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2008 Counselor Workshop

2008 Counselor Workshop. OASFAA Disclaimer.

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2008 Counselor Workshop

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  1. 2008 Counselor Workshop

  2. OASFAA Disclaimer • The Ohio Association of Student Financial Aid Administrators (OASFAA) is a non-profit organization and provides the following information as a free service to access staff and high school counselors. Access staff and high school counselors have permission to copy and distribute these materials to their students and families. Charges may not be assessed for the material or for the information presented. Permission must be granted for other use of this information or these materials. Contact the Outreach Chairperson listed on the OASFAA web site or e-mail: outreach@oasfaa.org

  3. Agenda • Financial Aid Basics • Applying for Financial Aid • Federal Aid Programs • State Aid Programs

  4. Financial Aid Money from a source other than the family to assist with the cost of attending college

  5. Cost of Attendance • Direct costs • Indirect costs • COA varies widely from college to college

  6. Expected Family Contribution (EFC) • Amount family can reasonably be expected to contribute • Stays the same regardless of college • Two components • Parent contribution • Student contribution • Calculated using FAFSA data and a formula specified in law

  7. Financial Need Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

  8. Need Comparison The Federal EFC is the same at each institution.

  9. Categories of Aid • Need-based aid • Non need-based aid

  10. Types of Aid • Grants • Scholarships • Loans • Employment

  11. Sources of Aid • Federal government • States • Colleges • Private sources

  12. FAFSA4caster • What is the FAFSA4caster? • Provides an estimated Expected Family Contribution (EFC) • Calculate eligibility for federal aid, including grants • Reduce time to complete the Free Application for Federal Student Aid(FAFSA) • Access FAFSA4caster at www.FederalStudentAid.ed.gov

  13. Who should use the FAFSA4caster? Students who want to get an early start on the application process • Any student considering their financial options to help pay for a postsecondary education • High school juniors • Parents of younger students • Non-traditional students (adult learners)

  14. Applying for Financial Aid

  15. FAFSA Completion Resources • www.fafsa.ed.gov • FAFSA Tips Brochure • FAFSA on the Web Tips Card • College Goal Sunday

  16. FAFSA • Is produced by the U.S. Department of Education • Collects family’s personal and financial information used to calculate student’s EFC • Available in English and Spanish • Available in three formats: • Paper • PDF (available at www.federalstudentaid.ed.gov) • Electronic (FAFSA on the Web or FOTW)

  17. FAFSA on the Web • Web site: www.fafsa.ed.gov • 2009-10 FAFSA on the Web available on January 1, 2009 • FAFSA on the Web Worksheet: • Used as “pre-application” worksheet • Questions follow order of FAFSA on the Web

  18. FAFSA on the Web • Built-in edits to help prevent costly errors • Skip-logic allows student and/or parent to skip unnecessary questions • More timely submission of original application and any necessary corrections • More detailed instructions and “help” for common questions • Ability to check application status on-line • Simplified renewal application process

  19. PIN Registration • Web site: www.pin.ed.gov • Can request PIN before January 1, 2009 • Not required, but speeds processing • May be used by students and parents throughout aid process, including subsequent school years

  20. FAFSA on the Web Worksheet 2009-10 FAFSA on the Web Worksheet—8-page booklet containing: • Instructions • 93 questions in 5 sections • Worksheet A eliminated • Remaining questions from Worksheets B and C incorporated into parental information and student finances sections

  21. 2009-10 FAFSA Changes • Worksheet A has been eliminated • Worksheets B and C have been incorporated into the finance sections of the FAFSA • Dislocated Worker question added • 529 Plans are to be reported as a parental asset regardless of who owns them • New question added to provide colleges with information on students that are interested in the TEACH Grant

  22. 2009-10 FAFSA Changes • Veterans questions now ask the type of veterans education benefits a student receives • Federal Means Tested Benefits questions for independent student and parents updated to account for two years instead of one

  23. 2009-10 FAFSA Changes • Changes to Dependency Status Criteria • Adds question for emancipated minors and a question for individuals under legal guardianship • Question about orphans and dependents/ward of the court updated to include foster care • Adds questions for students that meet the homeless unaccompanied youth criteria

  24. Frequent FAFSA Errors • Parent and student Social Security Numbers • Divorced/remarried parental information • Income earned by parents/stepparents • Untaxed income • U.S. income taxes paid • Household size • Number of household members in college • Real estate and investment net worth

  25. FAFSA Processing Results Central Processing System (CPS) notifies student of FAFSA processing results by: • Paper Student Aid Report (SAR) if paper FAFSA was filed and student’s e-mail address was not provided • SAR Acknowledgement if filed electronically via FAFSA on the Web and student’s e-mail address was not provided

