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Counselor Training for College and Career Planning 2013 2013 High School Counselor Workshops High School Counselor Workshops Financial Aid Overview

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Counselor Training for College and Career Planning 2013 High School Counselor Workshops. Financial Aid Overview. AGENDA KASFAA Financial Aid Overview Aid Programs FAFSA Filing the FAFSA Dependency status Special Circumstances Processing the FAFSA V erification - PowerPoint PPT Presentation

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Page 1: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Counselor Training for College and Career Planning

2013 2013 High School Counselor WorkshopsHigh School Counselor Workshops

Financial Aid Overview

Page 2: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

AGENDA

•KASFAA•Financial Aid Overview

Aid Programs•FAFSA

Filing the FAFSA Dependency status

Special CircumstancesProcessing the FAFSA

Verification•Resources for Counselors and Students

Page 3: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Kentucky Association of Student Financial Aid Administrators

Our mission is to pledge support to professional activities and communications in all areas concerned with the administration of student educational financing programs

Upcoming EventsHigh School Workshop, 10 sitesCollege Goal Kentucky, various dates/sites statewide

Page 4: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

College Goal KentuckyVarious Sites throughout

the state. www.kasfaa.com/collegegoalky

Postcards with Financial Aid timeline (Kim Dolan can provide more as needed

[email protected])

Page 5: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Financial Aid Overview

2013 2013 High School Counselor WorkshopsHigh School Counselor Workshops

Page 6: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Financial Aid IncludesScholarshipsGrantsWork-StudyLoans

Page 7: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Sources of Financial AidFederal governmentState governmentInstitutionalPrivate sources

Page 8: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Federal Aid Programs

2013 2013 High School Counselor WorkshopsHigh School Counselor Workshops

Page 9: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Federal Aid Programs Aid awarded primarily on the basis of

financial need

Students must apply every year using the Free Application for Federal Student Aid (FAFSA)

Page 10: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Federal Pell Grant Need-based grant Available to undergraduate students who

have not received a bachelor’s or first professional degree (exception for teacher certification students)

Page 11: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

TEACH Grant Teacher Education Assistance for

College and Higher Education Grant For undergraduate, post-baccalaureate, or graduate

students who are/will be taking course work necessary to become elementary or secondary teachers

Must attend a participating college and meet certain academic achievement requirements

Must agree to serve, for a minimum of four years (within eight years of completing academic program), as a full-time teacher in a high-need field in a school that serves low-income students or TEACH Grant reverts to student loan

Page 12: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Campus-Based Aid Federal Supplemental Educational

Opportunity Grant (SEOG) Federal Work-Study Federal Perkins Loan

Awarded by schools on a “first come, first served” basis within guidelines for each program

Page 13: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Federal Work-study Undergraduate and graduate students Need-based, part-time employment No minimum or maximum award May look at willingness to work Must pay at least federal minimum

wage The program encourages community service

work and work related to the recipient's course of study.

Page 14: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Federal Direct Stafford Student Loans Loan application is the FAFSA Student borrows from and repays to

federal government School facilitates loan process Annual and aggregate borrowing limits Amounts increase for subsequent years

of study, with higher amounts for graduate students.

Page 15: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Federal Direct Stafford Student Loans In-school deferment Six month post-enrollment grace period Low, fixed interest rates Various repayment options available to

students entering repayment

Page 16: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Federal Direct PLUS Loans Parents of dependent undergraduate

students may apply for the Parent PLUS loan

Graduate or professional students may apply for the Graduate PLUS loan

PLUS loans require approval based on credit.

Page 17: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Veterans Benefits

2013 2013 High School Counselor WorkshopsHigh School Counselor Workshops

Page 18: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Veterans BenefitsPost-9/11 GI Bill

http://www.gibill.va.gov

1-888-GIBILL-1(1-888-442-4551)

Page 19: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Veterans BenefitsPost-9/11 GI Bill

Individuals who serve at least 90 days of aggregate service after 9/10/01 are eligible at varying percentages for length of service.

Benefits may include: Tuition and fees (paid directly to school) Monthly housing allowance (paid to student) Books and supplies stipend (paid to student)

Benefits are payable only for approved training and education programs offered by a college or university.

Page 20: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Veterans BenefitsPost-9/11 GI Bill -Transferability

Allows career service members (6 years + of service) the opportunity to share their education benefits with immediate family.

