federal student aid (fafsa) · july 1, 2015 – june 30, 2016 2015-16 january 1, 2015 – june 30,...
TRANSCRIPT
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Agenda
Presenter: Jackie LaTorella, Director of Financial Aid forThe University of Tampa
9Aid Applications (FAFSA, CSS Profile)
9Needs Analysis and Cost of Attendance
9Types of Aid: Federal and State
9Net Price Calculators
9Outside/Private Scholarships
9Other Payment Options
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The FREE Application for Federal Student Aid (FAFSA)
• www.fafsa.gov
• Available Oct. 1 for the next academic year
• Select aid year: • 2017-18• 2018-19
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FAFSA
7 Steps:1. Student Demographic2. Student Income & Asset3. Student Dependency Status4. Parent Information (dependent students)5. Household Size (independent students)6. School Selection 7. Electronic Signature (FSA ID) – student & parent
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Step 1: Student Demographic
• Student Name• Address• Email Address• Social Security Number
• Required• Name/DOB/SSN must match SSA records• Citizens of the Freely Associated States enter ‘666’ in
the first three positions and leave the rest blank• Will be copied into the FAFSA application for future
years; only need to update for changes
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Step 1: Student Demographic
The STUDENT must be a U.S. Citizen or eligible non-citizen
• U.S. permanent resident• Conditional permanent resident (I-551C)• Arrival-Departure Record (I-94) from the Department of
Homeland with designations: “Refugee,” “Asylum Granted,” “Indefinite Parole,” “Humanitarian Parole,” or “Cuban-Haitian Entrant”
• A citizen of the Republic of Palau (PW), the Republic of the Marshall Islands (MH), or the Federated States of Micronesia (FM).
• DACA students are not eligible for federal student aid.
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• Prior-Prior year data• 2018-19 FAFSA will use 2016 tax return data
• Trick to remember:• 2019, 2018 available in 2017, uses 2016 tax year
IF YOU PLAN TO ATTEND COLLEGE FROM
YOU WILL SUBMIT THIS FAFSA
YOU CAN SUBMIT THIS FAFSA FROM
USING INCOME AND TAX INFORMATION
FROM
July 1, 2015 – June 30, 2016 2015-16 January 1, 2015 – June 30, 2016 2014
July 1, 2016 – June 30, 2017 2016-17 January 1, 2016 – June 30 2017 2015
July 1, 2017 – June 30, 2018 2017-18 October 1, 2016 – June 30, 2018 2015
July 1, 2018 – June 30, 2019 2018-19 October 1, 2017 – June 30, 2019 2016
Step 2: Student Income & Assets
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• Use 2016 tax return information
• IRS Data Retrieval Tool is available
Step 2: Student Income & Assets
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Step 3: Dependency Status
• Most traditional high school graduates are considered DEPENDENT for financial aid purposes
• This means, parental information must appear on the FAFSA + one parent must sign the FAFSA
• Students most likely are considered dependent for the purposes of federal student aid, even if they are 100% self-supporting
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Step 4: Parent Information
Who is my parent?• Parents:
• Biological, Adoptive• Not parents:
• Grandparents, foster parents, legal guardians, older brothers or sisters, and aunts and uncles are not considered parents unless they have legally adopted you.
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Step 4: Parent Information
*Consistent with the Supreme Court decision holding Section 3 of the Defense of Marriage Act (DOMA) unconstitutional, same-sex couples must report their marital status as married if they were legally married in a state or other jurisdiction (foreign country) that permits same-sex marriage, without regard to where the couple resides.
Parents' Marital Status: Provide Information for:Never Married The parent that you lived with most during the last 12 months. If you
did not live with one parent more than the other, provide information about the parent who provided more financial support during the last 12 months, or during the most recent year that you actually received support from a parent.
Unmarried and both parents living together
Both of your parents
Married* Both of your parentsRemarried (after being widowed or divorced)
Parent and Stepparent
Divorced or Separated The parent that you lived with most during the last 12 months. If you did not live with one parent more than the other, provide information about the parent who provided more financial support during the last 12 months, or during the most recent year that you actually received support from a parent.
Widowed Your surviving parent
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Step 4:Parent Information
Social Security Number• Name/DOB/SSN must match SSA records• Enter “000000000” if parent does not have
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Step 4:Parent Assets
Reportable assets include:• Money in cash, savings and checking accounts• Businesses• Investment Farms• Other investments, such as real estate (other than the home
in which you/your parents live), UGMA and UTMA accounts for which you/parents are the owner, stocks, bonds, certificates of deposit, etc.
• Qualified educational benefits or education savings accounts (Coverdell, 529 college savings plans, refund value of 529 prepaid tuition plans)
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Step 5: Household Size
• Students who are considered independent will be prompted with this question.
