FINANCIAL AID NIGHT

1. FINANCIAL AID NIGHT February 6, 2019 Presented by Donna Wilkoski Director, Financial Aid Bucks County Community College

2. Please silence your phones. • Thankyouforbeingconsideratetothepeoplearoundyou.

3. Tonight our • ApplyingforFinancialAid • Identifywhatisneeded • Whataidsourcesareavailable • Whathappensnext • Makingsmartdecisions

4. WhatIs FinancialAid? • Financialaidconsistsof fundsprovidedto studentsand familiestohelppayfor postsecondaryeducationalexpenses. • Grants/Scholarships (freemoney) • Self-Help(work,savings,etc.) • Loans

5. Basic Principles • Paying isthe jointresponsibilityofthestudent • andparent(s),totheextentpossible. • Need-basedfinancialaid issubjecttofederal formulatodeterminefinancialneed. • Notallfamiliesqualifyforneed-basedaid. Thereisnoguaranteethatyouwillgetanyfree moneytopayforhighereducation.

6. WhereDoestheMoney ComeFrom? • FederalGovernment • StateGovernment • School/Colleges • PrivateScholarshipSources: • » HScounselors • » Clubsandorganizations • » Employers • » Internetscholarship searches

7. StartingtheFinancialAid Process Knowwhat financialaidformseachschoolrequires ALLSchoolsRequire: SOMESchoolsRequire: • FAFSA(FreeApplicationfor FederalStudentAid) after October1in Sr.Year – NEW this year • » Requiredbyall schools,PHEAA, • andsomescholarshiporganizations • STATEGRANTFORM(SGF) throughPHEAA • » Requiredforfirst-yearstudents (andmayberequestedfor subsequentyears)=afterFAFSA is completed • CSSProfilerequiredbysome postsecondaryschoolsand scholarshiporganizations • Institutionalfinancialaid forms • Internalschoolforms

8. FAFSA–FreeApplicationfor FederalStudentAid FAFSA.gov • FAFSAis theprimaryfederal formforfinancialassistanceto attendpostsecondaryschool • Itdetermines: • » Expectedfamilycontribution,need • » Eligibilityformostaidprograms • MustfileaFAFSAtobeeligible fortheseprogramseachyeara studentattendsschool • Fileonline–Fast,Secure,SKIP LOGICandBuilt-inEdits • Wantpractice?Visit FAFSA4CASTER

10. KnowWhentoApplyfor FAFSA&YourDeadlines! FederalDeadlines-Applyanytimeafter January1stoftheupcomingacademicyear totheendoftheacademicyear(July1stthroughJune30th) » Seniors:after October1st2019 SchoolDeadlines–someWILLbe earlier PAStateGrantDeadlinesforFAFSA » May 1, 2019–First-timeandrenewalstudentsattendingcolleges, universities& college transferrableprograms (excluding community colleges) » August1, 2019–First-timestudentsattendingcommunitycollege;a business, tradeor technical schools,hospital school ofnursing; Open AdmissionsInstitutionsor a2-yearnon-transferrabledegreeprogramataJr or 4-yearcollege.

11. WhoseInfoGoesontheFAFSA? • Divorcedor separatedparents(Theparent the studentlivedwith themostoverthepast12months. Ifequal,thenthe parent whoprovidedmorethan 50% of student’s support) • Stepparents-YES • Adoptiveparents-YES • Fosterparents -NO • Legal guardians-NO • Anyoneelsethestudent islivingwith-NO

12. Electronic Signature: • CreateanFSAUserIDandPassword: • Studentandoneparentwillsign • theFAFSAelectronically- eachneeds aSEPARATE emailaddressandID/password • Averificationprocessdelaysuse–GetyourID/passwordearly • Must have separate emails Parent and student • AFAFSAISNOTCOMPLETE UNTILSIGNED! • You’lluseitagainfor: • RenewalFAFSA • FAFSAstatusandcorrections • SigningaDirectLoanMasterPromissoryNote(MPN) • Completerequiredentrance andexitloancounseling • Reviewloanhistoryat • NSLDS.ed.gov

