rhode island association of student financial aid administrators
TRANSCRIPT
Rhode Island Association of Student Financial Aid
Administrators
Rhode Island Association of Student Financial Aid Administrators
Financial Aid: Who is eligible? How to apply? What is financial aid? Where does financial aid come from? What types of aid are available?
Rhode Island Association of Student Financial Aid
Administrators
Agenda
Must be enrolled or accepted for enrollment in an eligible program of study
Must be pursuing a degree, certificate or other recognized credential
Must be a U.S citizen or eligible non-citizen
Must be registered with selective service (if male and required to be)
Visit the selective service web site at http://www.sss.gov to register
Rhode Island Association of Student Financial Aid
Administrators
General Eligibility Requirements
Eligibility may be suspended due to a drug-related conviction
Must have a valid Social Security Number
Must be making satisfactory academic progress as defined by the school (important for future years)
Rhode Island Association of Student Financial Aid
Administrators
General Eligibility Requirements
Submit the Free Application for Federal Student Aid (FAFSA)
After January 1, 2013 Before your school’s deadline By March 1, 2013 to be considered for the
Rhode Island State Grant
Check information from each school to determine
Required application materials (besides FAFSA)
Application deadlinesRhode Island Association of Student Financial Aid
Administrators
Application Process
Application for federal, state & institutional aid
Collects the family’s personal and financial information used to calculate the Expected Family Contribution (EFC)
File the FAFSA Electronically:
www.FAFSA.ed.govRhode Island Association of Student Financial Aid
Administrators
Free Application for Federal Student Aid (FAFSA)
http://www.fafsa.ed.gov
File on or after January 1, 2013 Benefits to filing electronically:
More timely submission of original application and any necessary corrections
Built-in edits help prevent costly errors Skip-logic allows student and/or parent to skip
unnecessary questions More detailed instructions and “help” for common
questions Ability to check application status on-line Simplified renewal application processRhode Island Association
of Student Financial Aid Administrators
FAFSA – Filing Electronically
Rhode Island Association of Student Financial Aid
Administratorswww.fafsa.ed.gov
Updated Web Design
Start Here for all options –
Initial FAFSA Entry Renewal
Application Entry FAFSA Corrections Providing
Signatures Continuing a
Saved FAFSA Viewing
Transaction History
Rhode Island Association of Student Financial Aid
Administrators
FAFSA – General Student Information
• Social Security Number• Name• Driver’s license & state• Citizenship• Alien Registration Number (if applicable)• Marital status and date of marital status• State & date of legal residence (important for state grant eligibility)
FOTW Section One…
Selective Service (register at www.sss.gov)
Degree type Grade level Enrollment status Self-help preferences (Interest in work-
study and loans) First bachelor’s degree?
Rhode Island Association of Student Financial Aid
Administrators
FAFSA – General Student Information
Parent(s) name, DOB, and SSN Drug conviction while receiving federal
student aid?
DO NOT LEAVE THIS BLANK
Note: Conviction of possessing or selling illegal drugs could affect eligibility for aid
Rhode Island Association of Student Financial Aid
Administrators
FAFSA – General Student Information
At least 24 years old by December 31st of the award year covered by the FAFSA (born before January 1, 1990)
Graduate or professional student Married Has children or other dependents that receive more than
half of their support from you Both parents are deceased; has a legal guardian; or is a
Ward of the court Currently serving on active duty in the U.S. Armed Forces
for purposes other than training Veteran of the U.S Armed Forces Determined to be independent by the financial aid
administrator
Rhode Island Association of Student Financial Aid
Administrators
FAFSA – Student Dependency Status
Marital Status Note: students with divorced/separate
parents should include the information of the parent whom they live with. If that parent is remarried, include step-parent information.
Father/Stepfather’s Social Security # Father/Stepfather’s last name Father/Stepfather’s date of birth Mother/Stepmother’s Social Security # Mother/Stepmother’s last name Mother/Stepmother’s date of birth Parents’ State of Legal Residence
Rhode Island Association of Student Financial Aid
Administrators
FAFSA – Parental Information
Rhode Island Association of Student Financial Aid
Administrators
Financial Information
The IRS Data Retrieval continues in 2013-2014.