• See Step 3: Dependency for more information. • Household includes (between July 1, 2018 and June 30, 2019):
Dependent Students, parent’s household includes:
Independent Students
Yourself Yourself (and spouse)
Your parents Your children (if you provide more than half of their support, even if they do not live with you)
Your parent’s other children Other people if they live with you, you provide more than half of their support and you will continue to provide more than half of their support
Other people if they live with you, you provide more than half of their support and you will continue to provide more than half of their support
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Step 5: No. In College
• Parents (and students who are considered independent) will be prompted with this question.
• Number in college includes people who, between July 1, 2018 and June 30, 2019 meet the following criteria:
Dependent Students Independent Students
Yourself Yourself (and spouse)Other people in your parents’ household only if they will attend college at least half-time in a program that leads to a college degree or certificate.
Other people in your household only if they will attend college at least half-time in a program that leads to a college degree or certificate
Do not include: • Your Parents. • Students at a U.S. Service academy
Do not include:• Students at a U.S. service academy
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Step 6: School Selection
• Paper FAFSA – list up to 5 schools• FAFSA On the Web (FOTW) – list up to 10 schools• Call 1-800-433-3243 – list up to 20 schools
• Schools on list receive results of FAFSA • Schools no longer see which other schools are listed
or the order in which they were listed
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Step 7: Electronic Signature
• FSA ID: • Student• Parent
• www.fsaid.ed.gov
• Username/Password authentication
• Returning FAFSA Filers link their FAFSA PIN to FSA ID
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• Students will also use their FSA ID for:• Loan Entrance Counseling • Sign Loan Master Promissory note • Sign next years’ FAFSA
• Parents will also use their FSA ID for: • Signing all of their children’s FAFSAs• Sign their own FAFSA• Apply for Parent PLUS loan• Sign PLUS loan promissory note• Next years’ FAFSA
Step 7: Electronic Signature
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Student Aid Report
• Result of FAFSA
• Expected Family Contribution (EFC)
• Review “Comments”
• Review data for accuracy
• Any changes? Sign & return for re-processing
• Colleges listed on FAFSA receive results & use for packaging• Colleges can no longer see the other colleges listed or the order in
which they were listed.
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Common FAFSA Errors
• First name / Last name reversed • Social Security Numbers• Divorced/remarried parental information• Income earned by parents/stepparents• Untaxed income• U.S. income taxes paid • Household size• Number of household members in college• Real estate and investment net worth• AGI & Earnings from Work: round to nearest dollar
Using the IRS Data Retrieval tool will prevent many of these errors!
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CSS Profile
• A product made available by the College Board• Check with the colleges you’re applying to see if they use!
• About 400 schools nation-wide use• Used to determine eligibility for non-Federal Student Aid
programs (such as institutional aid)• Available on Oct. 1 for the following academic year• Fees:
• $25 initial application + 1 school report• $16 per additional report• Fee waivers available (same criteria as SAT fee waiver)
https://student.collegeboard.org/profile
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Needs Analysis
COST OF ATTENDANCE (COA)
Direct Costs• Tuition and Fees• Room and Board
• Indirect Costs• Books and Supplies• Transportation• Miscellaneous and Personal
Expenses
NEEDS ANALYSIS FORMULA
Cost of Attendance (COA)
- Expected Family Contribution (EFC)
= Need
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Federal Gift AidPrograms
� Pell Grant • 2017-18 awards range from $606-5920• Awards based on EFC $0 to $5328 • Lifetime Maximum: 6 years (12 semesters)
� Supplemental Education Opportunity Grant (SEOG)
� Teacher Education Assistance for College and Higher Education (TEACH) Grant
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Florida Residency
• Must meet the Statutory definition of a Florida Resident for tuition purposes to receive any State aid (including Bright Futures).
• “Dependent Child” means any person, whether or not living with his or her parent, who is eligible to be claimed by his or her parent as a dependent under the federal income tax code.
• “Parent” means either or both parents of a student, any guardian of a student, or any person in a parental relationship to a student. • Dependent child living with an adult relative other than the child’s parent, the
adult relative is a legal resident who has maintained legal residence provided the child has resided continuously with such relative for the 3 years immediately before the child’s initial enrollment during which time the adult relative has exercised day-to-day care, supervision, and control of the child.
• Dependent child who is U.S. Citizen may not be denied classification based solely upon the immigration status of his/her parent
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Florida Residency
• New students: Two documents required; at least one from Tier 1, one from Tier 2• Continuing students: Three documents required; at least two from Tier 1, one from
Tier 2• Students considered Independent on FAFSA may still be Dependent for the
purpose of establishing residency (like in cases of unaccompanied homeless youth).
