Financial Aid 2012-13 - Angola High School_

Document Sample
Financial Aid 2012-13 - Angola High School_ Powered By Docstoc
					 Financial Aid 2013-2014

      Financial Aid Night Presentation
 Brought to you with cooperation from ISFAA
Presented by: Kelly McGuire, Trine University
          Director of Financial Aid
Items to Discuss
 What is financial aid?

 What is the Cost of Attendance?

 What is the EFC and how is financial need calculated?

 What sources does financial aid come from?
 How to apply for financial aid, including FAFSA & how to
  avoid errors

 I have completed the FAFSA – what happens next?

 Closing and Questions
   Financial aid is funds
    provided to students
    and their families to
    assist them in paying
    for postsecondary
    education expenses.
  What is Cost of Attendance (COA)?
Direct costs (pay directly to the school)
   Tuition & Fees
   Room & Board
Indirect costs (costs associated with attending school
but not necessarily paid to the school)
   Books & Supplies
   Transportation
   Miscellaneous personal expenses
   Off Campus housing
Direct and indirect costs are combined into the total
cost of attendance
Vary widely from college to college
     What is the Expected Family Contribution (EFC)?

Two components
   Parent contribution
   Student contribution

Calculated using FAFSA or FAFSA4Caster data and a
federal formula. Main components are:
   Family size
   # in college
   Students income/assets
   Parents income/assets


Stays the same regardless of college choice
Colleges use EFC as an index of your family’s financial
strength to award financial aid
       How is financial need
          determined?
                 Financial Need = COA-EFC



College A                           College B

COA    $46,246                   COA    $21,174
EFC -    4,500                   EFC -    4,500
Need = $41,746
                                 Need = $16,674
COA - Variable
EFC - Constant
         Types of Financial Aid


Grants

Scholarships

Loans

Employment
Sources of Financial Aid
Financial aid comes from a variety of sources.



              federal                state
            government            government




                                   outside/
               college
                                    private
            (institutional aid)
                                   sources
   Common Federal Aid Programs
       Grants                      Self - Help
Federal Pell Grant          Federal Perkins Loan
Teacher Education           Federal Work-Study
Assistance for College and   Direct Stafford Loans
Higher Education (TEACH      Parent PLUS Loans
Grant)
Federal Supplemental
Educational Opportunity
Grant
The Big Three
Maximum Award Amounts for 2012-13

                     — State of Indiana Grant
                       Program (ICHE)

                     — Federal Pell Grant

                     — Federal Supplemental
                       Education Opportunity
                       Grant (FSEOG)

Total = $16,606
Federal Work-Study
A need-based employment program
that provides on- and off-campus
jobs to students.
Loan Programs
When evaluating loan options, consider the following:




                                                        Repayment
    Source            Subsidized                         Options
                                             Interest       &
      of                 vs.
                                               Rate       Grace
     Loan            Unsubsidized
                                                          Period




Start by knowing a your rights and responsibilities.
U. S. Department of Education
Federal Loan Programs, 2012-13

                                   Type                 Rate                 Grace

                                 Subsidized             5%                    9
Perkins                                                Fixed                Months
                                 Subsidized            3.4%                   6
Stafford* *                                            Fixed                Months
(2012-2013)                     Unsubsidized            6.8%                  6
                                                        fixed               Months
                                Credit-based            7.9%              Within first
PLUS                                                    fixed              60 days
Graduate PLUS
*Note: Stafford Loans (unsubsidized) for Graduate students have a fixed interest rate of
6.8% through 2013.
                                      * *FAFSA and Program Application(s) are Required
You may be eligible for aid, but...

                       You must apply to find
                        out!
                       Everyone will be eligible
                        for some type of
                        financial aid.
                       Every family should fill
                        out a FAFSA even if
                        they chose to decline
                        some of the aid they
                        receive
                       Apply it is FREE!
How to Apply for
  Financial Aid


  Easy as 1-2-3
How to Apply
To be considered for student aid, a student must complete all forms required by a college.




