financial aid information night - grafton high school · financial aid information class schedule...
TRANSCRIPT
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Financial Aid Information Night
Cindy ReindlFinancial Aid Department
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Learning Objectives • Applying for Financial Aid • Types of aid available• Cost of College • Comparing Schools
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Paying for College…• This is a shared responsibility:
– Students and Parents– State and Federal Governments – Private Sources
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Family Educational Rights and Privacy Act (1974)
Non-directory information may not be released to any party other than the student without a student’s written consent.
What is considered non-directory? Examples: Campus ID # Financial Aid information Class Schedule Grades GPA Advisor Information Academic Actions Current disciplinary actions
Release Forms must be completed by the student designating what can be released and to whom.
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FAFSA Tips Get Ready!
Gather what is needed (next slide) Take a Deep Breath, it’s going to be ok!
Take your time! Read through each question carefully..
Write things down! Username, passwords, and email addresses Store in a secure, but readily accessible location
Use the resources available to you! Along the right hand side of the FAFSA, there is a
floating box ‘Help and Hints’ Call a Financial Aid Office! Most Offices will answer
FAFSA questions even if your student is not enrolled there
Save your progress (frequently)!
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What do I need to complete the FAFSA?
FSA ID usernames and Passwords Student and Parent social security
numbers (cards) Driver’s license (if applicable) Your W-2 forms from previous
year Student & Parent Federal Income
Taxes (2017) Forms 1040, 1040A, or
1040EZ To use IRS DRT, need FSA id,
correct filing address and filing status
Untaxed income records (non-ed. Veteran benefits, child support)
Current bank statements Business and investment
mortgage information, business and farm records, stock, bond, and other investment records
Documentation that you are a permanent resident or other eligible non-citizen if you are not a citizen.
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Creating an FSA ID An FSA ID gives you access to Federal Student Aid websites
and can serve as your legal signature. Go to: https://fsaid.ed.gov Student and parent must have separate Usernames!
• Use Separate email addresses when creatingStudent email (Scott Eastwood):
[email protected] email (Clint Eastwood):
**DO Not use High School email addresses-they expire!**
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FSA ID Tips Continued Store in a secure but accessible location-no
need to create a new one each yearShould not be shared (It’s your legal
signature!)For families with more than 1 student, the
parent can use the same username and password for all of their studentso Each student will need to create their own ID
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Completing the FAFSA- Changes!Details for 2018-2019 FAFSA!Available as of October 1st, 2018Referencing 2017 tax year information File for each academic year your student is enrolledNew: FAFSA App!
Go to: www.fafsa.gov
Never pay to file a FAFSA!
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Federal Student Aid App-New• myStudentAid Mobile App
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IRS Data Retrieval (DRT) Tips
ELIGIBLE to use DRT • Must have a valid SSN and
FSA ID• Must have filed 2017 taxes
– Forms 1040, 1040A, or 1040EZ
INELIGIBLE to use DRT:• Married but filed taxes
separately • Student or Parents that
married after 12/31/2017• Filed amended tax returns • Filed an extensions and
have not yet completed the returns
• Filed Puerto Rican or foreign tax returns
*If you have moved since filing 2016 taxes and have updated your address with USPS, try using the new address.
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Sections of The FAFSAStudent Section: Under status bar will indicate who the questions are referring to
4 Student Tabs: Student Demographics School SelectionDependency Status Financial Information
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Sections of the FAFSAParent Section: Under status bar will indicate who the questions are referring to
2 Parent Tabs: Parent Demographics Parent Financial Information
*The Help and Hints box will provide guidance on which parent to use and other information on how to respond to the questions.
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FAFSA: Reporting ASSETS
Assets to Include: Cash, Checking, and Savings
accounts Value of business land,
building, equipment, inventory, etc. for companies with 100 or more FTE employees
Education IRAs College Savings Plans (529,
EdVest, etc.)
Assets NOT to Include:o Home in you live-including
family farm o Value of life insurance and
retirement plans (pensions, annuities, Keogh’s, non-education IRA funds, etc.)
o Personal Vehicles
**Any questions about what should or should not be included, PLEASE contact a school’s Financial Aid Office!**
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Frequent FAFSA Errors• Missing signatures • Wrong Social Security Numbers• Divorced/Remarried parent information • Untaxed Income • U.S. Income Taxes Paid • Reporting retirement funds • Household Size • Number in Postsecondary Education • Not using Legal Name-Must match the Social Security
Administration• Not Applying At All!
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Timeline After Completing the FAFSA• Information will be sent to the schools
selected on your FAFSAFAFSA
Completed
• Monitor your email, mail for requests for more information (verification, citizenship, selective service, etc.)