Immediate family includes:

- The individual’s spouse

- The individual’s children (under 26 years of age)

- Any combination of spouse and children

Page 21: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Yellow Ribbon Program

Allows colleges and universities to enter a voluntarily agreement with VA to fund tuition expenses that exceed the highest public in-state undergraduate rate for individuals eligible for the GI Bill 100% payment tier.

http://www.gibill.va.gov/benefits/post_911_gibill/yellow_ribbon_program.html

Page 22: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

STATE AID PROGRAMSKentucky

2013 2013 High School Counselor WorkshopsHigh School Counselor Workshops

Page 23: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

State Aid Programs Residency requirements for eligibility

Merit and need-based aid types

May use information from the FAFSA to determine eligibility

Grant program eligibility determined upon when the FAFSA is completed

Page 24: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Kentucky Aid ProgramsAdministered by the

Kentucky Higher Education Assistance Authority (KHEAA)

Information and applications for Kentucky grant and scholarship programs at www.kheaa.com

Page 25: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

KHEAA ProgramsBelow are a few popular state programs most relevant to high school students and parents:College Access Program (CAP) GrantKentucky Tuition Grant (KTG)Kentucky Educational Excellence Scholarship (KEES)Go Higher GrantKentucky Education Savings Plan TrustKentucky's Affordable Prepaid Tuition

Page 26: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Institutional Aid Programs

2013 2013 High School Counselor WorkshopsHigh School Counselor Workshops

Page 27: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Institutional AidDiffers from one college to

anotherContact colleges directly when

applyingApply earlySubmit polished applicationsRespond promptly to offers

Page 28: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Private Aid Sources

2013 2013 High School Counselor WorkshopsHigh School Counselor Workshops

Page 29: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Private Sources Foundations and professional

organizations in the student’s field of study

Local businesses and employers Community organizations and civic

groups Religious groups Ethnicity-based groups

Page 30: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

FREE Online Scholarship Search Engineswww.kheaa.comwww.finaid.orgwww.collegeboard.comwww.fastweb.comwww.studentaid.ed.gov

Page 31: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Filing the FAFSA

2013 2013 High School Counselor High School Counselor WorkshopsWorkshops

Page 32: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

FAFSA on the Web

Website: www.fafsa.gov2014-15 FAFSA on the Web available on January 1, 2014

Page 33: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

FAFSA Demo for Counselors Allows counselors to increase their own

understanding of FAFSA on the Web and to show it to students and parents before they apply

http://fafsademo.test.ed.gov When you visit the site, you will be

prompted for a user name and password User name: eddemo Password: fafsatest

Page 34: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Application ProcessStudent completes FAFSAFAFSA results are transmitted to the

school(s) listed on the FAFSASchool uses the EFC amount to

determine eligibility for financial aidSchool communicates eligibility to the

student through an award “package”

Page 35: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Expected Family Contribution (EFC) Amount a family can reasonably Amount a family can reasonably

be expected to contribute to be expected to contribute to collegecollege

EFC is calculated using data EFC is calculated using data provided on the FAFSA provided on the FAFSA

EFC remains the same from EFC remains the same from college to collegecollege to college

Page 36: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

FAFSA Filing Deadlines Encourage families to file early:

Families encouraged to file as soon as possible after January 1st

Some types of aid are “first come, first served” and funding is limited

Likely to receive more timely award information from schools for students to make college decisions/plans

Page 37: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Documents needed to complete the FAFSA

The following information and documents are necessary for completing the FAFSA:

Social Security numberParents’ Social Security number Driver’s license numberAlien Registration Number if not a U.S.

citizen

Page 38: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Documents needed to complete the FAFSA

The following information and documents are necessary for completing the FAFSA:

Federal tax information or tax returns, including IRS W-2 information, for the year prior to the academic year for which you are applying

Income tax information for yourself and spouse, if you are married, and for your parents if you must provide parent information

Estimated tax information if tax return not yet completed

Records of untaxed income, such as child support and interest income

Page 39: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Using Estimated Tax Information on the FAFSA Students and/or parents who have not

completed their 2013 tax returns may submit a FAFSA using estimates

Filing FAFSA with estimated numbers allows students to file early to meet priority deadlines

Resources to assist with estimating tax data may be obtained through the IRS website www.irs.gov/formspubs/index.html

