south puget sound community college december 2011 financial aid 101: what it is and how to apply amy...
TRANSCRIPT
![Page 1: South Puget Sound Community College December 2011 Financial Aid 101: What it is and How to Apply Amy Ybarra, Program Specialist III aybarra@spscc.ctc.edu](https://reader031.vdocuments.us/reader031/viewer/2022013003/551abaae550346b2288b4fe5/html5/thumbnails/1.jpg)
South Puget Sound Community College
December 2011
Financial Aid 101:What it is and How to Apply
Amy Ybarra, Program Specialist [email protected]
360-596-5236
Cookie Greer, Program Specialist [email protected]
360-596-5232
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Financing Your Education
• What is financial aid?
• Where does it come from?
• What aid is available?
• Who is eligible?
• How do I apply?
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What is Financial Aid?
• Scholarships
• Grants
• Loans
• Employment opportunities
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Types of Need-Based Aid
• Gift aid: Grants & scholarships (need-based or merit-based)
• Self-help aid: Loans & employment (need- or non-need-based)
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Goals of Financial Aid
• Primary goal is to assist students in paying for college & is achieved by:
– Evaluating family’s ability to pay for educational costs
– Distributing limited resources in an equitable manner
– Providing balance of gift aid & self-help aid
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Definition of Financial Need
Cost of attendance (COA)
– Expected family contribution (EFC)
= Financial need
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What is the Expected Family Contribution (EFC) • Reasonably be expected to contribute, but not what the
family will pay to the college
• EFC the same regardless of what college the student attends
• Two components:
Parent contribution
Student contribution • Calculated using data from a federal application form
and a federal formula
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Cost of Attendance
• Tuition & fees
• Room & board
• Books, supplies, transportation, & miscellaneous personal expenses, including documented costs for personal computer
• Loan fees
• Study abroad costs
• Dependent care expenses
• Disability-related expenses
• Cooperative education program costs
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Need Varies Based on Cost
X
Y
Z
Cost of Expected Family NeedAttendance Contribution (Variable) (Variable) (Constant)
1
2
3
EFC EFC
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Federal Methodology
Federal Methodology is the formula created by Congress to determine
the expected family contribution (EFC).
http://federalstudentaid.ed.gov
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Types of Federal Aid
• Federal Pell Grant
• Federal Supplemental Educational Opportunity Grant (FSEOG)
• Federal Work Study (FWS)
•Federal Loan Programs Available under:
• Federal Direct Student Loan (Direct Loan) Program with funds provided directly by federal government via participating schools
• Federal Perkins Loans• PLUS loans for Parents
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Types of State Aid
• Grants such as the Washington State Need Grant (SNG), Passport,TRIO, and GEARUP
• Work programs including the State Work Study and Literacy Work Study programs
• Scholarships such as the Washington Academic Vocational Excellence Scholarship (WAVE), Nurses Conditional Scholarship, and many more which are student specific.
• For additional information on state aid programs visit www.hecb.wa.gov
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Types of Institutional Aid
• Vary by college but generally include:– Institutional Grant Programs funded by tuition
dollars– Tuition Waivers– Work Study Programs– Loan Programs– Foundation Partnerships for Scholarship funding– Targeted grant programs funded by students for
students i.e. Daycare Grants
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General Student Eligibility Criteria
• Must be enrolled or accepted for enrollment in an eligible program of study
• Must be pursuing an approved degree, certificate, or other recognized credential
• Must be U.S. citizen or eligible noncitizen• Must be registered with Selective Service
(if male & required)• May not have eligibility suspended or
terminated due to drug-related conviction if convicted while receiving aid
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General Student Eligibility Criteria
• Must have valid Social Security Number
• May not be in default on federal student loan
• Must not owe overpayment of federal grant or
loan• Must be making satisfactory academic progress
(as defined by school)
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Application Process
• Submit Free Application for Federal Student Aid (FAFSA) prior to school’s deadline
• Most aid on “first-come, first-served” basis
• To ensure maximum consideration for federal, state, & institutional aid, check information from each school to determine:
– Required application materials
– Application deadlines• Collects family’s personal & financial information used to
calculate student’s EFC
• Must file FAFSA electronically via FAFSA on the Web
– Special circumstance filers may be required to submit paper applications but this is a very rare situation
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Role of Financial Aid Office
• Determines aid eligibility using federal formula• Packages aid depending on availability of funds• Sends award notification including:
– Student’s Cost of Attendance (COA)– Student’s Expected Family Contribution (EFC)– Amount of student’s financial need– Award amount for each program for which student
is eligible– Disbursement methods & time frames– Terms & conditions of each award
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FAFSA on the Web
• Web site: www.fafsa.gov• 2012-13 FAFSA on the Web available on January
1, 2012• FAFSA on the Web Worksheet:
– Used as worksheet for on-line entry– Questions follow order of FAFSA on the Web
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www.pin.ed.gov
PIN Site
• Web site: www.pin.ed.gov
• Sign FAFSA electronically
• Can request PIN before January 1, 2012
• Not required, but speeds processing
• May be used by students and parents throughout aid process, including subsequent school years
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IRS Data Retrieval
• Available early February 2012 for 2012-13 processing cycle
• Participation is voluntary
• Reduces documents requested by the financial aid office
• Not available to applicants with a recent change in marital status
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FAFSA on the Web’s Homepage
2012–13 FAFSA on the Web Worksheet—4-page booklet containing:
Instructions
22 questions in 4 sections
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This is the Login page for FOTW.
