student financial aid campus 411-all-in-1 216-687-5411 [email protected]
TRANSCRIPT
Financial Aid Video
https://youtu.be/c-23SMf5DyQ?list=PL23B9A23CD8DD82DD
Philosophy of Financial Aid• Financial aid is available to all families
regardless of family income or college cost.
• It is the primary responsibility of the family to pay the educational costs to the extent that they are able.
1. Review different types of aid and how to seek opportunities for each
2. Explore the FAFSA, the Free Application for Federal Student Aid
3. Understand the payment and financing process
Tonight we will:
Financial aid offers opportunities to defray
immediate, out of pocket cost to a college or university.
PRICE FIN AID COST
Steps to complete your FAFSA
• The 2016-2017 FAFSA will use 2015 W2 and federal tax information
• It is OK to use estimated income information
• Submit the FAFSA as soon as possible after January 1st
• Complete the FAFSA every year • Check priority deadlines at every school you are
considering. March 1 is the common date.
FAFSA on the Web Guidelines
FAFSA on the Web Checklist
FAFSA on the Web
• There is a student and parent section
• Must log in with student info to begin new application
• “Help and Hints” box
Dependency Status
• If student cannot answer “yes” to at least one of the questions listed, they will be considered dependent and must include parent information
IRS Data Retrieval Tool
What are assets? Cash, savings, and checking accounts Other real estate, installment and land contracts Mutual funds, money market funds, CDs Stocks and stock options Bonds, commodities and precious metals
What are NOT assets? • Retirement accounts (IRAs - non-
education, 401K, 403B)• The home you live in• Cash value of life insurance policies• Family farm• Family owned and controlled small
businesses (100 or fewer fulltime employees)
529 College Savings Plans and Prepaid Tuition Plans
Treated same as mutual funds, CD’s and other investments.
If the student is dependent (for financial aid purposes) the 529 plan is a parent asset.
• Read instructions and complete all sections carefully
• Errors on the FAFSA or supplemental forms may delay application processing and result in loss of financial aid funds
Avoid Errors!
• Social Security numbers/dates of birth
• Divorced/remarried parental information
• Income earned by parents/stepparents
• US income taxes paid
Frequent FAFSA Errors!
Sign & Submit(for student & parent)
• Student will use their FSA ID to sign
• Parent will use their own FSA ID to sign as well
Dept. of Education
FAFSA on the Web
College receives electronic copy of
FAFSA
Student receives eSAR
• Is an Index number and not a dollar amount• Determines if student is eligible for federal or state grants
• Number must be between 0-5157 for the federal pell grant (based on full time enrollment for 2015-2016 academic year)
• State grant amounts may differ based on type of university (public vs. private)
• Does not affect ability to receive federal student loans
What is the EFC?
Types of Financial Aid
Scholarships
Business and IndustryFaith based organizationsParents employmentState grants and scholarship agenciesUniversity website
Financial aid comes in a variety of different forms.
INSTITUTIONAL GOVERNMENT
Gift Aid Scholarships Grants
Self-Help Aid Student Employment Student LoansFederal Work Study
Scholarships
•Hints and TipsStart earlyTalk with counselors, teachers, neighbors and relativesComplete every application carefullyBe aware of deadline datesStay local
• Pell Grant
• Supplemental Educational Opportunity Grant (SEOG)
• Ohio College Opportunity Grant (OCOG)
Grants
Federal Student Loans
Federal Direct Stafford Loan
Subsidized- need based and interest free while in schoolUnsubsidized- accrues interest while in school
Loans:
Federal Parent Loan
• Federal Direct Parent PLUS• Alternative loans
- Non federal (through a bank, credit union, state agency or school)
Loans
• Three Main Costs - Visit university’s billing office for tuition costs.
- Visit university’s residence life website for housing and meal plan costs.
Visit FAFSA4Caster
Figuring Out Your Cost
• Entrance Counseling & Master Promissory Note for federal student loans.
-Mandatory
-Completed online at www.studentloans.gov
• Review the National Student Loan Database System (NSLDS)
Managing Your Student Loans
All-in-1 Enrollment Services
216.687.5411
Your Point of Contact at CSU
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