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Funding Y our Education

Learn about funding sources, types of aid, and how to apply for financial aid for your education. Get guidance on the FAFSA application process and other available scholarships and grants.

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Funding Y our Education

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  1. Funding Your Education Tanya McGee Associate Director of Financial Aid Office of Student Financial Assistance | Kansas State University Phone: 785.532.6420 | Email: finaid@k-state.edu Twitter: @KStateFinAid

  2. Topics We Will Cover • Identify funding sources • Discuss the different types of aid • Talk about steps to apply for aid • Free Application for Federal Student Aid (FAFSA) Is this really a simple process?!

  3. Let’s be honest…there are no warm & fuzzy feelings. Hopefully, you’ll leave today with reassurance on how to start.

  4. What is Financial Aid? Financial aid consists offunds provided to students and families to help pay for postsecondary educational expenses

  5. Institutional Programs • Award aid on the basis of both merit and need • Aid may be gift aid or self-help aid • Use information from the FAFSA and/or institutional applications • Deadlines and application requirements vary by institution • Check with each college or university

  6. Institutional Aid • Institutional Grants • May require the FAFSA to be considered • FAFSA submitted by school’s priority date • Generally need-based • Institutional Scholarships • Know the application process at the school • Are there supplemental applications?

  7. Federal Grants • Federal Pell Grant,Federal SEOG and Federal TEACH • Must complete the FAFSA • Awarded amount will vary based on the results of the FAFSA • Generally awarded to undergraduate students

  8. Federal Work Study (FWS) • Provides access to part-time jobs while attending school • Many student positions available on-campus even if FWS is not awarded to you • Work schedules may be flexible • Earnings through FWS help with your future need-based eligibility

  9. Federal Direct Loans • Student is the borrower • Interest rates are fixed for the life of the loan • Repayment begins after 6 month grace period • Maximum repayment period between 10 and 30 years • 2019-20 Direct Loan Interest Rate: 4.53% (rates change annually based on the market) Subsidized - #1 • Based on need • U.S. Department of Education will pay (subsidize) the interest that accrues while in school Unsubsidized - #2 • not based on need • nearly everyone qualifies

  10. Parent PLUS Loans • Parent(s) is/are the borrower • The parent or step-parent who applies must demonstrate good credit history in order to borrow the loan • If a parent is unable to borrow (denied) a parent PLUS loan, a student may be eligible for additional unsubsidized loan. • Repayment begins immediately but can be deferred upon request • 2019-20 PLUS Loan Interest Rate: 7.08% (rates change annually based on the market)

  11. State of Kansas Scholarships and Grants Apply online at sfa.kansasregents.org  • Kansas State Scholarship • Kansas Ethnic Minority Scholarship • Kansas Teacher Service Scholarship • Kansas Nursing Service Scholarship • Kansas Military Service Scholarship

  12. State of Kansas Scholarships and Grants Apply online at sfa.kansasregents.org  • Kansas Comprehensive Grant • Kansas Career Technical Workforce Grant • Kansas Career Work Study Program • Fee Waiver Programs • ROTC Tuition Waiver • National Guard Educational Assistance Program

  13. Private Aid • Sources include - community foundations, businesses, charitable organizations and churches • Companies may have scholarships or educational benefits available to children of employees • Deadlines and application procedures vary widely • Begin researching private aid sources early • Do your research and contact your guidance counselor

  14. Online Scholarship Search

  15. Scholarship Tips & Resources Tips Resources High school counselors Financial Aid Offices Community businesses, churches & organizations Local libraries Employers Online search engines • Create a portfolio – save everything • Think small – they can quickly add up • Write the essays – get personal • Avoid mistakes – proofread • Stay organized – apply early and on time • Do a social media check-up

  16. Free Application for Federal Student Aid(Fafsa)

  17. Free Application for Federal Student Aid (FAFSA) • A standard application that collects demographic and financial information about the student and family to calculate the Expected Family Contribution or EFC • Commonly filed online which prevents errors, incorporates skip-logic and offers “help” for common questions. • May be filed at any time during an academic year, but no earlier than the October 1st prior to the academic year for which the student requests aid • FAFSA may be filed beginning October 1 • Utilizes income information from 2 years previous to the academic year for which the student requests aid • Know your school’s priority datefor the FAFSA

