineering services • Health services • Hospitality and tourism • Any other industry designated as an in-demand occupation by the committee

43. GAP • Committee awards grant in any amount up to eligible costs • Tuition • Direct training costs • Required books and equipment • Fees, including but not limited to • Testing • Background checks • Denied if funding from other source available

44. Questions?

45. EducationQuest Update

46. Resources for students in grades 8-10 • KnowHow2GO Handbook • 8th, 9th & 10th Grade sectionat EducationQuest.org • KnowHow2GO Activities • 20 activities that relate to each KnowHow2GO step • Find resources in the Professionals section at EducationQuest.org (under “KnowHow2GO to College”

47. Resources for students in grades 8-10 New videos: Step to the Top of the Class Demonstrates an activity that helps students understand how their choices can impact their future. College students share stories In 8th, 9th & 10th Grade section, each step features a video of students explaining how that step impacted them. Find resources in the Professionals section at EducationQuest.org (under “KnowHow2GO to College”

48. Resources for 11th-12th Grade Students EducationQuest has resources to help students: • explore careers • search for colleges • Find scholarships • complete the FAFSA • learn about student loans

49. Resources for 11th-12th Grade Students Handbooks Website Monthly Emails

50. Fall College Fairs There will be spring fairs in Lincoln and Omaha, dates TBD