Note: Communicate with each college to inquire about steps to a complete
application and their deadlines.
Free Application for Federal Student Aid
(FAFSA)


   A standard form that collects family’s demographic
    and financial information used to calculate the
    student’s EFC (available in English and Spanish)

   How to apply:
     Paper FAFSA
     FAFSA on the web at www.fafsa.gov
     It’s FREE … Free Application for Federal Student
      Aid
Dependent vs. Independent Students
 At least 24 years old by Dec. 31st of award year;

 Graduate or professional student;

 Married;

 Has children or dependents (in which the student provides over 50%
  of their support);
 Veteran of the U.S. Armed forces or currently serving on active duty

 At age 13 or older, both parents deceased, in foster care or a
  ward/dependent of the court;
 Emancipated minor (determined by court in state of legal residence)

 In legal guardianship (determined by a court in state of legal
  residence)
 Homeless
             Why complete the FAFSA?

* Federal Student Aid uses the data on your FAFSA to calculate an
Expected Family Contribution (EFC). The EFC is an indicator of
your family’s financial strength to pay for education after high
school.

* The EFC is not the amount of money that your family must
provide. Rather, you should think of the EFC as an index that
colleges use to determine how much financial aid (grants, loans, or
work-study)

* Your application results are transmitted to the school(s) listed on
your FAFSA, and the school(s) uses the EFC amount to determine
the amount of financial aid that you are eligible to receive. Many
states and schools also use the FAFSA data to award aid from their
programs.
When do I need to file the FAFSA?
 May be filed at any time during an academic year,
    but no earlier than the January 1st prior to the
    academic year for which the student requests aid
   For the 2013-14 academic year, the FAFSA may be
    filed beginning January 1, 2013
   Needs to be completed on an annual basis
   State Aid Filing Deadline is March 10th, 2013
   Colleges may set FAFSA filing deadlines that are
    different than the State Filing Deadline
To complete the FAFSA
What information is needed?
o Social Security Number. Be sure that it is correct!
o Records of income, such as income earned from work and business, child support
   paid or received and any other untaxed income. If available, refer to the W-2
   Forms and the Federal Income Tax Return IRS 1040, 1040A or 1040EZ.
o Information about assets, such as savings, certificates of deposit, stock options,
   bonds, 529 plans and other college savings programs; and investment real estate,
   business and farm.
o Driver’s license number, if the student has one.
o Alien Registration Number, if not a U.S. citizen.
Personal Identification Number
A PIN, along with other identifiers, gives Internet access to information on the Federal Student
Aid systems.




•    Serves as an electronic signature and
     provides access to personal records                         PIN Checklist

•    Go to www.pin.ed.gov                                        oSocial Security Number
                                                                 oLast Name
Option 1: Create a four-digit PIN
Option 2: Have the site create PIN                               oFirst Name
                                                                 oMiddle Initial
•    PIN is conditional until relevant
     information is verified with the Social                     oDate of Birth
     Security Administration (1-3 days)                          oStreet Address
•    PIN will not expire at the end of the year
                                                                 oe-Mail address (optional)
       PIN Registration
                                        n   Web site: www.pin.ed.gov
                                        n   Sign FAFSA electronically
                                        n   Can request PIN before
                                            January 1, 2013
                                        n   Not required, but speeds
                                            processing




n   May be used by students and parents throughout aid process,
    including subsequent school years
                                       Who is considered
       FAFSA Tips                              a parent?

 Parents must provide information on FAFSA

    Grandparents, foster parents, and legal guardians are not
     parents
    If parents are both living and married to each other – both
     parents provide information
    If parent is single – that parent provides information
    If single parent has remarried, both parent and step-parent
     provide information (regardless of any prenuptial
     agreement)
                                     Who is considered
      FAFSA Tips                             a parent?

 If parents are divorced or legally separated - identify
 parent in the following order:
     Parent you have lived with more over the past 12
      months.
     Parent who provided more financial support over the
      past 12 months.
     Parent who provided more financial support during the
      most recent year you received financial support.
        Redesigned FAFSA Homepage
     § Simplified options

     § Updated graphics

     § An updateable
      announcement section
     § Access to FAFSA4caster

     § Access to FAFSA PDF
      and paper FAFSA
      information
      www.fafsa.gov



26
        Customized “My FAFSA”
     §Initial FAFSA Entry
     §Renewal Application Entry
     §FAFSA Corrections
     §Providing Signatures
     §Continuing a Saved FAFSA
     §Viewing Transaction Hist0ry




27
         “My FAFSA” page – New Student

ü Dynamic messaging
     guides the applicant
     through all phases
     of the application
     experience

ü Application Status


ü PIN Status




28
          Enhanced Functionality
ü   Help and Hints now have
    question labels and question
    numbers for easier reference.


