1 / 28

Presenter: Stan Werne Vincennes University Director of Financial Aid And

Welcome to Financial Aid. Presenter: Stan Werne Vincennes University Director of Financial Aid And Indiana State Financial Aid Association. Federal Financial Aid Programs. Pell Grant SEOG Grant (limited funds) Work-Study (limited funds) Stafford Loan – Subsidized

lenore-king
Télécharger la présentation

Presenter: Stan Werne Vincennes University Director of Financial Aid And

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Welcome to Financial Aid Presenter: Stan Werne Vincennes University Director of Financial Aid And Indiana State Financial Aid Association

  2. FederalFinancial Aid Programs • Pell Grant • SEOG Grant (limited funds) • Work-Study (limited funds) • Stafford Loan – Subsidized • Stafford Loan – Unsubsidized • Perkins Loan (limited funds) • Parent PLUS Loan

  3. State of Indiana Grants Commission of Higher Education: Div. of Student Financial Aid Grant Programs - Frank O’Bannon & Academic Honors Grants Supplemental Grants - 21st Century Scholars - National Guard - Associate Degree “bump” Scholarships -Minority Teacher Scholarship -Special Education Teacher Scholarship

  4. State Grants Credit Completion Requirements • 30-60-90 for full renewal • For 2nd year complete at least 30 credits by end of 1st year. • For 3rd year complete at least 60 credits by end of 2nd year. • For 4th year complete at least 90 credits by end of 3rd year. • 21st Century Scholars must meet these targets to remain Scholars. • 24-48-72 for reduced non-Scholar award

  5. SFA Tuition Remission Child of Veteran & Public Safety Officer (CVO) Tuition remission for students at public colleges who are children of : -Disabled Veterans -Purple Heart Recipients -POW/MIA’s -State police officers/fire fighters killed in line of duty

  6. What to look for How to apply • Federal & State Awards=FAFSA • Special state programs = directions atwww.in.gov/sfa • College/university aid = Ask at admissions or financial aid offices. (VU priority deadline is Jan. 15, 2014.) • Privatescholarships = • Employers’ programs • Community foundation • Web sites like www.fastweb.com

  7. Your key to financial aid: FAFSA Free Application for Federal Student Aid

  8. Why Free Application for Federal Student Aid (FAFSA) is key: • Family’s personal and financial information required to calculate expected family contribution (EFC). • Why needed?

  9. Financial Aid Need Calculation U.S. Department of Education Definition of Financial Aid Need • Cost of Attendance (COA) • Varies from school to school • Minus • Expected Family Contribution (EFC)Same for all schools--results of your FAFSA • Equals • Financial Aid Need

  10. Part of Financial Need Calculation Cost of Attendance(VU/VUJC 2013-2014) • Tuition & fees ($5030 – 30 credits/year) • Room & board ($8478/$2244) • Books & supplies ($1148) • Transportation ($2046) • Miscellaneous ($1050) • Program expenses (varies) • Total: $17,812/$11,578

  11. Sample Aid Packages 1 & 2 Suppose dependent student living with parents or relative: #1 #2 COA $11,578 $11,578 EFC - 2,500 - 0 FA need $9,078 $11,578 Pell grant- 3,195- 5,645 $5,883 $5,933 Subsidized loan - 3,500- 1,000(FSEOG) $2,383 $4,933 Unsubsidized loan- 2,000- 3,500(Sub loan) $ 383 $ 1,433

  12. Sample Aid Packages 3&4 Suppose student on/off campus: #3 #4 COA $17,812 $17,812 EFC - 7,812- 0 FA need $10,000 $17,812 Pell grant - 0- 5,645 $10,000 $12,167 SEOG - 0- 1,000 $10,000 $11,167 Subsidized loan - 3,500- 3,500 $ 6,500 $ 7,667 Unsubsidized loan - 2,000- 2,000 $ 4,500 $ 5,667 PLUS/unsub loan - 4,000 - 4,000

  13. Application Process • Submit FAFSA prior to the college or state deadline, whichever is first. • State SFA receipt date: March 10, 2014. • State SFA correction date: May 15, 2014. • To ensure maximum aid, check information from each school to determine: • ► Required application materials • ► Application deadlines

  14. www.fafsa.gov • 2014-15 FAFSA on the Web available Jan. 1. • 2013-14 still available for current academic year. (Some use for summer 2014.)