13. THE FSA ID LOCATION

15. IRS DataRetrieval Tool(DRT) • TheIRS Data RetrievalToolallowsstudentsand parentstoaccessIRS tax return informationneeded tocompletetheFAFSA.Studentsand parents may transfer the datadirectlyinto their FAFSA. • IRS Data isavailable: • » After2weeksofelectronicallyfiling federaltaxreturn • » After8weeksoffiling apaperfederaltaxreturn • » IfstudentusedestimatedincometocompleteFAFSA,can gobackoncetaxesarefiledanduseIRSDataRetrieval Tool.

16. FAFSACompletionPage • ApplyforyourState GrantfromtheFAFSA Completion/Confirmation page • Startyourstateapplication to apply • forPennsylvaniastate basedfinancialaid • TRANSFERSFOTW data to theStateGrant Application

17. Online StateGrantApplication • Link offtheFAFSAApplication ConfirmationPage • » Missedthelinkoritwasn’t available? • Linkin anemailsentto student/parentfromPHEAA, OR • GotoPHEAA.org; StateGrant Program; andcompletetheform • Additionalquestions needed todeterminePAStateGrant • eligibility: • » Enrollmentstatus(full-time/part-time) • » ValueofPA529CollegeSavings Program • » Programof studyforstudentsin vocationalprograms • » Employmentstatus Helpscreensareavailableforallquestions

18. PAState Grant Form • Studentswhoclickonthe linkwill beautomaticallymovedto thePAStateGrantFormandwill bepresentedwiththe additional questionsneededtodetermineStateGrant eligibility whichincludessuch itemsasenrollmentstatus, valueofPA529CollegeSavingsProgram,programofstudy, andemploymentstatus. • New for this year: The state will use your FSA ID for the signature, no need to print and submit, can submit electronically. • Students willbeabletoviewtheirstatusonAccountAccessatPHEAA.orgabout3daysaftercompletingtheFAFSAonline.

19. Federal and State Grant Programs

20. FederalPrograms • Pell Grant (2019-20maxaward$6,195)* • Campus-basedaid–amountsdeterminedbyFAO • » FSEOG…………………upto$4,000 • » FederalWork-Study……FAOdetermines • Formostprograms,studentmustbeenrolledat leasthalf-time. *Goestomostfinanciallyneedystudents, estimated $ amount

21. FederalDirect LoanProgram BasedonFAFSA, studentshavea combinationof: • AvailabletoALLstudentsREGARDLESS ofneed • Additionalunsubsidizedfundsavailablefor Independent&ParentPLUSdenials • Subsidized=govtpays interestinschool andgracestatus » As of July 1, 2018 5.05%variable/fixedinterestrate,1.062%fee » RatesseteveryJuly1st forthelifeof thatyear’s loan; feesaredeductedfromdisbursement • AWARDED toeveryeligibleundergraduatestudent • Instudent’s name,no collateral orcreditcheck,mustsign MPN • Availableloanamountsincreaseinsubsequent • years • Nopaymentsrequiredwhileattending school & 6-monthgraceperiod • 150% RULEapplies–Newborrowers • Unsubsidized=interestaccrues inschooland grace StudentLoans.gov&school’swebsite!

22. FederalDirectStaffordLoan ProgramBorrowingLimits

23. FederalDirect PLUS Loan • For parentsof dependent undergrador graduate levelstudents • Direct ParentPLUS Loan- in parent’snamefor studentcosts • » 7.60% variable/fixed interestrate; 4.248%fees-as of July 1, 2018 • Rates set everyJuly1stfor the life of that year’sloan;fees are deductedfrom disbursement • Canborrowupto theCost of Attendance • MUSTapplyeachyearloanis taken • NoDebt-to-Incometest,onlylenient credit check • » Can have anendorser(co-signer) • Principalpaymentcanbedeferred whilestudentis inschool • » Interestwillcontinuetoaccrue • IFdenied-studentis eligiblefor an • additional$4,000unsubsidizedloan • Must completea FAFSAto • determineanyadditionalaid

