student financial aid kent state university 103 schwartz center 330-672-2972

Student Financial Aid

Kent State University103 Schwartz Center

www.kent.edu/financialaid330-672-2972

Overview

• Philosophy

• Application Process

• Types of Financial Aid

• Determination of Financial Need

• Examples of Awarding

• Upcoming events

Philosophy of Financial Aid

• Financial aid is available to all families regardless of family income or college cost.

• It is the primary responsibility of the family to pay the educational costs to the extent that they are able.

Application Process

www.pin.ed.gov

• Apply

• Both parent and student

• Does not need to be renewed

Application Process

www.FAFSA.gov

Application Process

• The 2013-2014 FAFSA will use 2012 W2 and federal tax information

• You do not need a completed tax return in order to complete the FAFSA

• Submit the Free Application for Federal Student Aid (FAFSA) as soon after January 1st as possible

• Complete FAFSA every year • Priority deadline for Kent State University is March 1 to ensure maximum

consideration for institutional aid

FAFSA on the Web Worksheet

• The FAFSA on the Web Worksheet presents the questions in the same order as they are presented within FAFSA on the Web

• 4 sections of questions

Avoid Errors!!

• Read instructions and complete all forms carefully

• Errors on the FAFSA or supplemental forms may DELAY application processing and result in LOSS of financial aid funds

Section 2 – Student Dependency Status

Section 3 – Parent Information

Section 3 – Parent Information (Income)

Section 3 – Parent Information

529 College Savings Plans and Prepaid Tuition Plans

Treated same as mutual funds,

CD’s and other investments

If the student is dependent (for financial aid purposes) the 529 Plan is a parent asset

Section 4 – Student Income Information

Reminder….

FAFSA on the Web Worksheet is a guide to

completing the FAFSA online

Frequent FAFSA errors

• Divorced/remarried parental information• Income earned by parents / stepparents• Untaxed income• US income taxes paid• Household size• Social Security numbers / dates of birth• Number of household members in college• Real estate and investment net worth

Application Process

Avoid being charged a fee to file the FAFSA!

• Completing and processing the FAFSA is FREE!

• If filing FAFSA on the Web, make sure you go directly to www.FAFSA.gov

• Contact the financial aid office if you need help completing the FAFSA

FAFSA filing• www.FAFSA.gov

• FAFSA submitted online

• 2-3 weeks processing time until awarding

FAFSA filing

Student receives eSAR

Student Aid ReportSummarizes the information you submitted on your 2013-2014 FAFSA

•Gives you the application status

•Expected Family Contribution (EFC)

•Emailed to student

NOTE: A paper SAR is mailed only to students without email or

DOB, SS # or FIRST and LAST name errors

FAFSA filingStudent receives

eSAR

Colleges receive electric version of

SAR

Awarding Process

College receives

electronic version of

SAR

College runs information through the

awarding program

KSU

College mails out the initial award letter

Types of Financial Aid

• Gift Aid – Grants– Scholarships

• Self Help Aid– Loans– Work

Types of Financial Aid

Gift Aid: Grants

Pell Grant

• Awarded to undergraduate students pursuing first bachelor’s degree

• EFC between 0 - 4995• Award amount based on EFC and enrollment status• Maximum award $5,550*

*Amounts based on 2012-2013

Types of Financial Aid

Gift Aid: Grants

Federal Supplemental Educational Opportunity Grant (FSEOG)

• EFC = 0

• Limited funding

• Award amount $ 600 - $2000*

*Amounts based on 2012-2013

Types of Financial Aid

Gift Aid: Grants

Teacher Education Assistance for College and Higher Education Grant Program (TEACH)

• Must agree to teach in high-need subject in designated schools that serve low-income students. • Must meet academic qualifications. (GPA or test scores)• Grant converts to unsubsidized loan if teaching obligation is not complete• Up to maximum of $4,000 per year

Types of Financial AidGift Aid: Grants

Ohio College Opportunity Grant

• Eligibility based on EFC• Award amount based on enrollment status• Award amount $214-$856*• Kent campus enrollment

*Amounts based on 2012-2013

Types of Financial AidGift Aid: Scholarships

Start Searching EARLY!Timing is Everything!

