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Comprehensive Guide to Applying for FAFSA and Understanding Financial Aid

Welcome to the Office of Financial Assistance! This guide provides essential information on applying for FAFSA, including how to obtain your PIN, verify tax information, and understand the processes involved. Learn about need-based aid programs like Federal Pell Grant and Work-Study options. Discover the differences between Direct and Parent PLUS Loans, including application procedures, interest rates, and repayment options. Remember that timely submission of documents is crucial for aid processing. For more details, contact us at finaid@neumann.edu or call 610-558-5521.

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Comprehensive Guide to Applying for FAFSA and Understanding Financial Aid

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  1. Welcome To Office of Financial Assistance

  2. How do I apply for a FAFSA? • Visit the website www.fafsa.ed.gov Not www.fafsa.com Not www.fafsa.org

  3. How do I apply for a FAFSA? • Both the student and parent must apply for a PIN at www.pin.ed.gov • Used to sign the FAFSA electronically • Will be used by students and parents throughout the aid process, including subsequent school years • Neumann’s federal school code is 003988

  4. What does a FAFSA do? • Calculates a family’s EFC (Expected Family Contribution) • Determines eligibility for need-based aid COA (Cost of Attendance) – EFC = Need • First step to apply for funding through the Federal Direct Loan Program • Determines eligibility for certain grants and scholarships

  5. IRS Data Retrieval Tool (DRT) • Participation is voluntary • Reduces documents requested by financial aid office • Some will be unable to use IRS DRT • Filed an amended tax return • No SSN was entered • Student or parent married but file separately • Financial Aid Offices are unable to accept a copy of a tax return (few minor exceptions) • Tax transcripts from the IRS are required if tax information is requested for verification • You may request a copy of your tax transcript at www.irs.gov/transcript. Call the IRS at 1-800-829-1040 with any questions

  6. What is the process of verification? • All requested information must be submitted to the Office of Financial Assistance as soon as possible to ensure timely processing of your final award letter • The verification process is not complete until all information is received and reviewed. Please note that additional documentation may be requested at any time during the process • Please only submit the information that is requested

  7. Need-Based Aid Programs • Federal Pell Grant maximum EFC = 5157 (maximum award amount = proposed $5730 for 14-15) • Federal SEOG (Supplemental Educational Opportunity Grant) • State Grant • Federal Work Study • Neumann Grant-In-Aid

  8. State grant deadlines… • Know your state grant deadlines • Delaware – April 15th 1-800-292-7935 or DDOE (Delaware Department of Education) • Pennsylvania – May 1st 1-800-692-7392 or pheaa.org (Pennsylvania Higher Education Assistance Authority)

  9. What is a Federal Work Study Job? • Funds are earned by working in a campus department • Award is not deducted from your tuition bill • Students can work no more than 8-10 hours per week, depending on department needs • Students are paid bi-weekly • Original documents that may be submitted for application: • Driver’s License • Birth Certificate • Social Security Card • Photo Student ID Card

  10. What is a Direct Student Loan? • Federal Direct Student Loans (FDL) - guaranteed loans • 13-14 interest rate is 3.86% with a 1.072% origination fee, the rate for 14-15 will be determined in May 2014 per the loan certainty act guidelines and will not exceed 8.25% for undergraduate loans. • Subsidized loan is based on need (government pays the interest while student in school) • Unsubsidized loan is not based on need (option to pay interest while student in school) • Student is required to complete Entrance Counseling and a MPN (Master Promissory Note) at www.studentloans.gov

  11. StudentLoans.gov

  12. What is a Parent Plus Loan? • Parents may apply for a Plus Loan at www.studentloans.gov • 13-14 interest rate is 6.41% with a 4.288% origination fee, the rate for 14-15 will be determined in May 2014 per the loan certainty act guidelines. • Credit check is required. • If credit is denied, student is eligible for additional unsubsidized portion of Direct Loan. • Repayment starts 6 months after the first disbursement or parent may defer payments while student is in school up to six months after student leaves school.

  13. What is a Private Alternative Loan? • A Private Alternative loan is based on credit • Most need a credit-worthy co-signer, does not have to be the parent • Lenders are offering both fixed and variable interest rate loans without any fees • The better your credit the better your rate • Several lenders also give a discount on the interest rate*** for existing customers • It is in your best interest to research all your options to ensure you are getting the most competitive product to meet your educational expenses • Visit www.elmselect.comfor a commonly-used list of lenders ***Interest rates are subject to change at the discretion of the lender.

  14. Financial Assistance Home Page

  15. Net Price Calculator

  16. Office of Financial Assistance Main Office Number 610-558-5521 Fax Number 610-558-5652 Email finaid@neumann.edu

  17. SEE YOU IN AUGUST!!

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