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FINANCIAL AID 101

FINANCIAL AID 101. Presented by: Kari Gribble Director of Financial aid and Edgewood Central Edgewood College. Financing A College Education. A successful experience requires a collaborative effort by: Student Parent Institution Government. What is Financial Aid?. Scholarships

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FINANCIAL AID 101

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  1. FINANCIAL AID 101

    Presented by: Kari Gribble Director of Financial aid and Edgewood Central Edgewood College
  2. Financing A College Education A successful experience requires a collaborative effort by: Student Parent Institution Government
  3. What is Financial Aid? Scholarships Grants Loans Employment opportunities
  4. What is an EFC? Federal Methodology: A formula created by Congress to determine your Expected Family Contribution (EFC). The same formula applies to all applicants. Measures your ability, not willingness to pay. EFC components: Parent Income and Assets Student Income and Assets Things not considered : value of primary residence, consumer debt, or retirement accounts
  5. What is Financial Need? Cost of Attendance (COA) =A Tuition, Fees, Room, Board, Transportation, and Misc Expected Family Contribution (EFC) from FAFSA=B Income, Assets, Number in Family, Number in College A – B = (C) Your Financial Need
  6. Your need depends on the cost! UW SystemVoc TechIndependent COA $23,000 $14,000 $32,000 EFC $ 5,000 $ 5,000 $ 5,000 _____________ NEED $ 18,000 $ 9,000$ 27,000
  7. Scholarships Academic Creative Talent Athletic Talent Ethnicity/Religion
  8. Need-Based Grants FEDERAL GOVERNMENT Pell SEOG TEACH Grant STATE GOVERNMENT Higher Education- Public Wisconsin Tuition- Private INSTITUTIONAL Varies by institution
  9. WI Covenant Qualified students completed a pledge in 8th grade Senior confirmation forms are currently being mailed –return completed form by April 1 FAFSA must be filed by April 1 Grants range from $250-$2,500 based on need 2 Grant Sources: WI Covenant Scholars Grant --state funding WI Covenant Foundation Grant -- private foundation funding Funds are not guaranteed after 2012-2013 year http://wisconsincovenant.wi.gov/
  10. Loans Federal Perkins Loan Up to $5,000 (5 % interest) Federal Stafford Loan Subsidized 6.8% Unsubsidized 6.8% $3,500 Subsidized $2,000 Unsubsidized PLUS: Parent Loan for Undergraduate Students 7.9% Alternative Loans (vary) Institutional (vary)
  11. Student Employment Part-time employment on campus designated off-campus locations Questions to Ask When are jobs available? How does a student secure a job? Does the student get paid directly or is it applied to their account? Be prepared to complete new hire paperwork( I9, WT4, W4) –bring 2 original forms of identification
  12. Eligibility for Financial Aid Don’t eliminate yourself. Remember it’s There is no income cutoff for financial aid Contact the Aid Office if financial circumstances change
  13. How to Apply Complete admission process Apply for Student and Parent PIN numbers Complete the Free Application for Federal Student Aid (FAFSA) after Jan. 1
  14. Students and parents apply for a PIN today! Not required~but processing time is substantially faster PIN may be used by students and parents to complete loan paperwork and used in subsequent school years www.pin.ed.gov
  15. Free Application for Federal Student Aid (FAFSA) www.fafsa.govAvailable January 1, 2012
  16. Select a Year and Apply for a Pin
  17. Before you begin FAFSA Filing Options– fill out preliminary data Print a DPF of a paper FAFSA It’s OK to estimate taxes in order to meet deadlines Errors will delay processing and may result in the loss of financial aid funds
  18. Step One: Student Information Student’s Name Date of Birth Citizenship status Marital status Email Address Drug Conviction Question CANNOT be left blank
  19. Step Two: Schools Enter up to 10 Colleges of Interest: School Code Searchable by name, city or state Housing Plans
  20. Step Three: Student Status If student answers “NO” to all questions, then at least one parent’s information and signature is required. If student answers “Yes” to any question, then student is Independent only their income and assets will be considered.
  21. Step Four: Parent Info Which parent’s information must be included on the FAFSA? Grandparents, foster parents, legal guardians, older siblings, and uncles/aunts are not considered parents unless they have legally adopted you. If married and living with each other, both parents. If parent is widowed and not remarried, only the surviving parent. If parents are separated or divorced, only the biological parent with whom the student lived more or who provided more financial support. If biological parents are divorced and student lives with a biological parent who has remarried as of the date of the FAFSA application, both the biological parent and stepparent.