Documents
• Schools will notify students of their aid eligibility (typically via email or mail, may require student to accept/decline offers via a student portal)
Financial Aid Offer
• Carefully review the types of funding offered and accept or decline as needed.Decide!
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What if something has changed?
Examples: Divorce, Unemployment, Death, High Medical Expenses
Set up an appointment with our Office to discuss
changes
Must complete 2019-2020 FAFSA with 2017 Tax
information
Must provide documentation of
circumstance
Changes in the Family’s Financial
Situation
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Cost of attendance (COA) Tuition fees, room & board, transportation, books & supplies, and Miscellaneous living expenses.
**DO NOT confuse this with your bill!!**
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Expected Family Contribution (EFC) The information reported on the FAFSA is used to calculate the EFC
o Income, Assets, Family size, Number in college, age of older parent
Not an amount you have to pay for college- what the government says your family should be able to contribute towards yours college education
Income Index EFC is used to determine the student’s financial need and eligibility for certain types of funding.
COA-EFC=Financial Need
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Financial Need
1 2 3
Cost $13,240 $23,658 $48,390
Less EFC $5,075 $5,075 $5,075
Need $8,165 $18,583 $43,315
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Cost of College: Questions to Asko What are your fiscal responsibilities? What are your costs? (Tuition, room and board, books/supplies, Orientation
fees, etc.) When are tuition and fees due? Are books included in the cost of tuition? What happens if you have to drop classes or withdraw for the semester? Housing contracts= lease: know before you sign!
o Compare your Financial Awards What is your bottom line out of pocket total (this does include loans)? What is your funding plan beyond Federal, State, and Institutional sources?
o Be prepared for other expenses that are not part of the bill: Course materials Transportation costs
o Where do you find answers? Financial Aid websites and offices College Cost websites
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What Do I Pay to the School?
Direct Costs/The Bill (varies by school)
Tuition and Fees+ Room and Meals*+ Books & Supplies**Direct Costs to be paid to the institution
Indirect CostsTransportation Living expense (off campus)*Books & supplies**Miscellaneous Living ExpensesSpending cash
*Depending on your student’s housing choice***If books are included or not**
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Need versus Merit AidNeed Based Aid
• Funds that are based on financial need– Most government
grant (State and Federal)
– Subsidized Loans – Federal Work Study
Merit Based Aid
• Funds that are based on merit or achievement– Academic
Scholarships– Some government
grants
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Types of Aid• LOANS:
– Subsidized (Need based) VS Unsubsidized• GRANTS: Qualify for based on FAFSA and Financial Need
– Federal Supplemental Education Opportunity Grant– Pell Grant– Wisconsin Grant– Tuition Assistance Grant
• FEDERAL WORK STUDY (Need Based)• SCHOLARSHIPS
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Limitations to Financial Aid• Pell Grant:
– 600.00% or 12 semesters at 12+ credits
• WI Grant:– 10 semesters
• Federal Direct Loans:– $31,000 total in loans– $23,000 total in subsidized
loans
Track what you have borrowed at www.NSLDS.gov
Total Maximum Subsidized
Freshman $5,500 $3,500
Sophomore $6,500 $4,500
Junior/Senior $7,500 $5,500
5th
Year/Other$7,500 $5,500
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Additional funding optionsParent PLUS Loan
– Dependent Students ONLY– Taken out in the parents
name, never transferred to the student
– Credit based – Parents can apply at
www.studentloans.gov– Interest accrues
**If parent is denied, student is eligible for an additional unsubsidized loans for the year**
Alternative Education Loans/Private Student Loans
– Private lending institutions– Co-signer may be needed– Variable interest rate
Contact your school for more information and resources.
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Additional Government Resources• Corporation for National and Community Service• Veteran’s benefits• ROTC Scholarships and/or stipends• Bureau of Indian Affairs (BIA) Grants• State Divisions of Vocational Rehabilitation (DVR)• Health and Human Services Loan and Scholarship
Programs• Employer Reimbursement
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MORE RESOURCES• Help filing FAFSA:
www.collegegoalwi.org• What Happens Next:
– http://youtu.be/JQxorQ9s_pY• The FAFSA:
– https://www.youtube.com/watch?v=LK0bbu0y5AM
• Additional Websites: • Studentaid.ed.gov • KnowHowToGo.org • Going2College.org• Fafsa4caster.ed.gov• FSAID.ed.gov• FAFSA.gov
• Scholarships– If you are not sure if you
qualify- still apply!– Never pay to apply!– Review your school’s
scholarship website frequently!
• www.Fastweb.com• www.scholarships.com• www.Collegeboard.com
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College Goal WI • Free program to help families complete the FAFSA • 43 events at 41 locations• Attend an Event to Be Entered to win a
SCHOLARSHIP!• 99 percent of the families felt it was worth attending
For location information:visit www.collegegoalwi.org