24. Pennsylvania State Grant* • In-state(PA)-Full-timeupto$4,123 • In-state(PA)–Part-time1/2oftheFTaward • Out-of-state-Upto$500inDC,DE,MA,OH, VT,WV • Amountdeterminedinpartbythecostofthe school *Mustbeatleasthalf-timetobeeligible

25. Other State Programs • StateWork-Study-jobrelatedtomajor • EducationalAssistanceGrant(EAP)–NationalGuard • ChafeeEducationandTrainingGrant–co-administeredwith thePA • DepartmentofHumanServices • BlindorDeafBeneficiaryGrant • PostsecondaryEducationalGratuityProgram(PEGP) • PartnershipsforAccesstoHigherEducation(PATH) • PennsylvaniaTargetedIndustryProgram(PA–TIP) • ReadytoSucceedScholarship(RTSS) • Fordetails,seethePAStudentAid Guide,orvisitPHEAA.org.

26. SCHOLARSHIPS

27. Types of Scholarships • Postsecondary(in-house)scholarships • Localandregionalscholarships • Nationalscholarships

28. SchoolScholarships • Mostpostsecondaryschoolshave • internalscholarships • » Criteriavariesbyschool • » Checktheirwebsites(financialaid,admissions) • » NoteDEADLINES • Highschoolcommunityscholarships • » Checkwithyourguidancecounselor • » Manyinternalscholarshipsexist-noteDEADLINES • Don’tforgetaboutnational scholarships • » Companies,organizations,groups

29. ScholarshipSearch Tips • Startsearchingearly • UseFREEscholarshipsearch sites • Don’tignorescholarshipswithsmallerawardamounts • Don’tmiss deadlines • Searchforscholarshipsevery year • Checkcorporate websitessuchasTarget,Walmart, • Kentucky FriedChicken: • Allhave scholarshipprogramsandyoudon'thavetowork theretogetthem

30. fastweb.com • Excellentsite touseforsearchingas itis a database thatpullsspecificscholarshipsfor studentsbasedon theirinput.Italsosends emailalertswhenascholarshipmatchesthe student. • Largest,mostaccurateandmostfrequently updatedscholarshipdatabase. • FastWeb.com

31. Alternative/PrivateEducation Loans • Fromprivatelendersorfinancialinstitutions • » Instudent’sname/co-signersusuallyrequired • Someloanproductshave aco-signerrelease • » CanborrowuptotheCostofAttendance • » Basedoncreditscoresanddebt-to-income • » Repaymentmaybedeferreduntileducationcompleted • » Termsvarybylender–comparebeforemaking • choices • » Studentsmustsigna“SelfCertificationForm”perDOE • READTHEFINEPRINT • LOANS OF THE LAST RESORT

32. FORMS ARE COMPLETED WHAT IS NEXT?

33. The process continues • Departmentof Education’sCentralProcessingSystem uses the informationto calculateandcreateyour NeedAnalysis • EFC is calculated • SAR/ISIR- reports youreligibilityfor aid to youandyourschoolchoices • Granteligibilityis calculated • Schoolsreceiveyourresults • Youapply/appliedtoyourschoolchoices • Onceaccepted- schoolsproduceAwardLetters (aid packages) • YoucompareAwardLetters • Determinetruecosts of schooland makechoices

34. WhatSchoolCostsareConsidered? • Schoolcostsinclude: • Tuitionandfees • Roomandboard • Booksandsupplies • Transportation • Miscellaneousliving expenses • Childcare,ifnecessary Youcanreceive financialaidupto thetotalofthe schoolregardless ofyourEFC!