  22. Step Four: Parent Info Cont Parent Finances AGI (line references from Federal Taxes or W2 forms) Taxes paid Cash/checking/savings Investments do not include value of primary residence or retirement accounts do not include value of family controlled business with less than 100 employees Household Members and Number of College Students
  23. IRS Data Retrieval Tool While completing FAFSA, applicant may submit real-time request to IRS for tax data *Available 2 weeks after electronically filing or 6 weeks after paper filing taxes IRS will authenticate taxpayer’s identity and send real-time results to applicant in new window Applicant chooses whether or not to transfer data to FAFSA Available February 2012 for 2012–13 processing cycle Participation is voluntary Could reduce documents requested by financial aid office
  24. Step Five: Student Information Questions include: AGI(line references from Federal Taxes or W2 forms) Taxes paid Cash/checking/savings Investments
  25. Step Six: Signatures Review information for accuracy prior to submitting Dependent Students: - 1parent and student Enter PIN numbers -or- print signature page and mail to processing center
  26. Confirmation Page Transfer parent data to another child EFC estimate Eligibility indicator for Pell and Stafford Loans College rates
  27. Frequent FAFSA Errors Parent & Student Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size & # in college Real estate & investment net worth
  28. Special Circumstances? Call the Financial Aid Office Divorce/Separation Loss of income or benefits One-time income Death or Disability of student or parent Substantial medical/dental expenses not covered by insurance Elementary or secondary school tuition Dependency override (Note: Professional Judgment is at the sole discretion of each institution.)
  29. The Application Process Student submits FAFSA ED Calculates EFC and returns results to student. ED sends copy of result to state & schools of choice. School follows up with student.
  30. FAFSA Follow Up Check status after submission Make corrections to FAFSA Add/Delete Schools Print Signature Page
  31. Verification Department of Education picks about 30% of students randomly Provide documentation to school Verification Worksheet Consent to IRS data retrieval or submit a tax return transcript Asset Statements Food Stamp Statements Child Support Paid Documentation
  32. Response from Schools The Financial Aid Office issues a: FINANCIAL AID PACKAGE Consisting Of: The Cost of Attendance Your Financial Aid Eligibility A description of each program What to do next If you feel you have special circumstances, let the aid office know!
  33. Questions to Consider Are the scholarships renewable? Requirements? GPA, participation, major, max number of terms Grant/Loan combination Will the student graduate in 4 or 5 years? What is the additional cost? Are there additional fees for specific majors? How is student employment handled? Actual cost minus aid – not just the most aid
  34. How am I Going to Pay? Direct Costs(tuition, room & board, fees, books) - Financial aid = Remaining balance due Am I billed for the year or by the term? What are my payment options? When are payments due? Do I need an additional loan? If yes, ensure that loans are finalized 1 month prior to the start of the term.
  35. Other Resources Parent or Student Employer Scholarships Corporation for National and Community Service Veterans/ROTC Benefits Bureau of Indian Affairs (BIA) Grants Division of Vocational Rehabilitation (DVR) Higher Educational Aids Board (HEAB)
  36. Scholarship Searches www.collegeanswer.com www.fastweb.com www.collegenet.com www.careersandcolleges.com http://apps.collegeboard.com/cbsearch_ss/welcome.jsp
  37. Avoid Being Scammed THIS IS A FREE PROCESS! Financial aid scam notices Tips to avoid scams Check legitimacy of scholarship agencies: Department of Education www.ed.gov Better Business Bureau http://search.bbb.org/search.html
  38. Final Apply early – watch deadlines Schools may have additional aid forms Each school evaluates the student differently Read all materials issued by the school Inform your school of any “special circumstances” Always keep copies
  39. College Goal Sunday Weekend Edition Sat, Feb. 18 and Sun, Feb. 19 2-4 pm FREE Assistance to families from Financial Aid Administrators in complete the Free Application for Federal Student Aid (FAFSA) 28 sites throughout Wisconsin Madison Locations Sat, Feb. 18-----Edgewood College Sat, Feb. 18-----MATC Truax Campus Sun, Feb. 19-----DeForest High School Want more details? www.collegegoalwi.org
  40. Questions?
  41. Scholarship Searches www.collegeanswer.com www.fastweb.com www.collegenet.com www.careersandcolleges.com http://apps.collegeboard.com/cbsearch_ss/welcome.jsp
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