ü   Formatting on date fields,
    telephone number, and
    financial fields.


ü   The system automatically
    saves the application at the
    end of each step.


ü   “Clear All Data” allows an
    applicant delete their data
    from the system anytime prior
    to submission.
    29
     Financial Information

     ü The IRS Data Retrieval
       continues in 2013-14
       beginning February 3, 2013.
     ü Also available in Corrections

     ü Electronically filed tax
       return information will be
       available from the IRS in 1-2
       weeks, data from paper tax
       returns will be available in 4-
       6 weeks.



30
       IRS Data Retrieval


ü Once the applicant has
     successfully
     authenticated, tax data
     will be presented and the
     applicant will have the
     option to “Transfer” the
     tax information to the
     FAFSA

ü Transferred data will have
     a notation - “Transferred
     from the IRS”

31
         Sign and Submit
     ü “Print
     signature page”
     will appear if
     that option is
     selected.




32
        Signature Enhancements

ü A student and
     parent can enter
     their PIN and click
     “Sign” and the
     system will retain
     the signature. This
     allows parents and
     students to sign
     and submit
     separately.



33
     View FAFSA Summary




       ü The View FAFSA Summary button takes
         the student to a summary of their data.




34
     FAFSA Summary Report




35
      Confirmation Page
Redesigned for clarity. Includes -

üConfirmation Number
üData Release Number (DRN)
üEFC estimate
üPell Grant and Direct Loan estimates
üOption for parents to transfer info to
an application for a sibling
üRates for each college on the FAFSA




36
  Signatures
 Required
    Student
    One parent (dependent students)

 Format
    Electronic using PIN
    Signature page
    Paper FAFSA
   Frequent FAFSA Errors

 Parent and student social security numbers

 Missing signatures/PIN

 Divorce/remarried parent information

 Income earned by parents/stepparents

 Untaxed Income

 Household size & number in college

 Real estate and investment net worth

 Not using real name as it appears on SS Card
     Special Circumstances
   Cannot report on FAFSA

   Contact the Financial Aid Office at each school to explain
    your specific situation

   College will review special circumstances
     May have a specific form
     May request additional documentation
    Special Circumstances
   Change in employment status
   Excessively high medical expenses not covered by
    insurance
   Change in parental marital status
   Expenses related to a students disability
   Death of a parent
   One time income exclusion
   Unusually high dependant child care costs associated
    with a disability
Ways to Finance College
Types of Programs
   Financial Aid Programs

   529 Savings & Prepaid
    Tuition Programs

   Employer Tuition Benefits

   Tuition Payment Plans

   Savings Accounts

   Savings Bonds
               Know your options…
What Happens Next?
 I submitted my FAFSA on time and now what
 …….
Financial Aid Awards
The financial aid administrator at the college will package all
available aid and send an award offer for consideration.

Goal: To meet a student’s need.




 •   What is the total cost of     •   What is the Expected
     attendance?                       Family Contribution?

 •   What is a student’s financial •   What types of financial
     aid eligibility?                  aid are included?
 •   Was financial need met?       •   What is the out-of-pocket cost?
 Financial Aid Award Example
                   EXAMPLE ONLY

Cost of Education - Family Contribution = Need
      $26,000          $8,000             $18,000


            College Scholarship           $6,000
            SSACI Tuition Grant           $2,900
            College Grant                 $3,300
            Stafford Subsidized Loan     $3,500
            Stafford Unsubsidized Loan   $2,000
            Work Study                   $2,000
                      Total Aid           $19,700
The Financial Aid Process In Review
  Questions Or
Comments………

         Presented by:
         Kelly McGuire
    Director of Financial Aid
        Trine University

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:1
posted:7/15/2013
language:
pages:46