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FAFSA Sections
1. General Student Information2. Student’s Dependency Status3. Parent Information (dependent student
only)4. Student Information5. Signatures
1. Student2. One parent (dependent students)
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FOTW Worksheet: Section 1
• Name
• Social Security Number
• Citizenship
• Marital status
• Selective Service registrationstatus
• Parents’ educational background
• Drug conviction status
General student information:
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FOTW Worksheet: Section 2Student’s Dependency Status
Student’s dependency status:
• If all “No” responses, student is dependent
• If “Yes” to any question, student is independent. Student should be prepared to provide supporting documentation to prove dependency if requested by the school the student is attending.
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FOTW Worksheet: Section 3Parent’s Data for dependent students
• Dislocated worker status
• Tax filing status
• Adjusted Gross Income (AGI) for 2011
• Income earned from work for each parent
• Receipt of benefits from certain federal means-tested programs
• Additional financial information
• Untaxed income
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FOTW Worksheet: Section 4Financial Data for Student
• Tax filing status• Adjusted gross income (AGI) for 2011• Income earned from work• Dislocated worker status• Receipt of benefits from means-tested programs• Additional financial information• Untaxed income
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Household Size & Number in College
• Household Size = Members of the household who receive more than 50% of their support from you (or your parents if you are a dependent student)
• Number in College = Members of the above household who are also enrolled at least half time in an eligible program of study (excluding parents)
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FOTW Worksheet: College Information
List up to 10 colleges to receive FAFSA data:
•Federal School Code for each college
•Housing plans for each college
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College Codes
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FOTW WorksheetSignature Block
• Required
– Student
– One parent (dependent students)
• Format
– Electronic using PIN
– Signature page
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Signature Process
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CAUTION!
• Avoid being charged a fee to file the Free Application for Federal Student Aid– Processes of completing & processing FAFSA
are FREE– If filing via FAFSA on the Web, be sure to go
directly to www.fafsa.gov– Contact financial aid office for help
completing FAFSA
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FAFSA Processing Results
• Central Processing System (CPS) notifies student of FAFSA processing results by:
– SAR Information Acknowledgement if filed via FAFSA on the Web & student’s e-mail address was not provided
– E-mail notification containing direct link to student’s on-line SAR if student’s e-mail was provided on paper FAFSA or FAFSA on the Web
– Student with PIN can view on-line SAR at www.fafsa.gov
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Student Aid Report
Student should review SAR
• Check for accuracy
• Contact school if corrections are needed for additional instruction
• Update information when appropriate
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FAFSA Processing Results
• FAFSA Results are sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted
• College reviews results– May request additional documentation, such
as copies of federal tax returns, institutional application (data sheet), birth certificate, social security card, selective service confirmation, etc
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• Cannot report on FAFSA
• Send written explanation to financial aid office at each college
Special Circumstances
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• Change in employment status
• Medical expenses not covered by insurance
• Change in parent marital status
• Unusual dependent care expenses
• Student cannot obtain parent information
Special Circumstances
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Qualified Tuition Programs (QTPs)/ 529 Plans and Coverdell accounts:
• Reported as an asset of the owner not the beneficiary except when the owner is a dependent student, in which case is it reported as an asset of the parent
• If the owner is some other person(non-custodial parent, grandparent, etc), the distributions to the student count as untaxed income as “money received” on the next year’s FAFSA.
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Where Do I Go From Here?
• Obtain and review admissions and financial aid materials from each school to which you are applying
• Meet all application deadlines
– Complete FAFSA
– Other application materials, such as College Scholarship Service’s PROFILE application, if required by school or state agency
• Investigate other sources of aid
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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
• Civic organization scholarships
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Avoid Being Scammed
• To check legitimacy of scholarship search services or individuals, for information about financial aid scams, and tips to avoid being scammed visit these Web sites:– Better Business Bureau: http://www.bbb.com
– U.S. Department of Education: http://studentaid.ed.gov/students/publications/lsa/index.html
– Federal Trade Commission: www.ftc.gov/bcp/conline/publs/alerts/ouchart.htm
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Scholarship Search Options
• Free Internet scholarship search engines:– FinAid.org – http://www.finaid.org– The College Board –
http://www.collegeboard.com– FastWeb.com – www.fastweb.com
• The Washington Scholarship Coalitionwww.TheWashBoard.org
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Private Scholarship Search
• Local library resources
• Local businesses and civic organizations
• Parents’ employers
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South Puget Sound Community College
Amy Ybarra, Program Specialist [email protected]
360-596-5236
Cookie Greer, Program Specialist [email protected]
360-596-5232