2015 Counselor Update
What you need to know about financial aid and EducationQuest Foundation
Agenda
Financial Aid Update■ FAFSA changes ■ Types of financial aid ■ New FSA ID ■ Financial aid process■ Financial aid formulas
Nebraska Coordinating Commission ■ ACE■ GAP■ Tracking FAFSA completions
EducationQuest Programs and Services■ Resources for students■ College Fairs■ Scholarship tools■ College Access Grants
EducationQuest Foundation is a nonprofit organization with a mission to improve access to higher education in Nebraska.
About EducationQuest
Of 10 students who start high school in 9th grade:
7.9 will graduate from high school in 4 years.
5.5 will enter college within 12 months of graduation.
4 will return for their sophomore year.
2.7 will graduate within 150% of time.
Nebraska Higher Education Pipeline
Where Nebraska students are going to college
Community Colleges
University of Nebraska System
Independent Colleges
State Colleges
Private Career Schools
6.6%
3.1%
20.1%
33.5%
36.7%
FAFSA changes
■ College’s identification will be blocked■ Adjustment to tax liability question:– Allows for premium payments made to insurance
provider (per ACA)– For example: Income tax amount is on IRS Form: • 1040—line 56 minus line 46 • 1040A—line 28 minus line 36• 1040EZ—line 10
FSA ID replaces PIN
■ Request at fsaid.ed.gov– Student and parent must each get one
– Provide email, username and password
– Provide SSN, name, address, date of birth
– Answer 4 challenge questions and pick a unique date
■ Email will be verified
■ Use for:– Data Retrieval from IRS
– Electronic signature for FAFSA and Promissory Notes
– Access to grant and loan history
FSAID.ED.GOV
Types of financial aid
■ Scholarships (merit and need-based)
■ Grants* (need-based)
■ Work-Study* (need-based)
■ Loans* (need-based and non-need-based)
* Based on FAFSA results
Common scholarship criteria
• GPA• ACT/SAT
score
•Financial need •first-gen•ethnicity
•College choice•Field of
study
•Talents•Activities•Community
Service
•Disability
Scholarship tips for students
Focus on college-based and local
scholarships.
Review ScholarshipQuest and national search sites.
Begin scholarship research in 10th &
11th grade.
Use College Funding Estimator to determine
EFC that is used for need-based awards.
Provide Activities Resume when requesting a letter
of recommendation.
■ Three $500 scholarships ■Winners selected in February■ Parent or student (junior or
senior) must attend an FAP■Must attend nonprofit
Nebraska college■ Last year’s winners were from:− Friend− Brownell Talbot − St. Paul
Financial Aid Program Scholarship
■ New dates– Online application opens: November 1, 2015– Deadline: February 1, 2016– Student Aid Report due March 15, 2016
■ Eligibility Requirements– Recommendations must use online form– Financial need = EFC below 15,000
■ Amount of Award– Maximum - $4,350 per semester– Varies at institution
Buffett Scholarshipwww.buffettscholarships.org
Buffett Scholarshipwww.buffettscholarships.org
■ Renewable– Maintain 2.0 or higher GPA– Earn at least 18 credit hours each calendar year– Renewable up to five years (four-year college) or
three years (two-year college)
■Watch counselor listserv for details and training opportunities
Grants
■Money students don’t repay; based on financial need– Federal• Pell Grant (range $626 - $5,775)
– EFC - $5,198 or less
• SEOG
– State• Nebraska Opportunity Grant
– College-based
Tuition Assistance ProgramsIf criteria is met, tuition is covered
Collegebound Nebraska
−UNO, UNL, UNK, UNMC−NE resident, full-
time student, Pell-eligible− Complete FAFSA
by April 1
Advantage−Wayne, Peru,
Chadron−Must be freshman
or returning student−NE resident, full-
time student, Pell-eligible− Complete FAFSA by
June 1
Access NWU−NE resident, full-
time student−ACT of 25 or higher,
GPA of 3.0 or higher− Live on campus− EFC of $1,000 or
less− Complete FAFSA by
March 1
Work-Study
■ Based on financial need
■ Allows students to earn money while attending college
■ Paid for hours worked– Shouldn’t expect money up-front to pay tuition
■ Earnings will not impact financial aid the following year
NameInterest accruing while in school?