After tax returns are completed, income or tax information should be submitted on the FAFSA

Page 40: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

IRS Data Retrieval Families are STRONGLY encouraged to use

IRS Data Retrieval process to import tax information directly from the IRS database into the FAFSA

Prompts in the tax information section of the FAFSA on the Web will guide student/parent through IRS data retrieval option

Page 41: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

IRS Data Retrieval

If using estimated tax information to file the FAFSA early, as recommended, later corrections to submit completed tax information should be made using IRS data retrieval

Page 42: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Federal Student Aid PIN

Students and parents of dependent students must have PIN to complete FAFSA on the Web

Students and parents may apply for a PIN early and do not have to wait until the FAFSA is available January 1, 2014

Page 43: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

FILING THE FAFSADependency Status

2013 2013 High School Counselor High School Counselor WorkshopsWorkshops

Page 44: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Dependency Status:Criteria for Independent Students

At least 24 years of age on or before December 31st of the award year

Graduate or professional student Married Has children or dependents other than a

spouse for whom the student provides more than half support

Serving on active duty in the U.S. Armed Forces for other than training purposes

Veteran of the U.S. Armed Forces

Page 45: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Dependency Status:Criteria for Independent Students

Orphan (i.e. both parents are deceased) or is a ward/dependent of the court, or was a ward/dependent of the court until age 18

Emancipated minors or in legal guardianship as determined by a court of competent jurisdiction in the applicant's state of legal residence

Unaccompanied youth who is homeless or at risk of homelessness and is self-supporting

Page 46: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Dependency Override forSpecial Circumstances If the student has no contact with a parent and is

unable to provide parental data on the FAFSA, a review of special circumstance may be done

Examples of special circumstances for professional judgment may include, but are not limited to:Parent(s) are incarcerated Whereabouts of parents unknownStudent left home due to an abusive situation

Financial aid office requires documentation for such situation

Page 47: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Dependency Override for Special Circumstances

FAFSA on the Web filers: Answer questions regarding special circumstance and remaining student questions and sign and submit for processing

Students should contact schools listed on FAFSA for further assistance to complete their FAFSA

Page 48: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Definition of “parent” for parental data on FAFSA

If parents are living and in same household, answer the questions about both.

If parent is widowed or single, answer questions about that parent. If widowed parent is remarried as of the day you sign the FAFSA, answer questions about that parent and the person whom the parent married (stepparent).

Page 49: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Definition of “parent” for parental data on FAFSA If parents are divorced or separated, answer the

questions about the parent with whom student lived more during the past 12 months.

If student lived exactly six months with each parent, give answers about the parent who provided more financial support during the past 12 months OR during the most recent year that student received support from a parent.

If this parent is remarried, answer the questions on the FAFSA about that parent and the person whom the parent married (stepparent).

Page 50: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Definition of “parent” for parental data on FAFSA

The following people are not parents and should not provide FAFSA data except in cases of adoption: grandparents foster parents legal guardians older brothers or sisters uncles or aunts

Page 51: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

FILING THE FAFSASpecial Circumstances and

Professional Judgment

2013 2013 High School Counselor High School Counselor WorkshopsWorkshops

Page 52: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Special CircumstancesStudents should contact the school with special

circumstances such as: Dislocated Worker Change in employment status Medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Student cannot obtain parent information

The school may use professional judgment to review extenuating circumstances for possible adjustments to FAFSA data.

Page 53: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

FILING THE FAFSAProcessing of the Application

2013 2013 High School Counselor High School Counselor WorkshopsWorkshops

Page 54: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

FAFSA Processing Results Student will receive a Student Aid Report

(SAR)

Student should review and make any necessary changes

Page 55: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Verification

Verification is a process in which schools must collect information to verify accuracy of data entered on the FAFSAReasons for verification: Chosen randomly FAFSA contains estimated information Data provided on the FAFSA is inconsistent

Page 56: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Verification

For verification of information on FAFSA, student/parent may be asked to provide the school with : 2013 Federal tax return transcript

Transcript may be obtained by contacting IRS online at www.irs.gov or by phone 1-800-908-9946

Page 57: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Verification

Student/parents may also be asked to provide documentation which may include, but is not limited to: Copies of W-2 forms Verification worksheet provided by school Record of untaxed income such as child support, untaxed pensions, etc. Record of child support paid, if reported on FAFSA

Page 58: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Verification

HELPFUL HINT:To limit documentation required for verification purposes, families are encouraged to utilize the IRS Data Retrieval Process when completing or correcting tax information on the FAFSA.

