counselor training for college and career planning 2013 high school counselor workshops
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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 PresentationTRANSCRIPT
Counselor Training for College and Career Planning
2013 2013 High School Counselor WorkshopsHigh School Counselor Workshops
Financial Aid Overview
AGENDA
•KASFAA•Financial Aid Overview
Aid Programs•FAFSA
Filing the FAFSA Dependency status
Special CircumstancesProcessing the FAFSA
Verification•Resources for Counselors and Students
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
College Goal KentuckyVarious Sites throughout
the state. www.kasfaa.com/collegegoalky
Postcards with Financial Aid timeline (Kim Dolan can provide more as needed
Financial Aid Overview
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Financial Aid IncludesScholarshipsGrantsWork-StudyLoans
Sources of Financial AidFederal governmentState governmentInstitutionalPrivate sources
Federal Aid Programs
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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)
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)
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
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
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.
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.
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
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.
Veterans Benefits
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Veterans BenefitsPost-9/11 GI Bill
http://www.gibill.va.gov
1-888-GIBILL-1(1-888-442-4551)
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.
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
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
STATE AID PROGRAMSKentucky
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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
Kentucky Aid ProgramsAdministered by the
Kentucky Higher Education Assistance Authority (KHEAA)
Information and applications for Kentucky grant and scholarship programs at www.kheaa.com
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
Institutional Aid Programs
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Institutional AidDiffers from one college to
anotherContact colleges directly when
applyingApply earlySubmit polished applicationsRespond promptly to offers
Private Aid Sources
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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
FREE Online Scholarship Search Engineswww.kheaa.comwww.finaid.orgwww.collegeboard.comwww.fastweb.comwww.studentaid.ed.gov
Filing the FAFSA
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FAFSA on the Web
Website: www.fafsa.gov2014-15 FAFSA on the Web available on January 1, 2014
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
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”
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
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
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
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
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
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
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
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
FILING THE FAFSADependency Status
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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
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
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
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
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).
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).
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
FILING THE FAFSASpecial Circumstances and
Professional Judgment
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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.
FILING THE FAFSAProcessing of the Application
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FAFSA Processing Results Student will receive a Student Aid Report
(SAR)
Student should review and make any necessary changes
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
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
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
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.
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
FILING THE FAFSAErrors and Myths
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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
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
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.
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
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.
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!
Student Aid Resources
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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
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
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]
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
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
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Questions
?
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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.
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Thank you for attending!