Tier 1 Documents Tier 2 Documents
•Florida driver’s license or state of Florida identification card•Florida voter’s registration card •Florida vehicle registration card •Proof of permanent full-time employment in Florida •Proof of purchase of a permanent home in Florida that is occupied as the primary residence of the claimant •Student's transcripts from a Florida high school for multiple years, if earned within the last 12 months
•A Florida professional or occupational license •Florida incorporation •Proof of membership in a Florida-based charitable or professional organization •Federal IRS tax forms for current and previous year •Utility bills and proof of 12 consecutive months of payment •Lease agreement and proof of 12 consecutive months of payments •State or court documents evidencing legal ties to Florida •Declaration of domicile in Florida
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• Florida Resident Access Grant (FRAG)• 2017-18 award is $3,300
• Florida Student Assistance Grant (FSAG)
• Bright Futures Scholarship Program • Florida Academic Scholars ($211 per credit hour + $600/yr for
books)
• Florida Medallion Scholars ($77 per credit hour)
• Florida Gold Seal Vocational ($77 per credit hour ) • Associate degrees, Certificates or Diplomas
• up to 72 semester hours (2,160 clock hours)
• www.FloridaStudentFinancialAid.org
Florida Gift Aid Programs
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Florida Gift Aid Programs
• Benacquisto Scholarship Program • Be a 2017 National Merit Finalist and receive:
• a National Merit® $2500 Scholarship, • a Corporate-sponsored Merit Scholarship, or • a College-sponsored Merit Scholarship.
• Enroll (full time) at an eligible Florida post-secondary institution during the fall academic term following high school graduation.
• Renewal: earn 3.0 cum. No restoration.
Cost of Attendance (COA)- Bright Futures- National Merit Scholarship
$ Florida Incentive Scholarship
Private colleges use the highest institutional COA of State University System. State schools will use their actual COA. 2017-18 = $23,960
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Honorably Discharged Graduate Assistance Program• Assists with costs of living during school breaks
• Eligibility: • be an active duty or honorably discharged member of
the Armed Forces who served on or after September 11, 2001;
• complete an error-free Free Application for Federal Student Aid (FAFSA); and
• have sufficient unmet need.
• Maximum award = $50 per day for up to 20 days/yr ($1,000)
Florida Gift Aid Programs
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Federal LoanPrograms
DIRECT LOAN PROGRAM
• Subsidized – need-based; interest deferred while in school
• 150% loan limit applies to first-time borrowers after July 1, 2013
• Unsubsidized – non need-based; interest accrues
• Interest: fixed 4.45% (undergrads)
www.StudentLoans.gov
• Annual Maximum:• $5500 Freshmen (up to $3500 subsidized)• $6500 Sophomore (up to $4500 subsidized)• $7500 Junior & Senior (up to $5500
subsidized)
• Additional unsubsidized eligibility available for independent students & parents denied PLUS loan
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PERKINS LOAN PROGRAM
• Interest: fixed, 5%
• Program ends October 1, 2017
FEDERAL PLUS LOAN PROGRAM
• Available to Parents of Dependent Undergraduate Students
• Credit check is required
• Limit is COA, less other aid
• Interest: fixed, 7%
Federal LoanPrograms
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Federal LoanPrograms
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Work Programs
Federal Work-Study (FWS)• Need-based program• Campus-Based Limited Funds
Florida Work-Experience Program (FWEP)• Florida Residents
Student Employment• Non Need-based program• Not included in Aid Package
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Award Notification
• The schools listed on your FAFSA will use the FAFSA results to determine your aid eligibility.
• Schools may require additional forms to determine aid eligibility from institutional resources.
• Programs and award amounts will be sent to you in a financial aid award notice.
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Financial Aid Shopping Sheet• New financial aid award format
to compare schools net costs after aid
• Optional for schools to participate
• Schools may use this format in addition to their regular award notice format
Award Notification
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Comparing Aid Offers
Cost of Attendance (COA)- All Scholarships & Grants
Net Price
• Industry focus is now on helping students & families understand their Out Of Pocket costs for attending college
• We call this Net Price
• Students may use loans & other resources available to cover the Net Price
• Families should compare Net Price of each school to find the best financial fit for them
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Net Price Calculators
• All Schools required
• Must be called “Net Price Calculator”
• Unique to school or use USDOE’s Net Price Calculator Template
• Output elements must include:• Estimated total price of attendance • Estimated tuition and fees• Estimated room and board• Estimated books and supplies• Estimated other expenses
(personal expenses, transportation, etc.)