Type
Need-basedNo
Perkins
Discontinued
Direct Subsidized loan
Non-need-based
Yes
Direct Unsubsidized
loan
Parent PLUS loan
Student Loans
Student Loan Interest Rates
Subsidized Stafford4.29%
Unsubsidized Stafford4.29%
Parent Loan
6.84%
■ Subsidized Stafford interest paid by student during grace period
■ Interest rates change annually
Time-and-a-Half Limits
Pell Grants and Loans■ Limited to 150%– Associate Degree 2 years + 1
– Bachelor’s Degree 4 years + 2
NSLDS.ed.gov■ Access with FSA ID
■ Grant and Student/Parent Loan History
Financial Aid Process
FSA ID
FAFSA
Processor
StudentCollege
SAR
Verification Award Notification
Student Loan
This is how the financial aidprocess works:
Student Aid Report (SAR)
■ Provides Expected Family Contribution (EFC)■ Indicates if chosen for verification■ Identifies Pell Grant & loan eligibility■ Lists grant and loan disbursement history
■EFC = Expected Family Contribution
FAFSA results
■ College uses EFC to determine the type and amount of aid to award the student
Lower EFC
Greater Financial
Need=
Cost of Education
Tuition & Fees
Room & Board
Books & Supplies
Personal & Transportation
Financial aid formula
Cost of Education
Tuition & FeesBooks & Supplies
Room & BoardPersonal
Transportation
Parent Income/AssetsStudent Income/Assets
Parent’s Age# in Household
# in College
The amount of money the college will
try to give you in financial aid
EFC Financial Need
Automatic ZeroStudent automatically qualifies for zero EFC if both (1) and (2) are true
(1) In 2014 or 2015, anyone in parents’ household received benefits from any of these federal programs:
• Supplemental Security Income (SSI)• Supplemental Nutrition Assistance Program (SNAP)• Free and Reduced Price School Lunch Program• Temporary Assistance for Needy Families (TANF)• Supplemental Nutrition Program for Women, Infants, and Children
(WIC)
– OR parents were eligible to file 2015 IRS Form 1040A or 1040EZ
– OR parents were not required to file any income tax return
– OR parent is a dislocated worker
(2) 2015 income of student’s parents is $24,000 or less
Simplified Formula*Used for dependent students if both (1) and (2) are true:
(1) In 2014 or 2015, anyone in parents’ household received benefits from any federal program listed on Automatic Zero slide– OR the student’s parents could file a 2015 1040A or
1040 EZ IRS Form
– OR were not required to file any income tax return
– OR the student’s parent is a dislocated worker
(2) Parent(s) 2015 Adjusted Gross Income is UNDER $49,999
*Assets excluded
Regular Formula*Used for dependent students if both (1) and (2) are true:
(1) In 2014 or 2015, NO ONE in parents’ household received benefits from any federal program listed on the Automatic Zero slide
(2) Parent(s) were required to file a 2015 IRS Form 1040 AND Adjusted Gross Income was OVER $49,999
*Assets are included – see table for Education Savings and Asset Protection Allowance
$01,0002,1003,1004,1005,2006,2007,2008,3009,30010,30011,40012,40013,40014,50015,50015,90016,30016,60017,000
$01,0002,1003,1004,1005,2006,2007,2008,3009,30010,30011,40012,40013,40014,50015,50015,90016,30016,60017,000
$05001,1001,6002,1002,6003,2003,7004,2004,7005,3005,8006,3006,8007,4007,9008,1008,3008,5008,600
17,40017,80018,30018,70019,20019,70020,20020,70021,30021,80022,40023,00023,70024,30025,00025,70026,40027,20027,90013,90029,600
8,8009,0009,2009,4009,7009,90010,10010,40010,60010,90011,10011,40011,70012,00012,30012,60012,90013,20013,60013,90014,300
$17,840
22,220
27,400
32,380
37,870
$14,790
19,180
24,390
29,320
34,820
$16,130
21,350
26,290
31,780
$18,300
23,240
28,730
$20,200
25,690
$4,270$3,040
$25,000 to $380,000
$380,100 to $635,000
$635,001 or more
$177,500 + 60% of NW over $380,000
$330,500 + 100% of NW over $635,000
Income impact on EFC – family size 4Income increases, assets remain level
Family A Family B Family C
Income $50,000 $100,000 $150,000
Assets(excluding
retirement-specific accounts)
$50,000 $50,000 $50,000
EFC $3,120 $18,611 $33,498
Asset impact on EFC – family size 4Assets increase, income remains level
Family A Family B Family C
Income $50,000 $50,000 $50,000
Assets(excluding
retirement-specific accounts)
$0 $75,000 $100,000
EFC $2,251 $3,798 $4,551
CCPE Update
■ ACE Scholarship■ Ace “Career Program of Study” Scholarship■ Community College GAP Assistance Program■ Tracking FAFSA Completions
■ Pays tuition/fees for high school students enrolled in a college course (dual-enrolled or concurrently-enrolled)– No more than 2 classes per term
■ Student or parent/guardian must be eligible– Supplemental Security Income (SSI) – Free/Reduced Price Lunch – Temporary Assistance for Needy Families (TANF) – Food Stamps (SNAP)– Special Supplemental Nutrition Program (WIC)– Extreme Hardship
■ Eligibility documentation required with application
ACE Scholarshipwww.ccpe.ne.gov/ace
ACE “Career Program of Study” Scholarship
■ For low-income students pursuing a career that typically requires a diploma or certificate
■ Eligibility criteria:– Family income at or under 200% of federal poverty