Also available in Corrections
Electronically filed tax return information will be available from the IRS in 1-2 weeks, data from paper tax returns will be available in 6-8 weeks.
Type of 2012 tax form parents completed-1040-1040A
-1040EZ-Foreign tax return-Puerto Rico, U.S. Territory, etc.
Estimate if taxes incomplete to file by deadlines!
Parents Adjusted Gross Income (AGI) Parents wages (money earned from
working) Income TaxRhode Island Association
of Student Financial Aid Administrators
FAFSA – Parental Information
Federal Benefits: Did anyone in the parents’ household receive benefits from any of the federal programs listed?
-Supplemental Security Income-Food Stamps-Free or Reduced Price School Lunch-Temporary Assistance for Needy Families (TANF)-Special Supplemental Nutrition Program for Women,
Infants, and Children (WIC)
Parents exemptions on tax form Household Size (list all members, including yourself) Number in household in college (excluding parents)
at least half-time in degree or certificate program
Rhode Island Association of Student Financial Aid
Administrators
FAFSA – Parental Information
Parents’ amount from FAFSA Untaxed Income
Parents’ amount from FAFSA Additional Financial Information
Rhode Island Association of Student Financial Aid
Administrators
FAFSA – Parental Information
Asset Information Balance in parents’ cash, savings, checking
accounts (as of today’s date) Net worth of parents’ investments, including real
estate (as of today’s date) 529 Plans Do not include the home you live in (primary
residence) Do not include retirement – IRAs and 401k Net worth of parent’s current business and/or
investment farms (as of today’s date) – DO NOT include value of small business that has fewer than 100 full-time or full time equivalent employees Rhode Island Association
of Student Financial Aid Administrators
FAFSA – Parental Information
Ability to list up to 10 on the FAFSA
Must list the school’s six-digit code
For each school code, indicate housing plan
Rhode Island Association of Student Financial Aid
Administrators
Parent &/or student 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 529 Plan reporting of asset - If the parent is the owner
of the program, the value is reported on the FAFSA as a parent asset. Note that you should report the value of all programs or plans, not just the one for the student applying for aid. For plans established by someone other than the student's parent, the value of the account is not reported on the FAFSA.Rhode Island Association
of Student Financial Aid Administrators
FAFSA – Frequent Errors
BEWARE! Reminder : The process of completing
and processing the FAFSA is FREE Be sure to go directly to
http://www.fafsa.ed.gov Read the instructions and complete
carefully. Contact guidance office, financial aid
office, or the College Planning Center for help with completing the FAFSA or with any questions
Rhode Island Association of Student Financial Aid
Administrators
FAFSA
The Expected Family Contribution (EFC) is calculated from the data reported on your FAFSA.
The EFC is the amount of money that the family is expected to be able to contribute to the student's education. (NOTE: This is NOT the amount you will pay!)
