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Financial Aid and Scholarships A “How To” Guide

January 10 th , 2013 Kristina Klemens Financial Aid Counselor University of Wisconsin-Parkside. Financial Aid and Scholarships A “How To” Guide. Step 1-Search for and Apply for Scholarships Step 2- Apply for a PIN Step 3-Complete the FAFSA

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Financial Aid and Scholarships A “How To” Guide

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  1. January 10th, 2013 Kristina Klemens Financial Aid Counselor University of Wisconsin-Parkside Financial Aid and ScholarshipsA “How To” Guide

  2. Step 1-Search for and Apply for Scholarships • Step 2- Apply for a PIN • Step 3-Complete the FAFSA • Step 4-Review your Student Aid Report (SAR) • Step 5-Respond to any requests from the Financial Aid • Step 6-Review your eligibility/determine loan needs or other payment arrangements 6 Steps to Financial Aid Steps 5 and 6 May Interchange

  3. Where should I look? • School • Civic Organization • Church • College/University • Parent employer • Other companies Step 1:-Apply for Scholarships

  4. What are scholarships for? • Merit • Need-based • Just for being you • Involvement/Leadership/Activity related Step 1:-Apply for Scholarships

  5. What information is needed? • Essay • Application • Supporting documentation Step 1:-Apply for Scholarships

  6. Scholarship Search Tips and Tidbits • Edit, edit, edit… and then edit again! • Create secondary email address • Don’t stop after first year! • Do NOT ever PAY for scholarships! Step 1:-Apply for Scholarships

  7. Commonly Used Scholarship Websites: • College Board: CollegeBoard.org • FastWeb: FastWeb.org • College Connection: collegescholarships.com • CollegeScholarships.org • Go College: gocollege.com • And many, many, many more! Step 1:-Apply for Scholarships

  8. Apply online by going to www.pin.ed.gov • Can be done at any time • Tied to Social Security Number, so keep it SAFE! • Pick your own, or have the system generate • One parent will ALSO need a PIN • PIN is needed for most Step 2- Apply for a PIN

  9. Saturday, February 23rd-Sunday, February 24th • 31 locations throughout Wisconsin • Event starts at 2:00 • UW-Parkside-Sunday, February 24th • FREE event! • Provide assistance in filing the FAFSA • Help review FAFSA information if already completed • Scholarship raffle! www.collegegoalwi.org Step 3-Complete the FAFSACollege Goal Wisconsin

  10. Step 3-Complete the FAFSA • Web site: www.fafsa.gov • 2013-2014 FAFSA on the Web available January 1, 2013 • Apply early--Don’t be late, guesstimate! What does the first “F” in FAFSA stand for?

  11. Step 3-Complete the FAFSA What information is needed? • For the student and parents, you will need the following: • Driver’s license #’s • Social Security Number • Citizenship information (Alien registration number) • Savings/banking statements • 2012 Federal income tax returns/W-2 forms • 2012 investment records • 2012 untaxed income records (child support, IRA deductions, veterans benefits)

  12. Step 3-Complete the FAFSA Tips and Tidbits to help you on your way • The first “F” in FAFSA stands for FREE! • Apply as soon after January 1st as possible • Gather all materials needed, and set aside an hour • It can be filed on paper, but processing time is significantly longer • Purple=Parent, Blue=Student

  13. Help and Hints bar on side • “Clear All Data” option • Information automatically saved between pages • Menu bar at top to let you know what section you’re in Step 3-Complete the FAFSA Tips and Tidbits to help you on your way

  14. Dependency is NOT determined by: • Parent tax filing status • Student living arrangements (at home vs. apartment) • Student employment status • In general, a student is considered DEPENDENT if: • They are under 24 years of age • They are NOT married • They do NOT have children or other dependents Step 3-Complete the FAFSA Dependency clarification

  15. Step 3-Complete the FAFSA Who is considered a “parent”? • Who is considered a parent? • Biological or adoptive parent • Step-parent if parent is remarried • Who is NOT considered a parent? • Grandparents • Foster parents • Legal guardians • Older siblings • Aunts/uncles Unless the student has been legally adopted by that individual

  16. Step 3-Complete the FAFSA Entering Tax information • For 2013-2014, use your 2012 tax information • Can use estimated information if not yet filed • Use 2011 tax info if earnings are similar • IRS Data Retrieval Tool—Available 2/3/2013 IRS Data Retrieval Tool is not required, but HIGHLY recommended

  17. Step 3-Complete the FAFSA Tips to make sure the IRS Data Retrieval Works • Enter your address exactlyas it appears on your taxes • Make sure you know your tax filing status (married, single, head of household, etc) • You cannot use the IRS Data Retrieval Tool if: • You do not have a valid SSN • Didn’t file a 1040/1040A or 1040EZ • You have had a change in marital status since December 31, 2012 • You are married but file separately • You have filed an amended tax return

  18. Step 3-Complete the FAFSA Additional Income and Assets • Not sure what it is? Click the box! • If the field is already populated and BOLD, it transferred from your taxes… DO NOT CHANGE IT!