level– Student enrolled in a Career Program of Study • at least one course must be part of a sequence of courses
found at http://cestandards.education.ne.gov/
– A local business or industry must serve as an official advisor to the program
■ Limited to $250 per term
New FAFSA Completion Project
■ Can now track FAFSA completions by student■ Schools must register with CCPE to participate– Submit contract by Dec. 15, 2015
■ CCPE will run weekly reports starting Jan. 2016– Show students’ FAFSA status (started, submitted,
missing signature, completed, etc.)■ Initiated by DOE to increase number of students
who complete the FAFSA and thus go on to college
■ Watch bulletins and listserv for more details
Community College GAP Assistance Program (GAP)
■ Effective for 2016-2017 school year■ Funding for community colleges to award to students in
eligible “not-for-credit” programs such as certificate, diploma or degree
■ Eligibility Criteria:– Nebraska resident– Family income at or below 250% of poverty– Must complete readiness assessment – Valid for six months– Funding for only one eligible program– Program must have 16 contact hours or more
GAP
■ In-demand occupation means:– Financial services– Transportation, warehousing, distribution logistics– Precision metals manufacturing– Biosciences– Renewable energy– Agriculture and food processing– Business management and administrative services– Software and computer services– Research, development, engineering services– Health services– Hospitality and tourism– Any other industry designated as an in-demand occupation by the
committee
GAP
■ Committee awards grant in any amount up to eligible costs– Tuition– Direct training costs– Required books and equipment– Fees, including but not limited to• Testing• Background checks
■ Denied if funding from other source available
Questions?
EducationQuest Update
■ KnowHow2GO Handbook■ 8th, 9th & 10th Grade section
at EducationQuest.org■ KnowHow2GO Activities
‒ 20 activities that relate to each KnowHow2GO step
Resources for students in grades 8-10
■ Find resources in the Professionals section at EducationQuest.org (under “KnowHow2GO to College”
Resources for students in grades 8-10
Step to the Top of the Class Demonstrates an activity that helps students understand how their choices can impact their future.
College students share stories In 8th, 9th & 10th Grade section, each step features a video of students explaining how that step impacted them.
New videos:
Find resources in the Professionals section at EducationQuest.org (under “KnowHow2GO to College”
Resources for 11th-12th Grade Students
EducationQuest has resources to help students:
■ explore careers
■ search for colleges
■ Find scholarships
■ complete the FAFSA
■ learn about student loans
Resources for 11th-12th Grade Students
Handbooks
WebsiteMonthly Emails
Fall College Fairs
There will be spring fairs in Lincoln and Omaha, dates TBD
Barcodes and Scanners
■ Scanners – used by most colleges at College Fairs and EPPs
■ Barcodes – each student should register at NebraskaCollegeFairs.org‒ Print and take the barcode to the fair, or download
to mobile device‒ Can be reused at spring fairs
■ ScholarshipQuest– Database of over 2,000 local and state scholarships
at EducationQuest.org– Send us your scholarships so we can include them!
■ Scavenger Hunt Scholarship– To apply for this $500 scholarship, students in 9th-12th grade set up a ScholarshipQuest profile• Deadline - March 31
Scholarship Resources
Apply2College!
■ Statewide campaign– Schools encouraged to
hold event during the school day to help seniors complete applications
■Official dates – Oct. 19-30–Over 150 high schools have registered
■ Find details and resources under “Professionals” at EducationQuest.org
■Will award a new round of grants next summer– Funding is for 2016-17 to 2020-21– Opportunity to develop and/or enhance college
access activities and programs at your school■ Application available this fall■ Schools interested in applying must send a
representative to our College Access Symposium– March 31 in Lincoln – save the date!
College Access Grants
Outreach Services
■ Our Outreach Services team provides college planning services to clients of community agencies statewide
■ They’re a valuable resource for students who:– are in foster care– are wards of the state– use Voc Rehab
Coffee Break Webinars
■Will conduct three webinars this year:– Financial Aid Update (September 24, 2015)– Buffett Scholarship (November 2015)– FAFSA completion/FSA ID (January 2016)
Financial Avenue
■ Financial literacy tool from Inceptia
■ Newly revamped to make it more student-friendly– New look and tone– Mobile-friendly
■ Free for Nebraska schools– FinancialAvenue.org
– New access code is: pr3kq
Financial Avenue
Follow us!
■ Facebook.com/EducationQuest■ Twitter: @FreeCollegeHelp■ Instagram.com/EducationQuest– Encourage students and parents to follow us, too!
Kearney800.666.3721308.234.6310
Lincoln800.303.3745402.475.5222
Omaha888.357.6300402.391.4033