35. DeterminingNeed-Based Eligibility • Student submitsFAFSA • FamilyundergoesNeedAnalysis • ExpectedFamilyContribution(EFC)isdeterminedbasedon: • » Parentincomeandassets • » Studentincomeandassets • » Familysize • » Numberofchildrenincollege • » Ageoftheolderparent • ThisisNOTnecessarilytheamountyouwillpayeachyear!

36. HowisEFC Calculated? COA(Cost) -EFC = NEED • Intheory,theEFCisanumbercalculatedtomeasureand comparethegeneralfinancialstrengthofall familiesapplying foraid-itisNOTtheamount youareexpectedtopay. • EFC formulaconsidersafamily’s taxed & untaxedincome, assets,size,howmanywillbeattendingcollege,andageof oldestparent • » Includesallowancesfortaxesandfocusesmainlyonincome • » Parent+studentcontribution=EFC • NOTANASSET: Home, personalproperty,qualifiedretirementfunds,and value oflifeinsuranceisexcludedfromassets • AssetProtectionAllowance isappliedagainstparent’sreportedassets • » EFCcalculationroughlyuses5.64%ofparentassetcontributionand20%ofstudentcontribution • » Studentincomecontributionusedinthecalculation:50%ofamountsover$6,570 • » Parentcontributiondividedby numberofchildrenin collegeatthesametime

37. Calculating FinancialNeed School cost EFC $26,000 –$3,000 Schools/collegesreceive financialaidinformationand calculate financialneed Financial Need $23,000 • FinancialAid Office(FAO)“packages” studentbasedonfinancialneedand availablefunding(variesfromschool toschool) • Financial aidawardlettersenttostudent

38. FinancialAidAwardLetter • Official notificationfromschoolaboutfinancial • aid,termsandconditions • Liststhetypeandamountofeachawardtobe received • Describeswhatmustbedonetoacceptor • rejectanyaward • Disclosesstudentsrights,responsibilitiesand • academicrequirements

39. ReviewingtheFinancialAid Package • Afterreviewingtheirpackages,studentsshouldbe • suretheyknowand understandthe following: • » Howmuchofthefinancialaidisfreemoney? • » Whichawardsarebasedonneed,andwhicharebased onmerit? • » Arethereanyconditionsonthefreemoney;in particular, • isthereaGPArequirement? • » Will awardschangefromyeartoyear? • » Will institutionalawardsincreaseastuitionincreases? • » Willloansbeneeded?Ifso,howmuch?

40. Comparing Packages

41. Special Circumstances • Recentdeathor disability • Reducedincome • Recentseparationor divorce Contacttheschoolandask foraspecialconsiderationANDcontactStateGrant DivisionatPHEAA

42. BE A SMART CONSUMER!!!

43. WaystoReducetheNeedfor FinancialAid • GraduateonTime • » 4yearforbachelor’sdegree / 2yearfor associate’sdegree • Researchandfindtherightschoolandmajor • » Minimizetransferandchangeof major • Earncollegecreditswhile in highschoolthroughAPcourses, vo-techanddualenrollment • Consideroptionsforcuttingcosts(commute,takesummerclasses, buyusedbooks,makesmartmealplan choices) • 2 +2 Strategy(2yearsatacommunitycollegethentransfercredits toa 4-yearschool) • 3 +2 (master’sdegree)

44. WhatCanYouDoNow? • StudentandparentapplyforanFSAIDat: • » StudentAid.ed.gov/fsaid • Visit websiteswith freeinformationaboutcollege,financial aid • andcareers • Explorescholarshipopportunities–locally,regionallyandnationally • UseNetPriceCalculatoratschoolsinterestedin attendingtogetan estimateofyour“netprice”toattend • » NetPriceCalculatoravailableoneachschool’s website • Usethefreeonlinetool,FAFSA4caster,toestimateEFC andeligibilityforfederal financialaid • » Availableatfafsa4caster.ed.gov

45. QUESTIONS ???

46. CONTACT INFORMATION finaid@bucks.edu215 968-8200 voice215 504 -8522 faxwww.bucks.eduBucks Chatbot on our webpagehttp://bucks.financialaidtv.com/