This formula, termed as Federal Methodology need analysis formula, is approved by Congress. Rhode Island Association
of Student Financial Aid Administrators
FAFSA – Expected Family Contribution (EFC)
Determine financial aid eligibility using federal formula
“Package” aid based on availability of funds
Send award notification to student
Rhode Island Association of Student Financial Aid
Administrators
Role of the Financial Aid Office
Assist students in paying for college by:
Evaluating family’s ability to pay for educational costs (based on FAFSA data and other collected information)
Distributing limited resources in an equitable manner
Providing balance of “gift aid” and “self-help” aid
Rhode Island Association of Student Financial Aid
Administrators
Financial Aid Goals
Rhode Island Association of Student Financial Aid
Administrators
GrantsGrants ScholarshipsScholarships
WorkWork LoansLoans
State Government in Rhode Island offers a scholarship/grant program RI State Grant (www.riheaa.org)
Residents complete FAFSA by March 1 Fully portable $250-$700 Academic Year (based on EFC and
Financial Need)
Rhode Island Association of Student Financial Aid
Administrators
Questions to ask: What do I need to do to retain my
scholarship (minimum GPA) How is my award affected by outside
scholarship(s) Will my award remain the same for four
years Satisfactory academic progress requirements
Rhode Island Association of Student Financial Aid
Administrators
Self-help aid – The student must repay or earn the funds of self-help aid Student Loans
Federal and private student loan options Work-Study
Typically earned and not used for use in paying your bill
Best used to cover student’s normal personal expenses
Rhode Island Association of Student Financial Aid
Administrators
Rhode Island Association of Student Financial Aid
Administrators
Student Loans
Subsidized
Unsubsidized Annualloanlimits
Rhode Island Association of Student Financial Aid
Administrators
Student Loans
Questions to ask:
Work-Study/Student Employment Is a job guaranteed Does the school assign jobs or do I have to find
one What types of positions are available Do I have the option to use this money towards my
billStudent Loans
What are the terms of the loan, what are my rights and responsibilities
What additionally is required to attain the loanRhode Island Association of Student Financial Aid
Administrators
Consider your out of pocket expenses including Remainder of college invoice for tuition, room,
board and fees Books Travel
Financing options Out of pocket Student Private Loans Parent private/federal loans Other loan optionsRhode Island Association
of Student Financial Aid Administrators
Rhode Island Association of Student Financial Aid
Administrators
Research and review all admission and financial aid materials from each school which you are applying
Meet all application deadlines! Complete all financial aid applications
FAFSA CSS Profile Individual school applications
Investigate other sources of aid
Rhode Island Association of Student Financial Aid
Administrators
What happens next?
Report directly to each school any circumstances that cannot be reported via the FAFSA
Change in employment status Medical expenses not covered by
insurance Change in parent/student marital status Unusual dependent care expenses
Rhode Island Association of Student Financial Aid
Administrators
State grants, scholarships, loans, & work programs
School need-based & non-need-based programs – be aware of any special deadlines
Private business scholarships Civic organization scholarships Parent’s employers
Rhode Island Association of Student Financial Aid
Administrators
Other sources…
Corporation for National and Community Services (AmeriCorps) – http://www.americorps.gov
Veteran’s benefits – http://www.gibill.va.gov
ROTC scholarships Bureau of Indian Affairs (BIA) Grants Web Searches
Rhode Island Association of Student Financial Aid
Administrators
Other sources…
Better Business Bureau – http://www.bbb.com
US Department of Education – http://studentaid.ed.gov/students/publications/lsa.index.html
Federal Trade Commission – http://www.ftc.gov
Rhode Island Association of Student Financial Aid
Administrators
Avoid being scammed
Research and know the deadlines of each school
Check web sites
Keep a calendar Apply early and apply on-line Ask questions Get the student involved!
Rhode Island Association of Student Financial Aid
Administrators
Helpful Tips
Bring your 2012 Taxes (if you’ve already filed) and Complete Your FAFSA at any one of these locations:
Newport: Rogers High School – January 16, 6 – 8pm Providence: The Juanita Sanchez Complex – January 22, 6 – 8pm
Wakefield: South Kingston High School – January 23, 6 – 8pm East Providence: E. Providence High School – January 30, 6 – 8pm
Pawtucket: William E Tolman Senior High School – February 5, 6:30 – 8:30pm
West Warwick: West Warwick High School – February 6, 6 – 8pm Additional location to be announced (check website)
Plan to arrive at least 15 minutes early!
Preregister at www.collegegoalri.org
FAFSA is free! FAFSA.ed.gov
College Goal Rhode Island: http://www.collegegoalri.org/
Other Free Resources•High School Guidance Office•College Planning Center
www.cpcri.org•College/University Financial
Services Department
Rhode Island Deadline March 1
Rhode Island Association of Student Financial Aid
Administrators
Questions?
Sources for Presentation
NASFAA FA Night Presentation http://www.pin.ed.gov http://www.fafsa.ed.gov http://www.nasfaa.ed.gov
Presentation created for RIASFAA by Wynette Richardson Zuppardi
Last Updated 11/08/2012 by Kenneth Ferus
Rhode Island Association of Student Financial Aid
Administrators