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Financing Education at Elkhorn High School

Learn about financial aid and how to get it, including the FAFSA application process and special circumstances. Get tips on how to secure funding for school and understand the cost of attendance and expected family contributions.

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Financing Education at Elkhorn High School

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  1. Financing EducationElkhorn High SchoolDecember 4, 2013Shirley W. Butler – Financial Aid AdministratorUW-Whitewater 2013-2014

  2. Topics we will cover • Financial Aid - what it is and how to get it • FAFSA = Free Application for Federal Student Aid • Special circumstances

  3. Goals of the Financial Aid Office Assist students in paying for college by: • Evaluating family’s ability to pay educational costs using the federal formula • Distributing limited resources in an equitable manner • Providing balance of gift aid and self-help aid Send award notification including: • Award amount for each program for which student is eligible • Disbursement methods and time frames • Terms and conditions of each award

  4. How to get $ for school: (In a nutshell) • Fill out FAFSA. • Fill out FAFSA early and accurately. • Follow up on FAFSA.

  5. Important Dates Priority date for UWW March 1 (FAFSA results and all required documents must be received) Awarding beginsApril 1 Several aid types are limited in funding.

  6. Cost of Attendance (COA)2013-14 Tuition & fees Room & board Books & Supplies Transportation Miscellaneous personal expenses COA varies widely from college to college

  7. Expected Family Contribution (EFC)EFC for a Dependent Student Parental contribution from income and assets + Student contribution from available income and assets = EFC (Expected Family Contribution) EFC stays the same regardless of college

  8. 2013-14Estimated Costs of Attendance by School Living @ Home Off/On Campus • UW-Madison $17,867 $24,221 • UW-Milwaukee $16,454 $22,580 • UW-Whitewater $12,680 $18,730 • Marquette University $45,508 $48,418 • Edgewood College $33,294 • UW Colleges $13,510 $18,520 • Northeast WI Tech $11,875 $14,264 • Northwestern University $52,664 $63,228 • Illinois State University $21,772 $27,662 • Iowa State University $18,920

  9. Definition of Need Cost of Attendance (COA) – Expected Family Contribution (EFC) = Need

  10. Need Varies by School Cost

  11. Types of Financial Aid • Grants • Loans • Employment • Scholarships • Outside benefits, Veterans, DVR, Tuition Assistance etc.

  12. Grants (money that does not have to be paid back) • Pell Grant • Largest Federal Grant (Maximum UW-Whitewater $5645) • Supplemental Educational Opportunity Grant • Must be Pell Grant eligible (Maximum Federal Amount $200 -$4000) • WI Higher Education Grant/WI Tuition Grant • State Grant (varies by school UW-Whitewater $2,324, Private $2,900) • WI Covenant Scholars Grant • State Grant (must have signed Covenant in 8th grade $250 – $2500/year) • Those that were in 8th grade during the 10/11 academic year were the last to qualify.

  13. Loans (money that has to be paid back) • Subsidized Direct loan • Government pays interest as long as student enrolled at least half time • Unsubsidized Direct loan • Student charged interest while in school • Perkins Loan • Limited funding • Government pays interest as long as student enrolled at least half time • PLUS Loan • For parents of dependent students • ***If Parent’s PLUS loan application is denied, student is eligible for additional unsubsidized loan.

  14. Direct Loans • Annual Maximums (combined subsidized and unsubsidized) career maximum $31,000 $57,500

  15. Student Employment • Work Study • Considered financial aid and is based on need and availability of funds; funds run out quickly (at UW-Whitewater) • Funds earned by rate of pay and hours worked • Jobs are usually on campus (at UW-Whitewater)

  16. Scholarships(At UW-W, coordinated by the Admissions Office) • Money that does not have to be paid back • Awarded on the basis of merit, skill, or a unique characteristic • Foundations, businesses, charitable organizations • Deadlines and application procedures vary widely • Begin researching private aid sources early!

  17. FAFSA(Free Application for Federal Student Aid) • Collects family’s information used to calculate student’s EFC • Available in English and Spanish • May file FAFSA in one of two ways: • Electronically via FAFSA on the Web (preferred/quicker) • Paper FAFSA • Must File Every Year

  18. FAFSA on the Web • www.fafsa.gov • Avoid being charged for filling the FAFSA • Be sure to go to fafsa.gov – NOT .com

  19. PIN Registration • Web site: www.pin.ed.gov • Both student and parent should register for a PIN • PIN is used throughout aid process, including subsequent school years • PIN is used to sign the FAFSA and promissory notes

  20. Independent Student Definition • 24 years old; • Graduate/professional student; • Married; • Have children or other dependents; • Orphan or ward of the court, in legal guardianship; • Veteran of U.S. Armed Forces; • Determined to be “independent” by financial aid administrator based on unusual circumstances

  21. ERRORS can be COSTLY! Errors on the FAFSA or supplemental forms may processing time and financial aid funds Not sure how to answer a question on the FAFSA? Call 1-800-4-FED-AID or contact the Financial Aid Office. Need to make corrections? Go back into your application at www.fafsa.ed.gov

  22. Frequent FAFSA Errors • Social Security Numbers • Divorced/remarried parental information • Income earned by parents/stepparents • Untaxed income • Income taxes paid • Household size/# in college • Investment net worth

  23. I submitted my FAFSA… now what? …Follow up -review your Student Aid Report (SAR) -submit any additional documents that the school requests -check your mail regularly!!! -processing time will vary by school

  24. Special Circumstances • Cannot be reported on FAFSA • Contact the Financial Aid Office at each college for a review of your situation • Reasons for requesting a special condition • Change in employment status • Medical expenses • Change in marital status • Unusual dependent care expenses • Loss of benefits (ex. Child support)

  25. Where Do I Go From Here? • Look at Admissions and Financial Aid web sites for each school that you are applying to • Meet all application deadlines • Complete FAFSA, other applications such as College Scholarship Service’s PROFILE application, if required by school or state agency • Submit all requested follow-up documents • Investigate other sources of aid • Review Cost of Attendance information at • https://uwwcost.uww.edu

  26. Look for other sources of aid Free Internet scholarship search engines: • FinAid on the Web: www.finaid.org • College Board: www.collegeboard.com • FastWeb: www.fastweb.com • Other Government Sources • AmeriCorps • ROTC • Department of Veterans Affairs • Division of Vocational Rehabilitation • Bureau of Indian Affairs

  27. Get FAFSA HELP • COLLEGE GOAL WISCONSIN IS BACK IN 2014! • SATURDAY, FEBRUARY 22 • STARTS AT 2 P.M. • SUNDAY, FEBRUARY 23 • STARTS AT 2 P.M. • WEDNESDAY, FEBRUARY 26 • STARTS AT 6 P.M. For location information: visit www.collegegoalwi.org or call 1-866-578-4625

  28. For Admissions or Financial Aid information, please contact the following offices: Admissions 262-472-1440 Financial Aid 262-472-1130

  29. Good Luck!

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