• Business and Industry• Faith Based Organizations• Parents’ Employment• Local Library Resources

Types of Financial Aid

Gift Aid: Scholarships

KSU Scholarship Priority Dates:

• New Freshmen Scholarships: January 15• Continuing/Transfer Scholarships: February

15• Departmental Scholarships: Varies

Types of Financial Aid

Freshman Scholarships

• Apply for Admission • Accepted by January 15• No additional application

required!• www.admissions.kent.edu

Types of Financial Aid

Gift Aid:

Scholarships

• Scholarship Search Qualifier – Department scholarships– Additional scholarship

opportunities www.kent.edu/financialaid

Self-Help Aid: Work Federal Work Study

• Campus Based Aid• Student can work part time while enrolled in school• Award maximum Freshman $2000 for year • NOT applied to the students bill• Hired to work hourly and paid at least once a month• Earnings cannot exceed the awarded amount

University Funded Work• Available to students not awarded work study

Types of Financial Aid

Types of Financial AidSelf-Help Aid: Loans

Federal Perkins and Nursing Loans

• Campus Based Aid• Repayment begins 9 months after graduation

or dropping below halftime status• Fixed interest rate of 5%• Award amount $1000 - $2000• Nursing loan available to students admitted

to the Nursing Program *Amounts based on 2012-2013

Types of Financial AidSelf-Help Aid: Loans

Direct Stafford Loans

• Subsidized (3.4%) and Unsubsidized (6.8%)*• Student enrolled at least half time• Repayment begins 6 months after graduation or

dropping below halftime status• Fixed interest rate

*Loans disbursed after 7/1/12

Types of Financial Aid

Self-Help Aid: Loans

Direct Stafford Loans

• Freshman (0-29 credit hours) $5500• Sophomores (30-59 credit hours) $6500• Juniors (60-89 credit hours) $7500• Seniors (90 + credit hours) $7500

Types of Financial AidSelf Help Aid: LoansParent PLUS Loan

• Parent of dependent undergraduate student • Student enrolled at least half time• Credit based*• Fixed interest rate 7.9 %• Repayment begins while the student is in school but

may be deferred

*If denied for credit reasons student is eligible for limited unsubsidized funds

Types of Financial Aid

Self Help Aid: Alternative Loans

• Student applies for loan from a private lender• May need co-signer• Interest rate is variable• Repayment generally begins 6 months after

graduation

• Maximum amount is COA minus all other aid

Determination of Financial Need

Cost of Attendance (COA)

- Expected Family Contribution (EFC)

= Financial Need

Cost of Attendance (Budget)Kent

CampusCommuter

Kent Campus

Out of State

Regional Campus

Tuition* 9,672 9,672 17,632 5,472

Room and Board* 9,178 4,260 9,178 4,260

Books 1,420 1,420 1,420 1,420

Transportation 2,000 3,018 2,000 2,698

Miscellaneous & Personal

2,670 2,670 2,670 2,550

Loan fees 40 40 40 40

Total $24,980 $21,080 $32,940 $16,440

*Direct costs are based on 2012-2013

Determination of Financial Need

Expected Family Contribution

(EFC)

The number used to determine the eligibility for various types of financial aid.

Determination of Financial Need

This number is based on

results from the FAFSA

The EFC is reported to you on your SAR

Awarding ProcessHigh Need Student

Cost of Attendance $24,140-EFC - 400= Financial Need

$23,740

Pell Grant $5,100Direct Loan 5,500*Perkins Loan 2,000*FWS 2,000

Total Financial Aid$14,600

Awarding Process

High Need continued

Cost of Attendance $24,140

-Financial Aid - 14,600

PLUS/Alternative Loan Eligibility $9,540

Awarding Process

Low Need Student

Cost of Attendance $24,140- EFC -12,700= Financial Need $11,440

Scholarship $4,000Direct Loan 5,500

Total Financial Aid $9,500

Awarding Process

Low Need continued

Cost of Attendance $24,140

-Financial Aid - 9,500

PLUS/Alternative Loan Eligibility $14,640

Review

• Apply for admission

• Apply for PIN numbers

• Complete the FAFSA as soon as possible after January 1st

• Investigate other sources of aid

• www.kent.edu/financialaid

Student Financial Aid Workshops

Admitted students will be invited

January 2013 Kent Campus

College Goal Sunday

February 10, 2013

www.collegegoalsunday.org

Contact Information

Kent State UniversityStudent Financial Aid Office

103 Schwartz CenterKent, OH. 44242

330-672-2972www.kent.edu/financialaid