  18. What is Expected Family Contribution (EFC)? • An index of the family’s financial strength directly related to how much they can reasonably contribute toward the students education • Stays the same regardless of college • Two Components • Parent contribution • Student contribution • Factors Considered • Income • Assets – Savings, Investments (not retirement accounts) • Number in Family • Number in College

  19. What is Cost of Attendance (COA) • Includes - • Tuition & Fees • Room & Board • Books, supplies, and transportation • Miscellaneous personal expenses • Athletic Tickets, Parking Permits, Computers • Sometimes can include – • Loan Fees • Study Abroad Costs • Dependent Care Expenses COA varies widely from college to college

  20. What is Financial Need? Cost of Attendance –Expected Family Contribution = Financial Need

  21. Need Varies Based on Cost 1 1 2 2 EFC EFC 3 3 Cost of Attendance (Variable) Expected Family Contribution (Constant) Need (Variable)

  22. FAFSA Dates

  23. Get a Federal Student Aid ID (FSA ID) • Website: www.fsaid.ed.gov • Student AND Parent(s) must create an FSA ID • Used to: • Login to the FAFSA • Sign FAFSA electronically • Will be used by students and parents throughout the aid process, including subsequent school years

  24. FAFSA on the Web • Online at: fafsa.ed.gov • Start Here for all options • “Start A New FAFSA” (new users) • “Log In” (returning users) • FAFSA Corrections • Providing Signatures • Continuing a Saved FAFSA

  25. IRS Data Retrieval Tool (DRT) Tips and Tricks • SSN, name, date of birth and address must match those used on tax return • Have a copy of tax return to refer to • Trickiest part is street address, due to abbreviations and periods • St. does not match St or Street • 3rd does not match 3 or Third • See where PO box or Apt # is entered on tax form and use that same location on IRS data retrieval screen

  26. IRS Data Retrieval Tool (DRT) • Who CAN’T use IRS data retrieval: • Married couples who filed separate tax returns • Married couples if one filed as head of household • Student’s legal parents are unmarried and living together • Filed an amended return (must submit original 1040 and 1040x to school) • Filed Puerto Rican or foreign tax return • Filed tax return too recently • Applicants whose marital status changed since January 1 of the processing year

  27. IRS Data Retrieval Tool (DRT) • Applicants and parents will: • Be able to link to the IRS to retrieve tax information • NOTbe able to view their tax return information on the IRS DRT web page. • NOTbe able to view the transferred income and tax information on the FAFSA web pages. • See the words “Transferred from the IRS” throughout the online FAFSA form and on the Student Aid Report (SAR).

  28. Parent 2018 Federal Income Tax Information 2018 WILDCAT, WILLIE TRANSFERRED FROM IRS TRANSFERRED FROM IRS TRANSFERRED FROM IRS TRANSFERRED FROM IRS TRANSFERRED FROM IRS TRANSFERRED FROM IRS TRANSFERRED FROM IRS TRANSFERRED FROM IRS TRANSFERRED FROM IRS TRANSFERRED FROM IRS TRANSFERRED FROM IRS TRANSFERRED FROM IRS

  29. Signatures • Required for both the student and at least one parent (dependent students only) • Format for submitting signatures • Electronic using FSA ID • Signature page

  30. Special Circumstances • “Life Happens” – Events occur that cannot be documented using FAFSA • Send written explanation and documentation to financial aid office at each college • College will review and request additional information if necessary which may include a correction to the FAFSA • Examples Include: • Change in employment status • Unusual medical expenses not covered by insurance • Parents paying on educational loans • Change in parent marital status • Unusual dependent care expenses

  31. Where do I go from here? • Obtain materials and review websites for both admissions and financial aid from each school to which you are applying • Apply for scholarships at each school you’re considering • Apply for private and outside scholarships • Complete the FAFSAby the school’s priority date • Meet all application deadlines! (scholarships, fafsa, etc.) • Select your school and complete all follow up requirements

  32. Questions?

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