  19. Step 3-Complete the FAFSA Adding School Codes • Look on the school/FAFSA website • Search by state/city • Add up to 10 codes • Put WI schools towards the top!

  20. Step 3-Complete the FAFSA Sign away! • Required • Student • One parent (dependent students) • Format • Electronic using PIN • Signature page • Paper FAFSA

  21. The FAFSA generates an EFC • EFC=Expected Family Contribution (0-99,999) • EFC is NOT a dollar amount! It is NOT what you will be expected to pay!! • A low EFC demonstrates that the family has a high level of financial need. • More financial “need” means a student will likely be eligible for more “need based” aid Step 3-Complete the FAFSA What does this information mean?

  22. Step 4-Review your SAR Student Aid Report • Student notified of FAFSA processing results: • E-mail notification containing SAR (Student Aid Report) if student e-mail is provided • Student with PIN may view SAR on-line at www.fafsa.gov • Review data for accuracy

  23. Step 4-Review your SAR Frequent FAFSA Errors • Social Security Numbers • Divorced/remarried parental information • Income earned by parents/stepparents • Untaxed income • U.S. income taxes paid • Household size • Number from household that count as “in college” • Real estate and investment net worth • Social Security Benefits

  24. Step 4-Review your SAR Correcting Errors • Corrections can be made by: • Using FAFSA on the Web (www.fafsa.gov) if student has a PIN • Updating paper SAR (SAR Information Acknowledgment cannot be used to make corrections) • Submitting documentation to college’s financial aid office

  25. Step 4-Review your SAR What’s Happening with the information • Sent to school – Are you ADMITTED? • School to process FAFSA information • If additional documentation required, student notified How is the school notifying you? Use your email!

  26. Step 4-Review your SAR What if my 2012 info isn’t accurate anymore? • Change in employment status • Medical expenses not covered by insurance • Change in parent marital status • Unusual dependent care expenses Reviewed by the Financial Aid Office!!

  27. Step 5-Respond to FA Office Is any documentation needed from you? • Submit any documentation requested from each school Financial Aid Office • Verification Documents • Tax info, W-2’s, Child Support Paid, SNAP benefits, institutional form, etc. • Citizenship • Passport, Cert of Naturalization, Cert of Citizenship • Selective Service • Proof of registration, Documentation showing not required

  28. Step 5-Respond to FA Office Are you requesting a review? • Appeal changes in earnings • Change in marital status • Update information for the FAFSA due to error in entering information • Know your deadlines! • Scholarship requirements • Covenant-FAFSA filing date requirement (April 1, 2013) • When is paperwork due for max eligibility? Remember: The Earlier, the Better!!!

  29. Step 6-Review your Eligibility Show me the money! • What do you qualify for? • Grants • Federal/State • Pell, SEOG, WHEG, WTG, Covenant • Scholarship • Loans • Direct Loans: Subsidized/Unsubsidized • Perkins • Parent PLUS • Federal Work Study

  30. Step 6-Review your Eligibility Calculate what to borrow • Determine estimate of bill • Calculate all “free money” first (grant, scholarship) • Deduct free money from bill • Borrow as LITTLE AS POSSIBLE • Debt will follow you, and there are LIMITS • For every $10,000 you borrow, you add approximately $120 to your minimum payment after graduation

  31. Step 6-Review your Eligibility Calculate what to borrow • Complete any loan paperwork required • Entrance Counseling • Master Promissory Note • Are there other options to borrowing? • Payment plan • Do I need to live on campus? • Can I pay my loans while I’m in school? Borrowing in moderation is key!

  32. Final Tips for Financial Aid Success • Check school deadlines/requirements • Complete the FAFSA as early as possible • Don’t be afraid to ask questions! • Limit borrowing as much as possible • Keep applying for scholarships, even after freshman year

  33. Kristina Klemens Financial Aid Counselor University of Wisconsin-Parkside Student Financial Aid Office (262) 595-2574 finaid@uwp.edu website: www.uwp.edu THANK YOU!!!!

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