Page 59: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Verification Eligibility for aid cannot be determined by the school until the verification process is completed Students should provide requested verification documentation promptly to ensure timely processing for aid determination purposes

Page 60: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

FILING THE FAFSAErrors and Myths

2013 2013 High School Counselor High School Counselor WorkshopsWorkshops

Page 61: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Frequent FAFSA Errors Social Security Numbers incorrect Divorced/remarried parental information

improperly reported Income earned by stepparent not included Untaxed income not included U.S. income taxes paid misreported

Page 62: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Frequent FAFSA Errors Household size discrepancies Number of household members in college Asset information unreported Wrong “degree seeking” type Parent/student has not signed with PIN

Page 63: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

FAFSA Myths

“I won’t file the FAFSA since my family makes too much money so I won’t qualify for aid.”

Reality: No income cut-off to qualify for federal student aid Many factors besides income—from the size of your

family to the age of your older parent—are taken into account.

FAFSA may also be the application for funds from your state, and possibly from your school as well

Don’t assume! File the FAFSA and find out.

Page 64: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

FAFSA Myths

“Only students with good grades and high ACT scores get financial aid.”

Reality: Most federal student aid programs do not

take a student’s grades into consideration As long as a student maintains satisfactory

academic progress, federal student aid can help a student with an average academic record

Page 65: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

FAFSA Myths

“You have to be a minority to get financial aid.”

Reality: Funds from federal student aid programs are

awarded on the basis of financial need, not on the basis of race.

The FAFSA doesn’t even collect this kind of information about an applicant.

Page 66: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

FAFSA Myths“The FAFSA is too hard to fill out.”

Reality: Detailed instructions provided for every

question, and the form walks you through step by step

Help available through online real-time chat and by phone

Assistance available through school financial aid offices

Free advice and Free to file!

Page 67: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Student Aid Resources

2013 2013 High School Counselor High School Counselor WorkshopsWorkshops

Page 68: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Net Price Calculator

All colleges are required to provide online net price calculators

Benefits of net price calculators: Provide estimate of college costs Provide estimated financial aid packages Students can compare estimated financial

aid and expenses at multiple schools

Page 69: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

FAFSA4casterhttps://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e1s1

Early start on the financial aid process Provides early estimate of eligibility for federal aid

based on current laws and student information Helps families begin the financial planning

process for college Reduce time to file FAFSA as information will pre-

populate from FAFSA4caster when filing FAFSA on the Web

Page 70: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Federal Student Aid Contact Info

Federal Student Aid Information Center (FSAIC)

• Toll-free number for questions about federal student aid 1-800-4-FED-AID (1-800-433-3243)

• TTY (for the hearing impaired) 1-800-730-8913

• E-mail: [email protected]

Page 71: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

Federal Resource for Students

http://StudentAid.gov/Student Aid on the Web—planning for college, paying for college, and repaying student loansFunding Your Education: The Guild to Federal Student AidHow to Qualify for Financial AidTypes of Financial AidHow to Apply for Financial aidLooking for Student Aid Without Getting ScammedFact sheets on various topics

Page 72: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

FSA for Counselors—resources to help you help yourstudents

www.fsa4counselors.ed.gov Online training and information about

live training Financial Aid Night PowerPoint

presentation and script

www.fsapubs.gov/ Federal Student Aid Publications

Ordering System

Page 73: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

2013 2013 High School Counselor WorkshopsHigh School Counselor Workshops

Questions

?

Page 74: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

2013 2013 High School Counselor WorkshopsHigh School Counselor Workshops

Thanks to our workshop sponsors!

Kentucky Association of Student Kentucky Association of Student Financial Aid Administrators Financial Aid Administrators

(KASFAA)(KASFAA)

Kentucky Higher Education Kentucky Higher Education Assistance Authority (KHEAA)Assistance Authority (KHEAA)

ACT, Inc.ACT, Inc.

Page 75: Counselor Training for College and Career Planning  2013  High School Counselor Workshops

2013 2013 High School Counselor WorkshopsHigh School Counselor Workshops

Thank you for attending!