federal student aid counselor & mentor financial aid train-the- trainer session

Federal Student AidCounselor & Mentor Financial Aid Train-the-

Trainer Session

Richard BlasenAwareness & Outreach – West Coast Regional

Team

Dr. James CopelandAwareness & Outreach – West Coast Regional

Team

• Financial Aid Basics• Federal Student Aid Programs• Tools & Resources• FAFSA walkthrough

Today’s Topics

Myths About Financial Aid

“…only students with good grades get financial aid.”

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Reality: High school diploma, GED and home schooling certificate...

… more scholarship opportunities available…

Myths About Financial Aid

“ We make too much money, therefore we’re not getting anything”

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Reality: Your income is only one item that is looked at regarding your eligibility for aid.

Where Does Aid Come From?

•Federal Government

•State Government

•Schools

•Private

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Types of Financial Aid

• Gift Aid - Need or Merit based:• Grants and Scholarships

• Self-Help Aid:• Work Study - Employment opportunities• Loans

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Federal Financial Aid Programs

• Federal Grants

• Federal Work-Study

• Federal Student Loans

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There is more than $150 billion available in federal aid to help students pay for postsecondary

education

Gift Aid - Federal Grant Programs

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• Federal Pell Grant Program – $5,730

• Iraq and Afghanistan Service Grant - $5,311

• Teacher Education Assistance for College and Higher Education (TEACH) Grant - $4000

• Federal Supplemental Educational Opportunity Grant, or FSEOG - $4000

Federal Loan Programs

Considerations:Considerations:• Subsidized vs. Unsubsidized• Interest rate• Grace period• Death or Permanent Disability

Know:Know:• Default – 1st Borrowers REQUIRED to Entrance Counseling• Deferment & Forbearance• Loan Repayment Plans• Public Service Loan Forgiveness (PSLF) Program• Teacher Loan Forgiveness

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Federal Loan Programs

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  Interest Rate Repayment Additional Info

Federal Perkins Loan

5% Fixed 9 months after school

Federal Stafford/ Direct Loan

Subsidized 4.66% Fixed

Unsubsidized 4.66% Fixed

6 months after school

Subsidized: no interest charged while in school Unsubsidized: interest accrues while in school

Direct PLUS Loans

Parents & Graduate or Professional Student

6.41% Fixed

May be deferred until 6 months student drop ½ time or 60 days after loan is fully disbursed

Interest accrues while student is in school

FAFSA.GOV

• Must file every year

• Can file Jan. 1st of senior year

• PIN (Parent/Student)

• Check with college to determine if additional applications need to be completed. I.E. CSS Profile application

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FAFSA.GOV Homepage

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Enhanced IRS DRT Questions

• The format of the IRS Data Retrieval Tool filtering question will be enhanced

• Question labels will be improved for clarity

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IRS Data Retrieval Tool

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Federal Student Aid Information Center

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Contact Us• Live help• Toll-free number• E-mail.

Monday through Friday: 8 a.m. - 10:00 p.m. ET Not available on federal holidays.

Detailed College Info and Comparison

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• College’s website

• School type

• Tuition and fees

• Net price average

• Graduation rates

• Retention rates

• Transfer rates

Basic Eligibility Requirements

Students must be:• U.S. citizen or eligible non-citizen

• Registered with Selective Service (Males) (18-25)

• Social Security Number (with limited exceptions)

• High school diploma, home schooling certificate or GED

• No drug related convictions while receiving Aid

• Matriculated – enrolled in an eligible program

• Maintain ‘Satisfactory Academic Progress’

• Not in Default or Overpayment Status

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Dependency Status

• If any of the following criteria applies, the student is considered independent:

24 years or older

Married

Master’s or Doctorate Program

Children and you provide more than ½ support

In foster care since turning 13, or ward of the court

Emancipated minor or was in legal guardianship

Homeless

Serving Active Duty in U.S. Armed Force

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Which Parent(s) fill out FAFSA?

• If your parents are living and legally married to each other, answer questions about both of them.

• If your parents are living together and are not married, answer questions about both of them.

• If your parent is widowed or was never married, answer questions about that parent.

• If your parents are divorced or separated and don’t live together, answer the questions about the parent with whom you lived more during the past 12 months. If you lived the same amount of time with each parent, give answers about the parent who provided more financial support during the past 12 months.

• If your parents are divorced but live together, you’ll indicate their marital status as “Unmarried and both parents living together,” and you’ll answer the questions about both of them.

• If your parents are separated but live together, you’ll indicate their marital status as “Married or remarried,” and you’ll answer the questions about both of them.

• If you have a stepparent who is married to the legal parent whose information you’re reporting, you must provide information about that stepparent as well.

• The following people are not your parents unless they have adopted you: grandparents, foster parents, legal guardians, older brothers or sisters, and uncles or aunts.

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Cost of Attendance - (COA)

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• COA includes:• Tuition and feesTuition and fees• Room and board (Meals)Room and board (Meals)• Books and supplies, equipment, transportation & Books and supplies, equipment, transportation &

personal expensespersonal expenses• Dependent or elder care expensesDependent or elder care expenses• Expenses associated with a disabilityExpenses associated with a disability

Expected Family Contribution - EFC

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• Calculation that uses a federal form and formula

• Indicates the family’s financial strengthIndicates the family’s financial strength

• EFC the same regardless of college the student attends

Expected Family Contribution - EFC

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•Factors: • # of Family Members going to college• Household size• Current Earnings & Family Savings• Information provided on FAFSA• Age of your oldest parent

•The lower your EFC, more financial aid eligible to receive

College Costs & Financial Need

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Cost of Attendance (COA) - Expected Family Contribution (EFC)

= Financial Need

How Much Aid will I Receive?

Financial Need = $13,000

Federal Grants $5,000State Grants $2,000Scholarships $2,000Institutional Grant $2,000Loans $2,000 - Unmet need

TOTAL = $13,000

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Expected Family Contribution (EFC)

Unusual Circumstances

•Professional Judgment

• Personal injury• Death• Job loss• High medical expenses• Case-by-case basis• Document

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High Level Overview

Student completes the FAFSA and signs with FSA PIN

FAFSA is processed by FSA; Student receives a SAR; College receives information if listed on the FAFSA

College reviews info and assembles award package for the student

Student reviews award package; compares to other award letters; student determines which college to attend

What To Expect After Applying

QUESTIONS?

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Federal Student Aid Tools & Resources

Repayment Estimator

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Repayment Estimator

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FAFSA4caster.ed.gov

FAFSA Completion by High Schoolwww.federalstudentaid.ed.gov/datacenter/fafsahs

Ordering Publications• Order publications from FSA

Pubs: www.FSAPubs.gov

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YouTube

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www.youtube.com/FederalStudentAid

YouTube Playlists

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Embed Videos into Your Website

Instructions:•Go to YouTube.com/ FederalStudentAid•Select the video you’d like to embed•Click “Share” which will show you a new menu •Click the “Embed” option to receive the code •Copy and paste code to your site 

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Facebookfacebook.com/FederalStudentAid

Twitter Homepage @FAFSA

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@FAFSA Twitter Office Hours

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Storifywww.storify.com/FAFSA

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All the Q&As from each #AskFAFSA Office Hours are captured in Storify. This is a good resource for content.

Infographics

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StudentAid.gov

StudentAid.gov/resources

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StudentLoans.gov

NSLDS.ed.gov

FinancialAidToolkit.ed.gov

College Scorecard

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College Navigator

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FSAconferences.ed.gov

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Fundamentals of FSA Administration

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QUESTIONS?

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