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Education Beyond High School
FINANCIAL AID NIGHT
Sharon Eaton
Assistant Director of Financial Aid
UNH Manchester
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Agenda1. Re$pon$ible U
2. Goal of financial aid
3. Types of financial aid applications
4. How financial aid awards are determined
5. Description of the major federal financial aid programs
6. Financial aid calendar/resources
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Re$pon$ible UReaching your Educational Goals While Winning with Money
College is an investment in your future, but don’t forget to evaluate from a financial standpoint
Income Potential Cost Resources and Financial Aid
Don’t forget to budget!
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Goal of Financial Aid Primary goal is to assist students in
paying for college and is achieved by: Evaluating family’s ability to pay for
educational costs Distributing limited resources in an
equitable manner Providing a balance of gift aid and self-
help aid
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Types of Financial Aid
Gift aid: Grants and scholarships
Self-help aid: Loans and employment
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• Federal
• Institutional
• State
• Private/local
Primary Sources of Financial Aid
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Applications That May Be Required
FAFSA Form CSS Profile Institutional Forms
To ensure maximum consideration for federal, state, and institutional aid, check information from each school to determine required application materials and application deadlines
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Overview of the FAFSA
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Free Application for Federal Student Aid (FAFSA)
Collects family’s personal and financial information used to calculate the student’s EFC
May be filed electronically at www.fafsa.gov or using paper form that can be printed from the website Forms are available in English and
Spanish
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FAFSA
Information is used to calculate the Expected Family Contribution or EFC The EFC is the amount of money a student and his or
her family may reasonably be expected to contribute towards the cost of the student’s education for the academic year
Colleges use the EFC to award financial aid
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CAUTION! Avoid being charged a fee to file the
FAFSA Processes of completing and processing
the FAFSA are 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 in completing the FAFSA
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The FAFSA may be filed at any time during the academic year, but no earlier than the January 1st prior to the academic year for which the student will be attending.
For the 2015-2016 academic year, the FAFSA may be filed beginning January 1, 2015.
Colleges often set their own FAFSA filing deadlines. Be sure to check the FAFSA deadline for the institutions which you may be considering. It is important to meet institutional or priority deadlines in order to be considered for all types of aid available.
Timing is important!
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Ready to file?Information you will need:
Driver’s license Social Security card Permanent Residency card Student & parent 2014 tax returns (or prior year tax
return) 2014 W-2 forms Untaxed income records (such as social security,
non-education veteran benefits, or state assistance records)
Child support (paid or received) for the tax year Bank statements 1099 forms documenting interest earned for 2014 Investment records
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FAFSA on the Web: www.fafsa.gov
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FAFSA on the Web
www.fafsa.gov
Available on January 1, 2015
2015-2016 FAFSA on the Web Worksheet—
Used as “pre-application” worksheet
Questions follow order of FAFSA on the web
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Section 1: Student information
General student information:• Name• Social Security number• Citizenship• Marital status• Selective Service Registration• Drug Conviction Status• Parents’ educational background• High School attended
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Section 2: Student’s dependency status
Student’s dependency status:
If all “No” responses, student is dependent Parental information is requested
If “Yes” to any question, student is independent
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Parental Information
The big question, who is considered a parent?
Parents are defined by their relationship to the student and whether they live in the household.
Marital status
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Section 3: Parental information
Data for parents of dependent students:Name, Social security number, DOB, marital status Dislocated worker statusTax filing status and type of return filed Adjusted Gross Income (AGI) for 2014 Income earned from work Untaxed income Federal benefits received by anyone in the parents’ household (Free/Reduced Lunch, SSI, SNAP/WIC, etc)
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Section 3: Parental AssetsApplicants may be asked about specific assets and
investments information which may include:
Cash, savings, and checking Net worth of investments
Includes stocks, bonds, mutual funds, trust funds, real estate, and 529 savings plans owned by the parent
Do not include value of the home you live in, retirement funds, or life insurance, family-owned farm or business
Net worth of personal business and investment farms
Net worth of investments = total current market value
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Section 4: Student finances
Financial data for student (and spouse):
Dislocated worker statusTax filing status and type of return filed Adjusted Gross Income (AGI) for 2014 Income earned from work Untaxed income Additional financial information (including savings & investments)
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Additional information needed
List up to 10 colleges to receive FAFSA data:
Federal School Code for each college
Housing plans for each college
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Signatures
Student signature is required, including one parent signature if student is dependent
Three options - Can provide signature electronically with PIN, print and mail signature page from FAFSA on the web, or sign paper application to be mailed
When completing FAFSA, be sure to remember to save your progress as you go and then click the submit button
Your application is not submitted until you receive a confirmation number
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Student Financial Aid Personal Identification Number (SFA PIN)
Web site: www.pin.ed.gov
Sign FAFSA electronically
Can request PIN before January 1, 2015
Not required, but speeds processing
Student and parent require separate PINs
May be used by students and parents throughout aid process, including subsequent school years
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Avoid ERRORS!
Errors made in completing the FAFSA and/or supplemental forms may delay application processing and result in the loss of financial aid funds.
Please complete all forms carefully!
