Navigating

1. Navigating Financial Aid James Hammar Assistant Director of Financial Aid University of St. Thomas

2. The best thing students can do… • Outside scholarships • Free Application for Federal Student Aid • Special Circumstances Agenda

3. Apply early. • One less thing to worry about • Gives the student more time to focus on searching for scholarships and preparing for the FAFSA • Gives schools the information they need to start the financial aid process and keep students informed The best thing you can do…

4. Most scholarships for high school seniors will have deadlines in Jan. – April • Start locally, think globally • Students should never pay for scholarships or services that “guarantee” they will find the student scholarships • Set realistic goals and stick to them Outside Scholarships • Outside Aid

5. FAFSA • Universal application • 97% of students file online • Students must re-apply each year • Determines Expected Family Contribution (EFC) • Regardless of EFC, all students are awarded financial aid Free Application for Federal Student Aid

6. FAFSA • The 2014-2015 FAFSA will be available online at www.fafsa.gov after Jan. 1, 2014 • Prepare taxes earlyand file electronically if possible • The student and one parent need a PIN to sign FAFSA electronically • Talk with schools about priority filing date and school code FAFSA Continued…

7. fafsa.gov PIN Site www.pin.ed.gov Fill Out Your FAFSA Look up federal school codes Print a Paper FAFSA

8. Taxpayers may choose to transfer their IRS data directly to the FAFSA. Tax data should be available within 10 days after taxes are filed electronically with the IRS. For best results : File taxes early and electronically Wait two weeks File FAFSA using IRS data transfer If you file with estimated data you should update FAFSA using IRS transfer when possible.

9. Investment real estate • Trust funds • Money market funds • Mutual funds • Certificates of deposit • Stocks and bonds • 529 College savings plans • Business value (if you employ 100+ people) Reporting Assets on FAFSA Only “unprotected” assets must be reported on the FAFSA

10. Avoid Errors • List your name and SSN on the FAFSA exactly how it appears on your social security card. • Don’t leave any fields blank. If entry is zero or none, enter 0. • Enter all school code(s). • Both student and one parent must sign a dependent student’s FAFSA. Other FAFSA Tips

11. Financial Aid • Scholarships (merit-based) • Grants (need-based) • Work-study (must be earned) • Student loans (must be repaid) • Education Tax Credits Types of Financial Aid

12. How is financial need determined?

13. Estimates your EFC based on a few questions • Estimates aid from the school and government sources • Compares cost and aid to provide “net price” or true cost to student/family • Useful planning tool but the estimate is only as good as data provided Net Price Calculators

14. Born before January 1, 1991 • Married • Already completed a BA • Active-duty military • U.S. veteran • Has dependents for whom they provide most of the financial support • Orphan or ward of the court What makes students independent?

15. Are you or were you in legal guardianship as determined by a court in your state of legal residence? • At any time on or after July 1, 2013, did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless? • At any time on or after July 1, 2013, did the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless? • At any time on or after July 1, 2013, did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless? Additional Dependency Questions

16. Student must determine which biological parent will be listed on their FAFSA. As of the date of application, the student should ask themselves: • Which parent have they lived with more during the last 12 months? If neither then… • Which parent provided most of their financial support during the past 12 months. If neither then… • Which parent provided more financial support during the most recent year they actually received support? If the biological parent listed on the FAFSA is remarried, their spouses information is required on the student’s FAFSA as well. When parents are divorced

17. Students should always try to meet each schools priority filing date. This is the only time it is advised they estimate. • It is more important that high-need students meet priority filing dates • Estimating will increase student’s chances of being selected for verification, slowing the whole process down • An award based on estimated information is really just an estimate. It is subject to change when actual data is available • Parents may not be able to use the IRS Data Retrieval Tool if: • They owe taxes • They file as head of household or married filing separately • They amended their taxes • They filed for an extension to file taxes Should I estimate?

18. If you have a special circumstances, you should: • File the FAFSA using previous tax year data • Contact each school to talk about their process • Collect necessary documentation and provide copies to each Financial Aid Office. • The federal government allows schools to adjust FAFSA results for: • Changes in household size (divorce, death, etc.) • Medical expenses not paid or reimbursed by insurance • Private education expenses (K-12) • Reductions in income or unemployment of a parent Special Circumstances

19. Application Deadline: March 3, 2014 Must be a resident of Minneapolis One full-tuition, renewable scholarship will be awarded to a graduate of Washburn High School Awarded to the applicant who demonstrates the most financial need according to the FAFSA. City of Minneapolis Scholarship

20. Other Questions?