Applying for Financial Aid 2015-2016

1. Applying for Financial Aid2015-2016 Presented by: Tina Russell Director of Financial Aid Christopher Newport University

2. What Will You Learn At This Workshop? • What is financial aid • Types and sources of financial aid • How financial need is determined • How to apply • Answers to your individual questions

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

4. Gift Aid - Grants or scholarships that do not need to be repaid Self-Help Aid – Work Study money earned by the student as payment for a job on or off campus Loans - Borrowed money to be paid back, usually with interest Types of Financial Aid

5. Federal government State government Colleges and universities Private agencies, companies, foundations, and employers Sources of Financial Aid

6. Federal Student Aid Programs Federal Pell Grant Federal Supplemental Educational Opportunity Grant (FSEOG) Federal Work-Study (FWS) Subsidized and Unsubsidized Federal Direct Student Loans (Direct Loans) Parent PLUS Loans

7. How is Financial Need Determined? Your college determines whether you have financial need by using this simple formula: Cost of Attendance (COA) determined by the school – Expected Family Contribution (EFC) determined by the FAFSA = Financial Need used to determine aid package

8. Free Application for Federal Student Aid (FAFSA) CSS/Financial Aid PROFILE Other applications or forms as required by the college such as: Institutional Scholarship and/or Financial Aid Forms 2014 federal tax return transcripts, W-2 forms, or other income documentation Types of Applications

9. File early, beginning January 1 of each year Meet the deadlines Use estimated 2014 income information if taxes are not complete at time of FAFSA submission Student and at least one parent whose information is reported must complete and sign the FAFSA FAFSA Information & Tips

10. FAFSA on the Web (FOTW) • Internet application used by students and parents to complete electronic FAFSA at: www.fafsa.gov • Sophisticated on-line edits and skip logic help avoid errors • On-line help is available for each question • Student and one custodial parent should get a federal PIN to sign FAFSA at: www.pin.ed.gov

11. Federal PIN • PIN (Personal Identification Number) • Needed to sign and access the FAFSA • Both student and one parent need PINs to sign the FAFSA electronically • May be used to: • Check on FAFSA status • Verify and correct FAFSA data • Add additional schools to receive FAFSA data • Change home and e-mail addresses On October 1 – the Dept. of ED announced the implementation of a new log-in process expected for Spring 2015 • User selected username and password to replace PIN Apply for student and parent PINs at: www.pin.ed.gov

12. A Useful Form -FAFSA on the Web Worksheet Though not a required form, the 2015-2016 FAFSA on the Web Worksheet may: • Help some students prepare to complete the FOTW • Be used for the January 1, 2015 through June 30, 2016 federal aid application cycle

13. Getting Ready • Before starting the FAFSA on the Web (FOTW), gather: • Student driver’s license • Student Alien Registration Card, if applicable • Student and Parent • Social Security numbers • 2014 W-2 Forms and records of money earned and other taxable benefits • 2014 federal income tax form (even if not yet completed) • Records of untaxed income • Current bank statements • Business, farm, and other real estate records • Records of stocks, bonds, and other investments • Complete 2015-16 FOTW Worksheet (optional) • Create a file for copies of all financial aid documents submitted

14. FAFSA on the Web (FOTW) The 2015-2016 FAFSA on the Web may be used for the January 1, 2015 through June 30, 2016 federal student aid application cycle

15. The FOTW A Seven-Section Online Form Section 1– Student Demographics Section 2– School Selection Section 3– Dependency Status Section 4– Parent Demographics Section 5 – Financial Information Section 6 – Sign and Submit Section 7 – Confirmation

16. Go to www.fafsa.gov to complete and submit your application. For more information on federal student aid, visit www.StudentAid.gov You can also talk with your college’s financial aid office about other types of student aid that may be available

17. Special Circumstances • Contact the Financial Aid Office if there are circumstances which affect a family’s ability to pay for college such as: • Loss or reduction in parent or student income or assets • Death or serious illness • Unusual medical expenses not covered by insurance • Any other unusual circumstances that affect a family’s ability to contribute to higher education

18. Application Filing TipsFAFSA on the Web • Gather necessary documents ahead of time • Complete a FAFSA on the Web available at: www.fafsa.gov • Allow ample time to complete the online FOTW application for submission by the deadline • Check the FAFSA on the Web for accuracy prior to submission • Save all work periodically • Sign the application using student’s and one custodial parent’s PINs • Print and keep a copy of the FAFSA before submitting data • Print and keep a copy of the Submission Confirmation Page

19. Student Aid Report (SAR) • After the student completes the FAFSA on the Web, a SAR will be sent to the student • An electronic SAR Acknowledgment will be sent if student provides an email address • A paper SAR will be mailed if no student e-mail address is provided • An electronic copy of the data will be sent to each college or university listed by the student in • Keep a copy of the SAR with other financial aid documents

20. Students and the colleges the student listed receive Student Aid Report (SAR) from federal processor ê Students and families review SAR for important information and accuracy of data ê Colleges match admission records with FAFSA and other required financial aid forms to determine aid eligibility ê Colleges provide notices of financial aid eligibility to admitted students who have completed all required financial aid forms What Happens Next?

21. Federal Verification • Some students may be required to verify the information reported on the FAFSA • If selected for verification, the tax information of federal tax filers will be verified through • The IRS Date Retrieval Process, or • IRS Tax transcripts if requested by the college or university • Non-tax filers selected for verification may be asked to provide • Non-tax Filer’s statement • Copies of W-2s or other income documentation from each employer , if any income was earned from work • Selected aid applicants will also be asked to verify certain demographic data listed such as • Household size and number in college • Child Support paid and SNAP, if reported on the FAFSA • IRS Transcripts available at: www.irs.gov • Get Transcript of Your Tax Records

22. Summary of the Financial Aid Process • Submit all required forms, including the FAFSA, by each college’s published deadlines • Keep a copy of all forms submitted • Review the electronic Student Aid Report (SAR) Acknowledgement or the paper SAR sent to the student • Watch for financial aid award notifications from colleges to which the student has been admitted • Be sure to apply for financial aid this year and every year as soon as possible after January 1 to receive the best financial aid award possible ASK QUESTIONS!

23. If You Need Help at Any Time • FAFSA on the Web – Live Help • Phone 1-800-4-FED-AID (1-800-433-3243) • E-mail the U.S. Department of Education at: FederalStudentAidCustomerService@ed.gov

24. Q & A Q & A Q & A Q & A Q & A Q & A Q & A Q & A ?