  26. FAFSA Processing Results • CPS notifies student of FAFSA processing results by: • E-mail notification containing a direct link to student’s on-line SAR if student’s e-mail was provided on paper or electronic FAFSA • Student with PIN can view SAR on-line at www.fafsa.ed.gov

  27. Making Corrections If necessary, corrections to FAFSA data may be made by: • Using FAFSA on the Web (www.fafsa.ed.gov) if student has a PIN; • Updating paper SAR (SAR Acknowledgement cannot be used to make corrections); or • Submitting documentation to school’s financial aid office

  28. Verification • Selected by the Central Processing System (CPS) or the Institution • Keep copies of 2008 Tax documents • If selected, completion is required before aid can be disbursed • Verification materials are sent to the financial aid office, not federal processor

  29. Special Circumstances • Can’t include on FAFSA • Contact each college • College will: • Request documentation • Review situation on case by case basis • Decisions final and cannot be appealed to U.S. Department of Education

  30. Special Circumstances • Dependent students having difficulty obtaining parental information • May submit incomplete FOTW • FOTW provides examples of acceptable and unacceptable special circumstances • Students should contact financial aid office at their college • Students must document their special circumstance

  31. Special Circumstances • Examples Reported to the Financial Aid Office • Medical not covered by insurance • Parent loss of income • Property loss not covered by insurance • Unusual debt or one-time income • Tuition expenses at an elementary or secondary school • Parent in college

  32. FSApubs • FSAPubs is the one-stop source for ordering all of Federal Student Aid’s free publications. • www.fsapubs.org • 1-800-394-7084

  33. FSApubs • Paper FAFSAs will not be available for order in bulk. • The FAFSA on the Web Worksheet will still be available for bulk order by schools. • Students will be able to obtain up to 3 paper FAFSAs by calling the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) or by visiting www.edpubs.org.

  34. Federal Financial Aid Programs

  35. Federal Financial Aid Programs • Federal Pell Grant • need-based as determined by the Free Application for Federal Student Aid (FAFSA) • Maximum award for 2008-09 is $4731, • Maximum award for 2009-10 has not yet been finalized

  36. ACG Award Amounts • Academic Competitiveness Grant (ACG) • $750 for first year students • $1,300 for second year students

  37. ACG Eligibility Criteria • Federal Pell Grant recipient for same award year • First or second year student in: • A two or four year degree program; or • A one or two year certificate program offered at a two or four-year degree-granting institution • Completion of a rigorous secondary school program

  38. ACG Eligibility Criteria: First Year Students • Not previously enrolled as a degree seeking student in an undergraduate program while enrolled in high school and below the age of compulsory attendance • Completed secondary program of study after January 1, 2006

  39. ACG Eligibility Criteria: Second Year Students • Completed secondary program of study after January 1, 2005 • Has at least a 3.0 GPA in an eligible program at end of first year of college

  40. ACG Rigorous Program Options • Coursework designated by the Secretary • 4 years of English • 3 years of mathematics (Algebra I and higher) • 3 years of science (biology, chemistry, physics) • 3 years of social studies • 1 year of a foreign language

  41. ACG Rigorous Program Options • Ohio Honors Diploma • Successful completion of any secondary school program for a student who completes at least two courses with a minimum passing test score on the exams in those courses • Score of at least 3 for Advanced Placement • Score of at least 4 for International Baccalaureate

  42. Documenting Completion of Rigorous Programs for ACG • Colleges required to collect and retain documentation that a student meets at least one of the options • Colleges may document the program option that is the most efficient for them • Students may eligible under more than one definition of rigorous program

  43. How Students Apply for ACG: FAFSA on the Web • Submit FAFSA on the web • If data indicates possible eligibility, the student will be prompted to answer questions

  44. How Students Apply for ACG: Self Identification Self identify to financial aid office at college • In person or in writing • Will need to submit documentation

  45. ACG: What Counselors Can Do • Encourage students to take rigorous courses • Provide documentation of completion of rigorous program • In a timely manner • To students or directly to colleges • Tell students about the program

  46. GPA for Second Year ACG • For second academic year, student must have a cumulative GPA of at least a 3.0 from first year • GPA only checked once, at end of first year

  47. ACG Resources • http://www.ed.gov/admins/finaid/about/ac-smart/state-programs.html • Rigorous high school program codes • Submit a question feature

  48. SMART Grant (National Science and Math Access to Retain Talent Grant)— • Awarded to students in specific majors in the areas of Science, Math and Language Studies • Students must have a college GPA of 3.0 • A federal grant awarded to third and fourth year college students. • Must be Pell eligible, full-time, and a US Citizen • Eligibility is certified by the school. • The maximum award is $4,000 per year.

  49. Federal TEACH Grant • provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. • Maximum of $16,000 for undergraduate and post-baccalaureate students • $8,000 for graduate students or current or former teachers or retirees

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