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Frequent FAFSA Errors Social Security numbers Divorced/remarried parent information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number in postsecondary education Real estate and investment net worth
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FAFSA Processing Results CPS notifies the student of the FAFSA’s
processing results by: E-mail notification containing a direct link to
student’s SAR online if student’s e-mail provided on paper FAFSA or FAFSA on the Web
Paper Student Aid Report (SAR) if paper FAFSA filed and student’s e-mail address was not provided
SAR Acknowledgement if filed via FAFSA on the Web and student’s e-mail address was not provided
If student has a PIN, can view SAR online at www.fafsa.ed.gov/studentaccess.htm
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CorrectionsIf necessary, corrections to FAFSA data may be made by: Using FAFSA on the Web (www.fafsa.gov) if student has a PIN; Updating paper SAR or Submitting documentation to college’s financial aid office
SAR Acknowledgement cannot be used to make corrections
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CSS Profile Formand
Institutional Applications
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To Register for the CSS Profile: Online Registration
– $25 initial application
– $16 reporting fee per school
– Waivers during registration
– $25 non-custodial parent form
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Institutional Application
Required by some schools to better assess students’ and parents’ ability to pay for college
Typically, the institutional application is provided as part of the admissions application
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Role of the Financial Aid Office Verifies information provided by students
and parents Determines eligibility for financial aid Packages aid Sends an award letter which may
include: Student’s cost of attendance Student’s EFC Amount of student’s financial need Programs and amount from each program
for which the student is eligible How and when aid will be disbursed Terms and conditions of student’s award
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• To the extent they are able, parents have primary responsibility to pay for their dependent children’s education
• Students also have a responsibility to contribute to their educational costs
• Families should be evaluated in their present financial condition
• A family’s ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect its ability to pay
Principles of Need Analysis
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Definition of Need
Cost of Attendance (COA)
– Expected Family Contribution (EFC)
= Financial Need *
* Need refers to a student’s maximum eligibility for financial aid
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Cost of AttendanceCosts can be considered direct or indirect costs Tuition and fees Room and board Books and supplies, equipment, transportation,
and miscellaneous personal expenses Loan fees Study abroad costs Dependent care expenses Expenses related to a disability Expenses for cooperative education program
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Financial Aid 101Filling the “Cost of College Bucket”
Gift Aid = Pell Grant, Institutional
Grant, Outside Scholarship
Self-Help Aid = Work Study, Federal Loan
GAP = unmet needExpected Family
Contribution (EFC) From past, present and future income
EFC + GAP = Family
Share
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Cost of Attendance20,000
Estimated Family Contribution - 6,000
Eligibility for Financial Aid14,000
Financial Aid Package- University Grant 5,000- Presidential Scholarship 2,000- Federal Student Loan3,500- Federal Work Study 1,000
Total Award 11,500
Determining the Financial Aid Package
Eligibility 14,000
Financial Aid - 11,500
Gap = 2,500
GAP 2,500
+EFC 6,000
= Total Family Share 8,500
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Types of Aid
Institutional Aid Scholarships and grants from the college or university
Federal Grant Programs− Federal Pell Grant− Federal Supplemental Educational Opportunity Grant (FSEOG)
Federal Work-Study Campus-based program that provides employment for undergraduate
and graduate students
Federal Perkins Loan 5% interest rate, nine-month grace period, 10-year repayment
Direct/Stafford Loans School determines eligibility and delivers loan proceeds to the student.
4.66% fixed interest rate, 10-20 year repayment period, deferment provisions available
PLUS Loans Separate application process at www.studentloans.gov, 7.21% fixed rate
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Costs of Borrowing Direct Loans
Fixed interest rate – currently 4.66% for subsidized loans and unsubsidized loans
Loan fees based on principal amount of each loan: 1% origination fee (varies depending on
date the loan disburses)
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Other Sources of Funds State grants, scholarships, loans and
work programs School need-based and non-need based programs
Academic, athletic, and other talent-based scholarships and grants
Private business scholarships Parents’ and students’ places of employment
Civic organization scholarships High school guidance office
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Avoid Being Scammed! For information about financial
aid scams and tips to avoid being scammed check: Department of Education’s web site at:
www.ed.gov/prog_info/SFA/LSA Federal Trade Commission’s web site at:
www.ftc.gov/bcp/conline/publs/alerts/ouchart.htm
To check the legitimacy of scholarship search organizations or individuals check Better Business Bureau’s web site at: http://search.bbb.org/search.html
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Financial Aid Calendar January (or earlier for CSS Profile)
Complete Financial aid forms Remember, better to estimate than wait for the
correct information and miss deadlines To estimate, use your last paycheck, w-2s, or last year’s
tax return as a guide. February
Many school financial aid deadlines Late February–March
Schools may call you with questions March-April
Admissions notification and financial aid award letters mailed
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Financial Aid Calendar April
Compare award letters from different schools
May DECISION DEADLINE on May 1st Notify each school of your decision Pay deposits (tuition, room and board, etc.)
July Receive bill for the Fall semester
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Questions?
Presented by:Sharon Eaton
Assistant Director of Financial Aid
UNH Manchester
Tel: (603) 641-4189