• Estimated total grant aid• Estimated net price
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Cost Comparison
• www.UT.edu/FinancialAid/Undergraduates
• Actual Cost worksheet – pg. 9
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• Private Scholarships
• Departmental Scholarships
• Athletic Grants
• ROTC Scholarships
• Need-based Grants
• Tuition Payment Plan
• Veteran’s Benefits• www.gibill.va.gov• 1-888-GI-BILL-1 (1-888-442-
4551)
• Florida Pre-Paid / 529 Plans
• More Loan Options:• Institutional Loan• Alternative Loan
Other Aid Options
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Other Aid Options
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Other Aid Options
Private Scholarships, continued
• How will these be considered?
• Will the offered aid change?• Why?• How?
• Do not pay for scholarship searches!
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Other Aid Options
• www.UT.edu/FinancialAid/Outside-Scholarships
• www.EducationFoundation.com/Scholarships • Hillsborough County, Florida residents only
• www.Fastweb.com
• www.FinAid.org
• www.CollegeBoard.org
• www.BlackExcel.org
• www.FATomei.com/scholarships-for-minorities.html
• www.CollegeResourceNetwork.com
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Veteran’s Educational Benefits
• Post 9/11 GI Bill • Up to $22,805.34 for mandatory tuition & fees annually• VA Year begins August 1• % earned based on number of months served after
9/11/2001• Amount billed to VA is reduced by aid that must be applied
towards tuition & fees
• Yellow Ribbon• Available to Veterans eligible for 100% Post 9/11 GI bill• Pays up to remaining tuition & fee charges once Post 9/11
GI bill annual limit is reached• Schools elect to participate
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Veteran’s Educational Benefits
• In addition, eligible students may also receive: • Monthly housing allowance• Annual books and supplies stipend• One-time rural benefit payment
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Need More Help?
FAFSA Customer Service
• Monday through Friday: 8 a.m. - 11:00 p.m. ET
• Saturday: 8 a.m. - 5:00 p.m. ET
• Sunday: 12 p.m. - 6:00 p.m. ET
• Live chat online
• Phone: 1-800-4-FED-AID (1-800-433-3243)
• Email: [email protected]
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Other Resources
• Boys & Girls Clubs: have staff trained to assist with FAFSA completion
• @FAFSA Twitter feed
• Like Federal Student Aid on Facebook
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• 2018-19 Pell Award amounts not known yet• Must be published by February 1, 2018
• Changes effective 2017-18• Prior-Prior Year for FAFSA • FAFSA becomes available Oct. 1
• Impacts of Sequester, March 2013• Requires cuts in all federal spending, including education programs• Mandatory changes to loan origination fees eff. Oct. 1 each year• Mandatory reductions to TEACH Grants, Iraq and Afghanistan
Service Grants
• Perkins loan program ends October 1, 2015 2017• No further extensions to this program
Financial Aid In the News
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Tax Deductions and Credits
• Tax Deductions (reduces taxable income)• Student Loan Interest; extended permanently• Qualified tuition and related expenses; extended 2 years• One expense, one student one credit!
• Tax Credits (reduces tax liability). Choose one. • American Opportunity Tax Credit (extended 5 years on 1/1/13)
• Claim up to $2500 per year, per student (up to 4 years) for college expenses
• Lifetime Learning Tax Credit• Claim up to $2000 per tax return
See www.IRS.gov and www.EITC.IRS.gov for more information. Maximum thresholds apply.
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Phone: 813-253-6219 FAX: 813-258-7439
E-Mail: [email protected]: Plant Hall Room 427
Jackie LaTorellaDirector of Financial Aid
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UT Gift Aid Programs
High School Students
• Presidential Scholarship - Up to $16,000 per year• Unweighted GPA 3.8, SAT 1294 (29 ACT)
• Dean’s Scholarship – Up to $13,000 per year• Unweighted GPA 3.8, SAT 1177 (26 ACT)
• Minaret Scholarship – Up to $9,000 per year• Unweighted GPA 3.33, SAT 1113 (24 ACT)
• Spartan Scholarship – Up to $6,000 per year• Unweighted GPA 3.1, SAT 1068 (23 ACT)
• Achievement Award – Up to $4,000 per year• Demonstrate strong leadership or community service
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• Departmental Scholarships - varies• Art, Music, English & Writing, Government & World Affairs / Pre-Law, Performing Arts, Life Science,
President’s Leadership Fellows, Bonner Leaders
• International Baccalaureate Scholarship – $1,000 per year• Has satisfied all requirements of the IB diploma • Must be admitted to UT by May 1
• Need-based grants • Must file FAFSA
• Athletic Grants • awarded by the Athletic Department
• ROTC Scholarships • Army, Air Force, & Navy
UT Gift Aid Programs