  15. PIN Registration • www.pin.ed.gov • Can request PIN now or as you fill out the FAFSA. • Each student and a parent needs separate PIN. • Use same PIN throughout financial aid processes. • Parent uses same PIN for other children.

  16. FAFSA Step 1: Student information and plans: SSN, DOB, marital status, e-mail (for state notifications), Selective Service, school level 2014-15? Step 2: School choices: • Up to 10 schools (codes online). • Housing plans: on/off campus or with parents?

  17. FAFSA Step 3: Student must submit parent data if answers = “No.” • Born before Jan. 1, 1991? • Grad student, active duty military, or veteran? • Provide more than half support for child or other dependent? • Since age 13, in foster care, ward of court, or parents deceased? • Emancipated minor or in guardianship (before turning 18)? • Homeless or unaccompanied youth?

  18. FAFSA Step 4: Parental information: • SSN, DOB, marital status, residency, # in household, # in college? • Marital status question about legal parents (biological or adoptive) regardless of gender: • Never married • Unmarried & both parents living together • Married or remarried • Divorced or separated (if not living together, custodial or which parent student lived with most during 2013) • Widowed

  19. FAFSA Step 5: Financial information Parents: 2013 federal tax info or earnings, checking, savings, investments? NOT retirement accounts, home you live in, farm you work, or business with 100 or fewer full-time employees. Use the IRS Data Retrieval process if you can. Parents:Additional info, e.g., child support paid. Untaxed income. Dislocated worker, recipient of federal benefits?

  20. FAFSA Step 5: Continued: Student: 2013 federal tax info or earnings, checking, savings, investments? Untaxed income? Recipient of federal benefits? Use the IRS Data Retrieval process if you can.

  21. FAFSA Step 6: E-sign with PINs and submit: • Both student & parent e-sign. • Be sure to click SUBMIT button, then print confirmation page. • If submitting corrections, be sure both e-sign and submit. Print confirmation page.

  22. Then what? One of three results: • EFC without verification OR • FAFSA reject/no EFC: major error • FAFSA processing center identifies student forverification. • Return to FAFSA to use IRS transmittal system to verify income and tax information • Submit other documentation as required

  23. But my tax return is misleading because…What can I do? • Submit a form that requests consideration of special circumstances. • Submit verification and other supporting documentation. • Financial aid officers can make professional judgments. • Maybe grant or subsidized loan eligibility can result.

  24. CAUTION! • Don’t pay a fee to file the Free Application for Federal Student Aid or search for scholarships. • Filing & processing of the FAFSA areFREE. • If filing via FAFSA on the Web, be sure to go directly to www.fafsa.gov. • Avoid www.fafsa.com. (Google lists this first.) • Contact financial aid office for help completing the FAFSA or attend College Goal Sunday, Feb. 23, 2014, 2:00, local time. • No one can guarantee finding scholarships.

  25. CAUTION! For student or parent loans: • Ignorefor the time being mailings from lenders. Maybe file away and save for later if needed. • Highly recommendyouwait for award notification from financial aid offices. • Federal student and parent PLUS loansgenerally a better deal thanprivate/alternative education loans.

  26. Review: What & How • Federal & State Aid:FAFSA • Special State programs: Directions & forms at www.in.gov/ssaci • College/university scholarships: Ask at admissions or financial aid • Employee programs:Ask at work • Community foundations:High school guidance office or chamber of commerce • National sources: Web sites like www.fastweb.com

  27. Good Luck!

More Related