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Financial Aid IUPUC - ISFAA

Jennifer Chandler. Financial Aid IUPUC - ISFAA. FINANCIAL AID. Financial Aid: Funds provided to student/families to help pay for postsecondary educational expenses www.fafsa.gov (or www.fafsa.ed.gov )

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Financial Aid IUPUC - ISFAA

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  1. Jennifer Chandler Financial AidIUPUC - ISFAA IUPUC

  2. FINANCIAL AID • Financial Aid: Funds provided to student/families to help pay for postsecondary educational expenses • www.fafsa.gov (or www.fafsa.ed.gov) • Provides a snapshot of the students/family’s personal & financial information (marriage, number in household or college, income & assets) IUPUC

  3. PERSONAL IDENTIFICATION NUMBER (PIN) • www.pin.ed.gov • Sign FAFSA electronically • Used throughout aid process including subsequent school years • Parents (if applicable) will use same PIN if a student themselves, or another child completing FAFSA IUPUC - ISFAA

  4. FINANCIAL AID PROCESS FAFSA submitted each year. 21st Century MUST complete every year even if not attending! Include accurate email address. Financial Aid Office requests additional information from student and/or parent(s). YES Processor receives FASFA Requested information received from student/parent(s). Is additional information needed? College/University receives student FAFSA data from the processor. NO Student receives Student Aid Report (SAR) from processor Financial aid file completed and the student is awarded. IUPUC - ISFAA

  5. IMPORTANT DATES • January 1st • FAFSA available (submit every year) www.fafsa.gov • March 1st • IU priority deadline (important for institutional funds) • check date with the University student will attend • March 10th • State aid deadline (federal aid still available after this date) • May 15th • ALL edits must be made to FAFSA for state aid consideration • including electronic signatures IUPUC - ISFAA

  6. DATA BASE MATCHES • Confirms applicant meets certain eligibility criteria • Social Security Administration • Selective Service • National Student Loan Data System (NSLDS) • If FAFSA does not pass a database match, it will cause delays in processing (federal, state and institutional) funds IUPUC

  7. COST OF ATTENDANCE (COA) • Direct & Indirect costs • Direct is billed by or paid directly to college • Tuition & fees • On-campus housing • Indirect are necessary expenses • Transportation • Personal care items • Varies widely from college to college • Puts a cap on the amount of financial aid a student can receive IUPUC

  8. ESTIMATED FAMILY CONTRIBUTION (EFC) • Amount family can reasonably be expected to contribute towards COA • Stays same regardless of college • Calculated using data from a federal application form and a federal formula • This is NOT what a student owes the University. Is used to determine need based aid IUPUC

  9. FINANCIAL NEED Your financial need determines how much financial aid you may receive • Financial need is the difference between the COA and the EFC • Will vary based on the cost of different colleges Cost of Attendance –Expected Family Contribution = Financial Need IUPUC

  10. TYPES OF AID • Scholarships – Do not need repaid • Criteria: merit, skill or unique characteristic • Grants – Do not need repaid • Usually awarded on the basis of financial need • Loans – Borrowed money • All FAFSA applicants offered Stafford loans • Employment • Students earn money to help pay educational costs • Paycheck • Non-monetary compensation, such as room & board IUPUC

  11. ENROLLMENT REQUIREMENTS • Student Loans (any) • Minimum ½ time (6 credits for undergrad & 4 for graduate) • Pell Grant • No requirement (is pro-rated based on enrollment) • State Grant (O’Bannon, 21st Century & National Guard Supplemental Grant) • Full time (12 credits) • Child of Disabled Veteran (CVO or CDV) • No requirement • MUST have FAFSA on file and a remission of fees form with the university Contact Financial Aid before making any schedule changes! IUPUC - ISFAA

  12. LOANS FOR UNDERGRADUATES • Stafford Loans (every FAFSA applicant offered) • Repayment starts 6 months after enrollment below ½ time • Subsidized loans • 3.86% interest • government pays interest until enrollment below half-time • determined by financial need • Unsubsidized loans • 3.86% interest; starts accruing as soon as disbursed • Perkins Loans (awarded through University) • 5% • 9 month grace period IUPUC - ISFAA

  13. LOANS • Private Loans • Varies upon credit (might need co-signer) • Flexible repayment • Parent PLUS loans (for dependent students) • Denial allows student additional unsubsidized loans • 7.9% • Repayment starts 60 days after final disbursement • parent can request deferment through lender IUPUC - ISFAA

  14. STAFFORD LOANS IUPUC - ISFAA

  15. FAFSA ON THE WEB (FOTW) • General student information • Name & SSN exactly as it appears on SS Card • Must meet citizenship/eligible noncitizen criteria, does not verify status of parents. • Parents of dependent students • Does not include grandparents, foster parents & legal guardians (unless a legal adoption has occurred) • If parents divorced use parent that contributes more than 51% of care (if parent is remarried step-parent will also be included) IUPUC

  16. FOTW • Students dependency status • If all “NO’ responses, student is dependent • If “Yes” to any question, student is independent • Can list up to 10 school codes • Signatures (with PIN) • Required by student (and parent if dependent) IUPUC

  17. IRS Data Retrieval Tool • While completing FOTW, applicant may submit real-time request to IRS for tax data • IRS will authenticate taxpayer’s identity • If match found, IRS sends real-time results to applicant in new window • Applicant chooses whether or not to transfer data to FOTW • Available late January • Participation is voluntary • Could reduce documents requested by school IUPUC - ISFAA

  18. Frequent FAFSA Errors • Social Security Numbers • Divorced/remarried parental information • Income earned by parents/stepparents • Untaxed income • U.S. income taxes paid • Household size • Number of household members in college • Missing signature, parent and/or student IUPUC - ISFAA

  19. SPECIAL CIRCUMSTANCES Appeal that allows you to report things that cannot be reported on the FAFSA: • Change in employment status • Death or divorce • Medical bills not covered by insurance • Change in parent marital status • Unusual dependent care expenses Ask financial aid office for Special Circumstances Appeal form to report this information IUPUC - ISFAA

  20. TIMELINE • Complete FAFSA - Receive Student Aid Report (SAR) • 3-5 days school receives information - if student is admitted • 4-6 weeks for FAFSA to process • Award Letter will be mailed/emailed to student • Check with University how aid will post/award IUPUC - ISFAA

  21. Make sure there is a date and time by the confirmation. DRN is important if university is having issues finding the FAFSA in the computer system Estimated awards will be listed IUPUC - ISFAA

  22. Resources • Filing FAFSA early: www.FAFSA4caster.ed.gov • Financial Awareness Counseling Tool (FACT): studentloans.gov • Help filing FAFSA: College Goal Sunday; February 23, 2014 www.collegegoalsunday.org. Columbus Learning Center • Track Stafford Loans: www.nslds.ed.gov IUPUC - ISFAA

  23. THANK YOU IUPUC Office of Financial Aid and Scholarships Jennifer Chandler Financial Aid @ IUPUC: 812-348-7231 financialaid@iupuc.edu IUPUC - ISFAA

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