Financial Aid Presentation

1. Financial Aid Presentation Bremen High School

2. Goals for Presentation… What is Financial Aid Types of Financial Aid Application Process Where to find Scholarships Award Letters What is FAFSA4Caster

3. Financial Aid Defined… • Assistance awarded to students which may be based on: • financial need, which is determined by federal methodology • special qualities the student may have such as academic or athletic talent • Aid can come from Federal, State, College and Private Sources

4. Types of Financial Aid • Gift Aid: Does not have to be repaid • Grants (based on need) • Scholarships (based on merit) • Self Help: • Work Study: Earned (based on need) • Loans: Borrowed (need and non-need based)

5. Who is considered a parent? • “Parent” refers to a biological or adoptive parent. • Grandparents, foster parents, legal guardians, older siblings, and uncles or aunts are not considered parents on this form unless they have legally adopted you. • In case of divorce or separation, give information about the parent you lived with most in the last 12 months. • If you did not live with one parent more than the other, give information about the parent who provided you the most financial support during the last 12 months or during the most recent year you received support. • If your divorced or widowed parent has remarried, also provide information about your stepparent.

6. Items Needed to Complete FAFSA For the 2014-2015 school year you will need financial information from 2013. You may need to refer to: • Your Social Security card. It is important that you enter your Social Security Number correctly! • Your alien registration or permanent resident card (if you are not a U.S. citizen) • Your 2013 W-2 forms and other records of money earned • Your (and if married, your spouse's) 2013 Federal Income Tax Return. • IRS 1040, 1040A, 1040 EZ (You may be able to transfer your federal tax information using the IRS Data Retrieval Tool) • Your Parents' 2013 Federal Income Tax Return (if you are a dependent student) • Your 2013 untaxed income records (if applicable) • You and your parents’ (if you are a dependent student) current bank statements • Your parents’ current business and investment mortgage information, business and farm records, stock, bond and other investment records • A Federal Student Aid Pin

7. Social Security Number • The student must have a social security number in order to complete a FAFSA application. • If the parents do not have a social security number enter 000-00-000. The student is still eligible for financial aid. • An ITIN (taxpayer identification number)cannot be used to complete the FAFSA. These can be identified by a nine digit number beginning with the number 9 and the middle digits range from 70-88 (9XX-7X-XXX).

8. FAFSA Application Processwww.fafsa.ed.gov(As soon as possible after January 1, 2014)

9. Applying for PIN (can be completed at any time)www.pin.ed.gov • A Federal Student Aid PIN can be used for many federal student aid activities, such as to: • Electronically sign a Free Application for Federal Student Aid (FAFSA) • Renew your FAFSA (if you applied last year) • Make corrections to a processed FAFSA • View and Print your electronic Student Aid Report (SAR) • Both the student and one parent must apply for their own PIN.

10. Dependency Status Dependent Independent • Answer NO to all questions in section 3. • Parents’ income will be used in determining financial aid eligibility. • Answer YES to one or more questions in section 3. • No parent information needed.

11. Dependency Questions (Section 3)(if you answer YES to any of these questions you are considered independent) At any time on or after July 1, 2013 did your high school homeless liaison, an emergency shelter director or a transitional housing program director determined you are an unaccompanied youth or homeless.

12. Expected Family Contribution EFC Expected Family Contribution • Calculated on the basis of information reported on the FAFSA and according to a formula established by law. • A family’s taxed and untaxed income, assets, and benefits are all considered in the formula. What? Why? Where?

13. Student Aid Report (SAR) • The official notification sent from the federal government as a result receiving a FAFSA for a student. • The SAR summarizes the applicant information, provides the EFC for a student and displays other special messages related to the student’s application. • The SAR is sent to the student as well as any colleges or universities listed on the FAFSA application (up to 10).

14. Determining Cost of Attendance • These costs are determined by the individual schools. • The cost of attendance for most students includes: • Tuition and Fees • Books and Supplies • Room and Board • Transportation • Miscellaneous Living Expenses

15. How is financial aid determined by a school? The general rule is that a student’s total aid may not exceed a student’s financial need.

16. Federal & State Sources to Meet Need

17. The Award Letter

18. Scholarships • Bremen Webpage http://bhsd228.schoolwires.net/domain/105 • www.careercruising.com • www.fastweb.com • www.mycollegeoptions.org • www.scholarships.com • Check financial aid websites of the college you are attending for university or college scholarships.

19. FAFSA4Caster A free financial aid calculator that gives you an early estimate of your eligibility for federal student aid. This information helps families plan ahead for college. Available at https://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e1s1AND on every college website.

20. Keep in mind… • You may be asked to submit documentation to the financial aid office for verification purposes. • The combination of student aid and EFC must not exceed student’s COA. • If financial aid from any source becomes available after packaging, awards must be reduced until the total package does not exceed COA. • Outside Scholarships: Find out how this money will be treated in each college’s financial aid award package. • Federal Work Study must be earned and the amount indicated on your Award letter will need to be applied to the tuition bill by the student. • ALL loans must be repaid and will require additional paperwork including a Master Promissory Note.

21. Resources www.fafsa.ed.gov Federal Student Aid, an office of the U.S. Department of Education www.isac.org Illinois Student Assistance Commission Some material adapted from a Powerpoint created by Carl Zambo, former Oak Forest High School counselor.